Fund Description

The fund invests primarily in a broad range of equity securities of companies located in emerging market countries, generally those considered developing by the World Bank, the United Nations, or governments. Under normal circumstances, at least 80% of net assets plus any investment borrowings are invested in emerging market issuers. It may invest in companies of any size and may invest more than 25% of its total assets in the securities of issuers located in the same country, and benchmark weightings may result in the fund investing over 25% in any one country. It may invest significantly in the Asia-Pacific region. It may also invest in non-emerging market companies for specific exposure and opportunity reasons. Management uses a fundamental, bottom-up approach seeking durable franchises trading below intrinsic value, using valuation methods including discounted cash flow, replacement cost, private transactions, and multiples analysis.