Global Equity

Overview

The Strategy typically invests in large-cap U.S. and foreign stocks.

Strategy Inception Date
December 22, 1969
Composite Inception Date
December 31, 2007
Composite AUM
(as of 07/31/2019)
$20.20 BN
Composite Benchmark
MSCI ACWI
Available Vehicles
Separate Account
Commingled Vehicle
Performance
Average Annual Returns
Calendar Year Returns
as of 07/31/2019
as of 06/30/2019

Cumulative
Annualized
ytd as of 2019-06-30
1 yr 3 yr 5 yr 10 yr since inception
Global Equity (gross of fees)
21.98% 4.32% 17.13% 8.87% 13.01% 7.47%
Global Equity (net of fees)
21.62% 3.69% 16.44% 8.22% 12.34% 6.83%
MSCI ACWI
16.23% 5.74% 11.62% 6.16% 10.15% 4.50%
Cumulative
Annualized
ytd as of 2019-07-31
1 yr 3 yr 5 yr 10 yr since inception
Global Equity (gross of fees)
21.65% 1.17% 14.69% 9.39% 11.91% 7.39%
Global Equity (net of fees)
21.23% 0.57% 14.01% 8.74% 11.25% 6.75%
MSCI ACWI
16.57% 2.95% 10.17% 6.48% 9.25% 4.49%

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%
2017 37.63% 36.82% 23.97%
2018 -12.55% -13.08% -9.41%
Portfolio

Top Issuers

(57.1% of assets as of 07/31/2019)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector
Industry
Asset Allocation
Market Cap 2
Country Global Equity MSCI ACWI
Overweight / Underweight
United States 53.7% 55.9% -2.2%
Japan 12.3% 7.1% 5.2%
France 10.7% 3.3% 7.4%
Germany 7.0% 2.5% 4.4%
India 3.8% 1.0% 2.8%
United Kingdom 3.8% 4.9% -1.1%
Sweden 2.2% 0.8% 1.5%
Switzerland 1.9% 2.8% -0.8%
Spain 1.5% 0.8% 0.7%
China 1.4% 3.7% -2.3%
Argentina 0.5% 0.0% 0.4%
Brazil 0.5% 0.9% -0.4%
Italy 0.2% 0.7% -0.5%
Developed Markets Global Equity MSCI ACWI
Overweight / Underweight
Americas 53.7% 58.9% -5.2%
Europe 27.4% 18.5% 8.9%
Asia Pacific 12.3% 10.8% 1.5%
Emerging Markets Global Equity MSCI ACWI
Overweight / Underweight
Asia Pacific 5.2% 8.3% -3.2%
Americas 1.0% 1.5% -0.5%
Equity Sector Global Equity MSCI ACWI
Overweight / Underweight
Information Technology 21.3% 16.4% 5.0%
Health Care 14.9% 11.3% 3.6%
Industrials 14.8% 10.4% 4.4%
Financials 14.7% 16.8% -2.1%
Communication Services 13.6% 8.9% 4.7%
Consumer Discretionary 13.1% 10.9% 2.2%
Consumer Staples 4.2% 8.4% -4.2%
Real Estate 2.1% 3.2% -1.1%
Energy 0.8% 5.7% -4.9%
Industry Global Equity MSCI ACWI
Overweight / Underweight
Interactive Media & Services 10.2% 3.5% 6.7%
Software 10.1% 4.4% 5.7%
Biotechnology 7.2% 1.5% 5.7%
Capital Markets 6.5% 2.5% 3.9%
Textiles Apparel & Luxury Goods 6.3% 1.3% 5.0%
Electronic Equipment Instruments & Components 6.1% 1.1% 5.0%
Banks 4.7% 8.8% -4.1%
Health Care Providers & Services 4.1% 1.7% 2.4%
Aerospace & Defense 4.0% 1.9% 2.1%
Insurance 3.5% 3.9% -0.4%
Entertainment 3.4% 1.3% 2.0%
IT Services 2.9% 3.6% -0.7%
Internet & Direct Marketing Retail 2.8% 3.0% -0.2%
Specialty Retail 2.7% 1.6% 1.1%
Machinery 2.5% 1.7% 0.8%
Semiconductors & Semiconductor Equipment 2.3% 3.2% -0.9%
Electrical Equipment 2.3% 0.7% 1.6%
Personal Products 2.2% 0.8% 1.4%
Real Estate Management & Development 2.1% 1.0% 1.2%
Industrial Conglomerates 2.0% 1.3% 0.7%
Asset Allocation Global Equity MSCI ACWI
Overweight / Underweight
Equity 99.6% 100.0% -0.4%
Net Cash and Equivalents 0.4% - -
Market Cap Global Equity MSCI ACWI
Overweight / Underweight
Large 84.6% 87.1% -2.5%
Mid 11.3% 12.8% -1.5%
Small 3.2% 0.1% 3.1%
Analytics
(As of 07/31/2019)

Performance Statistics
3Y
5Y
Alpha
2.49
2.07
Beta
1.22
1.16
Information Ratio
1.13
0.62
R-Squared
94.81
90.98
Sharpe Ratio
0.95
0.63
Standard Deviation
13.92
14.33
Upside Capture
128.17
121.33
Downside Capture
114.14
109.74
Sortino Ratio
1.46
0.96
Win Ratio
61.00
62.00
Loss Ratio
39.00
38.00
Margin of Outperformance
1.09
1.11
Margin of Underperformance
-0.77
-1.12
Tracking Error
3.99
4.71
Yields
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Average Market Cap (weighted)
$154.01 B
$159.48 B
Median Market Cap (weighted)
$70.71 B
$55.98 B
P/E Ratio (LTM)
25.72
17.35
P/E Ratio (NTM)
21.43
15.38
Price/Book
3.14
2.45
Return on Equity
15.90%
18.53%
EPS Growth Rate 3Y
16.96%
12.61%
EPS Growth Rate 5Y
14.60%
9.25%
Sales Growth Rate 3Y
10.06%
7.67%
Sales Growth Rate 5Y
8.99%
5.90%
Turnover Ratio
14%
-
Team

    The Composite gross-of-fee returns reflect the reinvestment of income and the impact of transaction costs, but do not include the deduction of investment advisory fees, distribution expenses or any other account expenses, such as custodial fees. Composite net-of-fee returns are calculated by deducting a model investment advisory fee (using the maximum investment advisory fee as determined by the product's fee schedule) from the Composite gross-of-fee returns. Annual fees for the Global Equity product are 0.65% on the first $50 million under management, 0.60% on the next $50 million, and 0.50% on any additional amount. While actual portfolios incur transaction expenses, pay investment advisory fees, and may incur other account expenses, the benchmark index is shown without the impact of such charges.

  1. 1. Holdings are subject to change and are dollar-weighted based on assets.
  2. 2. 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.
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