The fundamental premise of our International Equity investment philosophy is that we want to invest in sound businesses at attractive valuations. In order to accomplish this, we focus our efforts on achieving a thorough understanding of the fundamentals of a company. In our experience, stock prices tend to be more volatile than the underlying fundamentals of the company driven by behavioral reaction of short-term investors. We have found that during such instances a company’s underlying fundamentals are not appropriately reflected in its equity valuation. In particular, we want to invest in companies when, in our view the stock price is trading at a discount to the underlying fundamentals of the company. While this differential may not close in the very short term, history has shown us that ultimately the underlying fundamentals of the company should be reflected in the stock price.