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Global Equity

Overview

The strategy invests in high quality companies we believe will gain a greater share of global growth due to long-term economic drivers and durable competitive advantages.

Strategy Inception Date
December 22, 1969
Composite Inception Date
December 31, 2007
Composite AUM
(as of 11/30/2017)
$21.30 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 Equity (gross of fees)
6.34% 28.11% 28.60% 10.76% 14.09% 7.35%
Global Equity (net of fees)
6.19% 27.55% 27.84% 10.10% 13.41% 6.71%
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 Equity (gross of fees)
8.82% 36.03% 36.86% 11.99% 14.53% 7.88%
Global Equity (net of fees)
8.66% 35.31% 36.07% 11.32% 13.85% 7.23%
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 Equity (gross of fees) Global Equity (net of fees) MSCI ACWI
2008 -40.22% -40.59% -42.19%
2009 40.73% 39.91% 34.63%
2010 17.02% 16.32% 12.67%
2011 -7.58% -8.14% -7.35%
2012 22.16% 21.44% 16.13%
2013 28.16% 27.41% 22.80%
2014 3.16% 2.54% 4.16%
2015 4.92% 4.30% -2.36%
2016 1.10% 0.50% 7.86%

Date Global Equity (gross of fees) Global Equity (net of fees) MSCI ACWI
11/30/2012 0.00 0.00 0.00
12/31/2012 3.27 3.22 2.27
1/31/2013 9.86 9.75 6.98
2/28/2013 9.08 8.92 6.96
3/31/2013 10.88 10.66 8.91
4/30/2013 14.71 14.44 12.03
5/31/2013 14.47 14.14 11.72
6/30/2013 11.90 11.51 8.45
7/31/2013 18.12 17.66 13.65
8/31/2013 14.55 14.05 11.28
9/30/2013 22.74 22.14 17.03
10/31/2013 26.23 25.55 21.73
11/30/2013 29.31 28.55 23.45
12/31/2013 32.35 31.51 25.58
1/31/2014 27.61 26.73 20.56
2/28/2014 34.90 33.91 26.38
3/31/2014 33.59 32.54 26.95
4/30/2014 33.04 31.93 28.15
5/31/2014 36.95 35.74 30.88
6/30/2014 39.03 37.74 33.34
7/31/2014 35.35 34.02 31.73
8/31/2014 38.81 37.39 34.64
9/30/2014 36.56 35.09 30.27
10/31/2014 36.91 35.36 31.19
11/30/2014 40.29 38.64 33.38
12/31/2014 36.53 34.85 30.81
1/31/2015 36.00 34.26 28.76
2/28/2015 46.26 44.33 35.93
3/31/2015 46.94 44.92 33.83
4/30/2015 48.21 46.11 37.71
5/31/2015 51.86 49.63 37.53
6/30/2015 51.27 48.97 34.29
7/31/2015 54.22 51.80 35.46
8/31/2015 42.50 40.19 26.17
9/30/2015 35.33 33.07 21.60
10/31/2015 46.41 43.90 31.14
11/30/2015 45.29 42.72 30.06
12/31/2015 43.25 40.65 27.72
1/31/2016 29.83 27.40 20.01
2/29/2016 26.47 24.04 19.19
3/31/2016 34.29 31.65 28.02
4/30/2016 36.75 34.00 29.91
5/31/2016 37.26 34.42 30.07
6/30/2016 32.29 29.49 29.29
7/31/2016 40.54 37.51 34.86
8/31/2016 42.79 39.64 35.31
9/30/2016 44.28 41.02 36.14
10/31/2016 42.39 39.10 33.83
11/30/2016 43.95 40.56 34.85
12/31/2016 44.83 41.35 37.76
1/31/2017 50.64 46.95 41.53
2/28/2017 56.62 52.71 45.50
3/31/2017 60.24 56.16 47.28
4/30/2017 66.98 62.66 49.57
5/31/2017 71.73 67.19 52.87
6/30/2017 74.48 69.79 53.57
7/31/2017 79.17 74.27 57.86
8/31/2017 81.05 76.01 58.47
9/30/2017 85.54 80.29 61.53
10/31/2017 92.46 86.92 64.88
11/30/2017 97.02 91.26 68.07
Portfolio

Top Issuers

(50.0% 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 Equity MSCI ACWI Overweight / Underweight
United States 45.6% 52.6% -6.9%
Japan 14.4% 8.0% 6.4%
France 10.3% 3.5% 6.8%
Germany 9.1% 3.2% 5.9%
United Kingdom 5.3% 5.8% -0.5%
India 3.5% 1.0% 2.5%
Switzerland 3.0% 2.6% 0.4%
Spain 2.3% 1.1% 1.2%
China 2.1% 3.5% -1.3%
Sweden 1.2% 0.9% 0.3%
Italy 0.7% 0.8% -0.1%
Argentina 0.5% - -
Denmark 0.4% 0.6% -0.2%
Developed Markets Global Equity MSCI ACWI Overweight / Underweight
Americas 45.6% 55.7% -10.1%
Europe 32.3% 20.9% 11.4%
Asia Pacific 14.4% 11.7% 2.6%
Emerging Markets Global Equity MSCI ACWI Overweight / Underweight
Asia Pacific 5.7% 8.5% -2.8%
Americas 0.5% 1.4% -0.9%
Equity Sector Global Equity MSCI ACWI Overweight / Underweight
Information Technology 27.0% 18.2% 8.7%
Financials 17.7% 18.6% -1.0%
Health Care 15.9% 10.9% 5.0%
Consumer Discretionary 15.8% 12.0% 3.8%
Industrials 13.4% 10.7% 2.7%
Consumer Staples 3.9% 8.7% -4.8%
Real Estate 2.2% 3.1% -0.8%
Materials 1.0% 5.3% -4.3%
Energy 0.8% 6.2% -5.4%
Telecommunication Services 0.5% 3.0% -2.5%
Industry Global Equity MSCI ACWI Overweight / Underweight
Internet Software & Services 8.7% 4.0% 4.7%
Software 7.5% 3.4% 4.1%
Biotechnology 7.2% 1.8% 5.4%
Electronic Equipment Instruments & Components 6.8% 1.1% 5.6%
Capital Markets 6.3% 2.7% 3.6%
Health Care Providers & Services 6.0% 1.7% 4.3%
Insurance 5.9% 4.1% 1.8%
Textiles Apparel & Luxury Goods 5.7% 1.0% 4.6%
Banks 5.5% 10.2% -4.7%
Aerospace & Defense 3.3% 1.7% 1.6%
Specialty Retail 2.9% 1.5% 1.5%
Industrial Conglomerates 2.8% 1.6% 1.1%
Automobiles 2.7% 1.9% 0.8%
Electrical Equipment 2.4% 0.8% 1.6%
Semiconductors & Semiconductor Equipment 2.3% 3.1% -0.8%
Real Estate Management & Development 2.2% 1.0% 1.3%
Household Products 2.1% 1.1% 0.9%
Personal Products 1.9% 0.8% 1.0%
Media 1.8% 2.2% -0.4%
Pharmaceuticals 1.7% 4.9% -3.2%
Asset Allocation Global Equity MSCI ACWI Overweight / Underweight
Equity 98.4% 100.0% -1.6%
Net Cash and Equivalents 1.6% - -
Market Cap Global Equity MSCI ACWI Overweight / Underweight
Large 85.2% 87.5% -2.4%
Mid 9.4% 12.3% -2.9%
Small 3.1% 0.1% 3.0%
Analytics
(As of 11/30/2017)

Performance Statistics
3Y
5Y
Alpha
2.93
2.18
Beta
1.12
1.12
Information Ratio
0.78
0.80
R-Squared
85.54
86.77
Sharpe Ratio
0.92
1.18
Standard Deviation
12.90
11.93
Upside Capture
126.42
120.27
Downside Capture
109.96
107.42
Sortino Ratio
0.41
0.58
Win Ratio
72.00
68.00
Loss Ratio
28.00
32.00
Margin of Outperformance
1.07
1.01
Margin of Underperformance
-1.61
-1.27
Tracking Error
5.07
4.49
Portfolio Characteristics
Rep Portfolio
Benchmark
Average Market Cap (weighted)
$112.30 B
$128.80 B
Median Market Cap (weighted)
$60.50 B
$54.70 B
P/E Ratio (LTM)
25.29
19.89
P/E Ratio (NTM)
20.32
16.44
Price/Book
2.73
2.35
Return on Equity
14.13%
14.54%
EPS Growth Rate 3Y
13.88%
6.00%
EPS Growth Rate 5Y
9.46%
7.20%
Sales Growth Rate 3Y
7.92%
4.33%
Sales Growth Rate 5Y
7.05%
4.70%
Turnover Ratio
7.00%
-
Team
  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. 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. 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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