The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States.

The sub-adviser’s 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 companies principally engaged in the real estate industry.

The team generally considers a company to be principally engaged in the real estate industry if the company derives at least 50% of its revenue or profits from the ownership, management, development, construction, or sale of residential, commercial, industrial, or other real estate.

Also, the team considers a company to be principally engaged in the real estate industry if the company has at least 50% of the value of its assets invested in residential, commercial, industrial, or other real estate, or is organized as a REIT or REIT like entity.

As part of the process, the team takes into account the impact that real estate companies have on the environment and other sustainability considerations.

In assessing sustainability, the team will consider environmental, social, and governance criteria.

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 invests in the securities of companies associated with countries that the manager has identified as approved markets (which may include issuers in emerging markets).

Also, the fund may lend portfolio securities to generate additional income.