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 pre More

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.