Fund Description

The fund uses an integrated approach combining research, portfolio design, portfolio management, and trading. It seeks broad diversification across companies and sectors while emphasizing long-term drivers of expected returns and balancing risk, shorter-term return drivers, and trading costs. It is designed to buy securities of large, non-U.S. companies in developed markets designated as approved markets that the adviser believes have high profitability and high relative prices versus other non-U.S. large caps, considering metrics such as price-to-book and potentially price-to-cash-flow or price-to-earnings. Under normal circumstances it invests at least 80% of net assets in large-company securities in the markets in which it invests. It may adjust or exclude holdings based on factors such as price momentum and short-run reversals, use depositary receipts, trade futures and options on futures for foreign and U.S. equities and indices to manage exposure and flows, enter foreign currency transactions including forwards, and lend securities.