MJF incorporates fundamental analysis into an intermediate to long-term trend-following discretionary approach that trades a diversified portfolio. MJF begins with a fundamental opinion of how a market will behave. If market behavior conforms to this opinion, MJF will look to initiate a trade if the risk/reward trade-off is acceptable. MJF will typically attempt to limit potential loss on a trade to less than 3% of equity. Instead of a management and incentive fee, a $70 round turn fee is charged.