The fund seeks to replicate the total return performance of the benchmark index before fees and expenses by investing in mid-and large-size companies outside the United States.
The fund is a feeder fund that invests all of its net assets in the Master Portfolio, which has the same investment objective and strategies as the fund.
The investment process starts with a list of companies in the underlying benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.
Next, the research team employs a passive investment approach which involves investing in securities whose performance replicates the performance of the Index.
The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.
At times, the fund may not invest in all of the common stocks or in the same weightings as in the Index.
The fund may lend securities with a value up to 331⁄3% of its net assets to financial institutions that provide cash or securities.
The portfolio is concentrated and the fund has the flexibility to hold 25% or more of its net assets in a particular industry or sector to approximately the same extent that the Index is concentrated.