Countryas of 06/30/2015

Country Assets
United Kingdom 22.3%
Japan 19.8%
France 8.7%
Germany 8.7%
Netherlands 4.4%
Italy 3.9%
Switzerland 3.4%
India 3.4%
Hong Kong 3.4%
Australia 2.6%
Republic of Korea 2.2%
China 2.0%
Spain 1.9%
Austria 1.6%
Sweden 1.6%
Canada 1.4%
Cayman Islands 1.3%
Indonesia 1.3%
United States 1.2%
Norway 0.8%
Thailand 0.5%
Mexico 0.5%
Denmark 0.5%
Region Weighting Fund Change from Previous Quarter
Americas arrowUp0.4%
Asia/Pacific arrowDown0.1%
United Kingdom arrowUp3.4%
Japan arrowDown1.1%
Europe ex-U.K. arrowDown3.9%
Cash 0.0%
Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp0.2%
Materials arrowDown0.2%
Financials arrowUp0.6%
Industrials arrowDown0.5%
Telecommunication Services arrowDown1.5%
Energy arrowUp0.9%
Consumer Staples arrowUp0.5%
Consumer Discretionary arrowDown0.3%
Utilities arrowDown0.3%
Health Care arrowDown0.6%

Portfolio Details as of 06/30/2015

Weighted Average Market Cap.
51.5 B
P/E Ratio
13.9x
P/B Ratio
1.8x
Portfolio Turnover Ratio as of 10/31/2014
64.1%
Number of Holdings
87
Total Net Assets
$566.68 M

Portfolio Positioningas of 06/30/2015

  • Over the course of the quarter, we increased the portfolio’s allocation to the consumer staples sector, investing in a global beverage company and a Swiss bottling firm, which resulted in a move to a broadly neutral position in the sector relative to the benchmark, the MSCI EAFE Index. We also added to the energy sector in the second quarter, moving from an underweight to an overweight position. A Canadian petroleum company was the main purchase in the sector.
  • In the past three months, we reduced the portfolio’s allocation to health care stocks, through the sale of shares in two Japanese and Danish pharmaceutical companies, in order to increase our underweight position relative to the benchmark.
  • The portfolio is overweight in financials, industrials, information technology, and telecoms and has underweight positions in consumer discretionary, health care, and utilities. The portfolio’s most significant underweight is in the materials sector.
  • Geographically, the portfolio has the largest underweight relative to its benchmark in Europe ex-United Kingdom; the allocation declined slightly over the quarter, predominantly driven by an underweight in Switzerland. We moved the portfolio to a slight overweight position in the United Kingdom and maintain an underweight in Japan. The portfolio’s most marked regional overweight is in Asia-Pacific ex-Japan.
  • At quarter-end, emerging markets represented approximately 11.2% 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
Berkeley Grp Hldgs plc 0.4%
Anima Holding SpA 0.3%
Daiwa House Industry Co 0.3%
Sumitomo Mitsui Fin. 0.2%
Reliance Industries Ltd. 0.2%

Weakest Performers

Holding Contribution
ResMed, Inc. -0.3%
BNI Tbk PT -0.3%
Great Wall Motor Co Ltd -0.2%
Asahi Kasei Corp. -0.2%
Samsung Electronics Co., Ltd. -0.2%
Fund Dividends & Cap Gains next tab

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