Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, focusing on dividend-paying stocks of companies in developed markets such as the United States, Canada, Japan, Australia, Hong Kong and Western Europe, and may invest up to 30% of assets in emerging markets. It ordinarily invests in at least three countries and may at times hold a substantial portion in a single country. The sub-adviser combines top-down global theme analysis with bottom-up fundamental research, and typically buys stocks with a yield premium to the FTSE World Index. It may hedge currency exposure using derivatives such as forward contracts, and generally sells when yield falls below the index, themes change, prospects shift, or the stock is fully valued.