Fund Description

The fund invests in equity securities of companies of any size or market capitalization range, generally focusing on large-capitalization companies. It may invest in foreign issuers, including emerging market countries as defined by inclusion in the MSCI Emerging Markets Index, and may also invest in American Depositary Receipts; issuer classification is based on "country of risk" as determined by a third party. The subadvisor uses bottom-up research to identify financially sound companies that are temporarily out of favor, seeking above-average potential total returns at below-average valuations, assessing factors such as valuation, quality, and capital return. Quality may be evaluated using metrics including free cash flow margin, return on invested capital, and net debt to EBITDA. Stocks may be sold when a target price is reached, the fundamental outlook changes, or more attractive alternatives exist. The process may consider financially material ESG factors as part of fundamental analysis.