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 of U.S. and non-U.S. companies.
The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates companies on the basis of valuation multiples such as earnings, book value, sales, net present value, and free cash flow.
The team also focuses on a company’s sustainable dividend yield and price-to-liquidation/replacement value.
In addition, the team seeks an understanding of a company’s franchise quality, management strength, corporate strategy, barriers-to-entry, shareholder value orientation, operating and industry fundamentals and competitive advantage.
Also, the team looks for companies that are misperceived and estimated to trade below their fair values.
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 will invest at least 40% of its net assets in securities of issuers located outside the U.S. and may invest significantly in securities of issuers located in emerging or frontier markets.
Also, no more than 35% of the fund’s net assets may be invested in securities of companies located in a single country.
However, the fund’s net assets will be invested in securities of companies located in at least three different countries.
The fund seeks capital appreciation in the long term by investing in mid-and large-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 focuses on securities of companies located throughout the world.
As part of the quantitative analysis, the team relies on valuation multiples such as earnings, book value, sales, net present value, free cash flow, sustainable dividend yield and liquidation/ replacement value.
With the help of qualitative analysis, the research team gets an understanding of franchise quality, management strength, corporate strategy, barriers-to-entry, shareholder value orientation, operating and industry fundamentals and competitive advantage.
In addition, the team prefers mispriced securities of companies that are estimated to trade below their fair values.
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 significantly in securities of issuers located in emerging or frontier markets.
Also, no more than 35% of the fund’s net assets may be invested in securities of companies located in a single country.
Additionally, the fund may invest up to 15% of its net assets in U.S. domiciled businesses that have significant business activities outside the United States.
The fund generally follows a multi-capitalization approach that focuses on mid- to large-capitalization companies, but may also invest in small capitalization companies.
