The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.
The fund manages assets with the help of five sub-advisors namely Davis Selected Advisers, L.P., Fiduciary Management, Inc., Harris Associates L.P., Nuance Investments, LLC, and Sands Capital Management, LLC.
The fund prefers a multi-manager investing approach with the aim of reducing volatility and downside risk. The multiple sub-advisers employ different strategies to identify investment opportunities from the list of companies in the benchmark index.
Each of the sub-advisors separately runs a portion of the fund's portfolio, and each represents a different stock-picking approach or market cap segment.
The sub-advisors’ investment process is designed to highlight companies that demonstrate superior appreciation potential.
Then each sub-advisor manages a portfolio typically composed of at least 5, but not more than 15, stocks. There is no minimum or maximum allocation of the fund’s net assets to each sub-advisor.
The multimanager structure results in a broadly diversified portfolio in terms of styles, industries, and stocks. Typically, the fund holds between 75 and 105 stocks.
The portfolio is concentrated in certain sectors such as the communications services, consumer discretionary, financial, healthcare, industrial and technology sectors.
The fund has the flexibility to invest up to 50% of the fund’s net assets in foreign equity securities, which may include emerging markets.
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.
The fund manages assets with the help of four sub-advisors namely Evermore Global Advisors, LLC, Harris Associates L.P., Lazard Asset Management LLC, and Pictet Asset Management, Ltd.
The fund prefers a multi-manager investing approach with the aim of reducing volatility and downside risk.
The sub-advisors’ 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.
Each sub-advisor manages a portion of the fund’s net assets by independently managing a portfolio typically composed of between 8 and 15 stocks.
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.
There is no minimum or maximum allocation of the fund’s net assets to each sub-advisor.
The sub-advisors focus on the securities of emerging markets and small companies; with significant exposure to developed markets.
The portfolio is concentrated in certain sectors such as the communications services, consumer discretionary, financial, and industrial sectors.
Typically, the portfolio holds between 32 and 60 stocks diversified across industries.
Additionally, the fund invests in the securities markets of at least five countries outside of the United States.
