Portfolio Characteristics


As of 12/31/2019

International Growth Fund
MSCI All Country World Ex. US (ND) Index
Number of Holdings
81
2,412
Weighted Avg. Market Cap ($Mil)
56,216.55
78,410.47
Median Market Cap ($Mil)
17,236
7,876.05
Price/Book Ratio
6.00
2.20
Adj. Trailing P/E Ratio
33.77
17.31
Forecasted P/E Ratio
26.36
15.55
Earnings Growth Rate (%)
12.54
10.07
Proj. Earnings Growth Rate (%)
16.61
9.28
Return on Equity (%)
16.52
13.19
Turnover (annualized % as of fiscal year end 10/31)
16
Beta vs. Fund Benchmark
1.08

For definitions of any of these terms, please visit our Financial Glossary.

Top Ten Holdings

As of 12/31/2019

Company Name [Ticker]
% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. ADR[TSM]
3.1
Alibaba Group Holding Ltd. ADR[BABA]
2.8
Shopify Inc.[SHOP]
2.4
Hargreaves Lansdown plc[HL.]
2.2
Rightmove plc[RMV]
2.2
ASML Holding NV[ASML]
2.0
Housing Development Finance Corp. Ltd.[HDFC]
2.0
Shiseido Co. Ltd.[4911]
2.0
AIA Group Ltd.[1299]
1.9
Industria de Diseno Textil SA[ITX]
1.9

Full Holdings

As of 12/31/2019

Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]
Taiwan
324
58.10
18,844
3.1
Alibaba Group Holding Ltd. ADR [BABA]
China
82
212.10
17,365
2.8
Shopify Inc. [SHOP]
Canada
37
397.58
14,672
2.4
Hargreaves Lansdown plc [HL.]
United Kingdom
524
25.651
13,437
2.2
Rightmove plc [RMV]
United Kingdom
1,578
8.391
13,245
2.2
ASML Holding NV [ASML]
Netherlands
41
296.056
12,270
2.0
Housing Development Finance Corp. Ltd. [HDFC]
India
358
33.819
12,091
2.0
Shiseido Co. Ltd. [4911]
Japan
168
71.01
11,958
2.0
AIA Group Ltd. [1299]
Hong Kong
1,129
10.518
11,877
1.9
Industria de Diseno Textil SA [ITX]
Spain
323
35.341
11,412
1.9
Bechtle AG [BC8]
Germany
81
139.63
11,282
1.8
Cochlear Ltd. [COH]
Australia
68
157.606
10,645
1.7
MS&AD Insurance Group Holdings Inc. [8725]
Japan
322
33.009
10,622
1.7
Zalando Se [ZAL]
Germany
209
50.43
10,551
1.7
Asian Paints Ltd. [ASIANPAINT]
India
417
25.086
10,464
1.7
Auto Trader Group plc [AUTO]
United Kingdom
1,321
7.897
10,432
1.7
SMC Corp. [6273]
Japan
23
457.315
10,381
1.7
Mettler-Toledo International Inc. [MTD]
Switzerland
13
793.28
10,286
1.7
Olympus Corp. [7733]
Japan
652
15.413
10,046
1.6
United Overseas Bank Ltd. [U11]
Singapore
510
19.667
10,027
1.6
Naspers Ltd. [NPNJ]
South Africa
61
163.647
9,953
1.6
Tsingtao Brewery Co. Ltd. [168]
China
1,472
6.718
9,889
1.6
Adidas AG [ADS]
Germany
30
325.518
9,872
1.6
Raia Drogasil SA [RADL3]
Brazil
345
27.856
9,619
1.6
Murata Manufacturing Co. Ltd. [6981]
Japan
154
61.549
9,497
1.5
Schindler Holding AG [SHRQ]
Switzerland
37
254.301
9,338
1.5
Trainline plc [TRN]
United Kingdom
1,352
6.773
9,155
1.5
Sartorius AG [SRT3]
Germany
43
213.762
9,125
1.5
CIE Financiere Richemont SA [RITN]
Switzerland
117
78.151
9,107
1.5
Investor AB Class B [INVE B_SEK]
Sweden
164
54.594
8,976
1.5
Kingspan Group plc [KRX]
Ireland
145
61.233
8,856
1.4
Legrand SA [LR]
France
107
81.664
8,736
1.4
Sysmex Corp. [6869]
Japan
128
68.085
8,715
1.4
Nidec Corp. [6594]
Japan
61
136.584
8,263
1.3
Kone OYJ [KNEBV]
Finland
122
65.388
8,002
1.3
Intertek Group plc [ITRK]
United Kingdom
102
77.488
7,902
1.3
Infineon Technologies AG [IFX]
Germany
338
22.594
7,632
1.2
Ping An Insurance Group Co. of China Ltd. [2318]
China
611
11.833
7,230
1.2
Shimano Inc. [7309]
Japan
44
162.231
7,106
1.2
Jeronimo Martins SGPS SA [JMT]
Portugal
430
16.479
7,091
1.2
Nibe Industrier AB [NIBE B_SEK]
Sweden
402
17.349
6,982
1.1
Xero Ltd. [XRO]
New Zealand
121
56.182
6,803
1.1
Burberry Group plc [BRBY]
United Kingdom
230
29.196
6,716
1.1
Keyence Corp. [6861]
Japan
19
351.138
6,672
1.1
Techtronic Industries Co. Ltd. [669]
Hong Kong
806
8.162
6,574
1.1
Spotify Technology SA [SPOT]
Sweden
44
149.55
6,547
1.1
SEEK Ltd [SEK]
Australia
406
15.828
6,420
1.0
Johnson Matthey plc [JMAT]
United Kingdom
158
39.761
6,289
1.0
Atlas Copco AB Class A [ATCOA]
Sweden
157
39.916
6,263
1.0
KAO Corp. [4452]
Japan
75
82.475
6,186
1.0
Treasury Wine Estates Ltd. [TWE]
Australia
543
11.391
6,182
1.0
Homeserve plc [HSV]
United Kingdom
358
16.75
5,989
1.0
Kakaku.com Inc. [2371]
Japan
235
25.533
5,988
1.0
Suzuki Motor Corp. [7269]
Japan
134
41.742
5,606
0.9
Softbank Group Corp. [9984]
Japan
122
43.417
5,301
0.9
Fairfax Financial Holdings Ltd. [FFH]
Canada
11
469.555
5,206
0.8
Atlas Copco AB Class B [ATCO B]
Sweden
144
34.721
4,984
0.8
Baidu Inc. ADR [BIDU]
China
39
126.40
4,957
0.8
Epiroc AB Class B [EPI B]
Sweden
410
11.885
4,871
0.8
Pigeon Corp. [7956]
Japan
130
36.616
4,775
0.8
Jardine Strategic Holdings Ltd. [J37]
Singapore
155
30.668
4,763
0.8
Trip.Com Group Ltd. ADR [TCOM]
Cayman Islands
138
33.54
4,616
0.8
Prosus NV [PRX]
Netherlands
60
74.842
4,510
0.7
Public Bank BHD [PBBANK]
Malaysia
943
4.756
4,486
0.7
Denso Corp. [6902]
Japan
94
45.162
4,236
0.7
Jupiter Fund Management plc [JUP]
United Kingdom
769
5.431
4,176
0.7
Naver Corp. [035420]
South Korea
25
160.895
4,001
0.7
Mahindra & Mahindra Ltd. GDR [MHID]
India
523
7.574
3,961
0.6
Weir Group plc [WEIR]
United Kingdom
195
20.00
3,906
0.6
United Spirits Ltd. [UNSP]
India
445
8.396
3,735
0.6
Wal-Mart de Mexico SAB de CV [WALMEX *]
Mexico
1,205
2.871
3,458
0.6
Thai Beverage PCL [Y92]
Thailand
5,159
0.662
3,416
0.6
Asos plc [ASC]
United Kingdom
74
44.813
3,307
0.5
John Wood Group plc [WG.]
United Kingdom
599
5.304
3,177
0.5
Sugi Holdings Co. Ltd. [7649]
Japan
57
52.755
3,002
0.5
Jardine Matheson Holdings Ltd. [J36]
Singapore
42
55.648
2,315
0.4
MakeMyTrip Ltd. [MMYT]
India
94
22.90
2,162
0.4
Nemetschek Se [NEM]
Germany
30
65.878
1,985
0.3
Epiroc AB Class A [EPI A]
Sweden
152
12.229
1,856
0.3
Novozymes AS [NZYM B]
Denmark
34
48.947
1,665
0.3
U-Blox Holding AG [3BG]
Switzerland
14
101.115
1,427
0.2

Sector Allocations

As of 12/31/2019

Economic Sector
International Growth Fund %
MSCI All Country World Ex. US (ND) Index %
Consumer Discretionary
19.5
11.8
Industrials
19.0
12.0
Information Technology
14.9
9.3
Financials
14.4
21.4
Consumer Staples
11.3
9.4
Communication Services
8.2
6.7
Health Care
8.0
8.9
Materials
3.0
7.4
Energy
0.5
6.5
Utilities
0.0
3.4
Real Estate
0.0
3.2

Sector Returns

As of 12/31/2019

Economic Sector
International Growth Fund %
MSCI All Country World Ex. US (ND) Index %
Information Technology
26.0
15.5
Communication Services
20.6
7.0
Industrials
15.3
9.6
Energy
12.8
6.5
Consumer Discretionary
12.6
11.4
Health Care
12.1
12.5
Financials
7.9
8.1
Materials
7.1
10.8
Cash
0.4
0.0
Consumer Staples
0.4
1.9
Utilities
0.0
4.8
Real Estate
0.0
7.3

Country Allocation

As of 12/31/2019

Country
International Growth Fund %
MSCI All Country World Ex. US (ND) Index %
Japan
19.3
16.1
United Kingdom
14.3
10.9
Germany
8.2
5.7
Sweden
6.6
1.8
China
6.4
9.4
India
5.3
2.4
Switzerland
4.9
6.1
Australia
3.8
4.5
Canada
3.2
6.7
Taiwan
3.1
3.2
Other
24.9
33.2