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International Equity Fund

Summary

Summary

What is the International Equity Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of international companies.

Fund Basicsas of 12/31/2019

Total Net Assets
$461.27 M
Inception Date
04/05/2017
Dividend Frequency
Annually
Fund Expense Ratio
0.85%
Number of Holdings
89

Fund Expense Ratio :

0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 21.80% 21.80% 7.90% 3.88% 3.89% -
Lipper Category Avg. International Multi-Cp Gro Fds 26.58% 26.58% 11.48% 6.39% 6.13% -
MSCI ACWI ex USA Index (Net) 21.51% 21.51% 9.87% 5.51% 4.97% -

Fund Expense Ratio :

0.85%

Fund Expense Ratio :

0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 21.80% 21.80% 7.90% 3.88% 3.89% -
Lipper Category Avg. International Multi-Cp Gro Fds 26.58% 26.58% 11.48% 6.39% 6.13% -
MSCI ACWI ex USA Index (Net) 21.51% 21.51% 9.87% 5.51% 4.97% -

Fund Expense Ratio :

0.85%

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Countryas of 12/31/2019View Portfolio

Country Assets
Japan 15.4%
France 12.2%
United Kingdom 10.1%
Germany 8.7%
Switzerland 5.6%
China 4.8%
Canada 4.5%
Hong Kong 4.1%
Australia 3.5%
Cayman Islands 3.0%
Republic of Korea 2.8%
Taiwan 2.6%
Sweden 2.5%
India 2.3%
Brazil 2.2%
Ireland 2.1%
Denmark 1.9%
United States 1.9%
Russian Federation 1.5%
Belgium 1.4%
Singapore 1.4%
Indonesia 1.2%
Italy 0.9%
Netherlands 0.9%
Norway 0.8%
Bermuda 0.5%
Mexico 0.5%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown6.3%
Asia/Pacific arrowUp6.2%
Japan arrowUp1.0%
Americas arrowUp1.0%
United Kingdom arrowUp0.2%
EMEA arrowUp0.3%
Cash arrowDown2.5%

INVESTMENT TEAM

Matthias A. Knerr
Matthias A. Knerr, CFA

Portfolio Manager

24 Years of Industry Experience

Sue Kim
Sue Kim

Director of Global & Emerging Market Equities

19 Years of Industry Experience

Todd D. Jacobson
Todd D. Jacobson, CFA

Partner & Portfolio Manager

31 Years of Industry Experience

Supported By 35 Investment Professionals with 18 Years Avg. Industry Experience

YOUR REPRESENTATIVE

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Fund Expense Ratio :

0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 21.80% 21.80% 7.90% 3.88% 3.89% -
Lipper Category Avg. International Multi-Cp Gro Fds 26.58% 26.58% 11.48% 6.39% 6.13% -
MSCI ACWI ex USA Index (Net) 21.51% 21.51% 9.87% 5.51% 4.97% -

Fund Expense Ratio :

0.85%

Fund Expense Ratio :

0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 21.80% 21.80% 7.90% 3.88% 3.89% -
Lipper Category Avg. International Multi-Cp Gro Fds 26.58% 26.58% 11.48% 6.39% 6.13% -
MSCI ACWI ex USA Index (Net) 21.51% 21.51% 9.87% 5.51% 4.97% -

Fund Expense Ratio :

0.85%

Year Fund Returns MSCI ACWI ex USA Index (Net)
2019 21.80% 21.51%
2018 -17.93% -14.20%
2017 25.69% 27.19%
2016 -1.43% 4.50%
2015 -2.32% -5.66%
2014 -9.08% -3.87%
2013 22.85% 15.29%
2012 15.10% 16.83%
2011 -11.81% -13.71%
2010 6.84% 11.15%
2009 33.93% -
2008 -42.45% -
2007 14.20% -
2006 - -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 2.10%
2019 9.62% 4.51% -2.34% 8.87% 21.80%
2018 -0.97% -5.05% 0.44% -13.11% -17.93%
2017 5.89% 5.48% 7.49% 4.69% 25.69%
2016 -2.87% -2.79% 7.21% -2.62% -1.43%
2015 3.88% -0.21% -8.82% 3.35% -2.32%
2014 -1.82% 4.04% -5.99% -5.32% -9.08%
2013 4.08% -0.47% 10.89% 6.94% 22.85%
2012 11.32% -7.66% 6.21% 5.43% 15.10%
2011 4.50% 1.81% -19.92% 3.51% -11.81%
2010 0.10% -14.91% 18.37% 5.97% 6.84%
2009 -13.52% 28.57% 20.80% -0.28% 33.93%
2008 -9.88% -1.74% -20.54% -18.21% -42.45%
2007 3.60% 8.31% 3.27% -1.44% 14.20%
2006 - - - 11.19% -

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 12/31/2019

Country Assets
Japan 15.4%
France 12.2%
United Kingdom 10.1%
Germany 8.7%
Switzerland 5.6%
China 4.8%
Canada 4.5%
Hong Kong 4.1%
Australia 3.5%
Cayman Islands 3.0%
Republic of Korea 2.8%
Taiwan 2.6%
Sweden 2.5%
India 2.3%
Brazil 2.2%
Ireland 2.1%
Denmark 1.9%
United States 1.9%
Russian Federation 1.5%
Belgium 1.4%
Singapore 1.4%
Indonesia 1.2%
Italy 0.9%
Netherlands 0.9%
Norway 0.8%
Bermuda 0.5%
Mexico 0.5%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown6.3%
Asia/Pacific arrowUp6.2%
Japan arrowUp1.0%
Americas arrowUp1.0%
United Kingdom arrowUp0.2%
EMEA arrowUp0.3%
Cash arrowDown2.5%

Portfolio Positioningas of 12/31/2019

  • The largest sector overweight remains in Information Technology. We believe the portfolio is positioned to benefit from an ongoing recovery in global semiconductors, a return to growth in handset unit volumes with the launch of 5G wireless devices, and a continuation of digital business transformation through IT Services.
  • The portfolio increased its position in Industrials to overweight. Here, following a de-escalation in trade tensions between the U.S. and China and victory by the Conservative Party in UK elections, we anticipate some recovery in industrial production, a rise in capital expenditures, and the potential for increasing fiscal stimulus, to lead to a continued recovery in industrial cyclicals.
  • The largest sector underweight remains Communication Services. The portfolio team continues to believe that traditional telecom incumbents, most notably in Europe, remain structurally challenged by excessive regulation, weak pricing power, and heavy capital spending requirements. Instead, the portfolio has focused its limited sector exposure to digital business models with compelling long term growth prospects.
  • Key identifiable risks include a return of heightened U.S.-China trade tensions, possible negative effects of the UK’s exit from the EU, and the policy implications of the upcoming U.S. Presidential elections in November 2020.

Portfolio Details as of 12/31/2019

Weighted Average Market Cap.
108.5 B
P/E Ratio
17.9x
P/B Ratio
2.1x
Portfolio Turnover Ratio as of 10/31/2019
88.2%
Number of Holdings
89
Total Net Assets
$461.27 M

Contributors & Detractors as of  12/31/2019

Contributors

Holding Contribution
Alibaba Group Hldg Ltd 0.6%
Taiwan Semiconductor 0.4%
Samsung Electronics Co., Ltd. 0.4%
Murata Manufacturing Co. Ltd. 0.3%
ICICI Bank Ltd. 0.3%

Detractors

Holding Contribution
Shiseido Co. Ltd. -0.1%
Westpac Banking Corp. -0.1%
Rheinmetall AG -0.1%
Axis Capital Holding -0.1%
Danone -0.1%

Attribution Analysis 

International Equity Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 01/17/2020
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/17/2019 12/18/2019 12/18/2019 $0.23360 $13.72

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
12/17/2020 12/18/2020 12/18/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 12/31/2019

0.85%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to June 30, 2015,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; (b) for periods prior to April 4, 2017 but after June 30, 2015, performance is based on the historical performance of the Fund’s Class R6 shares, which have an equivalent expense ratio to the Fund’s F3 shares; and (c) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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