Strategy. The Fund invests primarily (no less than 65% of its total assets under normal circumstances) in common stock of non-U.S. companies, including those located in emerging market countries. The investment strategy utilized by C WorldWide Asset Management Fondsmaeglerselskab A/S, the Funds subadvisor (the Subadvisor), focuses on identifying companies with market capitalizations of at least $5 billion at the time of acquisition the Subadvisor believes are compounders. Companies with market capitalizations of $5 billion or more include mid-and large-capitalization companies. A company is considered a compounder if, in the Subadvisors view, it is expected to experience sustainable growth and compound its earnings over the long-term investment horizon (generally defined as five years or more). In seeking to identify companies for the … Show more… The Fund invests primarily (no less than 65% of its total assets under normal circumstances) in common stock of non-U.S. companies, including those located in emerging market countries. The investment strategy utilized by C WorldWide Asset Management Fondsmaeglerselskab A/S, the Funds subadvisor (the Subadvisor), focuses on identifying companies with market capitalizations of at least $5 billion at the time of acquisition the Subadvisor believes are compounders. Companies with market capitalizations of $5 billion or more include mid-and large-capitalization companies. A company is considered a compounder if, in the Subadvisors view, it is expected to experience sustainable growth and compound its earnings over the long-term investment horizon (generally defined as five years or more). In seeking to identify companies for the Funds portfolio, the Subadvisor conducts qualitative assessments of companies, including, among other criteria, each companys business model, management, and financial and valuation metrics. The Subadvisor seeks to identify what it believes to be high-quality companies with consistent, recurring revenues; stable free cash flows (consistent levels of cash left after paying expenses); and sustainable returns on invested capital (a level of return on investment that can be maintained over the long term). The Subadvisor aims to construct a portfolio of companies exposed to diverse structural growth themes (i.e., a variety of potential drivers of growth). The investment process generally results in a portfolio of 25-30 companies and, from time to time, may result in more substantial investments in particular countries, geographic regions or sectors. Country, geographic region and sector allocations are the outcome of the Subadvisors stock selection process. The Subadvisors assessment of a companys business practices includes a consideration of environmental, social and governance (ESG) factors. In incorporating ESG factors into its investment process, the Subadvisor seeks to identify sustainable growth companies that follow good business practices. In the Subadvisors view, these are companies with strong corporate governance practices and ethics, laying the foundation for a sustainable business model. The Subadvisors assessment is based on its internal research as well as third-party data. The key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the business of each issuer. The Subadvisors approach to portfolio selection is based on fundamental research informed by visiting companies, participating in investment workshops and seminars, generating proprietary research and reviewing third-party research. The Subadvisors fundamental evaluation of stocks is dependent on a combination of factors, including risk return considerations, market sentiment (i.e., the overall optimism or pessimism of investors with respect to a stock) and economic data. The Fund may also invest in depositary receipts. The Fund may invest in foreign currencies and may engage in other foreign currency transactions for investment or hedging purposes. The Fund is classified as non-diversified, which means the Fund may invest in the securities of a smaller number of issuers than a diversified fund. The Subadvisor maintains a long-term investment horizon. The Subadvisor monitors investments for changes in the factors above, which may trigger a decision to sell a security, but does not require such a decision. The Subadvisor also may consider selling a security if the Subadvisor develops alternative investment ideas or in order to meet redemption requests. Show less