This value oriented strategy is a natural extension of our domestic strategies.  With increased economic globalization our research coverage has evolved to include international competitors.  We apply the same fundamental, bottom-up stock selection process that is utilized in our other strategies to a universe of approximately 2,500 companies with a market capitalization over $2 billion.  This universe of companies represents opportunities in both developed and emerging countries.  Similar to the screens that are applied to our Large Cap Value strategy, the International Value strategy will narrow the universe of potential investments to roughly 100 stocks which is then subjected to our intensive internal research.  This group of companies will then be reduced to a portfolio of 25-30 of our best ideas representing a blend of good businesses and good values.  The strategy has a focus on developed countries and will utilize both American Depository Receipts as well as ordinary shares.

Market Commentary (March 31, 2010)