The fund seeks to provide capital appreciation and dividend income by investing in companies 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 closed-end funds (the Underlying Funds).
The team favors Underlying Funds that pursue high income opportunities, including that invest in dividend and other income-producing securities (equity securities) and that invest in high yield or non-investment grade securities.
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 may invest in Underlying Funds that are domiciled outside of the U.S. or whose securities are traded on a non-U.S. exchange.
The Underlying Funds may invest in securities with a range of maturities from short- to long-term.
In addition, the Underlying Funds may invest in equity securities, municipal securities, investment grade securities, and unrated securities.
The Underlying Funds also may invest in foreign and emerging markets securities, mortgage-related and other asset-backed securities, real estate investment trusts, and loan participations.
Additionally, the Underlying Funds may invest in inflation-protected securities, structured securities, variable, floating, and inverse floating rate instruments and preferred stock, and may use other investment techniques, including investments in derivative instruments.
