The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s 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 significantly in securities issued by companies principally engaged in the financial services sector.

Financial services firms include areas such as banks, thrifts and mortgage, specialized finance, consumer finance, asset management, custody, investment banking, brokerage, insurance, financial exchanges and data, and mortgage REITs.

The team utilizes proprietary research to identify businesses that possess characteristics, such as proven management, a durable franchise and business model, and sustainable competitive advantages.

In selecting securities for the portfolio, the research team focuses on companies that are trading at a discount to their estimated intrinsic value.

In addition, the team routinely visits managers at their places of business in order to gain insight into the relative value of different businesses.

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 generally holds between 15 and 35 companies.

Additionally, the fund may invest in issuers in foreign countries, including countries with developed or emerging markets through American Depositary Receipts and Global Depositary Receipts.

The fund is non-diversified and, therefore, invests in fewer companies than a fund that is required to diversify its portfolio.

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s 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 common stocks issued by foreign companies, including countries with developed or 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 companies that are trading at a discount to their estimated intrinsic value, based upon fundamental analysis of cash flows, assets and liabilities.

The team also favors companies with proven management teams, a durable franchise and business model, and sustainable competitive advantages.

In addition, the team routinely visits managers at their places of business in order to gain insight into the relative value of different businesses.

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 fund seeks capital appreciation in the long term and capital preservation by investing in large-and mega-size companies in the United States.

The sub-adviser’s 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 significantly in equity securities issued by U.S. companies.

The team focuses on companies with proven management teams, a durable franchise and business model, and sustainable competitive advantages.

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 trading at a significant discount to their estimated intrinsic value.

As part of the research process, the team routinely visits managers at their places of business in order to gain insight into the relative value of different businesses.

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 generally holds between 15 and 35 companies.

Also, the fund may invest a portion of its net assets in financial services companies.

The fund may also invest in mid- and small-capitalization companies 

In addition, the fund may invest up to 20% of net assets in non-U.S. companies through American Depositary Receipts and Global Depositary Receipts.

The fund is non-diversified and, therefore, is allowed to focus its investments in fewer companies than a fund that is required to diversify its portfolio.
 

The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s 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 significantly in common stocks issued by both United States and foreign companies, including countries with developed or emerging markets.

The team utilizes proprietary research to identify businesses that possess characteristics, such as proven management, a durable franchise and business model, and sustainable competitive advantages.

In selecting securities for the portfolio, the research team focuses on companies that are trading at a discount to their estimated intrinsic value.

In addition, the team routinely visits managers at their places of business in order to gain insight into the relative value of different businesses.

The fund invests significantly in issuers organized or located outside of the U.S., or whose primary trading market is located outside the U.S., or doing a substantial amount of business outside the U.S.

Also, the fund will invest in issuers representing at least three different countries. These non-U.S. company investments may include American Depositary Receipts and Global Depositary Receipts.