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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 04/30/2020

Total Net Assets
$332.21 M
Inception Date
09/28/2007
Dividend Frequency
Annually
Fund Expense Ratio
1.52%
Number of Holdings
94

Fund Expense Ratio :

1.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -13.29% -1.73% -1.39% -1.00% 3.18% -0.84%
Lipper Category Avg. International Multi-Cp Gro Fds - - - - - -
MSCI ACWI ex USA Index (Net) - - - - - -

Fund Expense Ratio :

1.52%

Fund Expense Ratio :

1.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -21.99% -13.77% -3.18% -2.59% 0.65% -1.68%
Lipper Category Avg. International Multi-Cp Gro Fds -20.84% -10.89% 0.33% 0.66% 3.56% -
MSCI ACWI ex USA Index (Net) -23.36% -15.57% -1.96% -0.64% 2.05% -0.39%

Fund Expense Ratio :

1.52%

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Countryas of 04/30/2020View Portfolio

Country Assets
Japan 14.9%
France 9.4%
United Kingdom 8.7%
Switzerland 8.0%
Germany 7.5%
China 6.6%
Hong Kong 4.5%
Denmark 4.2%
Cayman Islands 4.1%
Australia 3.6%
Netherlands 3.3%
Taiwan 3.2%
Canada 3.2%
Sweden 2.8%
Republic of Korea 2.8%
Belgium 2.6%
United States 1.6%
Russian Federation 1.2%
Ireland 1.2%
India 1.2%
Spain 1.0%
Singapore 0.7%
Indonesia 0.6%
Bermuda 0.5%
Brazil 0.0%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown1.4%
Asia/Pacific arrowUp0.7%
Japan arrowUp0.2%
Americas arrowDown0.4%
United Kingdom arrowUp1.8%
EMEA arrowUp0.1%
Cash arrowDown1.1%

INVESTMENT TEAM

Matthias A. Knerr
Matthias A. Knerr, CFA

Portfolio Manager

25 Years of Industry Experience

Sue Kim
Sue Kim

Director of Global & Emerging Market Equities

20 Years of Industry Experience

Todd D. Jacobson
Todd D. Jacobson, CFA

Partner & Portfolio Manager

32 Years of Industry Experience

Supported By 34 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 :

1.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -13.29% -1.73% -1.39% -1.00% 3.18% -0.84%
Lipper Category Avg. International Multi-Cp Gro Fds - - - - - -
MSCI ACWI ex USA Index (Net) - - - - - -

Fund Expense Ratio :

1.52%

Fund Expense Ratio :

1.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -21.99% -13.77% -3.18% -2.59% 0.65% -1.68%
Lipper Category Avg. International Multi-Cp Gro Fds -20.84% -10.89% 0.33% 0.66% 3.56% -
MSCI ACWI ex USA Index (Net) -23.36% -15.57% -1.96% -0.64% 2.05% -0.39%

Fund Expense Ratio :

1.52%

Year Fund Returns MSCI ACWI ex USA Index (Net)
2019 21.07% 21.51%
2018 -18.55% -14.20%
2017 24.66% 27.19%
2016 -2.15% 4.50%
2015 -3.04% -5.66%
2014 -9.76% -3.87%
2013 22.07% 15.29%
2012 14.35% 16.83%
2011 -12.40% -13.71%
2010 6.25% 11.15%
2009 33.83% -
2008 -42.45% -
2007 13.42% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -21.99% - - - -8.04%
2019 9.53% 4.31% -2.52% 8.72% 21.07%
2018 -1.12% -5.24% 0.30% -13.32% -18.55%
2017 5.67% 5.21% 7.35% 4.45% 24.66%
2016 -2.97% -2.98% 6.93% -2.79% -2.15%
2015 3.73% -0.38% -8.99% 3.09% -3.04%
2014 -1.99% 3.84% -6.14% -5.54% -9.76%
2013 3.92% -0.57% 10.63% 6.79% 22.07%
2012 11.15% -7.80% 6.05% 5.22% 14.35%
2011 4.34% 1.65% -20.08% 3.34% -12.40%
2010 0.00% -14.97% 18.12% 5.80% 6.25%
2009 -13.65% 28.82% 20.93% -0.51% 33.83%
2008 -10.06% -1.85% -20.17% -18.34% -42.45%
2007 3.41% 8.08% 3.12% -1.58% 13.42%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 04/30/2020

Country Assets
Japan 14.9%
France 9.4%
United Kingdom 8.7%
Switzerland 8.0%
Germany 7.5%
China 6.6%
Hong Kong 4.5%
Denmark 4.2%
Cayman Islands 4.1%
Australia 3.6%
Netherlands 3.3%
Taiwan 3.2%
Canada 3.2%
Sweden 2.8%
Republic of Korea 2.8%
Belgium 2.6%
United States 1.6%
Russian Federation 1.2%
Ireland 1.2%
India 1.2%
Spain 1.0%
Singapore 0.7%
Indonesia 0.6%
Bermuda 0.5%
Brazil 0.0%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown1.4%
Asia/Pacific arrowUp0.7%
Japan arrowUp0.2%
Americas arrowDown0.4%
United Kingdom arrowUp1.8%
EMEA arrowUp0.1%
Cash arrowDown1.1%

Portfolio Positioningas of 03/31/2020

  • Given the severe disruptions in the market and the recession likely to follow, we have stress-tested the holdings in the portfolio and exited those positions believed to be most susceptible to this unprecedented economic shock. As the current crisis develops, we will continue to review our positioning for further vulnerabilities and seek to identify areas of investment opportunity created by the market’s dislocation.
  • The largest sector overweight remains in Information Technology. Although somewhat of a pause in demand is anticipated, we believe the portfolio is positioned to benefit from a further recovery in global semiconductor demand, 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 reduced its position in Energy early in the first quarter in anticipation that the rising tensions within OPEC+ and slower economic growth might lead to excess supply and lower prices.
  • 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.

Portfolio Details as of 04/30/2020

Weighted Average Market Cap.
108.4 B
P/E Ratio
16.3x
P/B Ratio
2.1x
Portfolio Turnover Ratio as of 10/31/2019
88.2%
Number of Holdings
94
Total Net Assets
$332.21 M

Contributors & Detractors as of  03/31/2020

Contributors

Holding Contribution
Zurich Financial Services AG 0.1%
Lonza Group AG 0.1%
Total S.A. 0.0%
Atlas Copco Ab 0.0%
Gds Hldgs Ltd 0.0%

Detractors

Holding Contribution
ICICI Bank Ltd. -0.7%
AXA S.A. -0.6%
Macquarie Group Ltd. -0.5%
Oil Company Lukoil Pjsc -0.5%
Cae Inds Inc -0.5%

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 06/03/2020
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/17/2019 12/18/2019 12/18/2019 $0.15920 $13.59

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

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2007 12/18/2007 $0.1644 $1.3663 $1.5307 $15.10

Upcoming Capital Gain Distribution

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
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2020

1.52%

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 R2 - The performance quotations for Class R2 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R2, a restated figure is used based on the Fund's Class A performance, excluding the effect of Class A's maximum sales charge (which does not apply to Class R2) adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R2, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R2, actual Class R2 performance is used reflecting all charges and fees applicable to Class R2 shares. Hypothetical performance data for Class R2, as measured from since inception of the Fund using the methodology described above, is not available if the Class A inception date is equal or greater than ten years old. Please refer to the Class R2 performance information for the inception date for Class R2. Please refer to the Class A performance information for the inception date for Class A.

Class R2 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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