The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The sub-advisor’s 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, or that derive a significant portion of their earnings or revenues from, a number of countries around the world other than the U.S., including emerging market countries.

The team relies on fundamental analysis to identify good quality companies with balance sheet strength and superior cash flow generation potential.

In addition, the team evaluates a company’s relative value, and non-correlated assets.

The team also focuses on companies that are lagging in market price for temporary reasons and are trading at a discount to their estimated intrinsic value but have the potential to increase market price over time.

As part of its research process, the team considers companies operated with proven management teams with track records of delivering results in all economic conditions and having the ability to sustain and increase profits over time.

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 seeks capital appreciation in the long term by investing in companies outside the United States.

The sub-advisor’s 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, or that derive a significant portion of their earnings or revenues from, a number of countries around the world other than the U.S., including emerging market countries.

The team relies on fundamental analysis to identify good quality companies with More