International Equity

This Strategy typically invests in international small- and mid-company stocks.
Special Notice:

Effective as of the close of the New York Stock Exchange on April 1, 2016, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.

×
Cumulative Total Returns

as of 3/31/17

Since Inception 11/17/97
889%
Performance & Distributions
×

International Equity

Gross Expense Ratio:
      1.43%
    Net Expense Ratio:   1.42%

    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.

    Cumulative Returns
    • A

    Compare to Indices

    International Small-Mid Company Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 4/25/17
      1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
    • B
    International Small-Mid Company Fund 21.87 66.22 -34.55 -18.6 -8.17 85.05 29.88 33.67 36.53 21.42 -65.97 121.67 37.19 -20.44 22.65 44.87 0.11 14.91 -0.49 13.94
    MSCI ACWI ex US SMID Cap Index 5.04 32.65 -18.06 -14.62 -5.70 57.57 29.30 22.64 26.86 10.76 -50.23 62.91 25.21 -18.50 18.52 19.73 -4.03 2.01 3.57

    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.

    Average Annual Total Returns
    • A

    as of 3/31/17

    as of 3/31/17

    • A
    YTD (as of 4/25/17)
    • B
    13.94%
    1 Year 11.51%
    3 Year 6.62%
    5 Year 14.39%
    10 Year 7.58%
    Since Inception 12.56%
    YTD (as of 4/25/17)
    • B
    13.94%
    1 Year 5.10%
    3 Year 4.53%
    5 Year 13.05%
    10 Year 6.95%
    Since Inception 12.22%
    YTD (as of 4/25/17)
    • B
    13.94%
    1 Year 11.51%
    3 Year 6.62%
    5 Year 14.39%
    10 Year 7.58%
    Since Inception 12.56%
    YTD (as of 4/25/17)
    • B
    13.94%
    1 Year 5.10%
    3 Year 4.53%
    5 Year 13.05%
    10 Year 6.95%
    Since Inception 12.22%
    Gross Expense Ratio
    1.43%
    Net Expense Ratio
    1.42%
    NAV
    • C
    as of 4/25/17
    $42.17

    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.

    Top Issuers

    03/31/17

    Lonza Group AG
    2.2%
    NICE Ltd.
    2.2%
    H. Lundbeck AS
    1.8%
    Carl Zeiss Meditec AG
    1.5%
    Ariake Japan Co. Ltd.
    1.4%
    Ocado Group plc
    1.3%
    LIXIL Group Corp.
    1.2%
    Flughafen Zuerick AG
    1.2%
    Abcam plc
    1.1%
    Ossur HF
    1.1%
    Grupo Catalana Occidente SA
    1.1%
    Ain Holdings, Inc.
    1.1%
    XING AG
    1.1%
    Treasury Wine Estate
    1.1%
    CAE, Inc.
    1.1%
    Obic Co Ltd.
    1.1%
    Elekta AB
    1.1%
    Cognex Corporation
    1.0%
    SuperGroup plc
    1.0%
    Tecan Group AG
    1.0%
    ×
    • 2.2%
      Lonza Group AG
    • Engages in the supply of pharmaceutical, healthcare, and life science products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Health Care
    INDUSTRY Life Sciences Tools & Services
    MARKET CAP Large
    ×
    • 2.2%
      NICE Ltd.
    • Provides solutions that capture, manage and analyze unstructured multimedia content and transactional data
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Israel
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Large
    ×
    • 1.8%
      H. Lundbeck AS
    • Engages in the research, development, production and sale of pharmaceuticals for the treatment of brain diseases
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Denmark
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 1.5%
      Carl Zeiss Meditec AG
    • Provides integrated medical technology
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.4%
      Ariake Japan Co. Ltd.
    • Manufactures, processes and sells natural seasonings, agricultural, livestock, marine products and quasi drugs
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food Products
    MARKET CAP Mid
    ×
    • 1.3%
      Ocado Group plc
    • Operates online supermarket and sells groceries
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Internet & Direct Marketing Retail
    MARKET CAP Mid
    ×
    • 1.2%
      LIXIL Group Corp.
    • Manufacturers house construction materials including window sashes, tiles, sanitary equipments and related parts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 1.2%
      Flughafen Zuerick AG
    • Owns and operates intercontinental airport
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 1.1%
      Abcam plc
    • Produces and distributes research-grade antibodies and associated products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Health Care
    INDUSTRY Biotechnology
    MARKET CAP Mid
    ×
    • 1.1%
      Ossur HF
    • Provides non-invasive orthopedic products and support services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Iceland
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.1%
      Grupo Catalana Occidente SA
    • Provides life, property, vehicle, home and casualty insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Spain
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Mid
    ×
    • 1.1%
      Ain Holdings, Inc.
    • Operates a chain of pharmacy
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    MARKET CAP Mid
    ×
    • 1.1%
      XING AG
    • Provides online business communication services and networking solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Small
    ×
    • 1.1%
      Treasury Wine Estate
    • Produces and markets wine
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Consumer Staples
    INDUSTRY Beverages
    MARKET CAP Large
    ×
    • 1.1%
      CAE, Inc.
    • Provides simulation and modeling technologies and training services to the civil aviation, defense sectors, healthcare and mining markets
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 1.1%
      Obic Co Ltd.
    • Provides system development and integration services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Information Technology
    INDUSTRY IT Services
    MARKET CAP Mid
    ×
    • 1.1%
      Elekta AB
    • Manufactures radiation oncology and neurosurgery instruments
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Sweden
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.0%
      Cognex Corporation
    • Develops, manufactures and markets machine vision computer systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    MARKET CAP Mid
    ×
    • 1.0%
      SuperGroup plc
    • Designs and sells branded premium quality clothing and accessories for men and women
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    MARKET CAP Small
    ×
    • 1.0%
      Tecan Group AG
    • Develops, makes, and distributes robotic sample processors and automatic analyzers for use in labs
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Health Care
    INDUSTRY Life Sciences Tools & Services
    MARKET CAP Mid
    Holdings Breakdown

    as of 03/31/17

    21.6%

    Japan

    18.6%

    United Kingdom

    9.5%

    Switzerland

    7.2%

    Germany

    4.7%

    France

    No Issuer Equity
    in
    France
    4.5%

    United States

    3.9%

    Denmark

    3.4%

    Italy

    No Issuer Equity
    in
    Italy
    2.7%

    Israel

    2.3%

    India

    No Issuer Equity
    in
    India
    2.1%

    Finland

    No Issuer Equity
    in
    Finland
    2.0%

    Spain

    1.7%

    Canada

    1.6%

    Ireland

    No Issuer Equity
    in
    Ireland
    1.6%

    Belgium

    No Issuer Equity
    in
    Belgium
    1.5%

    Sweden

    1.3%

    Netherlands

    No Issuer Equity
    in
    Netherlands
    1.1%

    Australia

    1.1%

    Iceland

    0.5%

    Norway

    No Issuer Equity
    in
    Norway
    Developed Markets 5
    Emerging Markets 5
    58.9%

    Europe

    No Issuer Equity
    in
    Europe
    23.2%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    6.2%

    Americas

    No Issuer Equity
    in
    Americas
    2.7%

    Middle East

    No Issuer Equity
    in
    Middle East
    2.3%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    0.5%

    Americas

    No Issuer Equity
    in
    Americas
    0.4%

    Europe

    No Issuer Equity
    in
    Europe
    25.2%

    Health Care

    18.3%

    Information Technology

    16.2%

    Industrials

    14.4%

    Consumer Discretionary

    8.2%

    Financials

    7.3%

    Consumer Staples

    3.0%

    Materials

    No Issuer Equity
    in
    Materials
    1.5%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    7.4%

    Pharmaceuticals

    7.2%

    Health Care Equipment & Supplies

    6.1%

    Internet & Direct Marketing Retail

    5.9%

    Biotechnology

    5.5%

    Machinery

    No Issuer Equity
    in
    Machinery
    4.8%

    Software

    4.8%

    Life Sciences Tools & Services

    4.5%

    Electronic Equipment Instruments & Components

    4.1%

    Trading Companies & Distributors

    No Issuer Equity
    in
    Trading Companies & Distributors
    3.8%

    Internet Software & Services

    3.7%

    Insurance

    3.1%

    IT Services

    3.0%

    Chemicals

    No Issuer Equity
    in
    Chemicals
    3.0%

    Beverages

    2.5%

    Food Products

    2.1%

    Banks

    No Issuer Equity
    in
    Banks
    1.9%

    Specialty Retail

    1.9%

    Food & Staples Retailing

    1.8%

    Semiconductors & Semiconductor Equipment

    No Issuer Equity
    in
    Semiconductors & Semiconductor Equipment
    1.8%

    Household Durables

    No Issuer Equity
    in
    Household Durables
    94.1%

    55.9%

    Mid

    24.0%

    Large

    14.1%

    Small

    Morningstar

    as of 3/31/17

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 108
    Category Foreign Small/Mid Growth
    Risk Measurements

    as of 03/31/17

    Alpha 4.90%
    Beta 0.71
    R-Squared
    74.18
    Sharpe Ratio
    0.67
    Standard Deviation
    10.07%
    Sortino Ratio
    0.31
    Information Ratio
    0.73
    Equity Style
    • D
    Total Assets (all classes)
    as of 3/31/17
    $7.2 BN
    Portfolio Statistics

    as of 3/31/17

    Avg Market Cap (weighted) 4.5 BN
    Median Market Cap (weighted) 3.7 BN
    P/E (next 12 months) 22.87
    P/E Operating (LTM) 32.27
    Price/Book Value (LTM) 3.09
    Turnover Ratio
    19.00%
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • E
    Est Frequency Annual
    Last Pay Date 12/6/16
    Per Share ($) 0.0559
    12-Month Distribution ($) 0.0559
    Distribution Sources
    Net Income 41.20%
    Net Profit from Sale 58.80%
    Other Capital Sources 0.00%
    Top Issuers

    03/31/17

    Lonza Group AG
    2.2%
    NICE Ltd.
    2.2%
    H. Lundbeck AS
    1.8%
    Carl Zeiss Medi...
    1.5%
    Ariake Japan Co...
    1.4%
    Ocado Group plc...
    1.3%
    LIXIL Group Cor...
    1.2%
    Flughafen Zueri...
    1.2%
    Abcam plc
    1.1%
    Ossur HF
    1.1%
    Grupo Catalana ...
    1.1%
    Ain Holdings, I...
    1.1%
    XING AG
    1.1%
    Treasury Wine E...
    1.1%
    CAE, Inc.
    1.1%
    Obic Co Ltd.
    1.1%
    Elekta AB
    1.1%
    Cognex Corporat...
    1.0%
    SuperGroup plc
    1.0%
    Tecan Group AG
    1.0%
    Holdings Breakdown

    as of 3/31/17

    Reset
    21.6%

    Japan

    18.6%

    United Kingdom

    9.5%

    Switzerland

    7.2%

    Germany

    4.7%

    France

    No Issuer Equity
    in
    France
    4.5%

    United States

    3.9%

    Denmark

    3.4%

    Italy

    No Issuer Equity
    in
    Italy
    2.7%

    Israel

    2.3%

    India

    No Issuer Equity
    in
    India
    2.1%

    Finland

    No Issuer Equity
    in
    Finland
    2.0%

    Spain

    1.7%

    Canada

    1.6%

    Ireland

    No Issuer Equity
    in
    Ireland
    1.6%

    Belgium

    No Issuer Equity
    in
    Belgium
    1.5%

    Sweden

    1.3%

    Netherlands

    No Issuer Equity
    in
    Netherlands
    1.1%

    Australia

    1.1%

    Iceland

    0.5%

    Norway

    No Issuer Equity
    in
    Norway
    58.9%

    Europe

    No Issuer Equity
    in
    Europe
    23.2%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    6.2%

    Americas

    No Issuer Equity
    in
    Americas
    2.7%

    Middle East

    No Issuer Equity
    in
    Middle East
    2.3%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    0.5%

    Americas

    No Issuer Equity
    in
    Americas
    0.4%

    Europe

    No Issuer Equity
    in
    Europe
    25.2%

    Health Care

    18.3%

    Information Technology

    16.2%

    Industrials

    14.4%

    Consumer Discretionary

    8.2%

    Financials

    7.3%

    Consumer Staples

    3.0%

    Materials

    No Issuer Equity
    in
    Materials
    1.5%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    7.4%

    Pharmaceuticals

    7.2%

    Health Care Equipment & Supplies

    6.1%

    Internet & Direct Marketing Retail

    5.9%

    Biotechnology

    5.5%

    Machinery

    No Issuer Equity
    in
    Machinery
    4.8%

    Software

    4.8%

    Life Sciences Tools & Services

    4.5%

    Electronic Equipment Instruments & Components

    4.1%

    Trading Companies & Distributors

    No Issuer Equity
    in
    Trading Companies & Distributors
    3.8%

    Internet Software & Services

    3.7%

    Insurance

    3.1%

    IT Services

    3.0%

    Chemicals

    No Issuer Equity
    in
    Chemicals
    3.0%

    Beverages

    2.5%

    Food Products

    2.1%

    Banks

    No Issuer Equity
    in
    Banks
    1.9%

    Specialty Retail

    1.9%

    Food & Staples Retailing

    1.8%

    Semiconductors & Semiconductor Equipment

    No Issuer Equity
    in
    Semiconductors & Semiconductor Equipment
    1.8%

    Household Durables

    No Issuer Equity
    in
    Household Durables
    94.1%

    55.9%

    Mid

    24.0%

    Large

    14.1%

    Small

    ×
    • 2.2%
      Lonza Group AG
    • Engages in the supply of pharmaceutical, healthcare, and life science products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Health Care
    INDUSTRY Life Sciences Tools & Services
    MARKET CAP Large
    ×
    • 2.2%
      NICE Ltd.
    • Provides solutions that capture, manage and analyze unstructured multimedia content and transactional data
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Israel
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Large
    ×
    • 1.8%
      H. Lundbeck AS
    • Engages in the research, development, production and sale of pharmaceuticals for the treatment of brain diseases
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Denmark
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 1.5%
      Carl Zeiss Meditec AG
    • Provides integrated medical technology
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.4%
      Ariake Japan Co. Ltd.
    • Manufactures, processes and sells natural seasonings, agricultural, livestock, marine products and quasi drugs
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food Products
    MARKET CAP Mid
    ×
    • 1.3%
      Ocado Group plc
    • Operates online supermarket and sells groceries
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Internet & Direct Marketing Retail
    MARKET CAP Mid
    ×
    • 1.2%
      LIXIL Group Corp.
    • Manufacturers house construction materials including window sashes, tiles, sanitary equipments and related parts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Industrials
    MARKET CAP Large
    ×
    • 1.2%
      Flughafen Zuerick AG
    • Owns and operates intercontinental airport
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 1.1%
      Abcam plc
    • Produces and distributes research-grade antibodies and associated products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Health Care
    INDUSTRY Biotechnology
    MARKET CAP Mid
    ×
    • 1.1%
      Ossur HF
    • Provides non-invasive orthopedic products and support services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Iceland
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.1%
      Grupo Catalana Occidente SA
    • Provides life, property, vehicle, home and casualty insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Spain
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Mid
    ×
    • 1.1%
      Ain Holdings, Inc.
    • Operates a chain of pharmacy
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    MARKET CAP Mid
    ×
    • 1.1%
      XING AG
    • Provides online business communication services and networking solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Germany
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Small
    ×
    • 1.1%
      Treasury Wine Estate
    • Produces and markets wine
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Australia
    EQUITY SECTOR Consumer Staples
    INDUSTRY Beverages
    MARKET CAP Large
    ×
    • 1.1%
      CAE, Inc.
    • Provides simulation and modeling technologies and training services to the civil aviation, defense sectors, healthcare and mining markets
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Canada
    EQUITY SECTOR Industrials
    MARKET CAP Mid
    ×
    • 1.1%
      Obic Co Ltd.
    • Provides system development and integration services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Japan
    EQUITY SECTOR Information Technology
    INDUSTRY IT Services
    MARKET CAP Mid
    ×
    • 1.1%
      Elekta AB
    • Manufactures radiation oncology and neurosurgery instruments
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Sweden
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.0%
      Cognex Corporation
    • Develops, manufactures and markets machine vision computer systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    MARKET CAP Mid
    ×
    • 1.0%
      SuperGroup plc
    • Designs and sells branded premium quality clothing and accessories for men and women
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Specialty Retail
    MARKET CAP Small
    ×
    • 1.0%
      Tecan Group AG
    • Develops, makes, and distributes robotic sample processors and automatic analyzers for use in labs
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Switzerland
    EQUITY SECTOR Health Care
    INDUSTRY Life Sciences Tools & Services
    MARKET CAP Mid

    Management

    Rezo Kanovich

    Managed Fund since 1/12

    Investment Approach

    The portfolio manager invests primarily in small- and mid-cap companies domiciled outside the U.S. that offer opportunities for growth. We look to identify future leaders in the early stages of their growth which can also uncover the potential for multi-year gains for investors.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

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    1. 1. As of the close of the New York Stock Exchange on April 1, 2016, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.
    2. 2. Special Risks: 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. Investments in securities of growth companies may be volatile. Small and 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 small-sized or mid-sized company, if any gain is realized at all. Investing significantly in a particular region, industry, sector or issuer may increase volatility and risk.
    3. 3. 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.
    4. 4. Access index definitions.
    5. 5. 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.
    6. 6. 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.
    7. A. 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.
    8. B. "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.
    9. C. 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 p.m. ET daily.
    10. D. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    11. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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