Objective
Seeks long-term capital appreciation through investment in equities of medium to large capitalization companies (including preferred stock or convertible securities) issued by companies worldwide.
Strategy
Emphasizes diversification across companies in different regions and industry sectors, primarily in developed markets; may invest up to 30% in companies in emerging markets
| Fund Facts | |
|---|---|
| Asset Manager |
|
| Benchmark | EUR Class: MSCI All Country World Index (Euro); USD Class: MSCI All Country World Index (USD) |
| Fund Inception Date | EUR Class: February 23, 2015; USD Class: May 25, 2017 |
| Mimimum Investment | EUR Class: €50,000; USD Class: $65,000 |
| Expense Ratio | EUR Class: 1.30; USD Class: 1.30 |
| ISIN | EUR Class: IE00BKRTPF98; USD Class: IE00BKRTPD74 |
Annual Average Total Returns
(%) as of 30/09/2019
| Trailing | 3 Months |
1 Yr |
3 Yrs |
5 Yrs |
10 Yrs |
Since Inception |
Inception Date |
|---|---|---|---|---|---|---|---|
| World Equity Fund (EUR) | 2.94 | 6.56 | 9.08 | * | * | 6.29 | 01/01/1970 |
| MSCI All Country World Index (EUR) | 4.56 | 8.61 | 11.42 | * | * | 7.91 | 01/01/1970 |
| World Equity Fund (USD) | -1.33 | 0.03 | * | * | * | 6.69 | 01/01/1970 |
| MSCI All Country World Index (USD) | 0.10 | 1.95 | * | * | * | 7.81 | 01/01/1970 |
Characteristics as of 30/09/2019
| Statistics | Fund | Index |
|---|---|---|
| Weighted Median Market Cap | € 38.4B | € 54.6B |
| Average Price/Book | 3.5x | 2.2x |
| Average Price/Earnings | 21.2x | 17.5x |
| Average Yield | 1.9% | 2.5% |
| Beta (ex ante) | 1.0 | 1.0 |
| Active Share | 69.5 | N/A |
| 5 Yr Earnings Rate | 12.0% | 12.2% |
| Ten Largest Portfolio Holdings | 16.2% | 7.8% |
| # Securities in Portfolio | 455 | 2,852 |
| Turnover Rate (12 Mo) | 50.3 | N/A |
| Fund Size (EUR Class) | € 282.8MM | |
| Fund Size (USD Class) | $ 17.9MM | |
| Sector | Fund | Index | Diff. |
|---|---|---|---|
| Communication Services | 6.7 | 8.8 | -2.1 |
| Consumer Discretionary | 17.4 | 10.8 | 6.5 |
| Consumer Staples | 11.0 | 8.6 | 2.4 |
| Energy | 5.8 | 5.5 | 0.4 |
| Financials | 8.5 | 16.7 | -8.3 |
| Healthcare | 11.2 | 11.3 | -0.1 |
| Industrials | 10.5 | 10.5 | 0.0 |
| Information Technology | 18.7 | 16.3 | 2.4 |
| Materials | 4.9 | 4.7 | 0.1 |
| Real Estate | 2.2 | 3.3 | -1.2 |
| Utilities | 2.0 | 3.5 | -1.5 |
| Cash | 1.3 | 0.0 | 1.3 |
| Region | Fund | Index |
|---|---|---|
| France | 5.2 | 3.4 |
| Germany | 1.7 | 2.5 |
| Italy | 0.8 | 0.7 |
| United Kingdom | 4.6 | 4.9 |
| Japan | 8.6 | 7.3 |
| Canada | 0.8 | 3.1 |
| United States | 56.5 | 56.0 |
| Other Developed Europe | 9.3 | 7.4 |
| Other Developed Asia | 4.4 | 3.6 |
| Other Emerging Asia | 6.8 | 8.4 |
| Other Emerging Markets | 1.5 | 2.8 |
| Top 10 Holdings | % Weight |
|---|---|
| Microsoft Corporation | 2.8 |
| Alphabet Inc. | 2.0 |
| TJX Companies, Inc. | 1.7 |
| Apple Inc. | 1.5 |
| Nestle S.A. | 1.5 |
| Medtronic Public Limited Company | 1.5 |
| NIKE, Inc. | 1.4 |
| L'Oreal SA | 1.3 |
| Stryker Corporation | 1.3 |
| HOYA CORPORATION | 1.3 |
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Q3 2019 Performance Review
3-MONTH REVIEW
- The performance shortfall was driven primarily by weak stock selection results in Energy, Information Technology and Utilities.
- The Fund’s underweight in Financials and overweight in Information Technology were additive during the quarter.
- Performance was detracted due to each of the following: 1) the slight overweight to weaker performing Energy stocks, 2) the underweight in Utilities, and 3) the impact of holding some transactional cash during an up-market period.
12-MONTH REVIEW
- The largest sector allocation impact for the Fund was from the overweight to weak performing Energy stocks.
- Transactional cash holdings in a period of mostly up movements in valuations detracted.
- Security selection in aggregate added. Results were strongest in Health Care, and Consumer Discretionary.
- Three equipment and supply stocks with outsized returns drove the contributions to excess return within the Health Care sector.
- Positive results spread throughout individual stocks in several industries within Consumer Discretionary. The absence of tobacco stocks added to relative return.
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Fund Fact Sheet
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