Countryas of 03/31/2016

Country Assets
United Kingdom 28.1%
Canada 8.6%
France 7.8%
Australia 6.8%
Japan 5.8%
Spain 4.7%
Hong Kong 3.6%
New Zealand 3.6%
Germany 2.8%
Italy 2.8%
Belgium 2.4%
China 2.3%
Switzerland 2.3%
Singapore 2.1%
Taiwan 2.1%
Sweden 1.8%
Bermuda 1.7%
Israel 1.7%
Brazil 0.9%
India 0.8%
Indonesia 0.8%
Netherlands 0.8%
Republic of Korea 0.8%
Russian Federation 0.7%
Turkey 0.7%
Finland 0.6%
South Africa 0.5%
Region Weighting Fund Change from Previous Quarter
United Kingdom arrowDown2.2%
Americas arrowUp3.5%
EMEA arrowUp1.1%
Asia/Pacific arrowUp4.4%
Europe ex-U.K. arrowDown5.3%
Japan arrowDown1.2%
Cash arrowDown0.2%
Sector Weighting Fund Change from Previous Quarter
Utilities arrowUp1.3%
Materials arrowUp1.3%
Financials arrowDown0.1%
Telecommunication Services arrowDown2.5%
Consumer Staples arrowUp0.5%
Consumer Discretionary 0.0%
Energy arrowUp3.6%
Health Care arrowDown1.8%
Information Technology arrowUp0.2%
Industrials arrowDown1.9%

Portfolio Details as of 03/31/2016

Weighted Average Market Cap.
42.2 B
P/E Ratio
13.8x
P/B Ratio
1.6x
Portfolio Turnover Ratio as of 10/30/2015
77.4%
Number of Holdings
79
Total Net Assets
$1.65 B

Portfolio Positioning as of 03/31/2016

  • In the first quarter, we increased the portfolio’s exposure to energy stocks, moving from an underweight to an overweight position relative to its benchmark, the MSCI ACWI Ex-U.S. Value Index. We established new positions in a Russian oil company listed in the United Kingdom, and a Canadian energy infrastructure firm. Although the portfolio remains considerably underweight in the materials sector, we added to the portfolio’s allocation through the purchase of a New Zealand-based building materials manufacturer.
  • We moved to a more significantly underweight position in the industrials sector, following the sales of a Spanish construction firm and an Australian rail freight company. During the quarter, we trimmed the portfolio’s overweight to the telecommunications sector by selling shares in a Danish telephone company and reducing the portfolio’s position in a Finnish telecommunications business.
  • The portfolio is overweight in consumer discretionary, consumer staples, energy, telecommunications, and utilities relative to its benchmark. The portfolio’s underweight positions are in the financials, health care, industrials, information technology, and materials sectors.
  • Geographically, we reduced the portfolio’s exposure to the United Kingdom, although we remain overweight the country. We moved to an underweight position in Europe ex-United Kingdom, and remain underweight in Asia Pacific ex-Japan. We also reduced the portfolio’s allocation to Japan, which remains an underweight position. The portfolio now is slightly overweight in the Americas.
  • The portfolio’s allocation to emerging markets stood at approximately 9.7% 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
Snam S.p.A. 0.5%
Crescent Point Energy Trust 0.4%
Sands China Ltd 0.4%
Telecom Corp. of New Ze 0.3%
RioCan Real Estate Investment Trust 0.3%

Weakest Performers

Holding Contribution
Barclays plc -0.4%
Hsbc Holdings plc -0.4%
ITV plc -0.3%
Berkeley Grp Hldgs plc -0.3%
Prudential plc -0.3%
Fund Dividends & Cap Gains next tab

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