Portfolio Characteristics

As of 12/31/2019

International Small Cap Fund
MSCI EAFE Small Cap (ND) Index
Number of Holdings
55
2,346
Weighted Avg. Market Cap ($Mil)
1,870.62
2,763.24
Median Market Cap ($Mil)
1,285.11
1,101.19
Price/Book Ratio
1.36
1.91
Adj. Trailing P/E Ratio
13.89
18.28
Forecasted P/E Ratio
13.91
17.22
Earnings Growth Rate (%)
6.28
11.62
Proj. Earnings Growth Rate (%)
7.86
10.55
Return on Equity (%)
9.33
10.75
Turnover (unannualized % since 10/31)
1
Beta vs. Fund Benchmark
1.06

Top Ten Holdings

As of 12/31/2019

Company Name [Ticker]
% of Net Assets
Jafco Co. Ltd.[8595]
2.4
Clarkson PLC[CKN]
2.3
Ontex Group NV[ONTEX]
2.3
Northgate plc[NTG]
2.2
Krones AG[KRN]
2.2
Arcadis NV[ARCAD]
2.1
Japfa Ltd.[UD2]
2.1
Ebro Foods SA[EBRO]
2.1
Dksh Holding AG[DS5]
2.0
Tarkett SA[TKTT]
2.0

Full Holdings

As of 12/31/2019

Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Jafco Co. Ltd. [8595]
Japan
27
39.20
1,051
2.4
Clarkson PLC [CKN]
United Kingdom
26
40.234
1,044
2.3
Ontex Group NV [ONTEX]
Belgium
49
21.048
1,022
2.3
Northgate plc [NTG]
United Kingdom
242
4.12
999
2.2
Krones AG [KRN]
Germany
13
75.351
972
2.2
Arcadis NV [ARCAD]
Netherlands
41
23.416
950
2.1
Japfa Ltd. [UD2]
Singapore
2,185
0.431
942
2.1
Ebro Foods SA [EBRO]
Spain
42
21.67
918
2.1
Dksh Holding AG [DS5]
Switzerland
17
54.371
913
2.0
Tarkett SA [TKTT]
France
56
16.223
911
2.0
Fujitsu General Ltd. [6755]
Japan
41
22.441
909
2.0
Fuso Chemical Co. Ltd. [4368]
Japan
30
29.554
887
2.0
Johnson Electric Holdings Ltd. [179]
Hong Kong
390
2.275
886
2.0
Inchcape plc [INCH]
United Kingdom
95
9.356
885
2.0
Takkt AG [TTK]
Germany
63
14.086
882
2.0
CYBG PLC [VMUK]
United Kingdom
353
2.496
881
2.0
BML Inc. [4694]
Japan
31
28.688
880
2.0
Kanamoto Co. Ltd. [9678]
Japan
34
25.725
879
2.0
METAWATER Co. Ltd. [9551]
Japan
22
39.987
878
2.0
Healius Ltd. [HLS]
Australia
451
1.933
871
2.0
Spar Nord Bank AS [SPNO]
Denmark
86
9.708
832
1.9
Resurs Holding AB [RESURS]
Sweden
128
6.423
825
1.9
Bertrandt AG [BDT]
Germany
13
62.949
824
1.8
Coface SA [COFA]
France
66
12.329
816
1.8
Navigator Co. SA [NVG]
Portugal
200
4.034
805
1.8
Resorttrust Inc. [4681]
Japan
48
16.952
805
1.8
Kerry Logistics Network Ltd. [636]
Hong Kong
464
1.718
796
1.8
Senior plc [SNR]
United Kingdom
346
2.291
793
1.8
Criteo SA ADR [CRTO]
France
45
17.33
786
1.8
Draegerwerk AG & Co KGaA [DRW3]
Germany
12
62.288
771
1.7
BillerudKorsnas AB [BILL]
Sweden
65
11.817
763
1.7
Landis+Gyr Group AG [4LG]
Switzerland
7
103.947
760
1.7
Tower Semiconductor Ltd. [TSEM]
Israel
31
24.06
754
1.7
Kintetsu World Express Inc. [9375]
Japan
43
17.374
745
1.7
Golar LNG Ltd. [GLNG]
Bermuda
52
14.22
742
1.7
Elders Ltd. [ELD]
Australia
162
4.535
736
1.7
Indra Sistemas SA [IDR]
Spain
63
11.455
726
1.6
Paramount Bed Holdings Co. Ltd. [7817]
Japan
17
41.601
720
1.6
Nohmi Bosai Ltd. [6744]
Japan
32
22.417
715
1.6
Asr Nederland NV [ASRNL]
Netherlands
19
37.475
715
1.6
Raito Kogyo Co. Ltd. [1926]
Japan
49
14.454
715
1.6
DOWA Holdings Co. Ltd. [5714]
Japan
19
37.122
713
1.6
N Brown Group PLC [BWNG]
United Kingdom
330
2.156
711
1.6
Viva Energy Group Ltd. [VEA]
Australia
488
1.347
658
1.5
BOC Aviation Ltd. [2588]
Singapore
63
10.17
636
1.4
OSG Corp. [6136]
Japan
32
19.016
609
1.4
Matas AS [MATAS]
Denmark
73
8.279
603
1.4
Nabtesco Corp. [6268]
Japan
18
29.467
540
1.2
Neo Performance Materials Inc. [NEO]
Canada
54
9.511
511
1.1
Siltronic AG [WAF]
Germany
5
100.473
475
1.1
X-Fab Silicon Foundries SE [XFAB]
Belgium
95
4.683
446
1.0
Sumco Corp. [3436]
Japan
26
16.569
429
1.0
Brunel International NV [BRNL]
Netherlands
37
10.128
378
0.8
Mears Group PLC [MER]
United Kingdom
74
3.895
288
0.6
Central Glass Co. Ltd. [4044]
Japan
4
24.418
100
0.2

Sector Allocations

As of 12/31/2019

Economic Sector
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Industrials
33.3
21.7
Financials
11.5
10.8
Consumer Discretionary
10.8
12.6
Information Technology
9.7
10.3
Materials
8.3
8.0
Consumer Staples
8.1
6.1
Health Care
7.3
7.3
Energy
3.1
2.5
Communication Services
1.8
4.7
Real Estate
0.0
13.7
Utilities
0.0
2.4

Sector Returns

As of 12/31/2019

Economic Sector
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Information Technology
22.0
16.2
Consumer Discretionary
21.4
12.8
Materials
17.8
10.9
Consumer Staples
16.3
6.1
Financials
15.9
11.4
Industrials
14.1
14.3
Health Care
10.7
13.6
Energy
5.6
5.4
Cash
0.1
0.0
Real Estate
0.0
7.8
Utilities
0.0
7.5
Communication Services
-7.3
8.5

Country Allocation

As of 12/31/2019

Country
International Small Cap Fund %
MSCI EAFE Small Cap (ND) Index %
Japan
26.0
30.2
United Kingdom
12.6
18.6
Germany
8.8
6.2
France
5.6
3.5
Australia
5.1
7.4
Netherlands
4.6
2.6
Hong Kong
3.8
1.9
Switzerland
3.8
5.0
Spain
3.7
2.1
Sweden
3.6
6.1
Other
22.4
16.4