The investment seeks long-term capital appreciation. Under normal market conditions, the Adviser seeks to achieve its investment objective by investing primarily in established and emerging companies located throughout the world, with capitalizations within the range of companies included in the MSCI All Country World Index. Under normal market conditions, the fund typically invests at least 40% of its total assets in the securities of issuers located outside of the United States, unless the Adviser determines, in its sole discretion, that conditions are not favorable.