Global Infrastructure Strategy

Investment Approach

The Global Infrastructure Strategy invests in a diversified portfolio of publicly-traded companies that hold infrastructure assets directly and companies involved in the building and maintenance of these assets. This approach is designed to create a portfolio with a balance between the income producing characteristics associated with direct infrastructure investment, and the growth opportunities associated with companies participating in infrastructure related activities in both emerging and developed countries.

Key Considerations

• The Strategy provides diversification benefits from an asset class that historically displays a low correlation to bond and equity returns.
• The Strategy offers the opportunity to invest in an emerging asset class that is experiencing strong growth throughout the global economy.
• The Strategy will actively manage foreign currency exposure in an effort to mitigate the potential impact on 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.

The strategy is subject to the risk that its primary market segment, investments in securities of infrastructure companies, may underperform other market segments or the equity markets as a whole. Moreover, this investment approach may be contrary to general investment opinion at times or otherwise fail to produce the desired result, causing the strategy to underperform peers that also seek capital appreciation but use different approaches to select stocks.