Countryas of 10/30/2015

Country Assets
United Kingdom 24.9%
Japan 19.7%
France 9.9%
Germany 7.9%
Netherlands 3.9%
Switzerland 3.8%
Italy 3.7%
Hong Kong 2.5%
China 2.4%
Republic of Korea 2.3%
Spain 2.3%
Australia 2.2%
India 1.9%
Sweden 1.8%
Cayman Islands 1.7%
Israel 1.6%
United States 1.0%
Austria 0.7%
Indonesia 0.7%
Canada 0.6%
Norway 0.4%
Region Weighting Fund Change from Previous Quarter
United Kingdom 0.0%
Americas arrowUp0.3%
Asia/Pacific arrowDown0.1%
Japan 0.0%
Europe ex-U.K. arrowUp0.3%
Cash 0.0%
Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp0.6%
Materials arrowUp0.2%
Health Care arrowUp0.7%
Utilities arrowDown0.2%
Telecommunication Services arrowDown0.6%
Industrials arrowDown0.2%
Energy arrowUp0.4%
Consumer Staples arrowUp0.5%
Financials arrowDown0.6%
Consumer Discretionary 0.0%

Portfolio Details as of 10/30/2015

Weighted Average Market Cap.
52.8 B
P/E Ratio
P/B Ratio
Portfolio Turnover Ratio as of 10/31/2014
Number of Holdings
Total Net Assets
$534.58 M

Portfolio Positioningas of 09/30/2015

  • Over the course of the quarter, we increased the portfolio’s allocation to the health care sector, investing in a pharmaceutical company headquartered in Israel. The portfolio now is slightly overweight the sector, relative to its benchmark, the MSCI EAFE Index. We also added to the utilities sector, moving from an underweight to an overweight position with the purchase of a British multinational electricity and gas firm.
  • We reduced the portfolio’s allocation to consumer discretionary stocks, through the sale of shares in a German automobile manufacturer, maintaining the portfolio’s underweight position relative to its benchmark. We also moved to an underweight in the financials sector by selling the portfolio’s holdings in two Asian banks.
  • The portfolio is overweight in health care, industrials, information technology, telecoms, and utilities, and has underweight positions in consumer discretionary, consumer staples, energy, and financials. 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 we maintain an underweight in Japan. The portfolio is also overweight in Asia-Pacific ex-Japan.
  • At quarter-end, emerging markets represented approximately 8.6% 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
Indiabulls Housing Fina 0.4%
SCSK Corp. 0.3%
Safran S.A. 0.2%
Imperial Tobacco Gp plc 0.1%
SABMiller plc 0.1%

Weakest Performers

Holding Contribution
Baytex Energy Corp. -0.7%
Volkswagen AG -0.5%
Baidu, Inc. -0.5%
Sumitomo Mitsui Fin. -0.3%
National Australia Bank -0.3%
Fund Dividends & Cap Gains next tab

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