Fund Description

The fund seeks to achieve its objective by investing in equity securities of companies worldwide, including the U.S., that the portfolio managers consider undervalued. It may invest up to 100% of assets in foreign issuers and, under normal circumstances, provides exposure economically tied to at least three countries outside the U.S., with foreign allocations guided by stated percentage thresholds. It may invest in developed and emerging markets and may emphasize regions such as Europe or Asia. It invests primarily in common stocks and depositary receipts, mainly large-cap issuers but also small- and mid-cap. It may use derivatives, including forward currency contracts for hedging and futures for market exposure, cash management, or downside hedging. The approach is value-oriented and fundamental, focusing on equity securities of issuers that are trading at an appreciable discount to their estimated intrinsic values, and it takes a long-term approach and invests in high-quality companies, with defined sell criteria.