While the Dynamic offering above has a bit of juice to it, this Ivy offering is the opposite, providing exposure to a conservative, concentrated portfolio of high quality, European based companies. It is managed using the same fundamentally driven, bottom up process that is used with all Ivy branded funds. It looks to win over the long term by not losing as much. The outcome of the process is evident in both the fund’s overall level of volatility, which is well below its peer group, and its downside capture ratio. Historically, it has experienced less than 40% of the downside movement in the broader European equity markets. It holds under 20 names, and is heavily concentrated in consumer-focused companies, which make up nearly half of the portfolio. Performance in any given year is very likely to be unimpressive, but the lower volatility profile has resulted in above average longer-term numbers. I would expect it to lag if we see a sharp rally in the near term, but I expect that it will continue to outperform over the long term.