IVAL

IVAL cuts down the developed ex-US equity market to a concentrated portfolio of stocks that meet its eligibility screens. The fund uses a single metric EV/EBIT to select approximately 40-50 securities of its universe with additional screens for competitive advantage and financial strength, assessed using a number of financial-statement-derived metrics. Additionally, the fund uses a proprietary forensic accounting model to screen out companies that may be attempting to disguise low-quality cash flows. Selected securities are weighted equally at each quarterly reconstitution. IVAL launched as an actively managed fund but began tracking a new homegrown index in January 2017. On January 31, 2022, the fund switched back to being actively managed. These changes did not significantly alter the fund's strategy or holdings.