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 focuses on securities of companies based in frontier and smaller emerging markets.

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 focuses on securities of companies based in frontier and smaller emerging markets.

The frontier emerging markets include the least developed markets.

The team considers a company to be based in a frontier emerging market if it is legally domiciled in an emerging frontier market, or it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in an frontier emerging markets, or it has the principal exchange listing for its securities in an frontier emerging market.

Frontier emerging markets generally include all countries except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States and the larger traditionally-recognized emerging markets of Taiwan, South Korea, Mexico, South Africa, Brazil, India, China, and Russia.

The team relies on fundamental analysis to look for well-managed companies with financial strength.

Other factors in consideration are fast-growing companies that are competitive and trading at reasonable valuations relative to their estimated value.

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 is diversified across dimensions of geography, industry, and currency.

Also, the portfolio normally holds investments across at least 15 countries.

Additionally, the fund may invest in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations.