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 high-quality U.S. and international companies.

In selecting secu 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 high-quality U.S. and international companies.

In selecting securities for the portfolio, the research team focuses on companies that have high-quality businesses with superior market positions, manageable leverage, robust streams of free cash flow, and that are trading at attractive prices.

The team then evaluates each company utilizing four criteria such as management, culture, and incentives; the economics of the business; competitive advantage; and trajectory.

In the Management, Culture, and Incentives sleeve, the team believes that management is a key element to long-term success at most businesses.

For the Economics of the Business sleeve, the team considers the economic performance of a business is a signal for quality.

In the Competitive Advantage sleeve, the team seeks companies that offer certain characteristics that allow them to generate and sustain outsized returns on capital on an absolute basis as well as in comparison to their peers.

Finally, in the Trajectory sleeve, the research team believes companies often display superior economics over the short term due to favorable product cycles, customer preference, temporary or tactical advantages or other reasons.

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 at least 30 investment positions.

The fund will invest in at least three different countries.

Also, the fund will invest at least 40% of its net assets outside of the United States, or, if the conditions are not favorable, will invest at least 30% of its net assets outside the United States.

The fund may also seek to increase its income by lending securities.