Fund Description

The fund invests in equity securities of U.S. and non-U.S. companies listed on a national securities exchange or foreign equivalent and in derivatives including options, futures, forwards, swap agreements and participation notes. Equity exposure includes common stocks, preferred shares and investment trusts, and may include closed-end funds, business development companies, investment holding companies, publicly traded limited partnerships and any other publicly traded vehicle whose purpose is to invest in privately held companies; it normally invests greater than 25% of assets in private equity related industries. It may invest across any market cap, typically holds companies domiciled in at least three countries, and invests at least 40% of total assets in non-U.S.-domiciled issuers. Selection emphasizes high or improving ROIC, and the portfolio managers use a disciplined sell strategy and may sell due to deterioration in a company's financials or if the security's price increases such that it becomes expensive relative to other holdings.