Countryas of 10/30/2015

Country Assets
United Kingdom 29.0%
Japan 8.4%
Australia 7.4%
France 7.2%
Canada 6.7%
Spain 5.2%
Switzerland 4.6%
Germany 4.2%
Italy 2.7%
New Zealand 2.6%
Hong Kong 2.1%
China 2.0%
Bermuda 1.8%
Sweden 1.7%
Portugal 1.6%
Israel 1.5%
Finland 1.5%
Republic of Korea 1.4%
Belgium 0.9%
Singapore 0.9%
Taiwan 0.8%
India 0.8%
Turkey 0.8%
Netherlands 0.7%
Brazil 0.6%
Denmark 0.6%
Region Weighting Fund Change from Previous Quarter
United Kingdom arrowUp0.1%
Europe ex-U.K. arrowDown0.7%
Americas arrowUp0.6%
EMEA 0.0%
Asia/Pacific arrowUp0.7%
Japan arrowDown0.7%
Cash 0.0%
Sector Weighting Fund Change from Previous Quarter
Telecommunication Services arrowDown0.4%
Financials arrowDown1.1%
Utilities 0.0%
Industrials arrowUp0.5%
Energy arrowUp1.9%
Consumer Staples arrowUp0.1%
Consumer Discretionary 0.0%
Health Care arrowUp0.1%
Information Technology arrowUp0.6%
Materials arrowUp0.2%

Portfolio Details as of 10/30/2015

Weighted Average Market Cap.
46.5 B
P/E Ratio
P/B Ratio
Portfolio Turnover Ratio as of 10/31/2014
Number of Holdings
Total Net Assets
$2.16 B

Portfolio Positioning as of 09/30/2015

  • In the third quarter, we increased the portfolio’s overweight in utilities stocks relative to its benchmark, the MSCI ACWI Ex-U.S. Value Index. Within the sector, we established new positions in two British electricity and gas firms. The portfolio moved more significantly overweight in the telecommunications sector during the period, as well as in consumer staples.
  • We reduced the portfolio’s exposure to the energy sector by selling shares in a Russian gas company and a Canadian crude oil production firm, moving back toward a neutral position in the sector. During the quarter, we also trimmed the portfolio’s overweight to consumer discretionary stocks through the sale of shares in a German automobile manufacturer.
  • The portfolio is overweight in consumer discretionary, consumer staples, industrials, telecommunications, and utilities. Our main underweight positions are in the health care, financials, 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 the Americas, and primarily the Canadian exposure, which is now an underweight position. The portfolio remains underweight in Japan and Asia-Pacific ex-Japan, and overweight in Europe ex-United Kingdom.
  • The portfolio’s allocation to emerging markets stood at approximately 6.2% 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
Imperial Tobacco Gp plc 0.1%
Snam S.p.A. 0.1%
National Grid plc 0.1%
Enagas S.A. 0.1%
Bezeq-Israeli Telecom 0.1%

Weakest Performers

Holding Contribution
Baytex Energy Corp. -1.8%
Crescent Point Energy Trust -1.0%
Whitecap Resources, Inc. -0.6%
National Australia Bank -0.4%
Enerplus Corp. -0.4%
Fund Dividends & Cap Gains next tab

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