The fund seeks capital appreciation in the long term by investing in companies outside the United States.
The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.
Next, the research team utilizes a momentum investment style to identify companies that exhibit positive momentum characteristics.
The team believes a security to have positive momentum if it has outperformed other securities on a relative basis over a recent time period.
Factors considered for relative performance include price momentum, earnings momentum, or other types of momentum measured over time periods ranging from one to twelvemonths.
Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.
The manager will generally invest in developed markets outside the U.S.
Although the fund does not limit its investments to any one country, it may invest in any one country without limit.
In addition, a portion of the fund’s net assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.
Also, the fund may lend its portfolio securities to certain types of eligible borrowers in an attempt to increase its income or total return.