The fund invests in equities traded on marketplaces in emerging market countries and/or in equities issued by companies domiciled in, or with their principal activities in, emerging market countries. Using a value-oriented approach, the fund typically invests in 50–100 companies selected from more than 2,000 investable companies in the emerging markets category. The fund seeks companies that offer both attractive valuations and high quality. Quality is assessed in relation to price, and emphasis is also placed on whether developments in the companies may support a new and higher valuation. The fund is actively managed.