Fund Description

The fund seeks to achieve its investment objective by investing primarily in established and emerging companies on an international basis, with capitalizations within the range of companies included in the MSCI All Country World ex USA Index. It uses a bottom-up process to select high-quality companies it believes are undervalued. Fundamental research drives the investment process, and the Adviser typically favors companies it believes have sustainable competitive advantages that can be monetized through growth. The process integrates sustainability/ESG analysis and engagement with management. It may concentrate in a limited number of issuers and generally sells when holdings no longer meet criteria. It may invest in China A-Shares via Stock Connect, depositary receipts, equity, and privately placed and restricted securities, primarily outside the U.S., with limited U.S. exposure.