Portfolio Characteristics

As of 12/31/2019

Global Leaders Fund
MSCI All Country World (ND) Index
Number of Holdings
38
3,050
Weighted Avg. Market Cap ($Mil)
120,430.2
189,217.15
Median Market Cap ($Mil)
50,710.09
9,675.1
Price/Book Ratio
6.71
3.54
Adj. Trailing P/E Ratio
33.20
21.06
Forecasted P/E Ratio
26.25
18.59
Earnings Growth Rate (%)
17.33
13.68
Proj. Earnings Growth Rate (%)
13.81
10.28
Return on Equity (%)
22.03
15.52
Turnover (annualized % as of fiscal year end 10/31)
5
Beta vs. Fund Benchmark
0.94

Top Ten Holdings

As of 12/31/2019

Company Name [Ticker]
% of Net Assets
VISA Inc.[V]
4.5
Adobe Inc.[ADBE]
3.9
AIA Group Ltd.[1299]
3.9
TransDigm Group Inc.[TDG]
3.9
Alimentation Couche-Tard Inc.[ATD.B]
3.9
HDFC Bank Ltd. ADR[HDB]
3.6
Texas Instruments Inc.[TXN]
3.6
Keyence Corp.[6861]
3.6
Zoetis Inc.[ZTS]
3.5
CSL Ltd.[CSL]
3.3

Full Holdings

As of 12/31/2019

Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
VISA Inc. [V]
United States
28
187.90
5,331
4.5
Adobe Inc. [ADBE]
United States
14
329.81
4,624
3.9
AIA Group Ltd. [1299]
Hong Kong
439
10.518
4,618
3.9
TransDigm Group Inc. [TDG]
United States
8
560.00
4,598
3.9
Alimentation Couche-Tard Inc. [ATD.B]
Canada
144
31.735
4,565
3.9
HDFC Bank Ltd. ADR [HDB]
India
68
63.37
4,278
3.6
Texas Instruments Inc. [TXN]
United States
33
128.29
4,229
3.6
Keyence Corp. [6861]
Japan
12
351.138
4,165
3.6
Zoetis Inc. [ZTS]
United States
31
132.35
4,091
3.5
CSL Ltd. [CSL]
Australia
20
193.882
3,902
3.3
Roper Technologies Inc. [ROP]
United States
10
354.23
3,613
3.1
Safran SA [SAF]
France
22
154.459
3,447
2.9
Recruit Holdings Co. Ltd. [6098]
Japan
92
37.455
3,440
2.9
Intuit Inc. [INTU]
United States
13
261.93
3,353
2.9
Boston Scientific Corp. [BSX]
United States
69
45.22
3,117
2.7
Microsoft Corp. [MSFT]
United States
20
157.70
3,086
2.6
Aptiv plc [APTV]
United States
32
94.97
3,017
2.6
Intercontinental Exchange Inc. [ICE]
United States
32
92.55
3,004
2.6
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]
Taiwan
50
58.10
2,922
2.5
UnitedHealth Group Inc. [UNH]
United States
9
293.98
2,710
2.3
Equinix Inc. [EQIX]
United States
5
583.70
2,697
2.3
Iqvia Holdings Inc. [IQV]
United States
17
154.51
2,634
2.2
Dollar General Corp. [DG]
United States
17
155.98
2,589
2.2
Temenos AG [TEMN]
Switzerland
16
158.189
2,588
2.2
Live Nation Entertainment Inc. [LYV]
United States
35
71.47
2,479
2.1
Bank Central Asia TBK PT [BBCA]
Indonesia
997
2.405
2,398
2.0
Verisk Analytics Inc. [VRSK]
United States
16
149.34
2,352
2.0
Ross Stores Inc. [ROST]
United States
20
116.42
2,312
2.0
Lonza Group AG [LO3]
Switzerland
6
364.807
2,283
1.9
EssilorLuxottica SA [EL]
France
14
152.881
2,210
1.9
Dassault Systemes SE [DSY]
France
12
164.925
1,936
1.7
Rentokil Initial plc [RTO]
United Kingdom
293
5.994
1,754
1.5
Moody's Corp. [MCO]
United States
7
237.41
1,742
1.5
Rightmove plc [RMV]
United Kingdom
203
8.391
1,704
1.5
Union Pacific Corp. [UNP]
United States
9
180.79
1,655
1.4
Pan Pacific International Holdings Corp. [7532]
Japan
88
16.591
1,467
1.3
Sea Ltd. ADR [SE]
Singapore
31
40.22
1,245
1.1
Monotaro Co. Ltd. [3064]
Japan
47
26.621
1,238
1.1

Sector Allocations

As of 12/31/2019

Economic Sector
Global Leaders Fund %
MSCI All Country World (ND) Index %
Information Technology
27.5
17.1
Industrials
18.8
10.3
Health Care
16.0
11.8
Financials
13.7
16.7
Consumer Discretionary
9.9
10.8
Communication Services
4.6
8.7
Consumer Staples
3.9
8.0
Real Estate
2.3
3.2
Energy
0.0
5.2
Materials
0.0
4.8
Utilities
0.0
3.3

Sector Returns

As of 12/31/2019

Economic Sector
Global Leaders Fund %
MSCI All Country World (ND) Index %
Communication Services
14.4
8.3
Health Care
13.7
13.7
Financials
9.7
9.0
Information Technology
9.4
14.5
Industrials
6.4
7.4
Consumer Discretionary
4.4
8.2
Consumer Staples
3.7
2.6
Real Estate
1.5
2.8
Cash
0.4
0.0
Energy
0.0
5.8
Materials
0.0
9.3
Utilities
0.0
2.3

Country Allocation

As of 12/31/2019

Country
Global Leaders Fund %
MSCI All Country World (ND) Index %
United States
53.9
55.6
Japan
8.8
7.2
France
6.5
3.3
Switzerland
4.2
2.7
Hong Kong
3.9
1.0
Canada
3.9
3.0
India
3.6
1.1
Australia
3.3
2.0
United Kingdom
2.9
4.9
Taiwan
2.5
1.4
Other
6.5
17.8