Fund Description

The fund seeks to exceed the total return of the MSCI Emerging Markets Value Index (Net Dividends in USD) by using equity total return swaps to gain exposure to a proprietary emerging markets model portfolio and complementing it with an absolute return bond alpha strategy. The model selects liquid, capacity-appropriate stocks using a rules-based RAE process driven by quantitative signals such as value, quality and momentum, weights holdings by fundamentals, and periodically rebalances without manager discretion. If swaps are unavailable or unattractive, other instruments may be used to replicate the model. The bond sleeve invests in diversified fixed income instruments, including derivatives, and seeks to maintain overall portfolio duration that normally varies from (negative) 3 years to positive 8 years, with flexibility across sector exposures, non-U.S. exposures and credit quality.