Fund Description

The fund invests mainly in a limited number of large-capitalization value stocks of non-U.S. companies, normally committing at least 65% of total assets to the equity securities of companies domiciled or headquartered outside the United States, or with primary business activities or principal trading markets outside the United States. It may hold common and other equity securities, including preferred and convertible preferred stocks, warrants, ADRs/ADSs (sponsored or unsponsored), and ETFs based on an international equity index, and may use currency hedging. The portfolio emphasizes companies with global operations and may have more than 25% in a limited number of countries, with weightings that may differ significantly from popular benchmarks. It uses fundamental analysis to seek good businesses at value prices and sells when value potential is reached, diversification is needed, fundamentals deteriorate, or better opportunities arise.