The fund seeks capital appreciation in the long-term through investing in U.S. and foreign companies.

The investment process relies on identifying high quality companies with durable competitive advantage and operated by management with a track record of rational capital allocation and successful wealth creation. The research team then determines if stocks of these companies are trading at attractive discounts to their long term values.

The fund favors companies with high discounts to long term intrinsic valuations and are estimated to be attractive forward rates of return.

The fund seeks capital appreciation in the long-term through investing in U.S. and foreign companies.

The investment process relies on identifying high quality companies with durable competitive advantage and operated by management with a track record of rational capital allocation and successful wealth creation. The research team then determines if stocks of these companies are trading at attractive discounts to their long term values.

The fund favors companies with high discounts to long term intrinsic valuations and are estimated to be attractive forward rates of return.

The fund seeks capital appreciation 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 from markets around the world, including U.S. markets.

The team favors companies that are estimated to trade below their fair values and undergoing change (special situations).

Special situations also referred to as catalysts may include management changes, shareholder activism, and operational and financial restructurings.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that are trading at discounts to their estimated intrinsic value for temporary reasons.

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 in securities of issuers located in any country, in any industry, and of any market capitalization size.

However, the fund will invest at least 40% of its assets, and may invest up to 100% of its assets, in the securities of issuers located in various foreign countries, including both developed and emerging markets.

Also, the fund will invest in debt securities based on their current yields and overall potential for capital appreciation, and may invest a portion of its net assets in derivative instruments.

The fund seeks capital appreciation 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 from markets around the world, including U.S. markets.

The team favors companies that are estimated to trade below their fair values and undergoing change (special situations).

Special situations also referred to as catalysts may include management changes, shareholder activism, and operational and financial restructurings.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that are trading at discounts to their estimated intrinsic value for temporary reasons.

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 in securities of issuers located in any country, in any industry, and of any market capitalization size.

However, the fund will invest at least 40% of its assets, and may invest up to 100% of its assets, in the securities of issuers located in various foreign countries, including both developed and emerging markets.

Also, the fund will invest in debt securities based on their current yields and overall potential for capital appreciation, and may invest a portion of its net assets in derivative instruments.