Countryas of 12/31/2015

Country Assets
United Kingdom 25.8%
Japan 20.4%
France 9.4%
Germany 7.6%
Netherlands 4.1%
Switzerland 3.9%
Italy 3.4%
Hong Kong 3.2%
China 2.2%
Australia 2.2%
Spain 2.1%
Israel 1.9%
Republic of Korea 1.9%
India 1.8%
Sweden 1.5%
Belgium 1.2%
Cayman Islands 1.1%
Canada 0.8%
Taiwan 0.8%
Austria 0.7%
Indonesia 0.6%
United States 0.5%
Region Weighting Fund Change from Previous Quarter
United Kingdom arrowUp1.0%
Asia/Pacific arrowUp0.5%
Americas arrowDown0.6%
Japan arrowUp0.8%
Europe ex-U.K. arrowDown0.2%
Cash 0.0%
Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp1.6%
Materials arrowDown0.1%
Health Care arrowUp0.6%
Telecommunication Services 0.0%
Consumer Staples arrowUp2.0%
Utilities arrowDown0.3%
Energy arrowDown0.4%
Industrials arrowDown1.6%
Consumer Discretionary arrowUp1.0%
Financials arrowDown0.6%

Portfolio Details as of 12/31/2015

Weighted Average Market Cap.
53.0 B
P/E Ratio
15.6x
P/B Ratio
1.8x
Portfolio Turnover Ratio as of 10/30/2015
62.2%
Number of Holdings
82
Total Net Assets
$511.06 M

Portfolio Positioningas of 12/31/2015

  • Over the course of the quarter, we increased the portfolio’s allocation to the consumer staples sector, moving from an underweight to an overweight position relative to the portfolio’s benchmark, the MSCI EAFE Index, by investing in a Belgian multinational brewing company and a Japanese retail firm. We also added to the information technology sector by purchasing a Dutch semiconductor company, and the portfolio remains overweight in the sector.
  • We reduced the portfolio’s allocation to industrials stocks through the sale of shares in a Dutch design and consulting firm, and the portfolio is now underweight the sector. We also trimmed the portfolio’s allocation to financials stocks, increasing the size of the portfolio’s underweight, by selling a position in a Norwegian financial services group.
  • The portfolio is overweight in consumer staples, health care, information technology, telecommunications, and utilities relative to its benchmark and has underweight positions in consumer discretionary, energy, financials, and industrials. The portfolio’s most notable underweight is in the materials sector.
  • Geographically, the portfolio has the largest underweight, relative to its benchmark, in Europe ex-United Kingdom; this is predominantly driven by an underweight in Switzerland. We increased the portfolio’s overweight position in the United Kingdom, and maintain an underweight in Japan. The portfolio remains overweight in Asia-Pacific ex-Japan.
  • At quarter-end, emerging markets represented approximately 8.5% of the portfolio.

Attribution Analysis 

International Core Equity Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
Baidu, Inc. 0.5%
SAP AG 0.4%
Daiwa House Industry Co 0.3%
Teva Pharmaceutical Industries Ltd. 0.3%
OBIC Co., Ltd. 0.3%

Weakest Performers

Holding Contribution
Rio Tinto plc -0.3%
Pearson plc -0.2%
Barclays plc -0.2%
Safran S.A. -0.2%
SK Telecom -0.1%
Fund Dividends & Cap Gains next tab

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