The investment seeks long-term capital appreciation. The subadviser employs a "long/short" investment strategy to attempt to achieve capital appreciation and manage risk by purchasing equity securities believed by the fund's subadviser to be undervalued and selling short equity securities believed by the subadviser to be overvalued. The fund invests at least 80% of its net assets in equity securities. These securities are primarily traded on U.S. securities exchanges. It may invest up to 20% of its total assets in securities of foreign issuers, including issuers in emerging market countries.