Fund Description

The fund invests primarily in equity securities of companies worldwide and in instruments with similar economic characteristics, including ETF shares. It mainly holds common stocks, and may invest in depositary receipts (ADRs, EDRs, GDRs), preferred stocks, participation notes, private placements, ETFs and REITs, generally focusing on companies with market capitalizations of at least $1 billion and securities denominated in any currency. Under normal conditions, it invests in at least three countries including the U.S., with at least 40% in non-U.S. companies across developed and emerging markets, and may from time to time focus on a country, region or sector, 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 a discount to intrinsic value, incorporating sustainability factors where material, and sells based on valuation rank, expected return to intrinsic value, fundamentals, or relative opportunity.