MSCI ACWI ex-US Index

The strategy seeks to achieve the returns of the index with the dual objectives of preserving value and managing risk. We believe meeting our client performance objectives in a risk-controlled, cost-effective manner is the key to quality indexing that persists through time. Portfolio managers replicate a majority of the total capitalization of the index and sample from the remaining securities, which are selected to reflect the characteristics of the index. In countries with stock exchange, regulatory and operations constraints, we may gain exposure through derivatives or depository receipts. Ongoing portfolio maintenance includes a strategic trading approach when rebalancing the portfolios due to benchmark changes such as corporate actions or index rebalances.