The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.

The sub-adviser’s investment process is designed to highlight companies in the benchmark index that are lagging in market price for temporary reasons and trading at a significant discount to their estimated private market value.

The research process starts with a determination of a company’s private market valuation. Next, the research team carries out a fundamental analysis of a company’s

The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.

The sub-adviser’s investment process is designed to highlight companies in the benchmark index that are lagging in market price for temporary reasons and trading at a significant discount to their estimated private market value.

The research process starts with a determination of a company’s private market valuation. Next, the research team carries out a fundamental analysis of a company’s cash flows, asset valuations, competitive situation and industry specific factors.

Then the team evaluates the company’s management strength, financial health, and growth potential in determining a company’s private market valuation.

The team also meets company management, and focuses on the long-term strategic direction of the company.

Then the manager constructs a portfolio of stocks companies that demonstrate attractive, long-term growth prospects.

The fund focuses on underpriced companies with superior business models and the ability of management to fully exploit the business model.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including American Depositary Receipts.