The fund seeks capital appreciation in the long term 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.

Next, the research team prefers securities of companies located or active mainly in emerging markets (including frontier markets).

Emerging markets include some or all of the countries located in regions such as Asia, Europe, Central and South America, Africa and the Middle East.

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 trading at discounts to their estimated intrinsic value with the potential to produce competitive long-term results.

The team then assesses 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.

Also, the fund may invest up to the greater of either 20% of its net assets or 150% of the weighting of such country as represented in the Index.

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.

Additionally, the fund may invest from time to time in cash or short-term cash equivalent securities either as part of its overall investment strategy or for temporary defensive purposes in response to adverse market, economic, political or other conditions.

The fund seeks capital appreciation in the long term 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.

Next, the research team invests in securities of U.S. and foreign companies.

A foreign company is determined to be foreign on the basis of its domicile, its principal place of business, its primary stock exchange listing, and/or the source of its revenues.

In selecting securities for the portfolio, the research team focuses on companies that are trading at discounts to their estimated intrinsic value.

The team assesses the estimated intrinsic value of a company based on 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 fund may invest up to 30% of its net assets in securities of companies located in emerging markets.

Also, 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 or healthcare sector.

The fund will invest in at least three different countries, and invest at least 40% of its net assets outside of the United States.

However, if conditions are not favorable, the fund may invest at least 30% of its net assets outside of the United States.

The fund may invest from time to time in cash or short-term cash equivalent securities either as part of its overall investment strategy or for temporary defensive purposes in response to adverse market, economic, political or other conditions.

The fund seeks capital appreciation in the long term 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.

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.

Also, the fund may invest from time to time in cash or short-term cash equivalent securities either as part of its overall investment strategy or for temporary defensive purposes in response to adverse market, economic, political or other conditions.
 

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.
 

The fund seeks capital appreciation in the long term 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 focuses on companies that are trading at discounts to their estimated intrinsic value.

The team assesses a company’s estimated intrinsic value based on factors such as 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.

From time to time, the fund may invest more than 20% of its net assets in any market sector, such as the health care sector.

The fund may invest up to 10% of its net assets in fixed-income securities.

Also, the fund may invest up to 10% of its net assets in securities of companies located outside of the United States.

Additionally, the fund may invest from time to time in cash or short-term cash equivalent securities either as part of its overall investment strategy or for temporary defensive purposes in response to adverse market, economic, political or other conditions.