The fund seeks capital appreciation in the long term and 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 focuses on securities of emerging market companies.

The team More

The fund seeks capital appreciation in the long term and 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 focuses on securities of emerging market companies.

The team considers emerging market companies to be those that are located in, or economically tied to, emerging market countries or that maintain securities that principally trade on exchanges located in emerging market countries.

Emerging market countries may also include frontier market countries, which are emerging market countries that are early in their development.

Then the team focuses on investment opportunities that can arise as a result of certain capital cycle, or supply-side, conditions.

In addition, the team classifies investments within two opposite points of the capital cycle as high return phase or depressed return phase.

The team then evaluates businesses and the industry within which they operate.

Also, as part of the process, the team meets with company management.

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 deploy capital prudently and management teams that are appropriately incentivized to focus on long-term results.

Other factors in consideration would be companies that operate in a monopolistic, oligopolistic or consolidating industry with durable returns on invested capital, and generating attractive or improving free cash-flow.

Also, the research team integrates environmental, social and governance factors as part of its process.

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 securities denominated in, and/or receiving revenues in, foreign currencies.