The fund seeks total return 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 focuses on securities of companies located in at least three countries other than the United States.

The team screens a broad universe of companies, located in both developed and emerging markets that are estimated to trade below their fair values.

In addition, the team evaluates companies with improving fundamentals on the basis of valuation multiples such as book value and earnings to growth ratios.

The team will then narrow the investable universe to stocks in the top 30% of each economic sector.

Additionally, the team prefers companies with balance sheet strength, capable management team and comparative business advantages with respect to costs, products and geographical location.

To select stocks for the portfolio, the team relies on fundamental security analysis, company management interviews and sell-side research.

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 portfolio generally holds between 40 and 60 stocks selected from at least 10 countries.

Also, the fund may invest up to 10% of its net assets in emerging market securities.