Strategy. The Fund is diversified and invests primarily in common stocks of growth-oriented U.S. and non-U.S. companies of any size, which may include companies located or operating in developed, emerging, or frontier markets, that the Adviser believes have long-term capital appreciation potential and may grow faster than the global economy. The Fund tends to hold a relatively focused portfolio of between 25 and 50 companies, although from time to time the Fund may hold fewer or more companies depending on the Advisers assessment of the investment opportunities available. Although the Fund may invest in companies of any size, the Fund will primarily invest in mid- and large-cap companies. From time to time, the Fund may focus its investments in securities of … Show more… The Fund is diversified and invests primarily in common stocks of growth-oriented U.S. and non-U.S. companies of any size, which may include companies located or operating in developed, emerging, or frontier markets, that the Adviser believes have long-term capital appreciation potential and may grow faster than the global economy. The Fund tends to hold a relatively focused portfolio of between 25 and 50 companies, although from time to time the Fund may hold fewer or more companies depending on the Advisers assessment of the investment opportunities available. Although the Fund may invest in companies of any size, the Fund will primarily invest in mid- and large-cap companies. From time to time, the Fund may focus its investments in securities of companies in the same economic sector, including the Information Technology sector. In addition, the Fund may invest in real estate investment trusts (REITs). REITs are corporations or trusts that invest primarily in fee or leasehold ownership of real estate, mortgages or shares issued by other REITs, and that receive favorable tax treatment provided they meet certain conditions, including the requirement that they distribute at least 90% of their taxable income. Using a bottom-up approach in selecting securities for the Fund, the Adviser seeks to select securities of companies that it believes are beneficiaries of fundamental change, have strong competitive positions, attractive unit economics capable of generating strong and consistent cash flows as the business scales, shareholder-aligned management teams and the opportunity to generate consistent, long-term growth of intrinsic value. The Adviser typically considers a companys operational efficiency and managements plans for capital allocation. Through the Advisers investment research process, it seeks to identify the companies that it believes will exceed the markets expectations for: 1) key financial metrics and 2) sustainable competitive advantage. The Adviser purchases these securities for the Fund when it believes the market has not already reflected these expectations in the current stock price. Additionally, the Adviser typically invests for a 3-5 year time horizon, allowing it to take advantage of discrepancies between short-term price movements and long-term fundamental prospects. Under normal circumstances, the Fund will invest at least 40% of its net assets in non-U.S. securities, including global depositary receipts (GDRs) and American depositary receipts (ADRs), and it will invest in equity securities of issuers located in at least 3 different countries including the U.S. Subject to this limitation, there is no further limit on the amount of the Funds total assets that may be invested in a single country. When market conditions are not favorable, the Fund will invest at least 30% of its total assets in companies located outside the U.S. Although the Fund can invest in companies from any country, it will invest mainly in countries with developed economies. The Fund will limit its investments in emerging market and frontier market securities to a maximum of 30% of its total assets and typically substantially less. The Fund determines that a market is an emerging market if it is included in the MSCI Emerging Markets Index; the Fund determines that a market is a frontier market if it is included in the MSCI Frontier Markets Index. To the extent the Fund invests in securities denominated in a particular currency, it may invest in forward foreign currency exchange contracts to hedge currency risks associated with the investment. Holdings are typically sold to make room in the portfolio for more attractive stocks, or where the holding reaches the Advisers estimate for its intrinsic value, or in response to an unexpected, negative fundamental change, including a change in managements strategic direction. Show less