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: 1.41%; Class B: 0.84%

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 06/30/2020

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT International Equity Fund Class A 20.95 -0.30 3.51 4.02 6.81
CUIT International Equity Fund Class B 21.12 0.21 4.01 4.48 7.26
MSCI ACWI-ex U.S. ‡ 16.3 -4.39 1.61 2.74 6.33
Calendar Year 2019 2018 2017 2016 2015 2014
CUIT International Equity Fund Class A 26.1 -15.93 30.47 2.35 -2.82 -5.11
CUIT International Equity Fund Class B 26.75 -15.53 31.04 2.75 -2.45 -4.72
MSCI ACWI-ex U.S. ‡ 22.13 -13.78 27.77 5.01 -3.81 -4.49

 

Source: BNY Mellon, SS&C

‡ 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 06/30/2020

Statistics Data Fund Index
Weighted Median Market Cap $41.0B $33.4B
Price/Book 2.0x 1.6x
Price/Earnings 17.2x 15.8x
Return on Equity 16.6% 14.4%
Dividend Yield 2.3% 3.1%
5-year Earnings Growth 12.6% 10.3%
Beta 1.1 1.0
10 Largest Holdings 21.0% 7.1%
# of Equity Securities 317 2,372
Turnover Rate 41.8 N/A
Market Sector Analysis Fund Index
Communication Services 6.2 7.6
Consumer Discretionary 15.6 12.6
Consumer Staples 8.5 10.0
Energy 1.7 4.8
Financials 13.6 18.1
Healthcare 9.9 10.7
Industrials 14.8 11.4
Information Technology 19.3 11.0
Materials 6.1 7.6
Real Estate 0.4 2.8
Utilities 1.0 3.5
Cash 3.0 0.0
Geographic Distribution Fund Index
United Kingdom 10.3 8.0
France 7.4 6.8
Germany 8.9 6.0
Japan 8.6 16.7
USA* 5.2 0.0
Canada 7.6 6.6
Other Europe 27.2 20.5
Developed Asia 2.5 8.8
Emeg.Mkts Asia 18.9 21.6
Other Emeg.Mkts 3.6 5.1
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 15.0 14.7
Tracking Error 2.8 N/A
Sharpe Ratio 0.3 0.1
Information Ratio 1.0 N/A
Upside Capture 107.3 100.0
Downside Capture 93.8 100.0
Top Ten Holdings %
Tencent Holdings Ltd. 3.5
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR 2.6
Shopify, Inc. Class A 2.6
Nestle S.A. 2.2
Alibaba Group Holding Ltd. Sponsored ADR 1.9
Lululemon Athletica Inc 1.8
MercadoLibre, Inc. 1.7
LVMH Moet Hennessy Louis Vuitton SE 1.6
Volkswagen AG Pref 1.5
Keyence Corporation 1.5

 

Source: FactSet, eVestment

The securities identified and described do not represent all of the securities purchased, sold or recommended for investor accounts. The reader should not assume that an investment in the securities identified was or will be profitable. For a complete list of securities offered during the period, please contact CBIS.

*U.S. allocation includes ADR and cash.
  • Q1 2020 Performance Review

    12-Month Review

    • Both sector allocation decisions and stock selection were additive to relative outperformance.
    • Overweight to Information Technology, and underweight to Financials were the most significant factors for positive sector selection. Underweights to the worst performing sectors such as Energy and Real Estate were also positive contributors.
    • The main detractors were not holding certain Health Care names and owning an Energy stock.

    3-Month Review

    • The positive effect of the over- and underweighting of certain sectors was positive, but strong stock selection was the main driver of outperformance.
    • Sector allocations are a result of stock decisions, but underweights to Real Estate, Energy, and Financials, three of the worst performing sectors, and an overweight to Information Technology, one of the best performing sectors, were beneficial to the Fund.
    • The positive contribution from Industrials came from a number of holdings.

    Current Positioning

    • The Fund’s positioning is relatively stable quarter to quarter. Within the developed markets, positioning is determined by the composite bottom up research driven security selection.
    • The Fund also exhibited a modest growth tilt relative to the benchmark. The Fund’s P/E and P/B ratios are slightly higher, and its dividend yield is lower than the benchmark.
    • The Fund currently has about 77% of its market value invested in developed nation securities and 23% in emerging markets.
    • 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.

 

All attribution is based on gross portfolio performance.

  • Fund Fact Sheet

    PDF
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