Fund Description

The fund invests primarily in common stocks of U.S. and foreign companies, including depositary receipts, that the manager believes are competitively well-positioned, gaining market share, and offer long-term growth potential or are in regions with attractive growth characteristics. It primarily invests in developed-market issuers but may invest globally, including emerging markets, across sectors and industries. While the fund primarily invests in securities issued by large-capitalization companies (typically, companies with market capitalizations of at least $10 billion at the time of acquisition), it may invest in securities issued by companies of any size. Under normal circumstances it invests at least 40% (or at least 30% if warranted) of total assets in foreign securities and may invest up to 80%, including non-U.S. dollar securities, typically holding 50-70 stocks. Selection is research-based and bottom-up, with consideration of macro, political, regulatory, geopolitical, and currency risks; an affiliate may execute trades and provide quantitative support.