Fund Description

The fund uses an integrated approach combining research, portfolio design, management, and trading. It targets securities of large non-U.S. companies in adviser-approved markets, emphasizing long-term drivers of expected returns while balancing risk through broad diversification across companies and sectors. Security selection may consider size, relative price (including book value and other measures such as price-to-cash-flow or price-to-earnings), and profitability; criteria may change. It seeks country weights based on relative adjusted market capitalizations and, under normal circumstances, invests at least 80% of net assets in large-cap companies. It may adjust or exclude holdings based on momentum or short-run reversals, use flexible trading to reduce costs, invest via depositary receipts, use futures and options on futures to manage equity exposure, conduct foreign currency transactions, and lend securities.