Strategy. The Funds investment team employs a fundamental investment process to construct a diversified portfolio of US and non-US growth companies across a broad capitalization range. The team seeks to invest in companies that it believes possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The Funds investment process focuses on two distinct elementssecurity selection and capital allocation. The team overlays its investment process with sustainability considerations and broad knowledge of the global economy. Security Selection The team seeks to identify companies that have franchise characteristics (e.g., low cost production capability, possession of a proprietary asset, dominant market share or a defensible brand name), are benefiting from … Show more… The Funds investment team employs a fundamental investment process to construct a diversified portfolio of US and non-US growth companies across a broad capitalization range. The team seeks to invest in companies that it believes possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The Funds investment process focuses on two distinct elementssecurity selection and capital allocation. The team overlays its investment process with sustainability considerations and broad knowledge of the global economy. Security Selection The team seeks to identify companies that have franchise characteristics (e.g., low cost production capability, possession of a proprietary asset, dominant market share or a defensible brand name), are benefiting from an accelerating profit cycle and are trading at a discount to the teams estimate of private market value. The team looks for companies that are well positioned for long-term growth, which is driven by demand for their products and services at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle. Capital Allocation Based on the teams fundamental analysis of a companys profit cycle, it divides the portfolio into three parts. Garden SM investments are small positions in the early part of their profit cycle that may warrant more sizeable allocations as their profit cycle accelerates. Crop SM investments are positions that are being increased to a full weight because the team believes they are moving through the strongest part of their profit cycles. Harvest SM investments are positions that are being reduced as they near the teams estimates of full valuation or their profit cycles begin to decelerate. Sustainability Considerations The team employs a framework in assessing material sustainability exposures factors that informs its security selection and capital allocation process. Broad Knowledge The team overlays the security selection and capital allocation elements of its investment process with a desire to invest opportunistically across the entire global economy. The team seeks broad knowledge of the global economy in order to position it to find growth wherever it occurs. The Fund primarily invests in common stocks and other equity securities of US and non-US companies, including depositary receipts. The Funds investments in non-US securities may include investments in developed markets, as well as emerging and less developed markets. The Fund generally focuses on mid- and large-cap companies; however, there are no restrictions on the market capitalizations of the companies in which the Fund may invest. The Fund may invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called participation certificates in the Funds prospectus, but may be called different names by issuers). Show less