Investment objective & strategy
As of Feb. 24, 2026 · prospectusObjective. Long-term growth of capital.
Strategy. The fund normally invests primarily in common stocks of foreign companies that, in the portfolio managers opinion, appear to offer above average growth potential and trade at a significant discount to the portfolio managers assessment of their intrinsic value. Intrinsic value, according to the portfolio managers, is the value of the company measured, to different extents depending on the type of company, on factors such as, but not limited to, the discounted value of its projected future free cash flows, the companys ability to earn returns on capital in excess of its cost of capital, private market values of similar companies and the costs to replicate the business. The fund may invest in common stocks of foreign companies of any … The fund normally invests primarily in common stocks of foreign companies that, in the portfolio managers opinion, appear to offer above average growth potential and trade at a significant discount to the portfolio managers assessment of their intrinsic value. Intrinsic value, according to the portfolio managers, is the value of the company measured, to different extents depending on the type of company, on factors such as, but not limited to, the discounted value of its projected future free cash flows, the companys ability to earn returns on capital in excess of its cost of capital, private market values of similar companies and the costs to replicate the business. The fund may invest in common stocks of foreign companies of any size located throughout the world. The portfolio managers consider foreign companies to include those organized, headquartered or with substantial operations outside of the United States. However, the fund is not precluded from purchasing stocks of U.S. companies. These companies may be located, or have substantial operations, in emerging markets, provided that the fund will normally not invest more than 15% of its net assets, at the time of purchase, in securities of companies domiciled in emerging markets. The funds policy is to remain substantially invested in common stocks or securities convertible into or exchangeable for common stock. Any income realized will be incidental to the funds objective.
Top holdings
As of April 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| ASML Holding NV | — | $316.22M | 4.45% |
| SIEMENS ENERGY AG | — | $249.12M | 3.51% |
| TSMC | — | $242.91M | 3.42% |
| HSBC HOLDINGS PL | — | $232.81M | 3.28% |
| PRYSMIAN SPA | — | $215.94M | 3.04% |
| ASTRAZENECA PLC | — | $210.67M | 2.96% |
| HOYA CORP | — | $206.48M | 2.91% |
| SCHNEIDER ELECTR | — | $194.05M | 2.73% |
| BAE SYSTEMS PLC | — | $182.35M | 2.57% |
| E.ON SE | — | $168.04M | 2.37% |
Portfolio moves
Jan 30, 2026 → Apr 30, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| International Growth Portfolio | 87% | 0.75% |
| Venerable International Equity Fund | 34% | 0.95% |
| VIP Overseas Portfolio · QVO2Q | 33% | 0.73% |
Advisers
| Firm | Role |
|---|---|
| Western Asset Management Company, LLC | Sub-adviser |
| ClearBridge Investments, LLC | Adviser |
Footnotes
- Expense ratio as of February 24, 2026, from the fund's prospectus.
- Net assets and holdings count as of April 30, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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