The fund seeks primarily capital appreciation in the long term and secondarily current income by investing in companies across any size in the United States.

The investment process is designed to highlight companies in the benchmark index with attractive valuations.

Next, the research team evaluates companies on the basis of valuation multiples such as book value and earnings.

The team also reviews a company’s operating and financial fundamentals, such as return on equity and earnings growth and cash flow.

In addition, the research team focuses on industry trends and a company’s ability to generate profits as part of its stock selection process.

Then the manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level. However, the fund is limited to investing less than 25% of its net assets in any one industry.

The fund may also invest up to 20% of its net assets in non U.S. dollar denominated securities, and may invest up to 15% of its net assets in illiquid securities.

The fund has the flexibility to participate in initial public offerings of securities.

The fund seeks capital appreciation in the long term 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 prefers companies that exhibit value characteristics, superior business fundamentals, and business trends.

The research process is driven by fundamental analysis of one stock at a time.

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 seeks a total return greater than that of the Index over a full market cycle.
 

The fund seeks capital appreciation in the long term 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 securities issued by U.S. and non-U.S. companies.

The team defines non-U.S. companies as companies that are organized under the laws of a foreign country, or whose principal trading market is in a foreign country, or that have a majority of their assets, or that derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States.

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 are estimated to trade below their fair values.

The team favors companies that are trading at attractive valuations with the presence of near-term catalysts for change.

In addition, the team relies on valuation multiples such as book value, sales and earnings ratios, dividend yields, management capability, and cash flow.

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 will allocate the fund’s net assets among various regions and countries, including the United States (but in no less than three different countries).

The fund invests significantly in non-U.S. companies.

Additionally, the fund invests in issuers located in countries with developed securities markets, but may also invest in issuers located in emerging markets.

The fund may invest in derivatives, including put and call options, futures, forward contracts and swaps, in lieu of investing directly in a security, currency or instrument, for hedging and non-hedging purposes.

Also, the fund may invest up to 15% of its net assets in illiquid securities.

The fund may participate in initial public offerings of securities, as well as increase its income by lending portfolio securities.

The fund seeks capital appreciation in the long term by investing in companies in 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 long positions in securities that are estimated to trade below their fair values.

Also, the team takes short positions in securities that are overvalued.

The team also relies on valuation multiples to assess a company on the basis of book value and earnings. 

In selecting securities for the portfolio, the team reviews trends in industries and companies, earnings power and growth.

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 seeks a total return greater than that of the Index over a full market cycle.

Also, the fund may invest in securities of companies operating for three years or less.

The fund’s long and short positions may involve (without limit) equity securities of foreign issuers that are traded in the markets of the United States.

The fund may also invest up to 20% of its total assets directly in equity securities of foreign issuers.

Additionally, the fund may participate as a purchaser in initial public offerings of securities.

The fund may invest up to 15% of its net assets in illiquid securities.

In general, the fund’s investments are broadly diversified over a number of industries and, as a matter of policy, the fund is limited to investing a maximum of 25% of its net assets in any one industry.

The fund may invest up to 20% of its net assets in high yield debt obligations, such as bonds and debentures, used by corporations and other business organizations.

The fund seeks total return in the long term by investing in companies across any size in 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 utilizes a hedged strategy.

Next, the research team invests in long positions in securities that are estimated to trade below their fair values.

Also, the team takes short positions in securities that are overvalued.

In selecting securities for the portfolio, the research team focuses on value, fundamental business strength and momentum criteria.

The team also relies on valuation multiples to assess a company on the basis of book value and earnings.

In addition, the team does a continuous study of trends in industries and companies, earnings power and growth.

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 of companies operating for three years or less (unseasoned issuers).

Also, the fund may invest in depositary receipts and equity securities of foreign companies (denominated in either U.S. dollars or foreign currencies), put and call options, futures, indexed securities and fixed-income securities and high yield securities.

The fund may also temporarily invest uninvested cash in money market funds and similar collective investment vehicles.

The fund may also seek to increase its income by lending portfolio securities.

Additionally, the fund may invest up to 15% of its net assets in illiquid securities.

In general, the fund’s investments are broadly diversified over a number of industries and, as a matter of policy, the fund is limited to investing a maximum of 25% of its net assets in any one industry.

The fund seeks primarily long-term capital appreciation and secondarily current income by investing in small-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and then the research team with the help of quantitative analysis identifies companies based on attractive financial measures including earnings profile and return on investments.

Next, the team narrows the list based on valuation guidelines that are deemed attractive based on their long term growth outlook and reviews the near term business momentum.

The team then looks for the presence of near term catalysts for change that may lead to higher stock prices.

The fund may invest up to 25% of its total assets in non-U.S. dollar-denominated securities and up to 15% in illiquid securities.

The fund seeks capital appreciation by investing in small-size companies in 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 companies that are trading at significant discounts to their estimated intrinsic value.

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 are estimated to trade below their fair values and are experiencing positive change.

In addition, the team meets with management teams to identify companies with increasing returns on capital that are selling at attractive valuations.

Other factors in consideration are companies who have demonstrated an ability to generate high return on invested capital, and which provide solid cash flows with appropriate capital.

The team also prefers companies with potential catalysts such as new products, cyclical upturns and changes in management.

Additionally, the team looks for companies with low market valuations relative to earnings forecast, book value, cash flow and sales.

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 depositary receipts and equity securities of foreign companies.