SUMMARY
Last year proved once again, in dramatic fashion, that investors should not try to predict short term market performance. The Fund benefitted from having multiple strategies within the same portfolio, specifically Growth as well as Value, which allowed us the flexibility to move within our universe of companies (both domestic and global) in a market that was characterized by high variability.
The Fund also benefitted from our out-of-the-money put option protection, a discipline we have adhered to over the life of the Fund. These options protect investors against catastrophic falls, which, as usual, may strike without warning