Our New Economy strategy is designed for clients wishing to capitalize on the investment team's stock picking ability within the Technology, Media, and Telecommunication ("TMT") sectors in emerging markets. This strategy offers investors a pure exposure into three of the fastest growing sectors in the asset class and to companies (within those sectors) that are undervalued relative to their long-term growth prospects. Due to the focus on sector and stock picking, benchmark risk is relatively high in this strategy.

In this strategy:

• Sector and stock selection takes precedence over country allocation.
  
  
• The Chief Investment Officer acts as the Coordinating Portfolio Manager (CPM) for this strategy. The CPM invests a portion of the portfolio and monitors the overall industry and regional allocations.
  
  
• The portfolio management team, with the help of the rest of the analytical team, selects stocks in the TMT universe. Each member of the portfolio management team is responsible for picking stocks in their respective areas of industry expertise. The stock selection process is rigorous, systematic and value oriented. We conduct numerous company visits throughout the world and utilize our proprietary database and earnings forecasts to compare stocks. In addition to company visits, we attend numerous industry conferences and seminars, and meet with global technology companies to understand and track the rapidly changing trends in the technology universe.
  
  
• While a number of stocks held in the New Economy Strategy are also in our Global Active portfolios, and therefore go through our normal Investment Committee review process, the final investment decision in this strategy is made by the portfolio management team overseeing the portfolio and does not require Investment Committee review and approval.
  
  
• Frontier markets and smaller stocks are included in the investment universe in order to capitalize on market inefficiencies.