Fund Description

The fund invests at least 80% of net assets in equity securities or depositary receipts of small-cap companies domiciled outside the United States, including emerging and frontier markets as classified by the World Bank or included in MSCI emerging or frontier indices. Small caps are defined by the MSCI ACWI Ex-US Small Cap Index at purchase, with flexibility to hold positions that move outside the range. Holdings may include common stock (including IPOs), ADRs, EDRs, CDRs and GDRs, China A-shares via Stock Connect or QFII, REITs and participatory notes. It typically invests across multiple countries, may concentrate by country/region or sector, and follows a focused, bottom-up approach emphasizing growth in return on invested capital, competitive advantages, strong management, low debt, and relative valuations, while considering country risks.