The fund seeks capital appreciation in the long term by investing in companies across any size 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.
Then the research team relies on fundamental analysis to look for companies that are trading at significant discounts to their intrinsic value.
As part of its quantitative assessment, the team evaluates a company’s historical financial statements.
Qualitative factors include corporate governance, country of domicile, level of transparency, industry cycles, brand value, pricing power, product concentration, customer diversification, capital structure, and regulatory risks.
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 portfolio holds approximately 40 to 60 securities.
The fund may invest in both developed and emerging markets and generally intends to invest across different countries and geographic regions.
Additionally, the fund may also invest in foreign securities that are represented in the U.S. securities markets by American Depositary Receipts or similar depositary arrangements.
The fund may invest in companies across all market capitalizations, including small-cap companies.