The fund seeks capital appreciation in the long term by investing in small-size 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.

Next, the research team calculates the estimated intrinsic value of a company on the basis of factors such as a company’s earnings, cash flow generation, and/or asset value of the underlying business.

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 manager may invest in companies located in at least three countries outside the United States.

The fund may invest up to 30% of its net assets in companies located in emerging markets including frontier markets.

Additionally, the fund may invest up to 5% of its net assets in any one company. From time to time, the fund may invest more than 20% of its net assets in any market sector, such as the financial sector.

The fund may invest in companies located around the world.