Fund Description

The fund invests in equity securities of a relatively select group of global companies using a bottom-up stock-picking approach guided by strategic themes identified by its subadviser. It seeks businesses at reasonable valuations, emphasizing industry leaders in relatively stable industries with visibility of sustainable earnings and recurring revenues, and applies demanding valuation criteria with particular attention to free cash flow generation. It generally invests in mid- to large-capitalization companies, may invest in small caps, and generally invests in companies with market capitalizations greater than $5 billion. It expects 25-40 positions and is non-diversified. Under normal circumstances it invests at least 35% (or at least 25% if conditions are not favorable) of net assets in non-U.S.-tied investments across a minimum of three countries other than the U.S., and may hold significant cash and cash equivalents.