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 principally in equity securities and equity-related investments of frontier m 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 principally in equity securities and equity-related investments of frontier market issuers.

According to the investment team, a frontier market issuer is an issuer that is located in a frontier market country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more frontier market countries or that has at least 50% of its assets in one or more frontier market countries.

The team favors companies that are estimated to trade below their fair values relative to their long-term growth prospects.

In addition, the team screens companies on the basis of valuation multiples such as earnings, future growth, book value, cash flow, free cash flow, return on equity, debt to equity ratio, earnings growth and earnings momentum.

The team also visits various companies in the frontier market countries and utilizes a proprietary database and earnings forecasts to compare applicable industries and issuers.

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.

Additionally, the fund may concentrate its investments in the commercial banking industry.

The fund may invest in, without limitation, call and put options, futures and forward contracts, including contracts related to currencies; and swap agreements.

The fund may also invest directly in foreign currencies for hedging or other investment purposes.

The fund’s investments may include securities of companies that are in the process of being privatized by a government, or that are traded in unregulated over-the-counter markets or other types of unlisted securities markets, and unregistered securities issued in private placements.

The fund may also invest in initial public offerings.