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CHALLENGE PERCEPTIONS.

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CHALLENGE PERCEPTIONS.
Investors assume the middle class is shrinking. But Africa is a strong market for beverage producers and Asian consumers are helping luxury brands thrive.
THE REALITY
Investments that focus on rising mass affluence will benefit as half the world’s population becomes middle class by 2025.

Learn more about Challenge the Index

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International Equity

International Growth Fund

The Strategy typically invests in a mix of foreign growth stocks.

Investment Style
International Growth
Fund Inception
March 29, 2012
Total Assets (all classes) (as of 9/30/2017)
$26.5 billion
Fund Index
MSCI AC World ex USA
NAV (as of 10/20/17)
  • A
$42.87
performance
analytics
holdings
as of 9/30/2017
  • F
as of 9/30/2017
  • F

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 10/20/17
  • C
1 yr 3 yr 5 yr since inception
International Growth Fund (NAV)
5.80% 23.62% 16.04% 7.26% 9.25% 8.75%
Cumulative
Annualized
3 mo ytd as of 10/20/17
  • C
1 yr 3 yr 5 yr since inception
International Growth Fund (NAV)
5.80% 23.62% 16.04% 7.26% 9.25% 8.75%
Gross Expense Ratio: 0.70% | Net Expense Ratio: 0.70%

The performance data quoted represents past performance, which does not guarantee future results. The investments 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. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.


Year International Growth Fund MSCI AC World ex USA
2012 0.00% 16.83%
2013 25.71% 15.29%
2014 -6.80% -3.87%
2015 3.63% -5.66%
2016 -1.88% 4.50%

The performance data quoted represents past performance, which does not guarantee future results. The investments 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. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.


Date International Growth Fund MSCI AC World ex-US Index MSCI World MSCI ACWI
9/30/2007 0.00 0.00 0.00 0.00
10/31/2007 5.39 5.57 3.07 3.90
11/30/2007 -0.56 0.80 -1.15 -0.69
12/31/2007 -3.10 -0.66 -2.42 -1.79
1/31/2008 -10.92 -10.29 -9.88 -9.84
2/29/2008 -10.46 -7.72 -10.40 -9.58
3/31/2008 -11.24 -9.75 -11.26 -10.91
4/30/2008 -7.03 -4.29 -6.59 -5.94
5/31/2008 -6.09 -2.77 -5.17 -4.47
6/30/2008 -13.42 -10.76 -12.73 -12.31
7/31/2008 -16.10 -13.97 -14.87 -14.59
8/31/2008 -17.94 -18.00 -16.06 -16.43
9/30/2008 -29.66 -30.32 -26.05 -26.87
10/31/2008 -43.75 -45.66 -40.07 -41.36
11/30/2008 -46.93 -48.80 -43.95 -45.22
12/31/2008 -43.33 -45.89 -42.15 -43.23
1/31/2009 -48.50 -50.67 -47.22 -48.08
2/28/2009 -51.37 -55.27 -52.62 -53.16
3/31/2009 -47.84 -51.68 -49.05 -49.31
4/30/2009 -42.41 -45.10 -43.33 -43.32
5/31/2009 -35.88 -37.67 -38.20 -37.68
6/30/2009 -36.41 -38.35 -38.47 -38.02
7/31/2009 -31.08 -32.32 -33.26 -32.57
8/31/2009 -28.15 -29.82 -30.51 -30.16
9/30/2009 -23.95 -26.22 -27.74 -26.95
10/31/2009 -25.46 -27.13 -29.03 -28.08
11/30/2009 -23.41 -25.04 -26.13 -25.12
12/31/2009 -21.92 -23.46 -24.80 -23.57
1/31/2010 -23.60 -27.20 -27.91 -26.88
2/28/2010 -24.58 -27.20 -26.89 -25.95
3/31/2010 -18.90 -22.25 -22.36 -21.18
4/30/2010 -19.98 -22.93 -22.35 -21.05
5/31/2010 -28.43 -31.04 -29.79 -28.53
6/30/2010 -28.08 -31.93 -32.20 -30.74
7/31/2010 -22.14 -25.78 -26.70 -25.10
8/31/2010 -25.00 -27.82 -29.44 -27.72
9/30/2010 -16.61 -20.64 -22.86 -20.80
10/31/2010 -14.14 -17.93 -19.98 -17.94
11/30/2010 -18.23 -21.10 -21.71 -19.77
12/31/2010 -10.44 -14.92 -15.95 -13.89
1/31/2011 -9.77 -14.08 -14.05 -12.54
2/28/2011 -7.48 -11.82 -11.05 -9.99
3/31/2011 -7.51 -12.02 -11.92 -10.08
4/30/2011 -0.93 -7.73 -8.18 -6.40
5/31/2011 -2.46 -10.39 -10.09 -8.42
6/30/2011 -3.93 -11.69 -11.51 -9.86
7/31/2011 -5.43 -12.89 -13.11 -11.33
8/31/2011 -10.79 -20.36 -19.23 -17.80
9/30/2011 -21.10 -29.22 -26.21 -25.56
10/31/2011 -13.35 -21.76 -18.58 -17.59
11/30/2011 -15.65 -25.75 -20.57 -20.06
12/31/2011 -17.35 -26.58 -20.61 -20.22
1/31/2012 -13.14 -21.60 -16.63 -15.58
2/29/2012 -7.38 -17.20 -12.55 -11.33
3/31/2012 -6.22 -18.34 -11.43 -10.74
4/30/2012 -6.86 -19.63 -12.43 -11.76
5/31/2012 -16.61 -28.75 -19.99 -19.67
6/30/2012 -12.62 -24.55 -15.92 -15.71
7/31/2012 -11.46 -23.48 -14.84 -14.55
8/31/2012 -8.41 -21.88 -12.68 -12.69
9/30/2012 -5.61 -18.97 -10.28 -9.94
10/31/2012 -4.42 -18.65 -10.88 -10.55
11/30/2012 -2.10 -17.10 -9.74 -9.40
12/31/2012 0.52 -14.23 -8.05 -7.35
1/31/2013 4.55 -10.74 -3.36 -3.08
2/28/2013 5.07 -11.68 -3.20 -3.10
3/31/2013 6.51 -11.51 -0.93 -1.32
4/30/2013 9.08 -8.26 2.19 1.49
5/31/2013 8.46 -10.38 2.22 1.22
6/30/2013 6.60 -14.26 -0.29 -1.74
7/31/2013 12.98 -10.51 4.95 2.96
8/31/2013 11.49 -11.74 2.72 0.82
9/30/2013 18.58 -5.61 7.86 6.02
10/31/2013 21.25 -2.15 12.08 10.28
11/30/2013 21.90 -1.98 14.07 11.85
12/31/2013 25.76 -1.12 16.49 13.78
1/31/2014 18.84 -5.61 12.17 9.23
2/28/2014 27.40 -0.87 17.79 14.50
3/31/2014 26.94 -0.61 17.96 15.01
4/30/2014 27.82 0.70 19.17 16.11
5/31/2014 29.10 2.66 21.51 18.58
6/30/2014 28.58 4.38 23.68 20.81
7/31/2014 23.40 3.35 21.71 19.34
8/31/2014 24.41 3.92 24.39 21.98
9/30/2014 17.95 -1.11 21.02 18.02
10/31/2014 17.07 -2.09 21.80 18.85
11/30/2014 19.53 -1.38 24.24 20.84
12/31/2014 16.67 -4.94 22.24 18.51
1/31/2015 16.67 -5.08 20.02 16.66
2/28/2015 23.78 0.00 27.05 23.15
3/31/2015 21.37 -1.62 25.06 21.24
4/30/2015 26.53 3.35 28.00 24.76
5/31/2015 27.92 1.74 28.44 24.60
6/30/2015 24.51 -1.10 25.45 21.67
7/31/2015 26.40 -1.38 27.70 22.72
8/31/2015 17.20 -8.92 19.25 14.31
9/30/2015 14.29 -13.14 14.85 10.17
10/31/2015 22.10 -6.67 23.96 18.81
11/30/2015 22.83 -8.60 23.34 17.83
12/31/2015 20.36 -10.32 21.17 15.71
1/31/2016 14.42 -16.42 13.92 8.73
2/29/2016 13.82 -17.38 13.07 7.98
3/31/2016 21.56 -10.66 20.75 15.98
4/30/2016 22.16 -8.31 22.66 17.70
5/31/2016 21.46 -9.85 23.35 17.85
6/30/2016 17.26 -11.23 21.96 17.13
7/31/2016 23.66 -6.84 27.12 22.18
8/31/2016 23.23 -6.25 27.22 22.59
9/30/2016 24.33 -5.10 27.90 23.34
10/31/2016 18.73 -6.46 25.42 21.25
11/30/2016 14.56 -8.63 27.23 22.17
12/31/2016 17.60 -6.29 30.27 24.81
1/31/2017 20.43 -2.97 33.42 28.22
2/28/2017 21.81 -1.42 37.12 31.82
3/31/2017 26.60 1.08 38.58 33.43
4/30/2017 32.23 3.24 40.63 35.51
5/31/2017 37.72 6.59 43.60 38.50
6/30/2017 35.93 6.92 44.16 39.13
7/31/2017 39.41 10.86 47.61 43.02
8/31/2017 40.35 11.44 47.81 43.57
9/30/2017 43.69 13.51 51.13 46.34

The performance data quoted represents past performance, which does not guarantee future results. The investments 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. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 10/19/2017

Date 2012 2013 2014 2015 2016
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.

Analytics

(As of 9/30/2017)

Morningstar 9/30/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
325
Category
Foreign Large Growth
Analyst Rating (as of 6/28/17)
Bronze
Performance Statistics
3Y
5Y
Alpha
2.94
2.80
Beta
0.89
0.90
Information Ratio
0.53
0.47
R-Squared
84.72
83.03
Sharpe Ratio
0.63
0.81
Standard Deviation
11.78
11.46
Upside Capture
96.74
99.48
Downside Capture
79.14
82.62
Sortino Ratio
0.30
0.40
Win Ratio
58.00
57.00
Loss Ratio
42.00
43.00
Margin of Outperformance
1.13
1.16
Margin of Underperformance
-1.10
-1.11
Tracking Error
4.81
4.84
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/14/2016
Per Share ($)
$0.54
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
12-Month Distribution ($)
$0.54
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$35.10 B
$63.00 B
Median Market Cap (weighted)
$17.80 B
$33.90 B
Trailing P/E
22.87
17.35
P/E Ratio (NTM)
18.28
14.40
Price/Book
3.59
1.78
Debt to Capital Ratio
37.63
42.06
Turnover Ratio
9.00%
-

Top Issuers

(32.9% of assets as of 09/30/17)


Portfolio Holdings Breakdown

Country 5
Developed Markets 5
Emerging Markets 5
Equity Sector 5
Industry 5
Asset Allocation 5
Market Cap 6
Country International Growth Fund MSCI AC World ex USA Overweight / Underweight
France 18.4% 7.5% 11.0%
United Kingdom 16.2% 12.4% 3.8%
Germany 11.6% 6.8% 4.9%
Japan 9.5% 15.9% -6.4%
Switzerland 9.2% 5.7% 3.5%
Netherlands 6.0% 2.6% 3.4%
Spain 5.6% 2.4% 3.2%
Denmark 4.8% 1.3% 3.5%
Canada 4.7% 6.7% -2.0%
India 2.5% 2.0% 0.5%
Sweden 2.2% 2.0% 0.2%
Australia 2.1% 4.6% -2.5%
United States 1.5% - -
Finland 1.2% 0.7% 0.5%
China 1.1% 7.1% -6.0%
Thailand 1.0% 0.5% 0.4%
Belgium 0.7% 0.8% -0.1%
South Africa 0.7% 1.5% -0.9%
Developed Markets International Growth Fund MSCI AC World ex USA Overweight / Underweight
Europe 76.0% 44.9% 31.1%
Asia Pacific 11.6% 24.0% -12.3%
Americas 6.3% 6.7% -0.4%
Emerging Markets International Growth Fund MSCI AC World ex USA Overweight / Underweight
Asia Pacific 4.6% 17.4% -12.9%
Africa 0.7% 1.6% -0.9%
Equity Sector International Growth Fund MSCI AC World ex USA Overweight / Underweight
Consumer Discretionary 23.5% 11.3% 12.2%
Information Technology 19.7% 11.2% 8.5%
Industrials 18.1% 11.8% 6.3%
Health Care 12.7% 7.9% 4.8%
Consumer Staples 10.9% 9.6% 1.3%
Materials 4.5% 7.8% -3.3%
Telecommunication Services 4.2% 4.2% 0.0%
Financials 4.1% 23.3% -19.2%
Energy 1.3% 6.6% -5.3%
Industry International Growth Fund MSCI AC World ex USA Overweight / Underweight
Textiles Apparel & Luxury Goods 5.4% 1.5% 4.0%
Software 5.3% 1.3% 4.1%
Semiconductors & Semiconductor Equipment 5.3% 2.2% 3.0%
Auto Components 4.9% 1.2% 3.6%
Machinery 4.3% 2.1% 2.2%
Health Care Equipment & Supplies 4.3% 0.9% 3.4%
Diversified Telecommunication Services 4.2% 2.2% 2.0%
Trading Companies & Distributors 4.0% 1.0% 3.0%
Automobiles 3.7% 3.1% 0.6%
Pharmaceuticals 3.6% 5.6% -2.1%
Beverages 3.0% 1.9% 1.1%
Hotels Restaurants & Leisure 3.0% 1.2% 1.8%
Commercial Services & Supplies 3.0% 0.4% 2.6%
IT Services 2.9% 1.0% 1.9%
Chemicals 2.7% 3.4% -0.7%
Electrical Equipment 2.7% 1.1% 1.6%
Biotechnology 2.6% 0.6% 2.0%
Internet Software & Services 2.6% 3.0% -0.4%
Food & Staples Retailing 2.5% 1.6% 0.9%
Electronic Equipment Instruments & Components 2.5% 1.7% 0.8%
Asset Allocation International Growth Fund MSCI AC World ex USA Overweight / Underweight
Equity 99.2% 100.0% -0.8%
Net Cash and Equivalents 0.8% - -
Market Cap International Growth Fund MSCI AC World ex USA Overweight / Underweight
Large 78.2% 93.2% -15.0%
Mid 19.9% 6.8% 13.2%
Small 1.0% 0.1% 0.9%
  1. 1. 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. 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. Diversification does not guarantee profit or protect against loss.
  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. The Morningstar Analyst Rating is not a credit or risk rating but a subjective evaluation performed by the analysts of Morningstar, Inc. (Mstar). Mstar evaluates funds based on five key pillars (process, performance, people, parent and price). Mstar's analysts use this evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar's Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Mstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Mstar's current expectations about future events. Mstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Mstar's expectations not to occur or to differ significantly.
  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. 7. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
  8. 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.
  9. 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.
  10. 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.
  11. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  12. E. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals 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. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
  13. F. The performance data quoted represents past performance, which does not guarantee future results. The investments 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. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
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