Fund Description

The fund invests primarily in a diversified portfolio of common stocks of non-U.S. companies, determining non-U.S. status by factors such as domicile, primary exchange, revenue source, and reporting currency. It may invest worldwide, including emerging markets, which the fund considers to be markets in countries classified as emerging or frontier markets by MSCI, and ordinarily holds securities from at least five countries outside the United States with no geographic limits. It may invest in large-, mid-, and small-cap companies. Using a bottom-up value approach, the adviser targets stocks trading at significant discounts to estimated intrinsic value, favoring free cash flow, growing and predictable earnings, and owner-aligned management. The portfolio typically holds 45-65 stocks and generally sells as prices approach intrinsic value.