INTERNATIONAL EQUITY

This style is managed to achieve growth through investment in non-US common stocks and ETFs.  Fundamental security analysis is used to uncover foreign companies selling at a discount to their intrinsic worth. The managers also quantitatively screen the equities to concentrate on profitable companies with low levels of debt relative to their assets.  The ETFs are either passive index funds or rules-based.  Selections include country-specific ETFs where the managers believe the underlying countries are either growing faster or their equities are selling at lower valuations than US stocks.  The composite also includes rules-based ETFs which are indexed according to fundamental characteristics such as revenues, dividends or earnings.