Strategy. The Oldfield International Value Fund invests in the securities of companies with market capitalization of $10 billion or greater that the sub-advisor to the Fund (the manager or sub-advisor) believes have strong appreciation potential. The Advisor believes that giving highly disciplined managers latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to an arbitrary style box. This belief underlays the premise of the Oldfield International Value Fund to give its sub-advisor broad flexibility but limit the sub-advisor to its highest-conviction ideas. The Advisor is responsible for recommending which sub-advisors to hire or remove. Before hiring a sub-advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, … Show more… The Oldfield International Value Fund invests in the securities of companies with market capitalization of $10 billion or greater that the sub-advisor to the Fund (the manager or sub-advisor) believes have strong appreciation potential. The Advisor believes that giving highly disciplined managers latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to an arbitrary style box. This belief underlays the premise of the Oldfield International Value Fund to give its sub-advisor broad flexibility but limit the sub-advisor to its highest-conviction ideas. The Advisor is responsible for recommending which sub-advisors to hire or remove. Before hiring a sub-advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, including (but not limited to) an evaluation of the investment process, the consistency of its execution and discipline; individual holdings; strategies employed, past mistakes, risk controls, team depth and quality; operations and compliance; and business focus and vision. The Advisors evaluation process includes review of literature and documents, quantitative historical performance evaluation, extensive discussions with members of the investment team and firm management and background checks through industry contacts. Under normal market conditions, the Oldfield International Value Funds portfolio is typically composed of between 25 to 30 stocks. Under normal market conditions, the Oldfield International Value Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of value companies domiciled outside the United States, or having the majority of their assets located in or deriving a majority of their operating income from countries outside the United States , mostly mid-to large-sized companies ( i.e. , companies with a market capitalization of greater than $10 billion at the time of acquisition). Investments in companies located in emerging market countries are expected to be 20% or less of the Oldfield International Value Funds net assets. iM Global defines an emerging market country as any country that is included in the MSCI Emerging Markets Index. Value stocks are those that are believed to be undervalued in comparison to their peers due to temporary adverse market or industry or business developments that result in a stock trading at a discount to estimated long-term intrinsic value, which is determined by the sub-advisor and measured using traditional financial metrics such as low price-to-earnings, price-to-cash-flow, and/or price-to-book ratios. The Oldfield International Value Fund may focus its investments in certain sectors including, but not limited to, the consumer staples, financial and industrial sectors from time to time as a result of the implementation of the Oldfield International Value Funds investment strategy by the manager, but sector focus is not a principal strategy of the Oldfield International Value Fund. Show less