The Select Fund - Overview
| Fund Name | Symbol | Closing | Net Change | YTD %Ret | |
| Select Fund | DESYX | $10.55 | -0.01 | +13.69 | |
| The NAV, or Net Asset Value, per share is calculated by dividing the market value of the Fund's investments plus any cash or other assets less all liabilities by the number of Fund shares outstanding. The NAV is calculated as of the close of the New York Stock Exchange on each day that the Exchange is open for business. Market Close as of 7/29/2010 |
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The Select Fund seeks long-term capital appreciation by investing in a concentrated group of approximately 12 to 25 stocks of primarily small to mid-sized U.S. companies, under normal circumstances.
Management attempts to limit market risk through a conservative investment approach where careful stock selection is made only at measured prices. As a result of this risk averse approach to individual stock selection, investments may be made in undervalued companies that are generally under temporary price pressure, are misunderstood, or unwanted.
Bottom-up fundamental research is at the core of the management team's disciplined process. Stock selection for this concentrated portfolio is aimed at uncovering hidden values in the small- to mid-cap markets. Management believes finding special situations before they become apparent to the broader market can add significant value to the portfolio.
Special situation company characteristics:
- Inexpensive or depressed valuations
- Redeployment of capital, such as mergers and acquisitions
- Management change
- Hidden or unappreciated assets
- Companies where a third party (hostile acquirer, activist shareholders, a key supplier or customer) can exhibit significant influence on the company's success
Because these companies can be out of favor and inexpensive, they often have less downside potential than widely followed companies. The special situation tends to be the driver of a company's improved financial performance rather than the economic or market environment. Together, these two conditions can create stock price performance that is potentially less sensitive to current economic conditions and broader stock market fluctuation.
The Select Fund is managed for absolute return rather than relative return, thus the Fund provides relatively low correlation to its benchmark and the overall market. The Select Fund may be suitable for investors looking to diversify their portfolio with a concentrated primarily small- to mid- cap value style fund.
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The information presented is not a solicitation to subscribe to the Select Fund, which may only be made by prospectus. Please consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. For more complete information on any of the Funds including their charges and expenses, please obtain a free prospectus by downloading a copy from this website, by contacting one of the broker/dealers listed on this site, or by calling 1-800-697-3863. Please read the prospectus carefully before you invest or send any money.
Performance data presented represents past performance and does not guarantee future performance. The investment return and principal value of an investment will fluctuate and the investor's shares, when redeemed, may be worth more or less than their original cost. The current performance may be lower or higher than the performance data quoted. The Funds are distributed by Tocqueville Securities L.P., which is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. Tocqueville Asset Management L.P., the Funds' investment advisor, is an affiliate of Tocqueville Securities L.P.