Allocation
Concentration of Assets
Due to the high investment capital requirements, the Program may be concentrated in a single industry or company; under most circumstances, the fund could potentially have a significant portion of total assets in any single company.
In pursuing the Program’s investment objective, the Manager has the discretion to purchase some assets that do not meet the normal investment criteria when it perceives an unusual opportunity for gain. These special situations might arise when the Manager believes an asset could increase in value for a variety of reasons, including an extraordinary corporate event or a change in management as noted earlier.
While most assets will be invested domestically, other assets may also be purchased, including foreign assets, in keeping with Program’s objectives.
The Program may sell assets for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.
Program Restrictions and Risk
Certain investment restrictions, such as a required minimum or maximum investment in a particular type of assets are measured at the time the Program purchases an asset. The status, value, maturity, credit quality, or other characteristics of the Program’s assets may change after they are purchased, and this may cause the amount of the Program’s assets invested in such securities to exceed the stated maximum restriction or fall below the stated minimum restriction. If any of these changes occur, it would not be considered a violation of the investment restriction. However, purchases by the program during the time it is above or below the stated percentage restriction would be made in compliance with applicable restrictions.
See Risk and Investment Policy Statement for more detail.