Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. The equity securities in which the Fund invests are primarily publicly traded common stocks but may also include warrants and preferred stocks. For purposes of the Funds 80% investment policy, equity securities also include depositary receipts (including unsponsored depositary receipts and American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs)), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies, and participation notes … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. The equity securities in which the Fund invests are primarily publicly traded common stocks but may also include warrants and preferred stocks. For purposes of the Funds 80% investment policy, equity securities also include depositary receipts (including unsponsored depositary receipts and American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs)), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies, and participation notes (P-Notes), which are derivative instruments designed to replicate equity exposure in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions. The Fund may invest in initial public offerings (IPOs) and securities of companies with any market capitalization. The Fund may also invest in A Shares of companies based in the Peoples Republic of China (China) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai Hong Kong and Shenzhen Hong Kong Stock Connect programs (Stock Connect). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Fund considers a company to be an emerging market company if: (i) at least 50% of the companys assets are located in emerging market countries; (ii) at least 50% of the companys revenue is generated in emerging market countries; (iii) the company is organized, conducts its principal operations, or maintains its principal place of business or principal manufacturing facilities in an emerging market country; (iv) the companys securities are traded principally in an emerging market country; or (v) the Adviser otherwise believes that the companys assets are exposed to the economic fortunes and risks of emerging market countries (because, for example, the Adviser believes that the companys growth is dependent on emerging market countries). The Fund considers classifications by the World Bank, the International Finance Corporation, the International Monetary Fund and the Funds benchmark index provider in determining whether a country is an emerging market country. Emerging market countries generally include every country in the world except the U.S., Canada, Japan, Australia, New Zealand, and most of the countries in Western Europe. From time to time, the Fund may focus its investments in a particular country or geographic region. In managing the Funds investments, the Adviser typically pursues a growth style of investing as it seeks to capture market inefficiencies which the Adviser believes are driven by investors propensity to be short-sighted and overly focused on quarter-to-quarter price movements rather than by a companys fundamentals over a longer time horizon (5 years or more). The Adviser believes that this market inefficiency tends to lead investors to underappreciate the compounding potential of quality, growing companies. To identify this subset of companies, the Adviser generates investment ideas from a variety of sources, ranging from institutional knowledge and industry contacts, to the Advisers proprietary screening process that seeks to identify suitable companies based on several quality factors such as rates of return on equity and total capital, margin stability and profitability. Ideas are then subject to rigorous fundamental analysis as the Adviser seeks to identify and invest in companies that it believes reflect higher quality opportunities on a forward-looking basis. Specifically, the Adviser seeks to buy companies that it believes are reasonably priced and have strong fundamental business characteristics and sustainable and durable earnings growth relative to peers, comparable businesses, or its own history. The Adviser seeks to outperform peers over a full market cycle by seeking to capture market upside while limiting downside risk through the Advisers focus on securities it believes are higher quality than the overall market and the Advisers willingness to react proactively to perceived changes in risk. For these purposes, a full market cycle can be measured from a point in the market cycle (e.g., a peak or trough) to the corresponding point in the next market cycle. Many of the stocks in which the Fund invests may be considered to be growth stocks, in that they may have, relative to the MSCI Emerging Markets Index, above-average rates of earnings growth over a 3-5 year time horizon, and thus may experience above-average increases in stock prices, subject to the Advisers criteria for quality. The Fund may also purchase stocks that would not fall into the traditional growth style box. In constructing the Funds portfolio of securities, the Adviser is not constrained by sector or industry weights in the Funds benchmark index. The Fund may invest in any economic sector and, at times, emphasize one or more particular industries or sectors in the portfolio construction process. The Adviser relies on individual stock selection driven by a bottom-up research process rather than seeking to add value based on top-down, macro based criteria. The Adviser may sell a company if the Adviser believes that the companys long-term competitive advantage or relative earnings growth prospects have deteriorated, or the Adviser has otherwise lost conviction that the company reflects a higher quality opportunity than other available investments on a forward looking basis. The Adviser also may sell a company if the company has met its price target or is involved in a business combination, if the Adviser identifies a more attractive investment opportunity, or the Adviser wishes to reduce the Funds exposure to the company or a particular country or geographic region. The Fund is classified as non-diversified, which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Show less