International Small-Mid Cap

Overview

This Strategy typically invests in international small- and mid-company stocks.

Strategy Inception Date
November 17, 1997
Composite Inception Date
December 31, 2007
Composite AUM
(as of 07/31/2019)
$8.80 BN
Composite Benchmark
MSCI ACWI ex US SMID Cap
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 Small-Mid Cap (gross of fees)
19.62% 2.81% 16.22% 11.33% 16.97% 9.62%
International Small-Mid Cap (net of fees)
19.12% 1.90% 15.21% 10.36% 15.96% 8.66%
MSCI ACWI ex US SMID Cap
12.61% -3.81% 8.15% 2.80% 7.93% 2.70%
Cumulative
Annualized
ytd as of 2019-07-31
1 yr 3 yr 5 yr 10 yr since inception
International Small-Mid Cap (gross of fees)
18.39% -1.44% 13.91% 11.72% 15.37% 9.45%
International Small-Mid Cap (net of fees)
17.80% -2.33% 12.92% 10.75% 14.36% 8.49%
MSCI ACWI ex US SMID Cap
11.59% -5.76% 5.81% 2.98% 6.89% 2.59%

Year International Small-Mid Cap (gross of fees) International Small-Mid Cap (net of fees) MSCI ACWI ex US SMID Cap
2008 -65.56% -65.91% -48.30%
2009 124.28% 122.45% 53.39%
2010 39.09% 37.88% 20.72%
2011 -19.38% -20.15% -16.90%
2012 24.15% 23.12% 17.98%
2013 46.68% 45.46% 17.79%
2014 1.33% 0.43% -3.05%
2015 16.29% 15.30% 0.44%
2016 0.74% -0.16% 3.57%
2017 39.77% 38.63% 30.35%
2018 -8.15% -8.99% -17.06%
Portfolio

Top Issuers

(35.4% of assets as of 07/31/2019)


Portfolio Holdings Breakdown

Country
Developed Markets
Equity Sector
Industry
Asset Allocation
Market Cap 2
Country International Small-Mid Cap MSCI ACWI ex US SMID Cap
Overweight / Underweight
Japan 20.4% 19.8% 0.6%
United Kingdom 18.9% 12.4% 6.5%
Germany 10.8% 4.5% 6.3%
Switzerland 8.7% 4.7% 4.0%
United States 6.5% 0.1% 6.4%
Israel 5.3% 1.1% 4.2%
Denmark 4.4% 1.7% 2.7%
Netherlands 3.4% 1.7% 1.7%
Canada 3.2% 6.5% -3.3%
Belgium 2.9% 1.2% 1.7%
Sweden 2.6% 3.3% -0.7%
Ireland 2.4% 0.8% 1.6%
France 2.2% 5.2% -3.0%
Australia 1.9% 5.6% -3.6%
Spain 1.0% 1.5% -0.6%
Finland 0.6% 1.0% -0.4%
Norway 0.5% 1.2% -0.7%
Developed Markets International Small-Mid Cap MSCI ACWI ex US SMID Cap
Overweight / Underweight
Europe 58.4% 42.5% 15.9%
Asia Pacific 22.3% 29.7% -7.4%
Americas 9.7% 6.6% 3.1%
Middle East 5.3% 1.1% 4.2%
Equity Sector International Small-Mid Cap MSCI ACWI ex US SMID Cap
Overweight / Underweight
Information Technology 27.2% 9.3% 18.0%
Health Care 25.3% 7.5% 17.8%
Industrials 15.1% 19.7% -4.7%
Consumer Discretionary 7.4% 12.5% -5.2%
Financials 6.4% 11.6% -5.1%
Consumer Staples 5.3% 6.8% -1.4%
Materials 4.2% 11.1% -6.9%
Communication Services 4.1% 4.7% -0.6%
Real Estate 0.7% 9.6% -8.9%
Industry International Small-Mid Cap MSCI ACWI ex US SMID Cap
Overweight / Underweight
Software 10.6% 1.8% 8.8%
Semiconductors & Semiconductor Equipment 7.8% 1.9% 5.9%
Health Care Equipment & Supplies 7.7% 1.9% 5.8%
Biotechnology 6.8% 1.3% 5.5%
Electronic Equipment Instruments & Components 6.3% 2.6% 3.6%
Life Sciences Tools & Services 5.4% 0.9% 4.5%
Machinery 5.2% 4.2% 1.0%
Pharmaceuticals 5.0% 2.0% 3.0%
Internet & Direct Marketing Retail 4.7% 0.8% 3.8%
Insurance 4.4% 2.7% 1.6%
Food Products 3.1% 3.3% -0.1%
Trading Companies & Distributors 2.7% 1.6% 1.1%
IT Services 2.6% 1.9% 0.7%
Beverages 2.2% 0.9% 1.3%
Capital Markets 2.1% 3.6% -1.5%
Chemicals 2.1% 4.6% -2.5%
Commercial Services & Supplies 2.1% 1.7% 0.4%
Interactive Media & Services 2.1% 0.6% 1.6%
Aerospace & Defense 1.7% 1.0% 0.7%
Entertainment 1.6% 0.9% 0.7%
Asset Allocation International Small-Mid Cap MSCI ACWI ex US SMID Cap
Overweight / Underweight
Equity 95.8% 100.0% -4.2%
Market Cap International Small-Mid Cap MSCI ACWI ex US SMID Cap
Overweight / Underweight
Mid 55.2% 56.1% -0.9%
Small 23.6% 20.3% 3.3%
Large 15.5% 23.6% -8.1%
Analytics
(As of 07/31/2019)

Performance Statistics
3Y
5Y
Alpha
7.45
8.54
Beta
1.03
0.86
Information Ratio
1.63
1.52
R-Squared
85.18
79.18
Sharpe Ratio
0.97
0.91
Standard Deviation
12.82
11.98
Upside Capture
125.20
105.67
Downside Capture
77.94
52.95
Sortino Ratio
1.52
1.44
Win Ratio
67.00
68.00
Loss Ratio
33.00
32.00
Margin of Outperformance
1.32
1.52
Margin of Underperformance
-0.75
-1.13
Tracking Error
4.96
5.76
Yields
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Average Market Cap (weighted)
$5.21 B
$5.86 B
Median Market Cap (weighted)
$4.23 B
$4.29 B
P/E Ratio (LTM)
27.59
17.04
P/E Ratio (NTM)
26.58
14.91
Price/Book
3.33
1.78
Debt to Capital Ratio
21.76
35.18
Turnover Ratio
27%
-
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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