The fund utilizes proprietary fundamental analysis to select a narrow basket of global stocks for their ability to create shareholder value by generating and reinvesting free cash flow. The selection process takes into consideration a company’s financial statements, management structure, operations, product development, and factors affecting the industry of which the company is a part. The portfolio managers also take into consideration overall and relative economic conditions in global markets. To reduce risks, constraints on geographic and sector exposure and other optimization strategies may be utilized.