The fund invests its assets primarily in U.S. and non-U.S. equity securities that the Adviser believes are undervalued. It will invest between 40% and 70% of its net assets in securities issued by companies (i) that are headquartered or have their principal place of business outside the U.S., or (ii) whose primary trading markets are outside the U.S., or (iii) that have at least 50% of their assets in, or expect to derive at least 50% of their total revenues or profits from, goods or services produced in or sales made in countries outside the U.S.