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.

Next, the research team invests in securities issued by U.S. and non-U.S. companies.

The team defin More

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.

Next, the research team invests in securities issued by U.S. and non-U.S. companies.

The team defines non-U.S. companies as companies that are organized under the laws of a foreign country, or whose principal trading market is in a foreign country, or that have a majority of their assets, or that derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States.

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 companies that are estimated to trade below their fair values.

The team favors companies that are trading at attractive valuations with the presence of near-term catalysts for change.

In addition, the team relies on valuation multiples such as book value, sales and earnings ratios, dividend yields, management capability, and cash flow.

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 allocate the fund’s net assets among various regions and countries, including the United States (but in no less than three different countries).

The fund invests significantly in non-U.S. companies.

Additionally, the fund invests in issuers located in countries with developed securities markets, but may also invest in issuers located in emerging markets.

The fund may invest in derivatives, including put and call options, futures, forward contracts and swaps, in lieu of investing directly in a security, currency or instrument, for hedging and non-hedging purposes.

Also, the fund may invest up to 15% of its net assets in illiquid securities.

The fund may participate in initial public offerings of securities, as well as increase its income by lending portfolio securities.