Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in equity securities of foreign companies, generally across at least three countries, with a focus on medium- to large-cap stocks. Foreign status may be based on asset location, revenue source, or domicile/business activity outside the U.S. Most holdings are in established markets, with up to 15% in emerging markets, and it may use ADRs for liquidity or other reasons. The adviser applies a fundamental relative-value process emphasizing quality, valuation, catalysts, and risk-reward, while managing diversification via position, sector, and country limits.