The fund seeks maximum 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 invests in US and non-US companies that are trading at significant discounts to their estimated intrinsic value.
The team prefers companies that have a track record of generating superior free cash flow, improving returns on capital and excellent competitive positions in their industries.
In addition, the team focuses on companies with balance sheet strength and management teams that are aligned with shareholders’ interests.
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 typically has approximately between 30 and 50 holdings.
Additionally, the fund may invest in emerging and less developed markets.
The fund may also invest in debt securities of any maturity.
The fund may invest in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities.