The fund seeks capital appreciation in the long term by investing in 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 foreign companies that are trading at discounts to their estimated intrinsic value with the potential to grow their earnings and cash flow.

The team prefers cash-generative companies at attractive valuations.

In addition, the team also looks for key attributes in companies including free cash flow, earnings growth, return on invested capital, balance sheet strength and relative upside to its estimate of 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 constructs a portfolio designed to generate alpha, or risk-adjusted excess return, relative to the benchmark.

Additionally, the team considers a company’s environmental, social, and corporate governance practices.

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 portfolio holds approximately 35 to 60 securities of companies.

The fund invests its net assets in stocks of foreign companies in developed countries, and, to a lesser extent, in emerging markets and/or in U.S.-based companies.

Also, the fund considers foreign companies to include those domiciled outside of the United States or with the principal trading market of their securities outside of the United States.

The investment team considers developed countries to be Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

However, the fund considers emerging market countries to be those countries that are neither the United States nor developed countries.

The fund seeks capital appreciation in the long term by investing in 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 foreign companies that are trading at discounts to their estimated intrinsic value with the potential to grow their earnings and cash flow.

The team prefers cash-generative companies at attractive valuations.

In addition, the team also looks for key attributes in companies including free cash More