Countryas of 03/31/2016

Country Assets
Japan 21.2%
United Kingdom 19%
France 13.3%
Germany 13.3%
Australia 4.9%
Switzerland 4%
Belgium 2.5%
Netherlands 2.2%
Canada 2%
Italy 1.8%
Singapore 1.7%
Denmark 1.5%
Hong Kong 1.5%
Indonesia 1.5%
Finland 1.1%
Spain 1.1%
Cayman Islands 1%
Taiwan 1%
Sweden 0.8%
Israel 0.7%
South Africa 0.6%
Austria 0.5%
Republic of Korea 0.5%
Mexico 0.3%
Philippines 0.3%
Norway 0.1%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowUp7.1%
Japan arrowUp0.7%
United Kingdom arrowDown6.7%
Asia/Pacific arrowDown1.1%
Americas arrowUp0.6%
EMEA arrowUp0.6%
Cash arrowDown1.3%
Sector Weighting Fund Change from Previous Quarter
Consumer Discretionary arrowUp3.8%
Consumer Staples arrowDown1.9%
Health Care arrowDown3.5%
Information Technology arrowDown2.2%
Industrials arrowUp3.6%
Telecommunication Services arrowDown0.2%
Materials arrowUp4.7%
Utilities arrowDown1.3%
Energy arrowDown0.1%
Financials arrowDown1.4%

Portfolio Details as of 03/31/2016

Weighted Average Market Cap.
43.7 B
P/E Ratio
13.8x
P/B Ratio
1.5x
Portfolio Turnover Ratio as of 10/30/2015
62.2%
Number of Holdings
121
Total Net Assets
$509.63 M

Portfolio Positioningas of 03/31/2016

  • Over the course of the first quarter, we made several notable changes in the portfolio. We increased the portfolio’s allocation to the consumer discretionary sector, moving from an underweight to an overweight position, relative to the portfolio’s benchmark, the MSCI EAFE Index. In addition, at the start of the quarter, the portfolio held an underweight allocation to materials; later, we added significantly to the sector, and now the portfolio is neutral, relative to the benchmark, following the purchase of several metals and mining companies.
  • We added to the portfolio’s allocation to industrials stocks by buying airlines and heavy industry companies; we shifted the portfolio’s weighting in the sector from an underweight to an overweight, relative to the benchmark. We reduced exposure to health care stocks, and now the portfolio holds an underweight position. Furthermore, the portfolio is underweight consumer staples, having sold positions in two multinational brewing corporations.
  • The portfolio is overweight in consumer discretionary, industrials, information technology, and telecommunications, relative to its benchmark, and has underweight positions in consumer staples, energy, financials, health care, and utilities. The portfolio is broadly neutral in materials.
  • Geographically, we added to the portfolio’s Europe ex-United Kingdom allocation, reducing the underweight position. We reduced exposure to the United Kingdom, bringing the portfolio more in line with the benchmark, and increased the portfolio’s weight in Japan, although the portfolio remains underweight the country. The portfolio is overweight in Asia-Pacific ex-Japan.
  • At quarter-end, emerging markets represented approximately 5.4% 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
Indofood Sukses Makmur 0.3%
Royal Dutch Shell 0.2%
Snam S.p.A. 0.2%
Carnival Plc 0.1%
Crescent Point Energy Trust 0.1%

Weakest Performers

Holding Contribution
Sumitomo Mitsui Fin. -0.4%
Honda Motor Co., Ltd. -0.3%
Prudential plc -0.3%
Teva Pharmaceutical Industries Ltd. -0.3%
Barclays plc -0.3%
Fund Dividends & Cap Gains next tab

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