objectives
The Fund’s objective is to provide shareholders with an opportunity for long-term growth of principal and income.
Investors should recognise that the market risks inherent in investing in securities cannot be avoided, and there is no assurance that the investment objective of the Fund will be achieved.
investment policies
The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of equity securities issued by non-U.S. companies from at least three different non-U.S. countries located anywhere in the world, including Emerging Market Countries. Under normal circumstances, the Fund will invest at least 80% of its Net Asset Value in common stocks, preferred stocks, securities convertible into common stocks, securities that carry the right to buy common stocks of non-U.S. companies, excluding non-U.S. companies included in the S&P 500 Index. The Fund may also invest in ADRs, EDRs, and GDRs of such securities. The Fund may also invest up to 20% of its Net Asset Value in securities of U.S. companies. Further information about specific investments is provided under “Characteristics and Risks of Securities and Investment Techniques”.
Securities selected for the Fund are predominantly those which, in the view of the Investment Manager, have positive prospects for long-term growth of principal and income not reflected in the current price. Prospective earnings, cash flow, and dividends are considered in making these stock selections. Various other factors, including financial strength, economic condition, competitive advantage, quality of the business franchise, and the reputation, experience, and competence of a company’s management are weighed against valuation in selecting individual securities.
Although there is no restriction on the number of changes in the Fund’s security holdings, purchases generally are made with a view to holding for the long term and not for short-term trading purposes. However, during rapidly changing economic, market, and political conditions, portfolio turnover may be higher than in a more stable period. A higher turnover rate might result in increased transaction expenses. In seeking to achieve the objectives of the Fund, the Investment Manager may lend the Fund’s portfolio securities.
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