Under normal circumstances, the Portfolio invests at least 80% of its assets in companies that the Investment Manager considers to be “quality growth” businesses, which the Investment Manager calls compounders. By “compounders” the Investment Manager means businesses that it believes can generate, and sustain, high levels of financial productivity (i.e., cash flow return on investment) while being able to reinvest to grow at similarly high levels of financial productivity.

The Investment Manager considers, among other factors deemed appropriate and relevant to a particular company, whether the company has a competitive advantage in its industry and if the Investment Manager believes the company can sustain its competitive advantage.

The Portfolio invests primarily in equity securities of non-U.S. companies, including those whose principal business activities are located in emerging market countries.

The Portfolio may invest in securities of companies across the capitalization spectrum, but generally focuses on companies with a market capitalization of $3 billion or more.

Although the Portfolio is classified as “diversified” under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than other, more diversified investment portfolios.