Portfolio Characteristics

As of 9/30/2019

International Small Cap Fund
MSCI EAFE Small Cap (ND) Index
Number of Holdings
55
2,337
Weighted Avg. Market Cap ($Mil)
1,767.85
2,536.03
Median Market Cap ($Mil)
1,215.65
972.35
Price/Book Ratio
1.23
1.76
Adj. Trailing P/E Ratio
12.38
17.09
Forecasted P/E Ratio
12.24
16.32
Earnings Growth Rate (%)
5.11
11.77
Proj. Earnings Growth Rate (%)
4.24
9.66
Return on Equity (%)
9.18
10.76
Turnover (unannualized % since 10/31)
174
Beta vs. Fund Benchmark
1.05

Top Ten Holdings

As of 9/30/2019

Company Name [Ticker]
% of Net Assets
Jafco Co. Ltd. [8595]
2.5
Kanamoto Co. Ltd. [9678]
2.3
Northgate plc [NTG]
2.3
Fuso Chemical Co. Ltd. [4368]
2.3
Fujitsu General Ltd. [6755]
2.2
DOWA Holdings Co. Ltd. [5714]
2.2
Resorttrust Inc. [4681]
2.2
Kintetsu World Express Inc. [9375]
2.2
Healius Ltd. [HLS]
2.1
Ebro Foods SA [EBRO]
2.1

Full Holdings

As of 9/30/2019

Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Jafco Co. Ltd. [8595]
Japan
30
38.025
1,148
2.5
Kanamoto Co. Ltd. [9678]
Japan
43
24.954
1,069
2.3
Northgate plc [NTG]
United Kingdom
260
4.054
1,053
2.3
Fuso Chemical Co. Ltd. [4368]
Japan
46
22.314
1,026
2.3
Fujitsu General Ltd. [6755]
Japan
61
16.73
1,012
2.2
DOWA Holdings Co. Ltd. [5714]
Japan
29
34.339
1,006
2.2
Resorttrust Inc. [4681]
Japan
62
16.23
1,005
2.2
Kintetsu World Express Inc. [9375]
Japan
71
14.147
997
2.2
Healius Ltd. [HLS]
Australia
451
2.174
980
2.1
Ebro Foods SA [EBRO]
Spain
49
19.987
978
2.1
Ontex Group NV [ONTEX]
Belgium
54
17.989
978
2.1
Inchcape plc [INCH]
United Kingdom
126
7.763
975
2.1
Criteo SA ADR [CRTO]
France
52
18.69
968
2.1
Kerry Logistics Network Ltd. [636]
Bermuda
596
1.599
953
2.1
Dksh Holding AG [DS5]
Switzerland
19
49.917
938
2.1
Takkt AG [TTK]
Germany
69
13.252
911
2.0
Paramount Bed Holdings Co. Ltd. [7817]
Japan
24
36.538
888
1.9
Landis+Gyr Group AG [4LG]
Switzerland
10
89.636
887
1.9
Johnson Electric Holdings Ltd. [179]
Bermuda
495
1.792
886
1.9
METAWATER Co. Ltd. [9551]
Japan
26
34.084
881
1.9
Tower Semiconductor Ltd. [TSEM]
Israel
46
19.24
880
1.9
BML Inc. [4694]
Japan
32
26.991
870
1.9
Resurs Holding AB [RESURS]
Sweden
144
5.925
854
1.9
Spar Nord Bank AS [SPNO]
Denmark
94
9.001
847
1.9
Arcadis NV [ARCAD]
Netherlands
45
18.687
844
1.9
BOC Aviation Ltd. [2588]
Singapore
91
9.229
836
1.8
Coface SA [COFA]
France
73
11.358
824
1.8
OSG Corp. [6136]
Japan
38
20.816
799
1.8
Senior plc [SNR]
United Kingdom
346
2.308
799
1.8
Clarkson PLC [CKN]
United Kingdom
26
30.164
782
1.7
Krones AG [KRN]
Germany
13
60.408
779
1.7
Golar LNG Ltd. [GLNG]
Bermuda
59
12.99
769
1.7
Tarkett SA [TKTT]
France
51
14.787
758
1.7
Japfa Ltd. [UD2]
Singapore
2,252
0.326
734
1.6
Nohmi Bosai Ltd. [6744]
Japan
38
19.175
727
1.6
CYBG PLC [CYBG]
United Kingdom
510
1.409
719
1.6
Navigator Co. SA [NVG]
Portugal
200
3.576
714
1.6
Asr Nederland NV [ASRNL]
Netherlands
19
36.90
704
1.5
BillerudKorsnas AB [BILL]
Sweden
65
10.813
698
1.5
Raito Kogyo Co. Ltd. [1926]
Japan
53
13.179
697
1.5
Draegerwerk AG & Co KGaA [DRW3]
Germany
16
44.375
695
1.5
Elders Ltd. [ELD]
Australia
162
4.268
692
1.5
Bank of East Asia Ltd. [23]
Hong Kong
278
2.463
685
1.5
Bertrandt AG [BDT]
Germany
15
45.047
667
1.5
Nabtesco Corp. [6268]
Japan
21
31.303
655
1.4
Viva Energy Group Ltd. [VEA]
Australia
428
1.318
563
1.2
Matas AS [MATAS]
Denmark
73
7.372
537
1.2
Siltronic AG [WAF]
Germany
7
76.117
514
1.1
N Brown Group PLC [BWNG]
United Kingdom
330
1.377
454
1.0
Neo Performance Materials Inc. [NEO]
Canada
54
8.001
430
0.9
X-Fab Silicon Foundries SE [XFAB]
Belgium
95
4.47
426
0.9
Brunel International NV [BRNL]
Netherlands
37
11.394
425
0.9
Central Glass Co. Ltd. [4044]
Japan
19
21.108
403
0.9
Sumco Corp. [3436]
Japan
26
13.623
353
0.8
Mears Group PLC [MER]
United Kingdom
47
3.156
149
0.3

Sector Allocations

As of 9/30/2019

Economic Sector
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Industrials
33.7
21.0
Financials
12.7
10.5
Consumer Discretionary
10.7
12.7
Materials
8.5
7.8
Information Technology
8.3
9.8
Health Care
7.5
7.3
Consumer Staples
7.4
6.4
Energy
2.9
2.5
Communication Services
2.1
5.3
Real Estate
0.0
14.1
Utilities
0.0
2.5

Sector Returns

As of 9/30/2019

Economic Sector
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Communication Services
8.6
2.0
Information Technology
6.0
1.1
Cash
0.1
0.0
Utilities
0.0
3.2
Real Estate
0.0
6.1
Materials
-1.1
-5.7
Consumer Discretionary
-1.9
0.7
Consumer Staples
-2.8
-0.1
Industrials
-5.1
-2.6
Financials
-5.3
-2.6
Health Care
-8.7
-1.3
Energy
-32.1
-7.1

Country Allocation

As of 9/30/2019

Country
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Japan
29.7
31.4
United Kingdom
10.8
17.7
Germany
7.8
5.8
France
5.6
3.4
Australia
4.9
7.6
Netherlands
4.3
2.7
Switzerland
4.0
4.7
Singapore
3.4
1.8
Sweden
3.4
5.7
Belgium
3.1
2.3
Other
23.0
16.9