The fund seeks total return by investing in companies 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.
The process employs a fund of funds strategy.
Next, the research team invests in open-end funds (commonly referred to as mutual funds), closed-end funds, and exchange-traded funds (collectively, the Underlying Funds).
The team generally categorizes each Underlying Fund as an equity, fixed-income, or alternative fund based on its investment profile.
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 typically allocates its assets among Underlying Funds, and within a pre-determined percentage range for its assets in equity funds.
The fund generally invests between 85% and 100% of its assets inequity funds. Such funds invest in equity securities of domestic and foreign companies, including small, medium and large market capitalization companies, and growth and value stocks.
Foreign equities are securities of issuers outside of the United States, including issuers in emerging or developing markets.
Underlying Funds also invest in real estate securities, listed infrastructure securities, and master limited partnerships.
The fund generally invests the remainder of its assets in a flexible combination of fixed-income and alternative funds.
Fixed-income funds generally invest in fixed income instruments such as investment-grade debt securities, below-investment-grade high yield securities, government and government-sponsored securities, corporate bonds, securitized products, and inflation-protected debt securities.
Alternative funds generally offer unique combinations of traditional equity securities and fixed-income securities or use alternative investment strategies, including primarily through the use of derivatives.
The fund may invest directly in derivatives to hedge its cash position and manage the duration of the fund’s portfolio, including but not limited to futures, total return swaps, and forward contracts.
In addition, the Fund will gain exposure to derivatives through its investments in Underlying Funds
The fund may hold a portion of its assets in cash, money market securities or other similar, liquid investments.
