DXIV seeks long-term capital appreciation by actively managing a diversified portfolio of non-US equities, including depositary receipts. The fund focuses on companies with smaller capitalizations, lower relative prices, and higher profitability. It integrates research, portfolio design, management, and trading to achieve its objectives. The selection process begins with a market-cap-weighted universe of eligible firms in developed markets outside the US. In assessing relative price and profitability, the adviser reviews fundamental factors, such as price-to-book value, price-to-earnings, price-to-cash flow, earnings-to-book value, and earnings-to-assets ratios. However, these criteria are subject to change from time to time. The adviser aims for broad diversification and adjusts exposure based on short-term criteria like price momentum, short-run reversals, and investment characteristics. Additionally, the fund may use futures contracts and options to manage market exposure.