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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 10/31/2019

Total Net Assets
$452.79 M
Inception Date
09/28/2007
Dividend Frequency
Annually
Fund Expense Ratio
1.52%
Number of Holdings
83

Fund Expense Ratio :

1.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 15.12% 10.32% 4.93% 1.19% 3.08% -0.12%
Lipper Category Avg. International Multi-Cp Gro Fds 19.18% 13.02% 8.61% 4.60% 6.06% -
MSCI ACWI ex USA Index (Net) 15.45% 11.27% 8.07% 3.82% 4.94% 1.38%

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 11.36% -3.47% 3.21% 0.27% 2.27% -0.40%
Lipper Category Avg. International Multi-Cp Gro Fds 15.31% -1.05% 6.31% 3.91% 5.48% -
MSCI ACWI ex USA Index (Net) 11.56% -1.23% 6.33% 2.90% 4.46% 1.10%

Fund Expense Ratio :

1.52%

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Countryas of 10/31/2019View Portfolio

Country Assets
Japan 15.5%
France 13.5%
United Kingdom 10.8%
Germany 8.9%
Switzerland 5.5%
Australia 4.6%
Hong Kong 3.9%
Sweden 3.7%
Canada 3.5%
United States 2.7%
Ireland 2.7%
Brazil 2.4%
Cayman Islands 2.4%
India 2.2%
Netherlands 2.1%
Republic of Korea 2.0%
China 1.9%
Taiwan 1.9%
Singapore 1.6%
Russian Federation 1.4%
Belgium 1.4%
Denmark 1.2%
Indonesia 1.2%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown4.4%
Asia/Pacific arrowUp2.7%
Japan arrowUp1.1%
Americas arrowDown0.4%
United Kingdom arrowUp0.9%
EMEA arrowUp0.2%
arrowUp0.7%
Cash arrowDown0.8%

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 37 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 15.12% 10.32% 4.93% 1.19% 3.08% -0.12%
Lipper Category Avg. International Multi-Cp Gro Fds 19.18% 13.02% 8.61% 4.60% 6.06% -
MSCI ACWI ex USA Index (Net) 15.45% 11.27% 8.07% 3.82% 4.94% 1.38%

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 11.36% -3.47% 3.21% 0.27% 2.27% -0.40%
Lipper Category Avg. International Multi-Cp Gro Fds 15.31% -1.05% 6.31% 3.91% 5.48% -
MSCI ACWI ex USA Index (Net) 11.56% -1.23% 6.33% 2.90% 4.46% 1.10%

Fund Expense Ratio :

1.52%

Year Fund Returns MSCI ACWI ex USA Index (Net)
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% 41.45%
2008 -42.45% -
2007 13.42% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 9.53% 4.31% -2.52% - 16.61%
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 10/31/2019

Country Assets
Japan 15.5%
France 13.5%
United Kingdom 10.8%
Germany 8.9%
Switzerland 5.5%
Australia 4.6%
Hong Kong 3.9%
Sweden 3.7%
Canada 3.5%
United States 2.7%
Ireland 2.7%
Brazil 2.4%
Cayman Islands 2.4%
India 2.2%
Netherlands 2.1%
Republic of Korea 2.0%
China 1.9%
Taiwan 1.9%
Singapore 1.6%
Russian Federation 1.4%
Belgium 1.4%
Denmark 1.2%
Indonesia 1.2%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown4.4%
Asia/Pacific arrowUp2.7%
Japan arrowUp1.1%
Americas arrowDown0.4%
United Kingdom arrowUp0.9%
EMEA arrowUp0.2%
arrowUp0.7%
Cash arrowDown0.8%

Portfolio Positioningas of 09/30/2019

  • The portfolio is underweight in the financials sector. Within the sector, we rebalanced our positioning over the course of the quarter to reduce the overweight in insurance and Emerging Markets, while shifting some of the proceeds into European banks.
  • Overall, the largest sector overweight is in technology. With signs of stabilization in pricing and a destocking of inventories pointing to an improved outlook next year, we increased our exposure in semiconductors. Additionally, we added two new positions in Japanese IT services which we believe will be beneficiaries of continuing growth in digital transformation investment in Japan.
  • The portfolio continues to have an overweight position in the consumer staples sector. In beverages, we initiated a position in the second largest brewer in the world.  We believe that the company’s positioning in Asia and strategy towards premiumization could lead to strong growth and further improvements in profitability.
  • Lastly, the portfolio retains an underweight position in communication services, reflecting the structural headwinds facing the largest integrated telecommunications service operators. Instead, we have focused on companies within the sector which we expect to benefit from digitalization and the value of their content portfolios. Most recently, we added a German media company focused on the growth in the local out-of-home market, which is well-positioned to benefit from a continued shift from print to digital advertising to the portfolio.
  • Key identifiable risks include an escalation in the ongoing U.S.-China trade disputes, a prolonged Brexit process which increases economic uncertainty, and a negative global growth surprise.

Portfolio Details as of 10/31/2019

Weighted Average Market Cap.
92.4 B
P/E Ratio
16.9x
P/B Ratio
2.2x
Portfolio Turnover Ratio as of 10/31/2018
124.0%
Number of Holdings
83
Total Net Assets
$452.79 M

Contributors & Detractors as of  09/30/2019

Contributors

Holding Contribution
Entertainment One Ltd ( 0.2%
Taiwan Semiconductor 0.2%
ASML Holding NV 0.2%
AstraZeneca plc 0.2%
Toyota Motor Corp. 0.1%

Detractors

Holding Contribution
Anglo American plc -0.4%
SAP AG -0.3%
AIA Group Ltd. -0.3%
Banco do Brasil S.A. -0.3%
BHP Billiton Ltd. -0.2%

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 11/15/2019
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/17/2018 12/18/2018 12/18/2018 $0.18400 $11.47

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
12/17/2019 12/18/2019 12/18/2019

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
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2019

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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