The fund seeks capital appreciation in the long term by investing in companies across any size located in India.

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.

According to the investment team, Indian companies are those that are organized under the laws of, or maintain their principal place of business in, or for which the principal trading market for their securities is in India, or derive 50% or more of their total revenue or profit from either goods or services produced or sales made in India, or have 50% or more of their assets in India.

Next, the research team focuses on companies that are sector and market leaders in their respective segments, or that are estimated to trade at a discount to their intrinsic value.

In addition, the team looks for operational and financial improvement in companies due to expansion in their business cycles.

Other attributes that the team considers are a company’s ability to sustain high growth, develop nascent business segments and operate successfully in niche segments with scale-up potential.

Then the team prefers companies that are estimated to deliver and unlock value in the long term as a result of innovation and IPR development, and due to strategic sale, management change, deregulation, economic legislation and reform.

Also, the research team employs a top-down analysis to review the Indian and global economy to identify potential investment opportunities across industries.

The research process is driven by fundamental analysis of one stock at a time. The team prefers companies whose future earnings power is not reflected in their current valuations

Then the team favors companies that have competitive advantages through leading-edge products, intellectual property, product positioning, unique market niches, brand identity, excellent management teams, balance sheet strength, above average or rising margins and superior returns on capital invested.

In selecting securities for the portfolio, the team reviews a company’s financial strength, expertise of management, growth potential within the industry, and the growth potential of the industry itself.

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 invests a substantial portion of its net assets in the financials sector.

The fund seeks to maximize total return by investing in companies across any size 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 invests in securities of U.S. and non-U.S. companies, including those in emerging markets, listed on a national securities exchange, or foreign equivalent.

In addition, the team focuses on companies that have a majority of their assets invested in or exposed to private companies or have as their stated intention to have a majority of their assets invested in or exposed to private companies.

Also, the team considers derivatives, including options, futures, forwards, swap agreements and participation notes, that otherwise have the economic characteristics of Listed Private Equity Companies.

Listed Private Equity Companies may include, among others, business development companies, investment holding companies, publicly traded limited partnership interests (common units), publicly traded venture capital funds, and publicly traded venture capital trusts.

Other Listed Private Equity Companies may include publicly traded private equity funds, publicly traded private equity investment trusts, publicly traded closed-end funds, publicly traded financial institutions.

In selecting securities for the portfolio, the research team focuses on valuation multiples such as book value, sales, and earnings, as well as return on equity and balance sheet analysis.

In addition, the team screens company management, including management turnover.

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 looks to allocate the portfolio directly and indirectly amongst industry sectors, geographic locations, stage of investment and the year in which the private equity firm or fund makes a commitment or an investment in a fund, asset or business (vintage year).

The fund will typically invest in securities issued by companies domiciled in at least three countries, including the United States.

Additionally, the fund will invest a significant portion of its net assets in securities issued by companies that are domiciled outside the United States.

The fund seeks capital appreciation in the long term by investing in companies across any size in China or Hong Kong.

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.

The process is designed to highlight companies that are organized under the laws of China or Hong Kong, or are primarily traded on the China or Hong Kong exchanges, or derive at least 50% of their revenues from business activities in China or Hong Kong, but which are listed and traded elsewhere.

Then the manager constructs a portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest in companies in emerging markets.

In addition, in order to gain exposure to certain issuers organized under the laws of China or Hong Kong, the fund may invest in derivative instruments, which may include swaps, futures, options or participatory notes.

The fund is non-diversified.