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QIVIX

International Equity Fund

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Overview

The Strategy typically invests in international stocks that the portfolio manager believes are undervalued.

Inception Date
March 28, 2013
Investment Style
International Equity
Fund Index
MSCI ACWI ex US
CUSIP
68382N609
NAV
  • A
(as of 08/21/2018)
$20.81
Total Assets
(as of 07/31/2018)
$2.17 BN
Gross Expense Ratio
(as of 07/31/2018)
0.81%
Net Expense Ratio
(as of 07/31/2018)
0.81%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 07/31/2018
as of 06/30/2018

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
ytd as of 2018-06-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
International Equity Fund (NAV)
-4.68% 4.74% 6.25% 6.73% - 6.51%
MSCI ACWI ex US
-3.77% 7.28% 5.07% 5.99% 2.54% -
Cumulative
Annualized
ytd as of 2018-07-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
International Equity Fund (NAV)
-3.02% 3.41% 6.63% 5.87% - 6.75%
MSCI ACWI ex US
-1.46% 5.94% 6.00% 5.59% 3.16% -
Gross Expense Ratio: 0.81% | Net Expense Ratio: 0.81%

Year International Equity Fund MSCI ACWI ex US
2014 -9.87% -3.87%
2015 -0.55% -5.66%
2016 2.38% 4.50%
2017 31.62% 27.19%

Date International Equity Fund MSCI ACWI ex-US MSCI World S&P 500
7/31/2008 0.00 0.00 0.00 0.00
8/31/2008 -1.54 -4.68 -1.40 1.45
9/30/2008 -16.14 -19.00 -13.13 -7.59
10/31/2008 -35.55 -36.83 -29.60 -23.11
11/30/2008 -39.13 -40.49 -34.16 -28.63
12/31/2008 -33.18 -37.10 -32.05 -27.87
1/31/2009 -39.56 -42.66 -38.00 -33.95
2/28/2009 -46.45 -48.01 -44.35 -40.98
3/31/2009 -42.88 -43.83 -40.15 -35.81
4/30/2009 -33.24 -36.18 -33.43 -29.67
5/31/2009 -20.93 -27.54 -27.40 -25.74
6/30/2009 -19.27 -28.34 -27.73 -25.59
7/31/2009 -11.67 -21.33 -21.61 -19.96
8/31/2009 -6.25 -18.42 -18.38 -17.07
9/30/2009 -1.71 -14.23 -15.12 -13.98
10/31/2009 -4.84 -15.29 -16.63 -15.57
11/30/2009 -4.27 -12.86 -13.23 -10.51
12/31/2009 -0.56 -11.02 -11.67 -8.78
1/31/2010 -3.02 -15.37 -15.32 -12.06
2/28/2010 -4.08 -15.37 -14.13 -9.34
3/31/2010 3.09 -9.62 -8.81 -3.87
4/30/2010 4.48 -10.41 -8.79 -2.35
5/31/2010 -6.94 -19.84 -17.53 -10.15
6/30/2010 -8.06 -20.87 -20.36 -14.85
7/31/2010 0.77 -13.72 -13.90 -8.89
8/31/2010 -3.75 -16.09 -17.12 -13.00
9/30/2010 5.81 -7.74 -9.39 -5.23
10/31/2010 10.72 -4.60 -6.01 -1.63
11/30/2010 4.15 -8.28 -8.04 -1.62
12/31/2010 12.88 -1.10 -1.28 4.96
1/31/2011 15.53 -0.13 0.95 7.45
2/28/2011 18.38 2.50 4.49 11.13
3/31/2011 15.66 2.27 3.46 11.17
4/30/2011 21.85 7.26 7.85 14.46
5/31/2011 18.18 4.17 5.62 13.17
6/30/2011 15.80 2.66 3.94 11.28
7/31/2011 11.24 1.26 2.06 9.02
8/31/2011 0.17 -7.42 -5.13 3.10
9/30/2011 -10.84 -17.72 -13.33 -4.15
10/31/2011 -4.59 -9.05 -4.36 6.33
11/30/2011 -9.14 -13.69 -6.69 6.09
12/31/2011 -13.02 -14.66 -6.75 7.18
1/31/2012 -8.35 -8.87 -2.07 11.98
2/29/2012 -4.02 -3.75 2.72 16.82
3/31/2012 -3.40 -5.07 4.04 20.67
4/30/2012 -4.64 -6.57 2.86 19.91
5/31/2012 -14.67 -17.18 -6.02 12.70
6/30/2012 -9.65 -12.29 -1.23 17.34
7/31/2012 -9.65 -11.05 0.04 18.97
8/31/2012 -5.12 -9.19 2.57 21.65
9/30/2012 -1.20 -5.80 5.39 24.80
10/31/2012 0.99 -5.44 4.68 22.49
11/30/2012 2.85 -3.63 6.02 23.20
12/31/2012 6.94 -0.29 8.01 24.33
1/31/2013 12.15 3.76 13.51 30.77
2/28/2013 12.99 2.66 13.70 32.54
3/31/2013 15.56 2.87 16.36 37.51
4/30/2013 20.84 6.65 20.03 40.16
5/31/2013 17.71 4.18 20.07 43.44
6/30/2013 16.11 -0.34 17.12 41.51
7/31/2013 22.92 4.03 23.28 48.72
8/31/2013 20.84 2.59 20.66 44.41
9/30/2013 30.01 9.72 26.69 48.94
10/31/2013 33.14 13.75 31.65 55.78
11/30/2013 35.71 13.94 33.99 60.53
12/31/2013 39.34 14.95 36.83 64.59
1/31/2014 31.14 9.72 31.76 58.90
2/28/2014 35.66 15.24 38.35 66.17
3/31/2014 32.90 15.53 38.55 67.57
4/30/2014 32.27 17.06 39.97 68.81
5/31/2014 34.25 19.33 42.73 72.77
6/30/2014 35.94 21.34 45.28 76.34
7/31/2014 31.28 20.14 42.96 73.91
8/31/2014 31.21 20.80 46.11 80.87
9/30/2014 26.05 14.95 42.15 78.33
10/31/2014 26.97 13.81 43.07 82.68
11/30/2014 30.01 14.64 45.93 87.60
12/31/2014 25.04 10.50 43.58 87.13
1/31/2015 25.69 10.34 40.98 81.51
2/28/2015 31.09 16.24 49.24 91.94
3/31/2015 30.88 14.36 46.90 88.90
4/30/2015 36.72 20.14 50.35 90.72
5/31/2015 37.44 18.26 50.87 93.17
6/30/2015 32.90 14.96 47.36 89.43
7/31/2015 33.69 14.64 50.00 93.40
8/31/2015 23.88 5.88 40.08 81.73
9/30/2015 19.99 0.97 34.91 77.23
10/31/2015 27.92 8.49 45.60 92.18
11/30/2015 26.62 6.25 44.88 92.75
12/31/2015 23.84 4.25 42.33 89.71
1/31/2016 18.83 -2.84 33.81 80.30
2/29/2016 17.81 -3.95 32.82 80.06
3/31/2016 25.29 3.85 41.83 92.27
4/30/2016 26.23 6.59 44.08 93.02
5/31/2016 26.30 4.79 44.88 96.48
6/30/2016 24.13 3.19 43.26 96.99
7/31/2016 30.51 8.29 49.31 104.26
8/31/2016 30.87 8.97 49.44 104.54
9/30/2016 33.63 10.32 50.23 104.58
10/31/2016 29.49 8.73 47.32 100.85
11/30/2016 26.23 6.22 49.44 108.29
12/31/2016 26.19 8.93 53.02 112.40
1/31/2017 31.22 12.79 56.71 116.43
2/28/2017 32.18 14.59 61.06 125.03
3/31/2017 37.88 17.50 62.78 125.29
4/30/2017 42.76 20.01 65.19 127.60
5/31/2017 48.68 23.91 68.68 130.81
6/30/2017 50.83 24.29 69.33 132.25
7/31/2017 55.42 28.87 73.38 137.02
8/31/2017 55.71 29.55 73.63 137.75
9/30/2017 59.27 31.95 77.52 142.65
10/31/2017 64.15 34.43 80.88 148.31
11/30/2017 64.52 35.52 84.80 155.93
12/31/2017 65.42 38.55 87.30 158.78
1/31/2018 74.30 46.27 97.18 173.59
2/28/2018 65.94 39.37 89.02 163.51
3/31/2018 62.61 36.92 84.90 156.81
4/30/2018 64.01 39.10 87.02 157.80
5/31/2018 62.75 35.89 88.19 164.00
6/30/2018 57.28 33.34 88.10 165.63
7/31/2018 60.02 36.52 93.98 175.51
$ per share as of 08/20/2018

Date 2013 2014 2015 2016 2017
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Issuers

(39.8% of assets as of 07/31/2018)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector
Industry
Asset Allocation
Market Cap 5
Country International Equity Fund MSCI ACWI ex US Overweight / Underweight
Japan 22.1% 16.1% 6.0%
France 13.5% 7.6% 5.9%
United Kingdom 11.3% 12.2% -0.9%
China 11.2% 7.8% 3.4%
Germany 9.6% 6.6% 2.9%
South Korea 7.3% 3.5% 3.8%
United States 3.3% 0.0% 3.2%
Hong Kong 2.9% 2.4% 0.5%
Canada 2.7% 6.6% -3.9%
Netherlands 2.7% 2.5% 0.2%
New Zealand 0.9% 0.1% 0.8%
Taiwan 0.7% 2.9% -2.3%
Switzerland 0.6% 5.6% -5.0%
Spain 0.5% 2.1% -1.7%
Malaysia 0.5% 0.6% -0.1%
Developed Markets International Equity Fund MSCI ACWI ex US Overweight / Underweight
Europe 38.2% 43.9% -5.7%
Asia Pacific 26.0% 24.2% 1.8%
Americas 5.9% 6.7% -0.7%
Emerging Markets International Equity Fund MSCI ACWI ex US Overweight / Underweight
Asia Pacific 19.6% 18.4% 1.3%
Equity Sector International Equity Fund MSCI ACWI ex US Overweight / Underweight
Information Technology 21.0% 11.7% 9.3%
Consumer Discretionary 16.6% 11.0% 5.6%
Industrials 13.8% 11.7% 2.2%
Consumer Staples 10.5% 9.6% 0.9%
Financials 8.0% 22.2% -14.2%
Materials 7.6% 8.2% -0.6%
Energy 7.2% 7.4% -0.2%
Telecommunication Services 3.1% 3.8% -0.7%
Health Care 2.1% 8.3% -6.2%
Industry International Equity Fund MSCI ACWI ex US Overweight / Underweight
Oil Gas & Consumable Fuels 5.7% 7.3% -1.6%
Hotels Restaurants & Leisure 5.5% 1.3% 4.2%
Semiconductors & Semiconductor Equipment 5.3% 2.4% 2.8%
Electronic Equipment Instruments & Components 5.1% 1.7% 3.4%
Metals & Mining 4.7% 3.4% 1.3%
Aerospace & Defense 4.6% 1.1% 3.5%
Software 4.5% 1.4% 3.1%
Internet Software & Services 4.5% 3.1% 1.4%
Beverages 4.4% 1.9% 2.5%
Professional Services 3.7% 0.9% 2.9%
Banks 3.5% 13.7% -10.2%
Insurance 3.3% 5.1% -1.7%
Food Products 3.0% 2.5% 0.5%
Household Durables 2.8% 0.9% 1.9%
Chemicals 2.8% 3.5% -0.7%
Wireless Telecommunication Services 2.2% 1.9% 0.2%
Textiles Apparel & Luxury Goods 2.1% 1.7% 0.4%
Electrical Equipment 1.8% 1.0% 0.8%
Technology Hardware Storage & Peripherals 1.7% 1.6% 0.0%
Personal Products 1.6% 1.6% -0.1%
Asset Allocation International Equity Fund MSCI ACWI ex US Overweight / Underweight
Equity 89.8% 100.0% -10.2%
Market Cap International Equity Fund MSCI ACWI ex US Overweight / Underweight
Large 78.4% 88.6% -10.3%
Mid 11.4% 11.1% 0.3%
Analytics
(As of 07/31/2018)

Morningstar 07/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
633
Category
Foreign Large Blend
Performance Statistics
3Y
5Y
Alpha
1.25
0.85
Beta
0.87
0.89
Information Ratio
0.15
0.06
R-Squared
88.27
85.67
Sharpe Ratio
0.56
0.53
Standard Deviation
11.30
11.06
Upside Capture
93.33
91.88
Downside Capture
86.70
86.78
Sortino Ratio
0.26
0.24
Win Ratio
44.00
43.00
Loss Ratio
56.00
57.00
Margin of Outperformance
1.13
1.23
Margin of Underperformance
-0.83
-0.91
Tracking Error
4.18
4.38
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/13/2017
Per Share ($)
$0.0853
12-Month Distribution ($)
$0.0853
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$65.90 B
$64.11 B
Median Market Cap (weighted)
$39.24 B
$33.42 B
P/E Ratio (LTM)
18.11
16.42
P/E Ratio (NTM)
14.71
13.62
Price/Book
2.15
1.86
Debt to Capital Ratio
33.88
40.00
Turnover Ratio
83%
-
Active Share
86.83%
-
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Documents
  1. 1. Special Risks: Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Eurozone investments may be subject to volatility and liquidity issues. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a mid-sized company, if any gain is realized at all.
  2. 2. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  3. 3. Access index definitions.
  4. 4. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
  5. 5. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund’s prospectus.
  6. 6. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million. Class I shares are sold at net asset value without a sales charge. Please see Fund prospectuses for additional information.
  7. A. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
  8. B. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
  9. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
  10. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  11. E. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated. Class C shares are subject to a 0.75% annual asset-backed sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
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