Objective

Long-term capital appreciation

Strategy

Combines three sub-advisers with complementary growth- and value-oriented investment processes to produce competitive risk adjusted returns.

Fund Facts
Asset Manager
  • Causeway Capital(Since 2/1/05)
  • Principal Global Investors(Since 5/18/07)
  • WCM Investment Management(Since 9/23/15)
Benchmark MSCI All Country World Index ex-U.S. (ACWI ex-U.S.)
Fund Inception Date Class A: January 1, 1995; Class B: March 1, 2000
Mimimum Investment Class A: No minimum and Class B: $5 million
Expense Ratio Class A: 1.40%; Class B: 0.89%

Additional Facts

The Fund’s benchmark was changed to MSCI All Country World Index (ACWI) ex-U.S. effective June 1, 2015. The benchmark performance shown reflects the linked performance of the prior benchmark (MSCI EAFE) through May 31, 2015 and MSCI ACWI ex-U.S. after June 1, 2015.

Annual Average Total Returns
(%) as of 06/30/2019

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT International Equity Fund Class A 5.35 1.20 10.63 3.35 7.75
CUIT International Equity Fund Class B 5.50 1.72 11.11 3.79 8.20
MSCI ACWI-ex U.S. ‡ 3.22 1.80 9.91 2.88 7.47
Calendar Year 2018 2017 2016 2015 2014 2013
CUIT International Equity Fund Class A -15.93 30.47 2.35 -2.82 -5.11 22.03
CUIT International Equity Fund Class B -15.53 31.04 2.75 -2.45 -4.72 22.49
MSCI ACWI-ex U.S. ‡ -13.78 27.77 5.01 -3.81 -4.49 23.30

‡ Effective June 1, 2015, the benchmark for the International Equity Fund was changed to the Morgan Stanley Capital International All Country World ex U.S. Index (“ACWI ex U.S.”). For periods prior to June 1, 2015, the applicable benchmark was the Morgan Stanley Capital International Europe, Australia and the Far East Index (“EAFE”). The benchmark performance shown in this presentation reflects the linked performance of the two benchmarks for the respective applicable periods.

Characteristics as of 06/30/2019

Statistics Data Fund Index
Weighted Median Market Cap $35.9B $35.0B
Price/Book 1.9x 1.6x
Price/Earnings 15.9x 14.6x
Return on Equity 18.2% 15.2%
Dividend Yield 2.5% 3.2%
5-year Earnings Growth 13.4% 10.4%
Beta 1.0 1.0
10 Largest Holdings 18.0% 5.2%
# of Equity Securities 379 2,206
Turnover Rate 36.8 N/A
Market Sector Analysis Fund Index
Communication Services 6.8 6.9
Consumer Discretionary 13.2 11.3
Consumer Staples 10.5 9.8
Energy 5.0 7.1
Financials 17.6 21.9
Healthcare 7.4 8.3
Industrials 13.6 12.0
Information Technology 15.1 8.5
Materials 7.1 7.6
Real Estate 0.7 3.2
Utilities 1.2 3.4
Cash 1.7 0.0
Geographic Distribution Fund Index
United Kingdom 15.8 11.2
France 9.7 7.7
Germany 8.3 5.9
Japan 9.0 15.9
USA* 8.6 0.0
Canada 6.0 6.9
Other Europe 20.4 17.9
Developed Asia 3.9 8.5
Emeg.Mkts Asia 14.1 19.1
Other Emeg.Mkts 4.2 6.9
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 12.3 12.5
Tracking Error 2.6 N/A
Sharpe Ratio 0.3 0.2
Information Ratio 0.8 N/A
Upside Capture 101.8 100.0
Downside Capture 91.0 100.0
Top Ten Holdings %
Nestle S.A. 2.4
Tencent Holdings Ltd. 2.1
LVMH Moet Hennessy Louis Vuitton SE 2.0
Volkswagen AG 1.9
HDFC Bank Limited 1.7
Taiwan Semiconductor Manufacturing Co., Ltd. 1.6
Adidas AG 1.6
Keyence Corporation 1.6
Canadian Pacific Railway Limited 1.6
Shopify, Inc. 1.6
*U.S. allocation includes ADR and cash.
  • Q1 2019 Performance Review

    12-Month Review

    • Strong relative returns in the first half of 2019 have offset the underperformance of 4Q18.
    • Sector allocation decisions detracted from relative performance while strong stock selection accounted for the Fund’s outperformance.
    • Specifically, underweights to the Utilities, Real Estate, and Health Care sectors along with an overweight to Consumer Discretionary were the biggest drivers of the negative impact from sector allocation.
    • Strong stock selection in Information Technology and Consumer Discretionary more than offset the negative stock selection in Energy and Financials.

    3-Month Review

    • The Fund outperformed its benchmark in the 2nd quarter.
    • The Fund’s outperformance was attributable to positive sector allocation and strong stock selection in the second quarter.
    • Almost all over/underweight sector allocations added value with the exception of an underweight to Financials. Underweights to Real Estate and Health Care were especially beneficial.
    • Stock selection was generally positive across the board with the notable exceptions of Energy and Communication Services. Positive results in Consumer Discretionary, Health Care, and Information Technology were the primary drivers.

    Current Positioning

    • The Fund’s positioning is relatively stable quarter to quarter. Within the developed markets portion of the fund, positioning is determined by the composite bottom up research driven security selection of the three sub-advisors.
    • The Fund exhibited a modest growth tilt relative to its benchmark. The Fund’s P/E and P/B ratios are slightly higher, and its dividend yield is lower than the index.
    • The Fund currently has over 80% of its market value invested in developed nation securities and 18% in emerging markets. The corresponding weights in the index are 74% and 26%, respectively.
    • Like recent quarters, sector weightings currently include an overweight in Information Technology and much more modest overages in Consumer Discretionary and Industrials. The most significant underweight is to Financials.

     

     

     

  • Fund Fact Sheet

    PDF
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