Leuthold Grizzly Short Fund (Grizzly Short Fd) fond

The fund manager sells stocks and exchange traded funds short. Short selling involves the sale of borrowed securities. When the fund sells a stock short, it incurs an obligation to replace the stock borrowed at whatever its price may be at the time it purchases the stock for delivery to the securities lender. The fund manager believes that in all market conditions there will exist some companies whose stocks are overvalued by the market and that capital appreciation can be realized by selling short those stocks.