Investment approach The fund will invest in equity securities of companies that the portfolio managers believe are leaders within their industry or country, as demonstrated by an ability to deliver high relative return on invested capital over time. The managers believe that high returns on capital can typically be attributable to, among other things, a strong competitive position and defensible barriers to entry. The fund may invest in common stock, preferred stock, equity-equivalent securities such as stock futures contracts and equity options, other investment companies, American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and exchange traded funds (ETFs). The equity securities in which the fund may invest will generally be issued by mid- and large-capitalization companies. In addition to those securities, the fund may also invest in convertible bonds, Rule 144A securities, U.S. Treasury bills, fixed and/or floating-rate U.S. government securities, real estate investment trusts and unlisted securities. Fund profile The manager seeks to build a concentrated portfolio of fundamentally sound companies that is characterized by low turnover, high active share and the potential to deliver attractive outperformance over time. Under normal circumstances, the fund aims to achieve its investment objective by investing at least 80% of its net assets in equity securities. The fund also will, under normal market conditions: (1) invest at least 40% of its assets outside the United States, or if market conditions are not favorable, at least 30% of its assets outside the United States, and (2) hold securities of issuers located in at least three countries.