The investment seeks to maximize total after-tax return to its shareholders through capital appreciation, and income from dividends and interest, consistent with reasonable risk.
The fund principally invests in a diversified list of common stocks of companies of any capitalization, determined by the investment adviser to be highly profitable, yet undervalued. Muhlenkamp & Company, Inc. (the "Adviser") looks for companies the advisor believes to have above-average profitability, as measured by corporate return-on-equity, and that sell at below-average prices, as measured by price-to-earnings-ratios.
The investment seeks to match the performance of the entire U.S. stock market.
Under normal conditions, the fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in stocks that are held in its benchmark index. The fund seeks to match the performance of the entire U.S. stock market. The fund uses the S&P Total Market Index (S&P Index) as its benchmark index to represent the U.S. stock market as a whole.
The investment seeks to replicate, net of expenses, the CBOE S&P 500 BuyWrite Index.
The index is designed to measure the total rate of return of a hypothetical “buy-write”, or “covered call”, strategy on the S&P 500 Index. This strategy consists of a hypothetical portfolio consisting of a “long” position indexed to the S&P 500 Index and the sale of a succession of one-month, at- or slightly out-of-the-money
S&P 500 Index call options that are listed on the Chicago Board Options Exchange.