Global Dividend Value Equity Strategy

Investment Approach

The Global Dividend Value Equity Strategy seeks to capitalize on dividend growth as a strong indicator of stock price performance. The Strategy's management team uses dividend policy as a measure of a company's financial strength. The portfolio manager screens a broad universe to identify well-managed companies capable of initiating or increasing their dividends and invests in those companies that trade below their intrinsic value. This Strategy is not managed to generate current income, instead it focuses on businesses with growing cash flows to deliver capital appreciation.

Key Considerations

• The Strategy is actively managed and pursues the most attractive investments without constraints at the country, sector or industry level.
• The focus on undervalued companies with dividend strength may make this an ideal core global investment strategy.
• Foreign currency exposure is actively hedged in an effort to help control currency risk.

Important Information

This strategy invests in equity securities and is subject to the risk that equity security prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the strategy's equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in an equity-based strategy. You could lose all or some of your investment.

International securities involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs.

Value stocks tend to be inexpensive based on various measures of their intrinsic value. These stocks are inexpensive because they are out of investor favor for one or more reasons. The goal is to identify value stocks that will increase in price and ultimately reflect their intrinsic value over time. Risks that may prevent value stocks from appreciating include: the portfolio manager's inability to correctly estimate a stock's intrinsic value, the market's inability to realize the stock's intrinsic value over time, or a poorly performing business causes the intrinsic value of the stock to decline.