Fund Description

The fund uses an integrated approach combining research, portfolio design, portfolio management, and trading, emphasizing long-term drivers of expected returns while balancing risk through broad diversification across companies, sectors, and countries and considering trading costs. It seeks a broad set of emerging markets equities, including frontier markets authorized by the Investment Committee, with meaningfully increased exposure to smaller-capitalization, lower relative price, and higher profitability companies. Under normal circumstances it invests at least 80% of net assets in Approved Market securities, may adjust or exclude holdings based on shorter-term considerations, and may use depositary receipts, China A-shares, variable interest entities, futures and options on futures, foreign currency transactions, and securities lending.