Countryas of 02/27/2015

Country Assets
United Kingdom 23.5%
Australia 9.3%
France 9.2%
Japan 8.7%
Germany 7.8%
Canada 5.5%
Spain 3.9%
Hong Kong 3.0%
China 2.9%
Italy 2.7%
New Zealand 2.3%
Switzerland 2.2%
Taiwan 2.0%
Sweden 1.8%
Denmark 1.7%
Finland 1.4%
Republic of Korea 1.4%
Portugal 1.3%
Netherlands 1.3%
Bermuda 1.1%
Belgium 1.0%
Brazil 0.9%
Singapore 0.9%
Mexico 0.9%
Turkey 0.8%
Thailand 0.6%
Israel 0.6%
South Africa 0.3%
Region Weighting Fund Change from Previous Quarter
United Kingdom arrowUp4.3%
Europe ex-U.K. arrowUp1.2%
Asia/Pacific arrowDown0.2%
Americas arrowUp4.4%
EMEA arrowUp0.3%
Japan arrowDown1.0%
Cash 0.0%
Sector Weighting Fund Change from Previous Quarter
Utilities arrowDown2.8%
Financials arrowDown0.1%
Telecommunication Services arrowDown0.6%
Energy arrowUp5.2%
Consumer Staples arrowUp1.0%
Health Care arrowDown1.5%
Consumer Discretionary arrowUp0.8%
Information Technology arrowDown0.7%
Industrials arrowDown1.0%
Materials arrowUp0.4%

Portfolio Details as of 02/27/2015

Weighted Average Market Cap.
50.5 B
P/E Ratio
13.7x
P/B Ratio
1.7x
Portfolio Turnover Ratio as of 10/31/2014
72.3%
Number of Holdings
88
Total Net Assets
$2.62 B

Portfolio Positioning as of 12/31/2014

  • We increased the portfolio’s overweight in the telecommunication services sector relative to its benchmark, the MSCI ACWI Ex-U.S. Value Index.  Within the sector, we established new positions in a Finland-based telecommunications company and a France-based telecommunications company.
  • We reduced the portfolio’s exposure to the energy sector and maintain an underweight relative to the index. This was primarily due to exiting a China-based exploration and development company.
  • Within the industrials sector, the reduction of an engineering and construction services company in the portfolio led to a decrease in its relative exposure.
  • Geographically, we reduced the portfolio’s exposure in Continental Europe, and are underweight in the region. Conversely, we increased the portfolio’s exposure in Asia/Pacific and the portfolio remains overweight.
  • At quarter-end, investments in emerging markets represented approximately 11.3% of the portfolio, slightly down from the end of the third quarter.

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
Bank of China Ltd. 0.3%
Air New Zealand Ltd. 0.3%
Catlin Group Ltd. 0.3%
Freenet AG 0.2%
Deutsche Annington Immo 0.2%

Weakest Performers

Holding Contribution
Baytex Energy Corp. -0.7%
Total S.A. -0.4%
Sanofi -0.3%
AES Tiete S.A. -0.3%
ENI SpA -0.3%
Fund Dividends & Cap Gains next tab

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