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International Growth

Overview

A large-cap strategy focused on investing in international companies that are expected to grow at a faster pace than global economic output.

Strategy Inception Date
March 25, 1996
Composite Inception Date
December 31, 2007
Composite AUM
(as of 11/30/2017)
$31.50 BN
Composite Benchmark
MSCI ACWI ex US
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
International Growth (gross of fees)
6.03% 23.24% 16.91% 8.02% 10.07% 5.35%
International Growth (net of fees)
5.87% 22.70% 16.22% 7.38% 9.42% 4.72%
MSCI ACWI ex US
6.16% 21.13% 19.61% 4.70% 6.97% 1.38%
MSCI ACWI ex US
6.16% 21.13% 19.61% 4.70% 6.97% 1.38%
Cumulative
Annualized
3 mo ytd as of 2017-11-30
1 yr 3 yr 5 yr since inception
International Growth (gross of fees)
5.28% 26.61% 30.10% 8.45% 9.82% 5.54%
International Growth (net of fees)
5.12% 25.93% 29.34% 7.81% 9.17% 4.91%
MSCI ACWI ex US
4.62% 24.41% 27.59% 5.74% 7.06% 1.63%
MSCI ACWI ex US
4.62% 24.41% 27.59% 5.74% 7.06% 1.63%

Year International Growth (gross of fees) International Growth (net of fees) MSCI ACWI ex US
2008 -41.42% -41.79% -45.53%
2009 39.92% 39.11% 41.45%
2010 16.26% 15.57% 11.15%
2011 -6.41% -6.98% -13.71%
2012 23.17% 22.44% 16.83%
2013 26.76% 26.01% 15.29%
2014 -6.09% -6.66% -3.87%
2015 4.35% 3.73% -5.66%
2016 -1.20% -1.79% 4.50%

Date International Growth (gross of fees) International Growth (net of fees) MSCI ACWI ex US
11/30/2012 0.00 0.00 0.00
12/31/2012 2.79 2.74 3.47
1/31/2013 7.02 6.92 7.67
2/28/2013 7.67 7.51 6.53
3/31/2013 9.26 9.05 6.75
4/30/2013 12.02 11.75 10.67
5/31/2013 11.51 11.18 8.11
6/30/2013 9.73 9.35 3.42
7/31/2013 16.42 15.96 7.95
8/31/2013 15.00 14.49 6.46
9/30/2013 22.46 21.86 13.86
10/31/2013 25.34 24.67 18.04
11/30/2013 26.17 25.43 18.24
12/31/2013 30.29 29.46 19.28
1/31/2014 23.26 22.41 13.86
2/28/2014 32.25 31.28 19.58
3/31/2014 31.91 30.88 19.89
4/30/2014 32.97 31.86 21.47
5/31/2014 34.43 33.24 23.83
6/30/2014 34.01 32.76 25.92
7/31/2014 28.75 27.48 24.67
8/31/2014 29.96 28.61 25.36
9/30/2014 23.34 22.00 19.29
10/31/2014 22.53 21.14 18.11
11/30/2014 25.22 23.74 18.96
12/31/2014 22.35 20.85 14.67
1/31/2015 22.48 20.91 14.50
2/28/2015 30.07 28.34 20.62
3/31/2015 27.65 25.89 18.67
4/30/2015 33.19 31.29 24.67
5/31/2015 34.79 32.80 22.72
6/30/2015 31.31 29.31 19.30
7/31/2015 33.44 31.34 18.97
8/31/2015 23.86 21.84 9.87
9/30/2015 20.90 18.87 4.78
10/31/2015 29.28 27.05 12.58
11/30/2015 30.18 27.87 10.25
12/31/2015 27.68 25.35 8.18
1/31/2016 21.50 19.22 0.82
2/29/2016 20.98 18.65 -0.33
3/31/2016 29.33 26.78 7.77
4/30/2016 30.08 27.45 10.61
5/31/2016 29.45 26.78 8.74
6/30/2016 25.08 22.43 7.08
7/31/2016 32.02 29.16 12.37
8/31/2016 31.69 28.77 13.08
9/30/2016 32.99 29.98 14.48
10/31/2016 27.11 24.17 12.83
11/30/2016 22.77 19.87 10.22
12/31/2016 26.16 23.11 13.04
1/31/2017 29.30 26.12 17.05
2/28/2017 30.93 27.64 18.91
3/31/2017 36.18 32.70 21.93
4/30/2017 42.37 38.67 24.54
5/31/2017 48.45 44.52 28.58
6/30/2017 46.64 42.69 28.98
7/31/2017 50.54 46.41 33.73
8/31/2017 51.72 47.48 34.43
9/30/2017 55.48 51.06 36.93
10/31/2017 58.84 54.25 39.50
11/30/2017 59.73 55.04 40.64
Portfolio

Top Issuers

(33.5% of assets as of 11/30/2017)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector
Industry
Asset Allocation
Market Cap 1
Country International Growth MSCI ACWI ex US Overweight / Underweight
France 17.5% 7.4% 10.1%
United Kingdom 12.5% 12.2% 0.4%
Germany 12.4% 6.8% 5.6%
Japan 12.0% 16.8% -4.8%
Switzerland 9.5% 5.6% 4.0%
Spain 5.3% 2.3% 2.9%
Netherlands 5.3% 2.5% 2.7%
Canada 4.8% 6.5% -1.7%
Denmark 4.4% 1.3% 3.2%
India 2.7% 2.1% 0.6%
Sweden 2.1% 1.9% 0.2%
Australia 1.8% 4.6% -2.8%
United States 1.5% - -
China 1.2% 7.3% -6.1%
Finland 1.1% 0.7% 0.5%
Thailand 1.0% 0.5% 0.5%
South Africa 0.7% 1.7% -0.9%
Developed Markets International Growth MSCI ACWI ex US Overweight / Underweight
Europe 70.1% 44.0% 26.1%
Asia Pacific 13.7% 24.8% -11.1%
Americas 6.3% 6.5% -0.2%
Emerging Markets International Growth MSCI ACWI ex US Overweight / Underweight
Asia Pacific 5.0% 17.9% -12.9%
Africa 0.7% 1.7% -1.0%
Equity Sector International Growth MSCI ACWI ex US Overweight / Underweight
Consumer Discretionary 22.8% 11.4% 11.4%
Information Technology 21.7% 11.6% 10.1%
Industrials 16.4% 11.8% 4.6%
Health Care 11.3% 7.6% 3.7%
Consumer Staples 10.6% 9.6% 1.0%
Materials 4.4% 7.9% -3.5%
Financials 4.3% 23.1% -18.8%
Telecommunication Services 3.3% 4.2% -0.9%
Energy 1.1% 6.7% -5.5%
Industry International Growth MSCI ACWI ex US Overweight / Underweight
Semiconductors & Semiconductor Equipment 6.1% 2.3% 3.8%
Software 5.0% 1.3% 3.8%
Auto Components 5.0% 1.3% 3.7%
Textiles Apparel & Luxury Goods 4.5% 1.5% 3.1%
Machinery 4.1% 2.1% 2.0%
Trading Companies & Distributors 3.8% 1.0% 2.8%
Electronic Equipment Instruments & Components 3.7% 1.7% 2.0%
Pharmaceuticals 3.7% 5.4% -1.7%
Health Care Equipment & Supplies 3.6% 0.9% 2.8%
Automobiles 3.4% 3.2% 0.2%
Diversified Telecommunication Services 3.3% 2.1% 1.2%
Internet Software & Services 3.1% 3.1% 0.0%
Hotels Restaurants & Leisure 3.0% 1.2% 1.8%
Commercial Services & Supplies 2.9% 0.4% 2.6%
Electrical Equipment 2.8% 1.1% 1.7%
Food & Staples Retailing 2.7% 1.7% 1.1%
Chemicals 2.6% 3.5% -0.9%
Biotechnology 2.6% 0.6% 2.0%
IT Services 2.5% 1.0% 1.5%
Beverages 2.4% 1.9% 0.5%
Asset Allocation International Growth MSCI ACWI ex US Overweight / Underweight
Equity 95.9% 100.0% -4.1%
Net Cash and Equivalents 4.1% - -
Market Cap International Growth MSCI ACWI ex US Overweight / Underweight
Large 75.5% 92.6% -17.1%
Mid 19.0% 7.3% 11.7%
Small 1.4% 0.1% 1.3%
Analytics
(As of 11/30/2017)

Performance Statistics
3Y
5Y
Alpha
3.17
3.24
Beta
0.89
0.91
Information Ratio
0.57
0.57
R-Squared
84.88
83.00
Sharpe Ratio
0.72
0.85
Standard Deviation
11.77
11.47
Upside Capture
96.35
100.35
Downside Capture
77.13
80.49
Sortino Ratio
0.35
0.42
Win Ratio
56.00
55.00
Loss Ratio
44.00
45.00
Margin of Outperformance
1.18
1.22
Margin of Underperformance
-1.00
-1.02
Tracking Error
4.78
4.85
Portfolio Characteristics
Rep Portfolio
Benchmark
Average Market Cap (weighted)
$36.10 B
$66.00 B
Median Market Cap (weighted)
$20.00 B
$34.80 B
P/E Ratio (LTM)
23.49
17.44
P/E Ratio (NTM)
18.65
14.42
Price/Book
3.66
1.79
Debt to Capital Ratio
37.61
41.75
Turnover Ratio
9.00%
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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. Investments in securities of growth companies may be volatile. 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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