Portfolio Characteristics

As of 9/30/2019

Global Leaders Fund
MSCI All Country World (ND) Index
Number of Holdings
36
2,852
Weighted Avg. Market Cap ($Mil)
109,919.41
163,184.03
Median Market Cap ($Mil)
52,238.89
9,632.61
Price/Book Ratio
6.05
3.24
Adj. Trailing P/E Ratio
30.19
18.86
Forecasted P/E Ratio
24.53
17.43
Earnings Growth Rate (%)
17.07
12.85
Proj. Earnings Growth Rate (%)
13.05
10.42
Return on Equity (%)
22.03
15.52
Turnover (unannualized % since 10/31)
44
Beta vs. Fund Benchmark
0.97

Top Ten Holdings

As of 9/30/2019

Company Name [Ticker]
% of Net Assets
Safran SA [SAF]
4.7
VISA Inc. [V]
4.5
Alimentation Couche-Tard Inc. [ATD.B]
4.1
TransDigm Group Inc. [TDG]
4.0
Texas Instruments Inc. [TXN]
4.0
AIA Group Ltd. [1299]
3.8
Adobe Inc. [ADBE]
3.6
HDFC Bank Ltd. ADR [HDB]
3.6
Zoetis Inc. [ZTS]
3.6
Keyence Corp. [6861]
3.4

Full Holdings

As of 9/30/2019

Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Safran SA [SAF]
France
29
157.45
4,572
4.7
VISA Inc. [V]
United States
26
172.01
4,428
4.5
Alimentation Couche-Tard Inc. [ATD.B]
Canada
131
30.645
4,000
4.1
TransDigm Group Inc. [TDG]
United States
7
520.67
3,878
4.0
Texas Instruments Inc. [TXN]
United States
30
129.24
3,865
4.0
AIA Group Ltd. [1299]
Hong Kong
398
9.431
3,756
3.8
Adobe Inc. [ADBE]
United States
13
276.25
3,514
3.6
HDFC Bank Ltd. ADR [HDB]
India
61
57.05
3,494
3.6
Zoetis Inc. [ZTS]
United States
28
124.59
3,494
3.6
Keyence Corp. [6861]
Japan
5
622.456
3,318
3.4
Roper Technologies Inc. [ROP]
United States
9
356.60
3,300
3.4
Dollar General Corp. [DG]
United States
20
158.94
3,204
3.3
Intuit Inc. [INTU]
United States
12
265.94
3,088
3.2
Recruit Holdings Co. Ltd. [6098]
Japan
100
30.553
3,060
3.1
CSL Ltd. [CSL]
Australia
18
158.112
2,887
3.0
Intercontinental Exchange Inc. [ICE]
United States
29
92.27
2,717
2.8
Boston Scientific Corp. [BSX]
United States
63
40.69
2,545
2.6
Aptiv plc [APTV]
United States
29
87.42
2,520
2.6
Temenos AG [TEMN]
Switzerland
15
167.45
2,485
2.5
Microsoft Corp. [MSFT]
United States
18
139.03
2,469
2.5
Equinix Inc. [EQIX]
United States
4
576.80
2,418
2.5
Iqvia Holdings Inc. [IQV]
United States
16
149.38
2,338
2.4
Verisk Analytics Inc. [VRSK]
United States
14
158.14
2,260
2.3
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]
Taiwan
46
46.48
2,119
2.2
Live Nation Entertainment Inc. [LYV]
United States
31
66.34
2,088
2.1
Ross Stores Inc. [ROST]
United States
18
109.85
1,979
2.0
Bank Central Asia TBK PT [BBCA]
Indonesia
905
2.138
1,934
2.0
Industria de Diseno Textil SA [ITX]
Spain
62
30.948
1,924
2.0
Lonza Group AG [LO3]
Switzerland
6
338.411
1,921
2.0
EssilorLuxottica SA [EL]
France
13
144.179
1,891
1.9
UnitedHealth Group Inc. [UNH]
United States
8
217.32
1,818
1.9
Dassault Systemes SE [DSY]
France
11
142.456
1,518
1.6
Moody's Corp. [MCO]
United States
7
204.83
1,364
1.4
Union Pacific Corp. [UNP]
United States
8
161.98
1,345
1.4
Pan Pacific International Holdings Corp. [7532]
Japan
80
16.742
1,343
1.4
Rightmove plc [RMV]
United Kingdom
184
6.766
1,247
1.3

Sector Allocations

As of 9/30/2019

Economic Sector
Global Leaders Fund %
MSCI All Country World (ND) Index %
Information Technology
27.4
16.3
Industrials
18.8
10.5
Health Care
15.3
11.3
Financials
13.6
16.7
Consumer Discretionary
13.1
10.8
Consumer Staples
4.1
8.6
Communication Services
3.4
8.8
Real Estate
2.5
3.3
Energy
0.0
5.5
Materials
0.0
4.7
Utilities
0.0
3.5

Sector Returns

As of 9/30/2019

Economic Sector
Global Leaders Fund %
MSCI All Country World (ND) Index %
Real Estate
14.7
2.8
Consumer Discretionary
9.4
-0.2
Industrials
2.6
-0.9
Information Technology
0.8
2.6
Cash
0.5
0.0
Health Care
0.4
-1.4
Materials
0.0
-4.6
Energy
0.0
-5.5
Utilities
0.0
5.5
Communication Services
-0.6
0.3
Consumer Staples
-2.5
3.6
Financials
-6.0
-1.2

Country Allocation

As of 9/30/2019

Country
Global Leaders Fund %
MSCI All Country World (ND) Index %
United States
55.8
55.8
France
8.2
3.4
Japan
7.9
7.3
Switzerland
4.5
2.8
Canada
4.1
3.1
Hong Kong
3.8
1.0
India
3.6
1.0
Australia
3.0
2.1
Taiwan
2.2
1.3
Indonesia
2.0
0.2
Other
4.9
22.0