Fund Description

The fund uses an integrated approach combining research, portfolio design, management, and trading. Its design emphasizes long-term drivers of expected returns identified by the Advisor's research while balancing risk through broad diversification across companies, sectors, and countries, and its portfolio management and trading processes balance those long-term drivers with shorter-term drivers of expected returns and trading costs. Using a market capitalization weighted approach, it targets small, non-U.S. developed-market companies with lower relative price at purchase and may emphasize smaller capitalization, value, and/or higher profitability stocks. It invests at least 80% of net assets in small-company securities. It may adjust or exclude holdings based on momentum, short-run reversals, and investment characteristics; invest via depositary receipts; use futures and options on futures; enter into foreign currency exchange transactions; and lend securities.