The
following letter was sent to the advisory clients
of Ruane, Cuniff & Goldfarb Inc. |
|
See
the Fund's Prospectus supplement dated January 4, 2012.
|
The Fund's investment objective is long-term growth of capital.
In pursuing this objective, the fund focuses principally on
common stocks that it believes are undervalued at the time
of purchase and have potential for growth. A guiding principle
is the consideration of common stocks as units of ownership
of a business and the purchase of them when the price appears
low in relation to the value of the total enterprise. No weight
is given to technical stock market studies. The balance sheet
and earnings history and prospects of each investment are
extensively studied to appraise fundamental value.
While the Fund normally invests in U.S. companies, it also
may invest in foreign securities. The Fund is not required
to be fully invested in common stocks.
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