The fund seeks capital appreciation in the long term by investing in mid-and large-size companies in the United States.

The adviser’s investment process is designed to highlight companies that appear to be undervalued and are trading at a significant discount to their estimated intrinsic value. The adviser believes these companies present the best investment opportunities.

The research team focuses on companies that have attributes such as free cash flows and prudent investment of excess cash, earnings growth and high level of company management ownership.

The research process is driven by fundamental analysis of one stock at a time. As part of this process, the team visit companies and conduct other research on the companies and their industries.

Normally the portfolio holds 30 to 60 stocks of companies that are growing businesses. As a result, the fund may at times invest a higher percentage of its net assets in a particular sector or industry.

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 focuses on securities of U.S. and non-U.S. companies.

Then the team prefers companies that are trading at discounts to their estimated intrinsic value.

In addition, the team looks for companies with free cash flows and that invest excess cash prudently.

Also, the team visits companies and conducts other research on the companies and their industries.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team utilizes independent, in-house research to analyze each company.

Also, the team visit companies and conduct other research on the companies and their industries.

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 typically holds 30 to 60 stocks, and as a result, a higher percentage of the fund’s net assets may at times be invested in a particular region, sector or industry.

Generally, the fund will invest in the securities of companies located in at least three countries. However, there are no geographic limits on the fund’s non-U.S. investments.

Typically, the fund invests between 25% and 75% of its net assets in securities of U.S. companies and between 25% and 75% of its net assets in securities of non-U.S. companies.

The fund may invest in securities of companies located in developed or emerging markets, such as the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa.

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

Then the team prefers companies that are trading at discounts to their estimated intrinsic value.

In addition, the team looks for companies with free cash flows and that invest excess cash prudently.

Also, the team favors companies whose earnings are growing and having high level of company management ownership.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team utilizes independent, in-house research to analyze each company.

In addition, the team visits companies and conducts other research on the companies and their industries.

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 holds approximately 20 stocks, and as a result, a higher percentage of the fund’s net assets may at times be invested in a particular region, sector or industry.

Also, the fund invests at least 40% (or, if the manager deems market conditions and/or company valuations less favorable, at least 30%) of its net assets in securities of non-U.S. companies.

Generally, the fund will invest in the securities of companies located in at least three countries. However, there are no geographic limits on the fund’s non-U.S. investments.

The fund may invest in securities of companies located in developed or emerging markets, such as the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa.

The fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund.

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 y invests in non-U.S. markets throughout the world, including emerging markets.

Then the team prefers companies that are trading at discounts to their estimated intrinsic value.

In addition, the team looks for companies with free cash flows and that emphasize prudent investment of excess cash.

Also, as part of the fundamental analysis, the team emphasizes companies whose earnings are growing and operated by proven management teams.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team utilizes independent, in-house research to analyze each company.

Also, the team visit companies and conduct other research on the companies and their industries.

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 typically holds 30 to 60 stocks, and as a result, a higher percentage of the fund’s net assets may at times be invested in a particular region, sector or industry.

Generally, the fund will invest in the securities of at least five countries outside of the United States. However, there are no geographic limits on the fund’s non-U.S. investments.
 

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 invests in non-U.S. markets throughout the world, including emerging markets.

Then the team prefers companies that are trading at discounts to their estimated intrinsic value.

In addition, the team looks for companies with free cash flows and that emphasize prudent investment of excess cash.

Also, as part of the fundamental analysis, the team emphasizes companies whose earnings are growing and operated by proven management teams.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team utilizes independent, in-house research to analyze each company.

Also, the team visit companies and conduct other research on the companies and their industries.

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 typically holds 30 to 70 stocks, and as a result, a higher percentage of the fund’s net assets may at times be invested in a particular region, sector or industry.

Generally, the fund will invest in the securities of at least five countries outside of the United States. However, there are no geographic limits on the fund’s non-U.S. investments.
 

The fund seeks capital appreciation in the long term by investing in mid-and large-size companies in the United States.

The investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated intrinsic value.

Next, the research team focuses on companies with free cash flows and growing and predictable earnings.

In addition, the team prefers companies with management teams having prudent capital allocation skills, and the highest level of ownership in business outcomes.

Then the research process is driven by fundamental analysis of one stock at a time. . As part of its process, the team visit and conduct research on companies and their industries.

The portfolio generally will have approximately twenty securities and as a result, a higher percentage of the fund’s net assets may at times be invested in a particular sector or industry.

The fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund.