Countryas of 12/31/2015

Country Assets
United Kingdom 30.3%
France 8.2%
Japan 7.0%
Australia 6.9%
Canada 5.3%
Spain 5.1%
Switzerland 4.9%
Germany 4.3%
New Zealand 2.7%
Italy 2.3%
Hong Kong 2.1%
China 1.9%
Belgium 1.8%
Bermuda 1.7%
Israel 1.7%
Finland 1.6%
Sweden 1.5%
Taiwan 1.5%
Republic of Korea 1.4%
Singapore 0.9%
India 0.9%
Turkey 0.8%
Denmark 0.8%
Netherlands 0.8%
Brazil 0.7%
Region Weighting Fund Change from Previous Quarter
United Kingdom arrowUp1.3%
Europe ex-U.K. arrowDown0.5%
Americas arrowDown0.9%
EMEA 0.0%
Asia/Pacific arrowUp1.0%
Japan arrowDown2.1%
Cash 0.0%
Sector Weighting Fund Change from Previous Quarter
Telecommunication Services arrowUp0.5%
Financials arrowDown2.0%
Utilities arrowDown0.6%
Consumer Staples arrowUp1.2%
Consumer Discretionary arrowUp2.3%
Health Care arrowUp0.7%
Industrials arrowDown0.3%
Energy arrowDown1.2%
Information Technology arrowUp1.3%
Materials arrowDown0.1%

Portfolio Details as of 12/31/2015

Weighted Average Market Cap.
47.7 B
P/E Ratio
14.0x
P/B Ratio
1.7x
Portfolio Turnover Ratio as of 10/30/2015
76.5%
Number of Holdings
78
Total Net Assets
$1.85 B

Portfolio Positioning as of 12/31/2015

  • In the fourth quarter, we increased the portfolio’s overweight in consumer discretionary stocks relative to its benchmark, the MSCI ACWI Ex-U.S. Value Index, by establishing a new position in a French mass media company. The portfolio remains underweight in the information technology sector; however, the addition of Korean and Taiwanese electronics companies reduced the size of the underweight.
  • We moved to a more significantly underweight position in the financials sector, following the sale of an Australian real estate company and a Japanese investment bank. During the quarter, we reduced the portfolio’s exposure to the energy sector by selling shares in a Canadian oil producer, and the portfolio is now underweight the sector.
  • The portfolio is overweight in consumer discretionary, consumer staples, health care, telecommunications, and utilities relative to its benchmark. The portfolio’s underweight positions are in the energy, financials, industrials, information technology, 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 Japan, which remains an underweight position. The portfolio is underweight in the Americas and Asia-Pacific ex-Japan, and overweight in Europe ex-United Kingdom.
  • The portfolio’s allocation to emerging markets stood at approximately 7.3% 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
Mirvac Group 0.3%
Air New Zealand Ltd. 0.3%
Bezeq-Israeli Telecom 0.3%
Telecom Corp. of New Ze 0.2%
Berkeley Grp Hldgs plc 0.2%

Weakest Performers

Holding Contribution
Whitecap Resources, Inc. -0.3%
Rio Tinto plc -0.3%
ARC Resources Ltd. -0.3%
Pearson plc -0.3%
Barclays plc -0.2%
Fund Dividends & Cap Gains next tab

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