The Emerging Markets strategy seeks to obtain consistent absolute returns on a long term risk-adjusted basis primarily from a diversified portfolio of securities whose exposure or principal operations are based in emerging European countries, the Middle East and Africa (the “EMEA”). The strategy combines a top down global macro analysis with bottom up fundamental stock selection. The macro analysis addresses fundamental economic, financial, market and political data on a regional and country basis. Based on the Portfolio Manager’s macro view, assets are allocated across the strategy’s investment universe on both a relative and absolute basis. In conjunction with the macro economic analysis, a bottom up fundamental overlay is used to identify specific sectors and companies. The strategy maintains its exposure across a wide range of issuers, industries and countries. Long and short investments in equity and debt securities are used primarily, but the strategy may also make use of a derivative instrument for asset allocation and hedging purposes.