Objective & Strategy
The fund seeks long-term growth of capital by investing in a diversified portfolio consisting primarily of equity securities of foreign issuers that are, in the portfolio managers’ view, attractively valued relative to current or projected earnings, or the current market value of assets owned by the company.
Management team
-
Andrew Hall
Portfolio Manager
Top Equity Holdings | View all
% of Total Assets | |
---|---|
Microsoft | 6.16 |
Amazon | 3.04 |
Apple | 2.94 |
Mastercard 'A' | 2.75 |
Thermo Fisher Scientific | 2.73 |
3i | 2.70 |
Nvidia | 2.56 |
Old Dominion Freight Line | 2.52 |
Alphabet 'A' | 2.39 |
RELX | 2.37 |
May not equal 100% due to rounding.
Holdings are subject to change and are not buy/sell recommendations.
Average Annual Returns (%)
Incept. Date |
Max Load (%) |
Since Incept. (%) |
YTD (%) | 1Y (%) | 3Y (%) | 5Y (%) | 10Y (%) | |
---|---|---|---|---|---|---|---|---|
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.
Annualized Benchmark Returns
Index Name | 1 Mo (%) | 3 Mo (%) | 1Y (%) | 3Y (%) | 5Y (%) | 10Y (%) |
---|---|---|---|---|---|---|
MSCI World Net Return Index (USD) | 4.59 | 4.39 | 27.83 | 8.79 | 12.42 | 10.06 |
MSCI World Net Return Index (USD) | 4.59 | 4.39 | 27.83 | 8.79 | 12.42 | 10.06 |
MSCI World Net Return Index (USD) | 1.83 | 6.36 | 32.43 | 9.08 | 13.04 | 10.07 |
MSCI World Net Return Index (USD) | 1.83 | 6.36 | 32.43 | 9.08 | 13.04 | 10.07 |
Source: RIMES Technologies Corp.
Source: RIMES Technologies Corp.
An investment cannot be made directly in an index.
Expense Ratio per Prospectus
Management Fee | 0.79 |
12b-1 Fee | 0.25 |
Other Expenses | 0.22 |
Interest/Dividend Exp | N/A |
Total Other Expenses | 0.22 |
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) | 0.01 |
Total Annual Fund Operating Expenses | 1.27 |
Contractual Waivers/Reimbursements | -0.01 |
Net Expenses - PER PROSPECTUS | 1.26 |
Additional Waivers/Reimbursements | N/A |
Net Expenses - With Additional Fee Reduction | 1.26 |
Distributions
Capital Gains | Reinvestment Price ($) |
|||
---|---|---|---|---|
Ex-Date | Income | Short Term | Long Term | |
Sector Breakdown
May not equal 100% due to rounding.
The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.
Fund Characteristics
3-Year Alpha | -3.14% |
3-Year Beta | 0.97 |
3-Year R-Squared | 0.90 |
3-Year Sharpe Ratio | -0.05 |
3-Year Standard Deviation | 17.32 |
Number of Securities | 60 |
Total Assets | $609,080,323.00 |
Source: RIMES Technologies Corp.,StyleADVISOR
Benchmark: MSCI World Net Return Index (USD)
Top Equity Holdings | View all
% of Total Assets | |
---|---|
Microsoft | 6.16 |
Amazon | 3.04 |
Apple | 2.94 |
Mastercard 'A' | 2.75 |
Thermo Fisher Scientific | 2.73 |
3i | 2.70 |
Nvidia | 2.56 |
Old Dominion Freight Line | 2.52 |
Alphabet 'A' | 2.39 |
RELX | 2.37 |
May not equal 100% due to rounding.
Holdings are subject to change and are not buy/sell recommendations.
Top Countries
% of Total Assets | |
---|---|
United States | 66.27 |
United Kingdom | 8.21 |
Canada | 5.52 |
France | 3.73 |
Netherlands | 2.22 |
China | 2.19 |
Ireland | 2.11 |
Taiwan | 2.01 |
Japan | 1.46 |
Italy | 0.79 |
May not equal 100% due to rounding.
Top Industries
% of Total Assets | |
---|---|
Semiconductors | 9.64 |
Interactive Media & Services | 6.18 |
Systems Software | 6.16 |
Life Sciences Tools & Services | 5.08 |
Trading Companies & Distributors | 4.69 |
Broadline Retail | 4.48 |
Technology Hardware, Storage & Peripherals | 3.59 |
Rail Transportation | 3.46 |
Personal Care Products | 3.12 |
Transaction & Payment Processing Services | 2.75 |
May not equal 100% due to rounding.
The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.
Fund Documents
About risk
As with any mutual fund investment, loss of money is a risk of investing. An
investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency. The risks associated with an investment in the Fund
can increase during times of significant market volatility. The principal risks
of investing in the Fund are:
Market Risk. The market values of the Fund’s investments, and
therefore the value of the Fund’s shares, will go up and down, sometimes
rapidly or unpredictably. Market risk may affect a single issuer, industry or
section of the economy, or it may affect the market as a whole. The value of
the Fund’s investments may go up or down due to general market
conditions that are not specifically related to the particular issuer, such as
real or perceived adverse economic conditions, changes in the general
outlook for revenues or corporate earnings, changes in interest or currency
rates, regional or global instability, natural or environmental disasters,
widespread disease or other public health issues, war, military conflict, acts
of terrorism, economic crisis or adverse investor sentiment generally. During
a general downturn in the financial markets, multiple asset classes may
decline in value. When markets perform well, there can be no assurance
that specific investments held by the Fund will rise in value.
Investing in Stocks Risk. The value of the Fund’s portfolio may be
affected by changes in the stock markets. Stock markets may experience
significant short-term volatility and may fall or rise sharply at times. Adverse
events in any part of the equity or fixed-income markets may have
unexpected negative effects on other market segments. Different stock
markets may behave differently from each other and U.S. stock markets
may move in the opposite direction from one or more foreign stock markets.
The prices of individual stocks generally do not all move in the same
direction at the same time. However, individual stock prices tend to go up
and down more dramatically than those of certain other types of
investments, such as bonds. A variety of factors can negatively affect the
price of a particular company’s stock. These factors may include, but are not
limited to: poor earnings reports, a loss of customers, litigation against the
company, general unfavorable performance of the company’s sector or
industry, or changes in government regulations affecting the company or its
industry. To the extent that securities of a particular type are emphasized (for
example foreign stocks, stocks of small- or mid-cap companies, growth or
value stocks, or stocks of companies in a particular industry), fund share
values may fluctuate more in response to events affecting the market for
those types of securities.
Foreign Securities Risk. The Fund’s foreign investments may be
adversely affected by political and social instability, changes in economic or
taxation policies, difficulty in enforcing obligations, decreased liquidity or
increased volatility. Foreign investments also involve the risk of the possible
seizure, nationalization or expropriation of the issuer or foreign deposits (in
which the Fund could lose its entire investments in a certain market) and
the possible adoption of foreign governmental restrictions such as exchange
controls. Foreign companies generally may be subject to less stringent
regulations than U.S. companies, including financial reporting requirements
and auditing and accounting controls, and may therefore be more
susceptible to fraud or corruption. There may be less public information
available about foreign companies than U.S. companies, making it difficult
to evaluate those foreign companies. Unless the Fund has hedged its
foreign currency exposure, foreign securities risk also involves the risk of
negative foreign currency rate fluctuations, which may cause the value of
securities denominated in such foreign currency (or other instruments
through which the Fund has exposure to foreign currencies) to decline in
value. Currency exchange rates may fluctuate significantly over short
periods of time. Currency hedging strategies, if used, are not always
successful.
Emerging Market Securities Risk. Emerging markets (also referred
to as developing markets) are generally subject to greater market volatility,
political, social and economic instability, uncertain trading markets and more
governmental limitations on foreign investment than more developed
markets. In addition, companies operating in emerging markets may be
subject to lower trading volume and greater price fluctuations than
companies in more developed markets. Such countries’ economies may be
more dependent on relatively few industries or investors that may be highly
vulnerable to local and global changes. Companies in emerging market
countries generally may be subject to less stringent regulatory, disclosure,
financial reporting, accounting, auditing and recordkeeping standards than
companies in more developed countries. As a result, information, including
financial information, about such companies may be less available and
reliable, which can impede the Fund’s ability to evaluate such companies.
Securities law and the enforcement of systems of taxation in many
emerging market countries may change quickly and unpredictably, and the
ability to bring and enforce actions (including bankruptcy, confiscatory
taxation, expropriation, nationalization of a company’s assets, restrictions on
foreign ownership of local companies, restrictions on withdrawing assets
from the country, protectionist measures and practices such as share
blocking), or to obtain information needed to pursue or enforce such
actions, may be limited. In addition, the ability of foreign entities to
participate in privatization programs of certain developing or emerging
market countries may be limited by local law. Investments in emerging
market securities may be subject to additional transaction costs, delays in
settlement procedures, unexpected market closures, and lack of timely
information.
The Fund’s investments in China A-shares are subject to trading
restrictions, quota limitations and clearing and settlement risks.
Geographic Focus Risk. The Fund may from time to time have a
substantial amount of its assets invested in securities of issuers located in a
single country or a limited number of countries. Adverse economic, political
or social conditions in those countries may therefore have a significant
negative impact on the Fund’s investment performance.
European Investment Risk. The Economic and Monetary Union (the
“EMU”) of the European Union (the “EU”) requires compliance with
restrictions on inflation rates, deficits, interest rates, debt levels and fiscal
and monetary controls, each of which may significantly affect every country
in Europe. Decreasing imports or exports, changes in governmental or EU
regulations on trade, changes in the exchange rate of the euro, the default
or threat of default by an EU member country on its sovereign debt, and
recessions in an EU member country may have significant adverse effects
on the economies of EU member countries. Responses to financial problems
by EU countries may not produce the desired results, may limit future
growth and economic recovery, or may result in social unrest or have other
unintended consequences. Further defaults or restructurings by
governments and other entities of their debt could have additional adverse
effects on economies, financial markets, and asset valuations around the
world. A number of countries in Eastern Europe remain relatively
undeveloped and can be particularly sensitive to political and economic
developments. Separately, the EU faces issues involving its membership,
structure, procedures and policies. The exit of one or more member states
from the EU, such as the recent departure of the United Kingdom (known as
“Brexit”), would place its currency and banking system in jeopardy. The exit
by the United Kingdom or other member states will likely result in increased
volatility, illiquidity and potentially lower economic growth in the affected
markets, which will adversely affect the Fund’s investments.
Small- and Mid-Capitalization Companies Risk. Investing in
securities of small- and mid-capitalization companies involves greater risk
than customarily is associated with investing in larger, more established
companies. Stocks of small- and mid-capitalization companies tend to be
more vulnerable to changing market conditions, may have little or no
operating history or track record of success, and may have more limited
product lines and markets, less experienced management and fewer
financial resources than larger companies. These companies’ securities may
be more volatile and less liquid than those of more established companies.
They may be more sensitive to changes in a company’s earnings
expectations and may experience more abrupt and erratic price movements.
Smaller companies’ securities often trade in lower volumes and in many
instances, are traded over-the-counter or on a regional securities exchange,
where the frequency and volume of trading is substantially less than is
typical for securities of larger companies traded on national securities
exchanges. Therefore, the securities of smaller companies may be subject
to wider price fluctuations and it might be harder for the Fund to dispose of
its holdings at an acceptable price when it wants to sell them. Since small-
and mid-cap companies typically reinvest a high proportion of their earnings
in their business, they may not pay dividends for some time, particularly if
they are newer companies. It may take a substantial period of time to realize
a gain on an investment in a small- or mid-cap company, if any gain is
realized at all.
Depositary Receipts Risk. Investing in depositary receipts involves
the same risks as direct investments in foreign securities. In addition, the
underlying issuers of certain depositary receipts are under no obligation to
distribute shareholder communications or pass through any voting rights
with respect to the deposited securities to the holders of such receipts. The
Fund may therefore receive less timely information or have less control than
if it invested directly in the foreign issuer.
Preferred Securities Risk. Preferred securities are subject to
issuer-specific and market risks applicable generally to equity securities.
Preferred securities also may be subordinated to bonds or other debt
instruments, subjecting them to a greater risk of non-payment, may be less
liquid than many other securities, such as common stocks, and generally
offer no voting rights with respect to the issuer.
Sector Focus Risk. The Fund may from time to time have a significant
amount of its assets invested in one market sector or group of related
industries. In this event, the Fund’s performance will depend to a greater
extent on the overall condition of the sector or group of industries and there
is increased risk that the Fund will lose significant value if conditions
adversely affect that sector or group of industries.
Derivatives Risk. The value of a derivative instrument depends largely
on (and is derived from) the value of an underlying security, currency,
commodity, interest rate, index or other asset (each referred to as an
underlying asset). In addition to risks relating to the underlying assets, the
use of derivatives may include other, possibly greater, risks, including
counterparty, leverage and liquidity risks. Counterparty risk is the risk that
the counterparty to the derivative contract will default on its obligation to pay
the Fund the amount owed or otherwise perform under the derivative
contract. Derivatives create leverage risk because they do not require
payment up front equal to the economic exposure created by holding a
position in the derivative. As a result, an adverse change in the value of the
underlying asset could result in the Fund sustaining a loss that is
substantially greater than the amount invested in the derivative or the
anticipated value of the underlying asset, which may make the Fund’s
returns more volatile and increase the risk of loss. Derivative instruments
may also be less liquid than more traditional investments and the Fund may
be unable to sell or close out its derivative positions at a desirable time or
price. This risk may be more acute under adverse market conditions, during
which the Fund may be most in need of liquidating its derivative positions.
Derivatives may also be harder to value, less tax efficient and subject to
changing government regulation that could impact the Fund’s ability to use
certain derivatives or their cost. Derivatives strategies may not always be
successful. For example, derivatives used for hedging or to gain or limit
exposure to a particular market segment may not provide the expected
benefits, particularly during adverse market conditions.
Value Investing Risk. Value investing entails the risk that if the
market does not recognize that a selected security is undervalued, the
prices of that security might not appreciate as anticipated. A value approach
could also result in fewer investments that increase rapidly during times of
market gains and could cause a fund to underperform funds that use a
growth or non-value approach to investing. Value investing has gone in and
out of favor during past market cycles and when value investing is out of
favor or when markets are unstable, the securities of value companies may
underperform the securities of growth companies or the overall stock
market.
Environmental, Social and Governance (ESG) Considerations
Risk. The ESG considerations that may be assessed as part of the
investment process to implement the Fund’s investment strategy in pursuit
of its investment objective may vary across types of eligible investments and
issuers, and not every ESG factor may be identified or evaluated for every
investment, and not every investment or issuer may be evaluated for ESG
considerations. The Fund’s portfolio will not be solely based on ESG
considerations, and therefore the issuers in which the Fund invests may not
be considered ESG-focused issuers. The incorporation of ESG factors may
affect the Fund’s exposure to certain issuers or industries and may not work
as intended. The Fund may underperform other funds that do not assess an
issuer’s ESG factors or that use a different methodology to identify and/or
incorporate ESG factors. Information used by the Fund to evaluate such
factors may not be readily available, complete or accurate, and may vary
across providers and issuers as ESG is not a uniformly defined
characteristic. There is no guarantee that the evaluation of ESG
considerations will be additive to the Fund’s performance.
Management Risk. The Fund is actively managed and depends
heavily on the Adviser’s judgment about markets, interest rates or the
attractiveness, relative values, liquidity, or potential appreciation of particular
investments made for the Fund’s portfolio. The Fund could experience
losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the
Fund and, therefore, the ability of the Fund to achieve its investment
objective