The fund seeks capital appreciation 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 securities of issuers located in countries of developed and emerging markets.

The research proces More

The fund seeks capital appreciation 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 securities of issuers located in countries of developed and emerging markets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on company research and the long-term outlook of companies and industries.

In addition, the process includes research trips, company meetings, and relationships with industry thought leaders and academic institutions.

Other factors in consideration when assessing companies include long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation.

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 securities of between 70 and 120 growth companies that have the potential to outperform the benchmark over the long term.

Additionally, the fund aims to hold securities for long periods, typically 5 years.

The fund invests in companies whose principal activities are in the U.S., Canada, Latin America, Europe, Australasia, Africa, the Middle East and/or the Far East.

Generally, the fund invests in securities of issuers located in at least three different countries.

In addition, the fund will invest at least 40% of its net assets in securities of companies located outside the U.S. when market conditions are favorable.

However, when market conditions are not favorable, the fund will invest at least 30% of its net assets in companies located outside the U.S.

Additionally, the fund may participate in initial public offerings and in securities offerings that are not registered in the U.S.

The fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies.