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 focuses on foreign companies that demonstrate above-average growth, profitability and qual More

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 focuses on foreign companies that demonstrate above-average growth, profitability and quality characteristics.

The team believes these companies exhibit superior business fundamentals, including market leadership, quality products or services, distinctive marketing and distribution, pricing flexibility and revenue from products or services consumed on a steady, recurring basis.

In addition, the team prefers companies with management teams aligned with shareholders’ interests and that utilize conservative accounting policies.

However, the team favors companies with above-average returns on equity, balance sheet strength and durable above-average earnings growth.

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 allocates the fund’s investments among at least six different countries.

Additionally, no more than 50% of the fund’s holdings may be invested in securities of issuers in one country at any given time.

With regards to country allocation, the manager considers factors such as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.

The fund’s investments will be divided among Continental Europe, the United Kingdom, Canada, Japan and the markets of the Pacific Basin.

Also, the fund may invest in emerging markets, which include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries.