Fund Description

The fund seeks to achieve its objective by actively identifying potential investments based on fundamental and quantitative analysis and constructing a portfolio while managing risk factors such as issuer, industry and sector weightings, market capitalization, and volatility relative to the MSCI Emerging Markets Index. It normally invests at least 80% of net assets, including borrowings for investment purposes, in equity securities of issuers tied economically to emerging market countries. Equity securities include common stocks, depositary receipts, and other ownership securities, and issuers may be of any size. It normally invests across different industries, sectors, countries, and regions, but may invest significantly in a single industry, sector, country, or region. It uses a portfolio optimization process and targets predicted tracking error of about 2% versus the index.