Fund Description

The fund invests primarily in common stocks of issuers outside the United States, normally allocating at least 80% of assets to non-U.S. securities, typically considerably higher. It may invest in foreign-currency-denominated securities, ADRs, and other U.S. dollar securities of foreign issuers, across developed and emerging markets, and in small-, mid-, or large-cap companies. Country exposure at purchase is capped at the higher of 15% or double the MSCI EAFE Index weight; emerging markets are limited to 35% at purchase. It may use ETFs for sector exposure or cash-flow management and may hedge currency risk with forward contracts. The advisor uses a bottom-up, fundamental approach and may sell based on strategy fit, target price, or better opportunities; sector exposure is unconstrained.