The fund seeks capital appreciation in the long term by investing in small-and mid-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 invests in securities of companies located anywhere in the world, including developing markets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team relies on fundamental analysis to focus on the market price of a company’s securities relative to its long-term earnings, asset value and cash flow potential.

In addition, the team considers a company’s valuation multiple such as earnings and cash flow, as well as profit margins and liquidation 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 fund will invest in issuers located in at least three different countries (including the U.S.).

From time to time, based on economic conditions, the fund may have significant positions in particular regions, countries or sectors.

The fund seeks capital appreciation in the long term by investing in small-and mid-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 invests in securities of companies located anywhere in the world, including developing markets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team relies on fundamental analysis to focus on More