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

The sub-adviser’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 attractively priced companies demonstrating the ability to generate sustainably high returns on capital.

Also, the team prefers companies with reasonable or improving fundamentals trading at discounts to their estimated intrinsic value.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team emphasizes companies exhibiting high or improving returns on operating capital employed and recurring cash flows.

In addition, the team focuses on companies with capable management teams that have a track record of disciplined capital allocation.

Additionally, the team integrates environmental, social and governance factors as part of its process.

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-adviser’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 attractively priced companies demonstrating the ability to generate sustainably high returns on capital.

Also, the team prefers companies with reasonable or improving fundamentals trading at discounts to their estimated intrinsic value.

The research process is driven by fundamental analysis of one stock at More