Global All-Cap Growth Strategy

Investment Approach

The Global All-Cap Growth Strategy seeks long-term capital appreciation by investing in a broadly diversified portfolio consisting of equity securities of businesses located around the world. The Strategy implements a two-tiered investment approach focused on establishing positions in core and cyclical holdings. The Strategy's core holdings in fundamentally sound companies that generate consistent earnings growth are supplemented with holdings in companies positioned to benefit from underlying cyclical growth drivers.

Key Considerations

• The Strategy is widely diversified by geography, sector and business model.
• The Strategy will focus primarily on companies with market capitalizations between $1 - $15 billion.
• Foreign currency exposure is hedged in an effort to protect investment returns.

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.

The smaller capitalization companies in which the strategy invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Small cap stocks may be very volatile and the price movements of the portfolio's shares may reflect that volatility. It may be more difficult to sell a large quantity of shares of one small cap issuer.

A principal risk of growth stocks is that investors expect growth companies to increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Growth companies also typically do not pay dividends. Companies that pay dividends may experience less significant stock price declines during market downturns. Turnover may also exceed 100%.