MSCI World 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 that meeting our client performance objectives in a risk-controlled, cost-effective manner is the key to quality indexing that persists through time. Portfolio managers use full replication, holding each index security in its proportional weight. This method limits the need for rebalancing and reduces transaction costs relative to other indexing methods. Ongoing portfolio maintenance includes a strategic trading approach when rebalancing the portfolios due to benchmark changes such as corporate actions and/or index rebalances.