Countryas of 05/29/2015

Country Assets
United Kingdom 24.1%
Japan 11.2%
Canada 10.6%
Australia 7.2%
France 7.1%
Germany 6.7%
China 4.0%
Spain 4.0%
Italy 2.6%
Switzerland 2.3%
Hong Kong 1.8%
New Zealand 1.8%
Sweden 1.5%
Portugal 1.3%
Denmark 1.3%
Netherlands 1.2%
Finland 1.1%
Belgium 1.0%
Bermuda 1.0%
Republic of Korea 0.9%
Russian Federation 0.8%
Singapore 0.8%
Turkey 0.8%
Brazil 0.8%
Taiwan 0.7%
Mexico 0.7%
South Africa 0.6%
Israel 0.5%
Region Weighting Fund Change from Previous Quarter
United Kingdom arrowUp1.1%
Americas arrowUp3.4%
Europe ex-U.K. arrowDown4.8%
EMEA arrowUp1.5%
Japan arrowUp1.3%
Asia/Pacific arrowDown3.0%
Cash 0.0%
Sector Weighting Fund Change from Previous Quarter
Energy arrowUp3.8%
Materials arrowUp0.8%
Financials 0.0%
Telecommunication Services arrowDown0.4%
Consumer Discretionary arrowDown1.5%
Consumer Staples arrowUp0.2%
Industrials arrowUp1.2%
Not Classified -
Utilities arrowDown1.7%
Health Care arrowDown0.8%
Information Technology arrowDown1.8%

Portfolio Details as of 05/29/2015

Weighted Average Market Cap.
47.4 B
P/E Ratio
13.6x
P/B Ratio
1.6x
Portfolio Turnover Ratio as of 10/31/2014
72.3%
Number of Holdings
89
Total Net Assets
$2.70 B

Portfolio Positioning as of 03/31/2015

  • In the first quarter, we increased the portfolio’s overweight in the consumer discretionary sector relative to its benchmark, the MSCI ACWI Ex-U.S. Value Index. Within the sector, we established new positions in two U.K. media companies.
  • We reduced the portfolio’s exposure to the utilities sector; however, we maintain an overweight relative to the index, as the sector has a high dividend yield. Over the course of the quarter, we sold two U.K. utilities companies and a Spanish electricity grid firm, reducing our overweight allocation.
  • We added significantly to the energy sector, moving from an underweight position to an overweight, by purchasing two Canadian energy companies. Within the portfolio, we are significantly underweight in the financials, industrials, and materials sectors.
  • Geographically, we increased the portfolio’s exposure to the United Kingdom, adding to our overweight position, given the high dividend yields that the market generally offers. We are overweight Continental Europe; however, we trimmed our allocation in the first quarter of 2015. We reduced the portfolio’s allocation to Asia-Pacific ex-Japan, moving to an underweight position, while we remain underweight Japan.
  • At quarter-end, investments in emerging markets represented approximately 8.8% of the portfolio.

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
ProSiebenSat.1 Media AG 0.2%
CK Hutchison Hldgs Ltd. 0.2%
Cheung Kong Infrastruct 0.2%
Toyota Motor Corp. 0.2%
National Australia Bank 0.2%

Weakest Performers

Holding Contribution
Royal Dutch Shell plc -0.3%
AES Tiete S.A. -0.2%
Crescent Point Energy Trust -0.2%
SJM Holdings Ltd. -0.2%
Rio Tinto plc -0.2%
Fund Dividends & Cap Gains next tab

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