International Growth

Overview

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

Strategy Inception Date
March 25, 1996
Composite Inception Date
December 31, 2007
Composite AUM
(as of 07/31/2019)
$19.00 BN
Composite Benchmark
MSCI ACWI ex US
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
International Growth (gross of fees)
18.50% -1.11% 7.58% 3.05% 9.66% 4.53%
International Growth (net of fees)
18.16% -1.71% 6.94% 2.44% 9.01% 3.91%
MSCI ACWI ex US
13.60% 1.29% 9.39% 2.16% 6.54% 1.37%
Cumulative
Annualized
ytd as of 2019-07-31
1 yr 3 yr 5 yr 10 yr since inception
International Growth (gross of fees)
17.67% -3.50% 5.42% 3.73% 8.67% 4.43%
International Growth (net of fees)
17.27% -4.08% 4.79% 3.12% 8.03% 3.81%
MSCI ACWI ex US
12.22% -2.27% 7.20% 2.12% 5.42% 1.26%

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%
2017 28.07% 27.32% 27.19%
2018 -18.66% -19.15% -14.20%
Portfolio

Top Issuers

(41.0% of assets as of 07/31/2019)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector
Industry
Asset Allocation
Market Cap 2
Country International Growth MSCI ACWI ex US
Overweight / Underweight
France 18.3% 7.5% 10.8%
Japan 11.8% 16.0% -4.3%
Switzerland 11.8% 6.2% 5.6%
Germany 9.1% 5.8% 3.3%
United Kingdom 6.5% 11.1% -4.6%
United States 6.5% 0.0% 6.5%
Canada 5.7% 6.8% -1.1%
Netherlands 5.2% 2.5% 2.7%
Spain 4.9% 1.9% 3.0%
Australia 4.1% 4.8% -0.8%
Sweden 3.2% 1.7% 1.5%
Finland 2.2% 0.7% 1.5%
India 2.0% 2.3% -0.3%
Denmark 2.0% 1.1% 0.9%
Hong Kong 1.7% 2.6% -0.9%
China 1.2% 8.4% -7.2%
Thailand 1.2% 0.8% 0.4%
Belgium 0.5% 0.7% -0.2%
Taiwan 0.3% 2.9% -2.6%
Developed Markets International Growth MSCI ACWI ex US
Overweight / Underweight
Europe 63.6% 41.9% 21.8%
Asia Pacific 17.6% 24.5% -7.0%
Americas 12.3% 6.9% 5.4%
Emerging Markets International Growth MSCI ACWI ex US
Overweight / Underweight
Asia Pacific 4.7% 18.9% -14.2%
Equity Sector International Growth MSCI ACWI ex US
Overweight / Underweight
Information Technology 25.8% 8.7% 17.1%
Industrials 19.0% 11.9% 7.1%
Health Care 17.3% 8.4% 9.0%
Consumer Discretionary 15.0% 11.4% 3.6%
Consumer Staples 10.2% 10.0% 0.2%
Financials 4.3% 21.6% -17.4%
Materials 4.0% 7.4% -3.4%
Energy 1.4% 6.9% -5.5%
Communication Services 1.2% 7.0% -5.9%
Industry International Growth MSCI ACWI ex US
Overweight / Underweight
Semiconductors & Semiconductor Equipment 8.1% 2.5% 5.6%
Software 7.8% 1.2% 6.6%
Machinery 7.0% 1.9% 5.1%
Health Care Equipment & Supplies 5.6% 1.2% 4.4%
Textiles Apparel & Luxury Goods 5.1% 2.0% 3.1%
Biotechnology 4.8% 0.6% 4.2%
Electronic Equipment Instruments & Components 4.2% 1.6% 2.6%
Pharmaceuticals 4.0% 5.7% -1.7%
Food Products 4.0% 3.1% 0.9%
Electrical Equipment 3.8% 1.0% 2.8%
Commercial Services & Supplies 3.7% 0.4% 3.2%
IT Services 3.5% 1.3% 2.2%
Auto Components 3.3% 0.9% 2.5%
Food & Staples Retailing 3.0% 1.7% 1.3%
Beverages 2.5% 2.1% 0.4%
Insurance 2.3% 5.4% -3.1%
Communications Equipment 2.2% 0.3% 1.9%
Banks 2.0% 13.0% -11.0%
Life Sciences Tools & Services 1.9% 0.3% 1.6%
Containers & Packaging 1.8% 0.1% 1.7%
Asset Allocation International Growth MSCI ACWI ex US
Overweight / Underweight
Equity 98.2% 100.0% -1.8%
Net Cash and Equivalents 1.8% - -
Market Cap International Growth MSCI ACWI ex US
Overweight / Underweight
Large 69.5% 87.3% -17.7%
Mid 27.6% 12.5% 15.1%
Small 1.0% 0.2% 0.8%
Analytics
(As of 07/31/2019)

Performance Statistics
3Y
5Y
Alpha
-2.00
1.70
Beta
1.09
0.97
Information Ratio
-0.37
0.34
R-Squared
86.98
86.56
Sharpe Ratio
0.35
0.27
Standard Deviation
13.08
13.01
Upside Capture
96.99
96.87
Downside Capture
108.95
86.98
Sortino Ratio
0.51
0.41
Win Ratio
44.00
53.00
Loss Ratio
56.00
47.00
Margin of Outperformance
1.12
1.17
Margin of Underperformance
-1.11
-1.04
Tracking Error
4.83
4.79
Yields
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Average Market Cap (weighted)
$40.04 B
$61.08 B
Median Market Cap (weighted)
$23.69 B
$33.44 B
P/E Ratio (LTM)
23.99
14.86
P/E Ratio (NTM)
19.15
13.36
Price/Book
3.37
1.79
Debt to Capital Ratio
35.52
39.65
Turnover Ratio
18%
-
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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