Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in value stocks of companies located in emerging and frontier market countries, including companies located in, or primarily operating from, countries in the MSCI Emerging Markets Index and/or MSCI Frontier Markets Index. Country exposure is based on listing, incorporation, headquarters, MSCI classification, and where at least 50% of revenues/profits or assets are located. Value stocks are those in the three cheapest valuation quintiles based on estimated future earnings, selected through a research-driven, bottom-up security selection process that screens a dynamic universe of the 1,500 largest companies by market capitalization in emerging and frontier markets and uses fundamental research and proprietary modeling. The portfolio generally holds 40-80 stocks, may use ADRs/EDRs/GDRs, invest in REITs, and may concentrate in one sector. ESG is integrated into analysis and engagement. Holdings are typically sold at fair value, when better opportunities arise, or when fundamentals change.