Fund Description

The fund uses an integrated approach combining research, portfolio design, management, and trading to emphasize long-term drivers of expected returns while balancing risk through broad diversification. It seeks a broad group of non-U.S. developed-market equities across all sizes, with increased exposure to smaller-capitalization, lower relative price, and higher profitability companies versus their weight in a market-cap-weighted set of non-U.S. companies in developed markets that have been authorized for investment by the Advisor's Investment Committee. Under normal circumstances it invests at least 80% of net assets in equities, may adjust exposure for shorter-term considerations, and uses flexible trading to manage costs. It may use depositary receipts, futures and options on futures, foreign currency transactions, and securities lending.