The fund seeks capital appreciation 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 stocks of U.S. and foreign companies (including depositary receipts of foreign issuers).

The fund seeks capital appreciation 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 stocks of U.S. and foreign companies (including depositary receipts of foreign issuers).

The team focuses on companies that are competitively well-positioned, gaining market share, have long-term growth potential, and/or operate in regions or countries that possess attractive growth characteristics.

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 superior companies that possess a unique, sustainable competitive advantage.

In addition, the team considers factors such as a company’s competitive position and its sustainability, growth and earnings potential and valuation, financials, management of the company, and strength of the industry.

Other factors in consideration are the company’s total addressable market, margin trends, switching costs, control of distribution channels, brand equity, and applicable economic, market and political conditions of the country in which the company is located and/or in which it is doing business.

Also, an overlay to its bottom-up analysis, the team considers factors such as the geographical economic environment, the political environment, regulatory policy, geopolitical risk and currency risk.

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 typically holds between 50 and 70 companies.

The fund invests in issuers of developed countries, including the U.S.

The fund has the ability to invest in issuers domiciled in or doing business in any country or region around the globe, including emerging markets.

Additionally, the fund may invest in securities of companies of any size, in a variety of sectors and industries.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in foreign securities.