Countryas of 07/31/2015

Country Assets
United Kingdom 26.5%
Japan 10.0%
France 7.3%
Canada 7.1%
Australia 6.6%
Germany 5.9%
Spain 4.6%
China 3.2%
Sweden 2.8%
Italy 2.7%
Switzerland 2.5%
Hong Kong 2.3%
New Zealand 1.7%
Denmark 1.4%
Netherlands 1.3%
Portugal 1.3%
Finland 1.2%
Israel 1.1%
Bermuda 1.1%
Belgium 1.0%
Brazil 0.8%
Singapore 0.8%
Turkey 0.8%
Republic of Korea 0.7%
Taiwan 0.7%
Mexico 0.5%
South Africa 0.4%
India 0.3%
Russian Federation 0.1%
Region Weighting Fund Change from Previous Quarter
United Kingdom arrowUp2.3%
Europe ex-U.K. arrowUp2.1%
Americas arrowDown3.1%
EMEA arrowDown0.9%
Asia/Pacific arrowDown0.7%
Japan arrowUp0.5%
Cash 0.0%
Sector Weighting Fund Change from Previous Quarter
Telecommunication Services arrowUp1.0%
Financials arrowUp1.2%
Consumer Discretionary arrowUp0.1%
Energy arrowDown4.5%
Industrials arrowUp0.5%
Utilities arrowUp1.6%
Consumer Staples arrowUp0.2%
Health Care arrowUp0.3%
Information Technology arrowDown0.3%
Materials arrowDown0.6%

Portfolio Details as of 07/31/2015

Weighted Average Market Cap.
45.6 B
P/E Ratio
13.8x
P/B Ratio
1.6x
Portfolio Turnover Ratio as of 10/31/2014
72.3%
Number of Holdings
88
Total Net Assets
$2.54 B

Portfolio Positioning as of 06/30/2015

  • In the second quarter, we increased the portfolio’s overweight in energy stocks relative to the portfolio’s benchmark, the MSCI ACWI Ex-U.S. Value Index. Within the sector, we established new positions in two Canadian oil producers and a Russian natural gas extraction company. We were active in the financials sector, adding several stocks, including a Japanese banking and financial services company, and exiting other holdings; we remain very underweight in this sector relative to the benchmark.
  • We reduced the portfolio’s exposure to the information technology sector by selling shares in a Japanese electronics firm and moving to an underweight position. During the quarter, we also trimmed the portfolio’s overweight to utilities through the sale of shares in an Australian electricity distribution company.
  • The portfolio is overweight in consumer discretionary, consumer staples, telecoms, and industrials. Our main underweight positions are in the health care, financials, and materials sectors.
  • Geographically, we increased the portfolio’s exposure to the United Kingdom, adding to the overweight position, given the high dividend yields that the market generally offers. We reduced the portfolio’s allocation to Continental Europe; however, it remains overweight in the region. The portfolio remains underweight in Japan and Asia-Pacific ex-Japan.
  • The portfolio’s allocation to emerging markets stood at approximately 9.3% at quarter end.

Attribution Analysis 

International Dividend Income 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 0.5%
Freenet AG 0.3%
Bank of China Ltd. 0.3%
Elisa Oyj 0.3%
Daiwa House Industry Co 0.2%

Weakest Performers

Holding Contribution
Enerplus Corp. -0.4%
Canadian Oil Sands Ltd. -0.3%
Crescent Point Energy Trust -0.3%
National Australia Bank -0.2%
Air New Zealand Ltd. -0.2%
Fund Dividends & Cap Gains next tab

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