Fund Description

The fund invests mainly in equity securities of U.S. and foreign issuers, including common stocks and other equity or equity-equivalent securities such as preferred stocks, convertible securities, rights, or warrants, and may access foreign securities through ADRs or similar arrangements. It typically invests across multiple countries and can invest in any country, including developing or emerging markets, normally holding at least four countries including the United States, without set country allocations. It is not limited by market capitalization and invests a substantial portion of its assets in small- and mid-cap companies as defined by the MSCI ACWI SMID Cap Index range. The fund may use derivatives to increase return or hedge, and uses bottom-up fundamental analysis while monitoring issuers for changes that may trigger sales. It may also invest in debt securities, though these are not typically in its opportunity universe.