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Investment in the Portfolio entails certain risks. Investment returns and principal value of the Portfolio will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Some of the principal risks of investing in the Portfolio include:
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Investing in equity securities of companies located around the world that are expected to benefit from technological advances and innovations
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Employing rigorous bottom-up research to identify companies with strong long-term growth potential, solid balance sheets, a history of high returns on invested capital, and attractive valuations
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Emphasizing technological innovators that are defining new paradigms in various sub-sectors of technology while seeking to avoid those facing challenges from disruptive trends
Portfolio Management Team
Investment Risks to Consider
These and other risks are described in the Portfolio's prospectus
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Allocation risk: The risk that the allocation of investments between growth and value companies may have a more significant effect on the Portfolio’s Net Asset Value (NAV) when one of these strategies is not performing as well as the other. In addition, the transaction costs of rebalancing the investments may, over time, be significant.
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Derivatives risk: The Portfolio may include financial derivative instruments. These may be used to obtain, increase or reduce exposure to underlying assets and may create gearing; their use may result in greater fluctuations of the net asset value.
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Emerging-markets risk: Where the Portfolio invests in emerging markets, these assets are generally smaller and more sensitive to economic and political factors, and may be less easily traded, which could cause a loss to the Portfolio.
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Equity securities risk: The value of equity investments may fluctuate in response to the activities and results of individual companies or because of market and economic conditions. These investments may decline over short- or long-term periods.
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Focused portfolio risk: Investing in a limited number of issuers, industries, sectors or countries may subject the Portfolio to greater volatility than one invested in a larger or more diverse array of securities.
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OTC derivatives counterparty risk: Transactions in over-the-counter (OTC) derivatives markets may have generally less governmental regulation and supervision than transactions entered into on organized exchanges. These will be subject to the risk that its direct counterparty will not perform its obligations and that the Portfolio will sustain losses.
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Portfolio turnover risk: A portfolio may be actively managed and turnover may, in response to market conditions, exceed 100%. A higher rate of portfolio turnover increases brokerage and other expenses. High portfolio turnover may also result in the realization of substantial net short-term capital gains, which may be taxable when distributed.