Global Focus

Overview

The Strategy invests in a mix of undervalued U.S. and foreign stocks.

Strategy Inception Date
September 28, 2007
Composite Inception Date
December 31, 2007
Composite AUM
(as of 07/31/2019)
$1.20 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 Focus (gross of fees)
22.30% 4.73% 15.04% 6.93% 14.79% 9.09%
Global Focus (net of fees)
21.87% 3.98% 14.22% 6.16% 13.97% 8.31%
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 Focus (gross of fees)
23.26% 3.22% 12.82% 8.15% 13.69% 9.09%
Global Focus (net of fees)
22.76% 2.48% 12.02% 7.37% 12.88% 8.32%
MSCI ACWI
16.57% 2.95% 10.17% 6.48% 9.25% 4.49%

Year Global Focus (gross of fees) Global Focus (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%
2017 26.65% 25.76% 23.97%
2018 -8.92% -9.58% -9.41%
Portfolio

Top Issuers

(72.8% 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 Focus MSCI ACWI
Overweight / Underweight
United States 64.5% 55.9% 8.6%
China 12.2% 3.7% 8.5%
Denmark 8.6% 0.5% 8.1%
United Kingdom 4.0% 4.9% -1.0%
Israel 2.7% 0.2% 2.6%
Japan 2.5% 7.1% -4.5%
Switzerland 2.2% 2.8% -0.6%
Germany 2.0% 2.5% -0.5%
Russia 1.1% 0.5% 0.7%
Developed Markets Global Focus MSCI ACWI
Overweight / Underweight
Americas 64.5% 58.9% 5.6%
Europe 16.7% 18.5% -1.7%
Middle East 2.7% 0.2% 2.6%
Asia Pacific 2.5% 10.8% -8.3%
Emerging Markets Global Focus MSCI ACWI
Overweight / Underweight
Asia Pacific 12.2% 8.3% 3.9%
Europe 1.1% 0.7% 0.4%
Equity Sector Global Focus MSCI ACWI
Overweight / Underweight
Information Technology 32.6% 16.4% 16.2%
Communication Services 23.2% 8.9% 14.3%
Health Care 17.5% 11.3% 6.2%
Consumer Discretionary 11.0% 10.9% 0.2%
Financials 9.5% 16.8% -7.3%
Industrials 4.2% 10.4% -6.3%
Materials 2.0% 4.8% -2.8%
Industry Global Focus MSCI ACWI
Overweight / Underweight
Software 18.0% 4.4% 13.6%
Interactive Media & Services 17.3% 3.5% 13.8%
Internet & Direct Marketing Retail 11.0% 3.0% 8.0%
IT Services 9.4% 3.6% 5.8%
Banks 8.6% 8.8% -0.2%
Pharmaceuticals 6.8% 4.9% 2.0%
Entertainment 5.9% 1.3% 4.5%
Biotechnology 4.4% 1.5% 2.9%
Health Care Equipment & Supplies 3.5% 2.5% 1.0%
Professional Services 3.2% 0.7% 2.5%
Semiconductors & Semiconductor Equipment 3.0% 3.2% -0.2%
Life Sciences Tools & Services 2.8% 0.7% 2.2%
Internet Software & Services 2.2% 0.3% 1.9%
Chemicals 2.0% 2.4% -0.4%
Capital Markets 0.9% 2.5% -1.6%
Aerospace & Defense 0.9% 1.9% -1.0%
Asset Allocation Global Focus MSCI ACWI
Overweight / Underweight
Equity 100.0% 100.0% 0.0%
Market Cap Global Focus MSCI ACWI
Overweight / Underweight
Large 87.6% 87.1% 0.5%
Mid 11.5% 12.8% -1.3%
Small 0.9% 0.1% 0.8%
Analytics
(As of 07/31/2019)

Performance Statistics
3Y
5Y
Alpha
0.77
0.54
Beta
1.24
1.26
Information Ratio
0.45
0.27
R-Squared
87.32
88.17
Sharpe Ratio
0.79
0.52
Standard Deviation
14.77
15.77
Upside Capture
122.05
125.93
Downside Capture
118.64
125.50
Sortino Ratio
1.19
0.77
Win Ratio
58.00
57.00
Loss Ratio
42.00
43.00
Margin of Outperformance
1.45
1.50
Margin of Underperformance
-1.46
-1.56
Tracking Error
5.89
6.22
Yields
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Average Market Cap (weighted)
$194.81 B
$159.48 B
Median Market Cap (weighted)
$60.33 B
$55.98 B
P/E Ratio (LTM)
25.82
17.35
P/E Ratio (NTM)
24.17
15.38
Price/Book
3.24
2.45
Debt to Capital Ratio
33.38
43.94
Turnover Ratio
46%
-
Team
  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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