Portfolio Characteristics

As of 9/30/2019

Focused International Fund
MSCI All Country World Ex. US (ND) Index
Number of Holdings
31
2,215
Weighted Avg. Market Cap ($Mil)
78,132.34
68,930.23
Median Market Cap ($Mil)
39,538.68
7,741.02
Price/Book Ratio
5.31
2.04
Adj. Trailing P/E Ratio
26.46
16.01
Forecasted P/E Ratio
22.84
14.82
Earnings Growth Rate (%)
12.82
9.55
Proj. Earnings Growth Rate (%)
10.32
8.64
Return on Equity (%)
19.42
13.04
Turnover (unannualized % since 10/31)
32

Top Ten Holdings

As of 9/30/2019

Company Name [Ticker]
% of Net Assets
Ping An Insurance Group Co. of China Ltd. [2318]
5.8
Unilever plc [ULVR]
5.4
L'Oreal SA [OR]
4.7
Hoya Corp. [7741]
4.7
Inner Mongolia Yili Industrial Group Co. Ltd. Class A [600887]
4.5
Heineken NV [HEIA]
4.5
Hangzhou Hikvision Digital Technology Co. Ltd. Class A [002415]
4.2
Hamamatsu Photonics KK [6965]
4.0
Fomento Economico Mexicano SAB de CV ADR Class B [FMX]
3.9
Fast Retailing Co. Ltd. [9983]
3.8

Full Holdings

As of 9/30/2019

Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Ping An Insurance Group Co. of China Ltd. [2318]
China
136
11.494
1,563
5.8
Unilever plc [ULVR]
United Kingdom
24
60.102
1,453
5.4
L'Oreal SA [OR]
France
5
279.669
1,275
4.7
Hoya Corp. [7741]
Japan
15
81.903
1,253
4.7
Inner Mongolia Yili Industrial Group Co. Ltd. Class A [600887]
China
299
4.001
1,198
4.5
Heineken NV [HEIA]
Netherlands
11
108.012
1,196
4.5
Hangzhou Hikvision Digital Technology Co. Ltd. Class A [002415]
China
250
4.535
1,134
4.2
Hamamatsu Photonics KK [6965]
Japan
29
37.308
1,078
4.0
Fomento Economico Mexicano SAB de CV ADR Class B [FMX]
Mexico
11
91.58
1,035
3.9
Fast Retailing Co. Ltd. [9983]
Japan
2
596.549
1,014
3.8
Pan Pacific International Holdings Corp. [7532]
Japan
59
16.742
991
3.7
AIA Group Ltd. [1299]
Hong Kong
103
9.431
971
3.6
Hikari Tsushin Inc. [9435]
Japan
4
216.943
911
3.4
Roche Holding AG [ROG]
Switzerland
3
291.164
869
3.2
Kose Corp. [4922]
Japan
5
169.789
866
3.2
SAP SE [SAP]
Germany
6
117.673
763
2.8
Experian plc [EXPN]
Jersey
23
31.979
732
2.7
EssilorLuxottica SA [EL]
France
5
144.179
721
2.7
Shin-Etsu Chemical Co. Ltd. [4063]
Japan
6
107.61
689
2.6
Coloplast AS Class B [COLOB]
Denmark
5
120.316
641
2.4
Amadeus IT Group SA Class A [AMS]
Spain
8
71.652
597
2.2
Daikin Industries Ltd. [6367]
Japan
5
131.889
594
2.2
Kweichow Moutai Co. Ltd. Class A [600519]
China
3
161.219
548
2.0
Autohome Inc. ADR Class A [ATHM]
China
6
83.13
515
1.9
Nidec Corp. [6594]
Japan
3
135.421
447
1.7
Keyence Corp. [6861]
Japan
1
622.456
436
1.6
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]
Taiwan
9
46.48
432
1.6
Makita Corp. [6586]
Japan
13
31.734
419
1.6
Straumann Holding AG [QS5]
Switzerland
0
817.949
399
1.5

Sector Allocations

As of 9/30/2019

Economic Sector
Focused International Fund %
MSCI All Country World Ex. US (ND) Index %
Consumer Staples
28.2
10.2
Information Technology
16.5
8.9
Consumer Discretionary
13.5
11.4
Health Care
11.8
8.5
Financials
9.4
21.6
Industrials
8.2
11.9
Materials
2.6
7.3
Communication Services
1.9
6.8
Energy
0.0
6.7
Utilities
0.0
3.5
Real Estate
0.0
3.2
Cash
0.0
0.0

Sector Returns

As of 9/30/2019

Economic Sector
Focused International Fund %
MSCI All Country World Ex. US (ND) Index %
Materials
15.7
-6.5
Health Care
6.2
1.1
Consumer Discretionary
2.6
-0.7
Cash
0.4
0.0
Industrials
0.3
-2.5
Energy
0.0
-4.6
Utilities
0.0
1.3
Real Estate
0.0
-3.1
Information Technology
-1.8
2.2
Consumer Staples
-2.6
1.5
Financials
-7.0
-3.6
Communication Services
-8.3
-2.9

Country Allocation

As of 9/30/2019

Country
Focused International Fund %
MSCI All Country World Ex. US (ND) Index %
Japan
32.4
16.5
China
18.5
8.3
France
7.4
7.6
United Kingdom
5.4
11.0
Switzerland
4.7
6.3
Netherlands
4.5
2.7
Mexico
3.9
0.7
Hong Kong
3.6
2.4
Germany
2.8
5.7
Denmark
2.4
1.2
Other
14.4
37.6