Fund Description

The fund invests primarily (at least 65% of total assets under normal market conditions) in common and preferred stocks of foreign companies located principally in developed markets across Europe, Japan and Asia Pacific ex Japan. It uses a capital cycle, supply-side approach to identify long-term opportunities, emphasizing management capital allocation and incentives through bottom-up fundamental research and meetings with company management. Holdings may span high-return and depressed-return phases, including contrarian deep value situations. It considers ESG factors with material impact on issuers and may differ significantly from its benchmark. The portfolio is broadly regionally neutral, may have modest emerging-markets exposure, typically holds 200-300 companies, and may involve foreign-currency exposure.