Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in emerging market company securities and instruments with similar economic characteristics, including ETFs and participation notes; this policy may be changed with 60 days' prior written notice. It may invest up to 10% in MSCI-classified frontier market countries. Holdings are primarily common stocks and depositary receipts (ADRs, EDRs, GDRs), and may include MLPs, preferred stocks, ETFs and REITs, generally focusing on companies with at least $500 million market capitalization and in any currency, including China A-Shares via Stock Connect. The adviser uses a value approach, combining quantitative screens and fundamental research and applying a dividend discount model to identify securities trading at discounts to intrinsic value, with sustainability factors evaluated alongside other fundamentals; sales may occur as valuations worsen, fundamentals deteriorate, or more attractive opportunities arise.