Fund Description

The fund invests primarily in equity securities of non-U.S. medium- to large-cap companies, typically those with market capitalizations exceeding US$5 billion at purchase. Eligible securities include common and preferred stocks, depositary shares and receipts, rights, warrants, and ETFs. Under normal market conditions, at least 65% of total assets at purchase are invested in non-U.S. companies, with diversification among at least three countries outside the U.S., across developed and emerging markets. The advisor targets companies with growth characteristics, sustainable competitive advantages, and exposure to macroeconomic and global trends, generally holding 25 to 35 companies. It may invest up to 100% in non-U.S. companies and may at times have little or no U.S. exposure. Cash may be invested temporarily in ETFs. Positions may be sold or reduced for risk management, opportunity shifts, country risks, valuation concerns, or operating performance.