Long Only Equity
The objective of the strategy is to outperform the MSCI All Country World Daily Total Return Index, MSCI Daily Total Return Emerging Markets Index or other broad-based equity benchmarks by investing in a controlled portfolio of closed-end funds. The portfolio is chosen by a portfolio optimizer that limits tracking error that would stem from over/under exposures to any country, region or industry relative to the benchmark.

• Available in both EM and Global equity strategies
• Portfolio Theory
  Investment process based on Mean-Variance Portfolio Theory of Harry Markowitz
• Characteristics
  The portfolio is chosen by a portfolio optimizer that limits tracking error that would stem from over/under exposure to any one country, region or industry relative to the benchmark
• Investment Methodology
  Investment Process
  Expected Return Model
  Risk Model Constraints
  Optimization and Choice of Portfolio
  Implementation