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 03/31/2020

Trailing 3 Months 1 Year 3 Years 5 Years 10 Years
CUIT International Equity Fund Class A -23.32 -13.16 -0.77 0.51 3.28
CUIT International Equity Fund Class B -23.25 -12.71 -0.30 0.95 3.72
MSCI ACWI-ex U.S. ‡ -23.26 -15.14 -1.48 -0.13 3.20
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 03/31/2020

Statistics Data Fund Index
Weighted Median Market Cap $32.3B $29.3B
Price/Book 1.6x 1.4x
Price/Earnings 14.1x 12.9x
Return on Equity 17.3% 15.0%
Dividend Yield 3.0% 3.8%
5-year Earnings Growth 12.1% 10.8%
Beta 1.1 1.0
10 Largest Holdings 19.6% 9.2%
# of Equity Securities 351 2,411
Turnover Rate 39.4 N/A
Market Sector Analysis Fund Index
Communication Services 5.6 7.5
Consumer Discretionary 14.3 11.8
Consumer Staples 10.0 10.5
Energy 2.1 5.2
Financials 15.4 19.2
Healthcare 9.8 10.5
Industrials 15.7 11.4
Information Technology 17.3 10.2
Materials 6.0 7.0
Real Estate 0.5 3.0
Utilities 1.0 3.7
Cash 2.5 0.0
Geographic Distribution Fund Index
United Kingdom 12.1 10.0
France 8.3 7.2
Germany 8.9 5.5
Japan 8.5 17.5
USA* 10.1 0.0
Canada 4.3 6.4
Other Europe 22.6 18.9
Developed Asia 2.5 7.4
Emeg.Mkts Asia 18.9 22.0
Other Emeg.Mkts 3.7 5.1
Risk Metrics Fund
(5 YR)
Index
(5 YR)
Standard Deviation 14.3 14.4
Tracking Error 2.6 N/A
Sharpe Ratio 0.1 -0.1
Information Ratio 0.8 N/A
Upside Capture 103.0 100.0
Downside Capture 92.6 100.0
Top Ten Holdings %
Tencent Holdings Ltd. 3.1
Taiwan Semiconductor Manufacturing Co., Ltd. 2.7
Nestle S.A. 2.5
Alibaba Group Holding Ltd. 2.1
LVMH Moet Hennessy Louis Vuitton SE 1.7
ASML Holding NV 1.6
Volkswagen AG 1.5
Canadian Pacific Railway Limited 1.5
AIA Group Limited 1.5
Keyence Corporation 1.4

 

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

    • For the year, both sector allocation decisions and stock selection were additive to relative outperformance.
    • Overweight to Information Technology and a slight position in cash were the most significant factors for positive sector selection. Underweights to the worst performing sectors such as Energy, Real Estate, and Financials were also positive contributors.
    • At the stock level, holdings in Industrials were notable outperformers. A wide range of holdings within the sector accounted for much of the relative outperformance.
    • The main detractors were not holding four health care names and owning an Energy stock.

    3-Month Review

    • In the first quarter, the positive effect of the Fund’s over- and underweighting of certain sectors was positive, but was offset by negative stock selection, particularly in Financials and Health Care. This led to benchmark like returns for the quarter.
    • Underweight to Financials, one of the worst performing sectors, and an overweight to Information Technology, one of the better performing sectors, were beneficial to the Fund. A residual cash position also helped in the down market.
    • In a reversal from the fourth quarter of 2019 where stock selection decisions within Financials helped to drive outperformance at the end of the year, those same holdings were the main causes of the underperformance in the first quarter of 2020. In Financials, overweights to five names were some of the largest detractors. Stock selection in health care also detracted as not owning four names on the restricted list accounted for a significant share of the relative shortfall.

    Current Positioning

    • Positioning is relatively stable quarter to quarter. Within the developed markets portion, positioning is determined by the composite bottom up research driven security selection.
    • The Fund 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 78% of its market value invested in developed nation securities and 22% 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

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