The Portfolio invests primarily in equity securities, principally common stocks, of companies that the Investment Manager believes are undervalued based on their earnings, cash flow or asset values. Under normal circumstances, it invests at least 80% of its assets in equity securities. The Portfolio invests significantly (at least 40%-unless market conditions are not deemed favorable by the Investment Manager, in which case the Portfolio would invest at least 30%) in non-U.S. companies.