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Global Value

Overview

The strategy focuses on absolute value by purchasing companies with a large gap between the value of the business and market price that also have durable advantages and effective management.

Strategy Inception Date
September 28, 2007
Composite Inception Date
December 31, 2007
Composite AUM
(as of 11/30/2017)
$1.30 BN
Composite Benchmark
MSCI ACWI
Performance
Average Annual Returns
Cumulative Returns
Calendar Year Returns
as of 11/30/2017
as of 09/30/2017

Cumulative
Annualized
3 mo ytd as of 2017-09-30
1 yr 3 yr 5 yr since inception
Global Value (gross of fees)
6.64% 25.14% 23.14% 9.75% 13.06% 9.45%
Global Value (net of fees)
6.45% 24.48% 22.27% 8.96% 12.25% 8.67%
MSCI ACWI
5.18% 17.25% 18.65% 7.43% 10.20% 4.18%
MSCI ACWI
5.18% 17.25% 18.65% 7.43% 10.20% 4.18%
Cumulative
Annualized
3 mo ytd as of 2017-11-30
1 yr 3 yr 5 yr since inception
Global Value (gross of fees)
2.29% 26.65% 27.67% 8.38% 13.14% 9.42%
Global Value (net of fees)
2.10% 25.83% 26.77% 7.60% 12.33% 8.64%
MSCI ACWI
6.06% 22.01% 24.64% 8.01% 10.94% 4.52%
MSCI ACWI
6.06% 22.01% 24.64% 8.01% 10.94% 4.52%

Year Global Value (gross of fees) Global Value (net of fees) MSCI ACWI
2008 -45.98% -46.39% -42.19%
2009 76.23% 75.02% 34.63%
2010 27.34% 26.44% 12.67%
2011 -6.66% -7.33% -7.35%
2012 21.13% 20.27% 16.13%
2013 44.42% 43.42% 22.80%
2014 -3.89% -4.58% 4.16%
2015 0.87% 0.14% -2.36%
2016 0.44% -0.28% 7.86%

Date Global Value (gross of fees) Global Value (net of fees) MSCI ACWI
11/30/2012 0.00 0.00 0.00
12/31/2012 4.07 4.01 2.27
1/31/2013 12.07 11.95 6.98
2/28/2013 12.36 12.17 6.96
3/31/2013 14.93 14.66 8.91
4/30/2013 18.66 18.32 12.03
5/31/2013 23.21 22.78 11.72
6/30/2013 21.16 20.67 8.45
7/31/2013 30.48 29.87 13.65
8/31/2013 29.04 28.37 11.28
9/30/2013 38.46 37.66 17.03
10/31/2013 42.99 42.08 21.73
11/30/2013 45.06 44.05 23.45
12/31/2013 50.30 49.17 25.58
1/31/2014 41.99 40.83 20.56
2/28/2014 49.12 47.81 26.38
3/31/2014 47.18 45.80 26.95
4/30/2014 42.29 40.88 28.15
5/31/2014 46.08 44.54 30.88
6/30/2014 47.71 46.07 33.34
7/31/2014 40.67 39.02 31.73
8/31/2014 45.24 43.45 34.64
9/30/2014 38.56 36.77 30.27
10/31/2014 40.62 38.72 31.19
11/30/2014 45.60 43.55 33.38
12/31/2014 44.45 42.33 30.81
1/31/2015 37.72 35.61 28.76
2/28/2015 48.54 46.19 35.93
3/31/2015 46.81 44.39 33.83
4/30/2015 49.54 46.99 37.71
5/31/2015 52.50 49.81 37.53
6/30/2015 48.36 45.66 34.29
7/31/2015 51.60 48.75 35.46
8/31/2015 37.36 34.69 26.17
9/30/2015 33.64 30.96 21.60
10/31/2015 47.27 44.24 31.14
11/30/2015 48.91 45.76 30.06
12/31/2015 45.71 42.54 27.72
1/31/2016 31.66 28.71 20.01
2/29/2016 29.55 26.57 19.19
3/31/2016 39.10 35.83 28.02
4/30/2016 38.98 35.62 29.91
5/31/2016 41.91 38.40 30.07
6/30/2016 35.62 32.19 29.29
7/31/2016 44.91 41.16 34.86
8/31/2016 46.56 42.69 35.31
9/30/2016 48.73 44.71 36.14
10/31/2016 43.14 39.19 33.83
11/30/2016 45.17 41.08 34.85
12/31/2016 46.35 42.14 37.76
1/31/2017 52.80 48.32 41.53
2/28/2017 58.38 53.64 45.50
3/31/2017 58.57 53.74 47.28
4/30/2017 63.87 58.78 49.57
5/31/2017 68.52 63.19 52.87
6/30/2017 71.74 66.21 53.57
7/31/2017 80.46 74.56 57.86
8/31/2017 81.20 75.17 58.47
9/30/2017 83.14 76.94 61.53
10/31/2017 84.33 77.98 64.88
11/30/2017 85.35 78.85 68.07
Portfolio

Top Issuers

(67.8% of assets as of 11/30/2017)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector
Industry
Asset Allocation
Market Cap 1
Country Global Value MSCI ACWI Overweight / Underweight
United States 62.1% 52.6% 9.6%
China 9.1% 3.5% 5.7%
Denmark 5.2% 0.6% 4.6%
France 4.7% 3.5% 1.2%
Japan 4.7% 8.0% -3.2%
Germany 4.6% 3.2% 1.4%
United Kingdom 2.4% 5.8% -3.4%
Switzerland 2.0% 2.6% -0.6%
Sweden 1.8% 0.9% 0.9%
Developed Markets Global Value MSCI ACWI Overweight / Underweight
Americas 62.1% 55.7% 6.4%
Europe 20.7% 20.9% -0.2%
Asia Pacific 4.7% 11.7% -7.0%
Emerging Markets Global Value MSCI ACWI Overweight / Underweight
Asia Pacific 9.1% 8.5% 0.6%
Equity Sector Global Value MSCI ACWI Overweight / Underweight
Information Technology 28.2% 18.2% 10.0%
Health Care 20.3% 10.9% 9.5%
Consumer Discretionary 19.6% 12.0% 7.5%
Financials 18.2% 18.6% -0.5%
Industrials 5.7% 10.7% -5.0%
Materials 2.9% 5.3% -2.5%
Telecommunication Services 1.8% 3.0% -1.2%
Industry Global Value MSCI ACWI Overweight / Underweight
Media 14.2% 2.2% 12.0%
Internet Software & Services 13.4% 4.0% 9.4%
Software 7.8% 3.4% 4.4%
IT Services 6.6% 2.7% 4.0%
Capital Markets 6.5% 2.7% 3.7%
Banks 6.5% 10.2% -3.8%
Pharmaceuticals 6.3% 4.9% 1.3%
Health Care Equipment & Supplies 5.8% 1.9% 3.9%
Internet & Direct Marketing Retail 5.3% 1.6% 3.7%
Professional Services 4.9% 0.5% 4.3%
Biotechnology 4.3% 1.8% 2.5%
Insurance 3.7% 4.1% -0.3%
Chemicals 2.9% 2.8% 0.0%
Life Sciences Tools & Services 2.6% 0.5% 2.1%
Diversified Telecommunication Services 1.8% 2.0% -0.2%
Diversified Financial Services 1.5% 1.0% 0.5%
Health Care Technology 1.4% 0.1% 1.3%
Machinery 0.8% 1.9% -1.1%
Technology Hardware Storage & Peripherals 0.3% 3.1% -2.8%
Asset Allocation Global Value MSCI ACWI Overweight / Underweight
Equity 96.7% 100.0% -3.3%
Market Cap Global Value MSCI ACWI Overweight / Underweight
Large 61.3% 87.5% -26.2%
Mid 19.0% 12.3% 6.6%
Small 16.4% 0.1% 16.3%
Analytics
(As of 11/30/2017)

Performance Statistics
3Y
5Y
Alpha
-1.30
-0.50
Beta
1.27
1.28
Information Ratio
0.06
0.34
R-Squared
85.96
82.78
Sharpe Ratio
0.60
0.94
Standard Deviation
14.51
13.94
Upside Capture
122.93
122.07
Downside Capture
135.93
124.83
Sortino Ratio
0.27
0.45
Win Ratio
56.00
62.00
Loss Ratio
44.00
38.00
Margin of Outperformance
1.40
1.40
Margin of Underperformance
-1.59
-1.72
Tracking Error
6.13
6.40
Portfolio Characteristics
Rep Portfolio
Benchmark
Average Market Cap (weighted)
$102.00 B
$128.80 B
Median Market Cap (weighted)
$26.20 B
$54.70 B
P/E Ratio (LTM)
40.22
19.89
P/E Ratio (NTM)
24.93
16.44
Price/Book
2.73
2.35
Debt to Capital Ratio
38.48
43.85
Turnover Ratio
59.00%
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  1. 1. 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.
  2. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Small and mid-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations. It may take a substantial period of time to realize a gain on an investment in a small or mid-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss.

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