Investment Philosophy

Fund Overview
The Wharton Investment Management Fund adheres to an all-cap value investment discipline with the stated goal of long-term capital appreciation. The Fund typically manages a semi-concentrated portfolio, consisting of 15-30 individual stocks that are diversified by industry, sub-sector and investment type. The Fund Fellows strive to identify investment candidates that can be purchased at a substantial discount to intrinsic value.

Investment Benchmark
The Fund Fellows believe that the S&P 500 is the most appropriate comparative benchmark.

Buy and Sell Decisions
In making buy and sell decisions, the Fund Fellows consider various valuation metrics and qualitative factors. The Fund seeks to purchase securities that are out-of-favor, misunderstood or under-appreciated by the broader market. The Fund seeks to sell these securities once they have appreciated to what the Fund Fellows consider fair value.