All-Country World Active Strategy

Each Portfolio seeks to provide a total investment return in excess of the performance of its benchmark index (the "Index") over the long term. 

BENCHMARK: MSCI ACWI Index

Equities of companies in the MSCI ACWI Investable Market Index; and may include other companies.

SSGA uses in-depth investment analysis to construct a portfolio which we believe has the potential to outperform the Index. In performing this analysis, SSGA considers factors such as relative valuations, the quality of a company's earnings, the company's balance sheet and cash flows, and investor sentiment. We also incorporate in our model an evaluation of the macroeconomic environment, to take into account prevailing market conditions. This process seeks to maintain a disciplined approach that is adaptive to the macroeconomic environment and responsive to changing conditions.

SSGA seeks to outperform the Index by 200 basis points (on an annualized basis) over the long term, with a projected active risk* of approximately 200 - 400 basis points. There can of course be no assurance that any Portfolio will achieve that level of performance or will maintain that level of active risk. 

The Strategy will typically focus its investments in a relatively limited number of stocks; however, the Strategy is normally broadly invested among various countries and industries. A Portfolio may also invest in the securities of Chinese companies, normally restricted to residents of the People's Republic of China (commonly known as "A Shares" or "China A Shares"), through the Stock Connect program or other channels.

Note:

The MSCI ACWI Index is a trademark of MSCI Inc.

There are risks involved with investing, including possible loss of principal. You should refer to the Strategy's Disclosure Document (SDD) for a complete description of the risks of investing in the Strategy. Please contact SSGA's relationship management team for a copy of the SDD.