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 securities of European issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer is in Europe if it is organized under the laws of a country in Europe, or has a principal office in a country in Europe.

Other factors in consideration is if it derives 50% or more of its total revenues from business in countries in Europe, or its securities are trading principally on a security exchange, or in an over-the-counter market, in a country in Europe.

Then the team favors companies that demonstrate earnings or revenue growth potential.

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 have durable earnings growth, efficient capital allocation, and attractive prices.

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 up to 35% of its net assets in securities of European issuers located in emerging markets countries.

Also, the fund may at times invest a significant amount of its net assets in cash and cash equivalents, including money market funds.

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 securities of European issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer is in Europe if it is organized under the laws of a country in Europe, or has a principal More