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 companies located in the developed countries outside of the United States. More

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 companies located in the developed countries outside of the United States.

The team determines whether a company is located in or associated with a non-U.S. country on the basis of four factors such as country of organization, primary securities trading market, location of assets, or country where the company derives at least half of its revenue or profits.

In selecting securities for the portfolio, the research team focuses on companies that are trading at discounts to their estimated intrinsic value.

The team looks to construct a portfolio with attractive valuation multiples such as earnings and book value.

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 manager selects stocks from companies located in at least 10 countries outside of the U.S., and the will invest less than 10% of its net assets in U.S. companies.

Additionally, the fund is designed to benefit from future growth in developed countries outside of the U.S., as well as emerging market countries.

The fund may also invest without limit in stocks issued by companies from emerging market countries.

In addition, the fund may purchase securities on exchanges other than where their companies are domiciled or in the form of Depositary Receipts, which include American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts, Non-Voting Depositary Receipts or similar securities.

Also, the fund may lend portfolio securities to brokers, dealers or other financial institutions in an effort to increase its returns.