Harbor International Core Fund (HAOSX)
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Welcome
- Quant Pioneer. Acadian is a specialist in quantitative international equity strategies. Founded in 1987, it was one of the pioneers in systematic investing.
- Robust Approach. Acadian’s quantitative models are grounded in longstanding economic principles and built on years of research carried out by a sizable and experienced team of researchers.
- Continuous Improvement. Acadian’s culture is focused on collaboration and continuous improvement. A robust research calendar drives ongoing development to keep models fresh and responsive to market evolution.
- Wide-Ranging Exposure. Given its broad all-cap portfolio and style-neutral approach, the fund can serve as the sole international holding in a diversified portfolio.
Related Products to Consider
Overview
Investment Team
As of 8/31/2023
“The drivers of stock prices are multi-faceted and change frequently. In our experience, a systematic, objective approach is the best way to exploit the associated mispricing opportunities.”
Brendan Bradley
CIO, Acadian Asset Management
Performance
Fund Name
3 Mo.
YTD Return
1 Yr.
3 Yr.
Since Inception
Net Expense Ratio
Gross Expense Ratio
International Core Fund
4.88%
5.57%
10.88%
6.30%
6.39%
0.85%
1.24%
MSCI EAFE (ND) Index
3.80%
10.87%
17.92%
6.05%
5.45%
--
--
Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.
The MSCI EAFE (ND) Index is an unmanaged index generally representative of major overseas stock markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.
Distribution History
Record Date
Reinvest Date
Payable Date
Return of Capital Non Taxable Dist
Ordinary Income
Total Capital Gains
Short Term Capital Gains
Mid Term Capital Gains
Long Term Capital Gains
Total Distribution
Foreign Tax Credit
Reinvest Price
12/16/2022
12/19/2022
12/19/2022
0.00000
0.26737
0.00000
--
0.00000
--
0.26737
0.02262
10.47
12/17/2021
12/20/2021
12/20/2021
0.00000
0.35185
0.99751
0.08911
0.00000
0.90840
1.34936
0.02905
12.26
12/16/2020
12/17/2020
12/17/2020
0.00000
0.15994
0.00000
0.00000
0.00000
0.00000
0.15994
0.02756
11.79
12/13/2019
12/16/2019
12/16/2019
0.00000
0.26156
0.00000
0.00000
0.00000
0.00000
0.26156
0.02201
10.62
Holdings
Full Holdings
As of 6/30/2023
Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Novo Nordisk A/S Class B [NOVO.B]
30
161.09
4,822
3.1
Hermes International SCA [RMS]
2
2,171.09
3,862
2.5
Industria de Diseno Textil S.A. [ITX]
99
38.69
3,831
2.5
Siemens Aktiengesellschaft [SIE]
23
166.42
3,836
2.5
Compagnie Financiere Richemont SA [CFR]
21
169.51
3,599
2.3
Wolters Kluwer N.V. [WKL]
27
126.88
3,369
2.2
Roche Holding Ltd Dividend Right Cert. [ROG]
10
305.71
3,178
2.1
Volvo AB Class B [VOLV.B]
135
20.65
2,795
1.8
BP p.l.c. Sponsored ADR [BP]
71
35.29
2,508
1.6
E.ON SE [EOAN]
194
12.74
2,469
1.6
Rio Tinto plc Sponsored ADR [RIO]
38
63.84
2,399
1.6
Infineon Technologies AG [IFX]
52
41.22
2,138
1.4
SAP SE [SAP]
16
136.53
2,120
1.4
Deutsche Lufthansa AG [LHA]
196
10.23
2,008
1.3
Check Point Software Technologies Ltd. [CHKP]
16
125.62
1,984
1.3
Compagnie de Saint-Gobain SA [SGO]
32
60.80
1,930
1.3
NEC Corp. [6701]
40
48.19
1,932
1.3
Swatch Group Ltd. Bearer [UHR]
6
291.85
1,862
1.2
Shionogi & Co. Ltd. [4507]
43
42.00
1,785
1.2
Singapore Airlines Ltd. [C6L]
338
5.28
1,788
1.2
Equinor ASA [EQNR]
59
29.13
1,728
1.1
H&M Hennes & Mauritz AB Class B [HM.B]
95
17.14
1,635
1.1
Qantas Airways Limited [QAN]
392
4.13
1,616
1.1
A.P. Moller - Maersk A/S Class B [MAERSK.B]
1
1,754.62
1,521
1.0
NICE Ltd. Sponsored ADR [NICE]
7
206.50
1,508
1.0
La Francaise des Jeux SA [FDJ]
38
39.32
1,490
1.0
Atlas Copco AB Class A [ATCO.A]
102
14.39
1,463
1.0
Heineken Holding N.V. [HEIO]
17
86.90
1,472
1.0
Thales SA [HO]
10
149.69
1,462
1.0
Sage Group plc [SGE]
124
11.76
1,453
0.9
ABB Ltd. [ABBN]
37
39.32
1,437
0.9
Genting Singapore Limited [G13]
1,859
0.69
1,291
0.8
Nippon Shinyaku Co. Ltd. [4516]
32
40.64
1,288
0.8
Tokio Marine Holdings Inc. [8766]
56
22.94
1,273
0.8
Wix.com Ltd. [WIX]
16
78.24
1,237
0.8
Standard Chartered PLC [STAN]
140
8.68
1,215
0.8
ANZ Group Holdings Limited [ANZ]
74
15.78
1,172
0.8
Spotify Technology SA [SPOT]
7
160.55
1,180
0.8
Rohm Co. Ltd. [6963]
12
93.54
1,151
0.8
UniCredit S.p.A. [UCG]
50
23.20
1,165
0.8
Astrazeneca PLC Sponsored ADR [AZN]
16
71.57
1,124
0.7
Otsuka Holdings Co. Ltd. [4578]
31
36.47
1,116
0.7
Schindler Holding AG Pref [SCHP]
5
234.39
1,104
0.7
Pandora A/S [PNDORA]
12
89.26
1,094
0.7
Vipshop Holdings Ltd Sponsored ADR [VIPS]
63
16.50
1,046
0.7
Rolls-Royce Holdings plc [RR]
540
1.92
1,037
0.7
South32 Ltd. [S32]
405
2.50
1,014
0.7
Mitsubishi Electric Corp. [6503]
71
14.02
990
0.6
GSK plc Sponsored ADR [GSK]
26
35.64
923
0.6
Bluescope Steel Limited [BSL]
67
13.68
918
0.6
Wisetech Global Ltd. [WTC]
17
53.13
909
0.6
Burberry Group plc [BRBY]
34
26.95
903
0.6
Dai-ichi Life HoldingsInc. [8750]
45
18.94
858
0.6
James Hardie Industries PLC Chess Units of Foreign Securities [JHX]
33
26.46
869
0.6
Rexel SA [RXL]
34
24.67
841
0.5
monday.com Ltd. [MNDY]
5
171.22
800
0.5
Orica Limited [ORI]
81
9.87
799
0.5
Iluka Resources Limited [ILU]
105
7.40
777
0.5
Fujitsu Limited [6702]
6
128.65
759
0.5
Heidelberg Materials AG [HEI]
9
82.04
750
0.5
Knorr-Bremse AG [KBX]
10
76.35
751
0.5
Kuehne & Nagel International AG [KNIN]
3
295.87
753
0.5
Seiko Epson Corp. [6724]
49
15.49
761
0.5
People's Insurance Co. (Group) of China Ltd. Class H [1339]
2,044
0.36
741
0.5
Recruit Holdings Co. Ltd. [6098]
24
31.57
748
0.5
Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh [GGB]
137
5.22
717
0.5
Bangkok Bank Public Company Limited NVDR [BBL.R]
151
4.50
679
0.4
Publicis Groupe SA [PUB]
9
80.19
684
0.4
voestalpine AG [VOE]
19
35.89
673
0.4
Centrica plc [CNA]
420
1.58
662
0.4
Recordati Industria Chimica e Farmaceutica S.p.A. [REC]
14
47.73
658
0.4
Ricoh Company Ltd. [7752]
75
8.46
637
0.4
Tenaris S.A. [TEN]
43
14.96
638
0.4
TMX Group Ltd. [X]
28
22.53
620
0.4
China Construction Bank Corporation Class H [939]
929
0.65
601
0.4
Aristocrat Leisure Limited [ALL]
23
25.73
587
0.4
China Pacific Insurance (Group) Co. Ltd. Class H [2601]
227
2.58
586
0.4
Finning International Inc. [FTT]
19
30.80
582
0.4
PTT Exploration & Production Plc NVDR [PTTEP.R]
137
4.23
579
0.4
Capcom Co. Ltd. [9697]
14
39.40
560
0.4
TFI International Inc. [TFII]
5
114.06
547
0.4
Yokogawa Electric Corp. [6841]
29
18.34
532
0.3
BHP Group Ltd [BHP]
17
29.95
503
0.3
Miura Co. Ltd. [6005]
19
25.88
494
0.3
Investec plc [INP]
84
5.64
473
0.3
Carl Zeiss Meditec AG [AFX]
4
108.05
466
0.3
Washington H. Soul Pattinson and Co. Ltd. [SOL]
22
21.15
466
0.3
Bayerische Motoren Werke AG [BMW]
4
122.76
447
0.3
Brambles Limited [BXB]
47
9.59
452
0.3
Brother Industries Ltd. [6448]
31
14.53
446
0.3
OMV AG [OMV]
11
42.37
446
0.3
Nihon M&A Center Holdings Inc. [2127]
57
7.60
433
0.3
Solvay SA [SOLB]
4
111.61
436
0.3
ONO Pharmaceutical Co. Ltd. [4528]
22
18.03
402
0.3
Otsuka Corporation [4768]
10
38.65
398
0.3
ABN AMRO Bank N.V. Depositary receipts [ABN]
24
15.52
373
0.2
Disco Corporation [6146]
2
156.43
375
0.2
Man Group PLC [EMG]
131
2.78
365
0.2
Whitehaven Coal Limited [WHC]
83
4.47
372
0.2
Daito Trust Construction Co. Ltd. [1878]
4
100.91
353
0.2
JOYY Inc. Sponsored ADR Class A [YY]
12
30.71
354
0.2
Whitbread PLC [WTB]
8
43.05
354
0.2
ISS A/S [ISS]
16
21.14
332
0.2
Demant A/S [DEMANT]
8
42.27
327
0.2
Japan Exchange Group Inc. [8697]
19
17.35
323
0.2
Jet2 PLC [JET2]
20
15.84
324
0.2
Pro Medicus Limited [PME]
8
43.69
328
0.2
Panasonic Holdings Corporation [6752]
26
12.13
309
0.2
Cochlear Limited [COH]
2
152.48
299
0.2
iA Financial Corporation Inc. [IAG]
4
68.20
293
0.2
Lawson Inc. [2651]
7
44.19
300
0.2
RATIONAL AG [RAA]
0
723.33
296
0.2
GEA Group Aktiengesellschaft [G1A]
7
41.80
283
0.2
JAPAN POST INSURANCE Co. Ltd. [7181]
18
14.99
274
0.2
Landis+Gyr Group AG [LAND]
3
85.84
270
0.2
Tokuyama Corporation [4043]
17
16.39
272
0.2
Wienerberger AG [WIE]
9
30.59
276
0.2
Erste Group Bank AG [EBS]
7
35.01
256
0.2
Kawasaki Kisen Kaisha Ltd. [9107]
11
24.35
261
0.2
MINISO Group Holding Ltd. Sponsored ADR [MNSO]
15
16.99
258
0.2
Sega Sammy Holdings Inc. [6460]
12
21.25
259
0.2
Trend Micro Incorporated [4704]
5
48.05
259
0.2
ULVAC Inc. [6728]
6
42.15
266
0.2
Wartsila Oyj Abp [WRT1V]
23
11.25
259
0.2
Dassault Aviation SA [AM]
1
200.09
226
0.2
Hoegh Autoliners ASA [HAUTO]
40
5.68
229
0.2
Raiffeisen Bank International AG [RBI]
15
15.84
237
0.2
Sanken Electric Co. Ltd. [6707]
3
92.92
232
0.2
STS Holding S.A [STH]
38
5.97
228
0.2
ASML Holding NV ADR [ASML]
0
724.75
209
0.1
Medipal Holdings Corporation [7459]
13
16.27
211
0.1
Samudera Shipping Line Ltd [S56]
342
0.64
218
0.1
Sonova Holding AG [SOON]
1
266.25
210
0.1
Technip Energies NV [TE]
9
23.03
217
0.1
Thai Oil Public Co. Ltd. NVDR [TOP.R]
172
1.25
215
0.1
ANDRITZ AG [ANDR]
4
55.70
202
0.1
Computershare Limited [CPU]
13
15.56
204
0.1
Enghouse Systems Limited [ENGH]
8
24.33
197
0.1
Kakaku.com Inc. [2371]
14
14.27
194
0.1
Kokuyo Co. Ltd. [7984]
14
13.67
194
0.1
LIVECHAT Software S.A. [LVC]
6
31.70
199
0.1
PT Adaro Energy Indonesia Tbk [ADRO]
1,395
0.15
208
0.1
Sembcorp Industries Ltd. [U96]
46
4.25
194
0.1
Wendel SE [MF]
2
102.55
208
0.1
Emaar Properties (P.J.S.C) [EMAAR]
107
1.75
187
0.1
Jeronimo Martins SGPS S.A. [JMT]
7
27.54
181
0.1
SCREEN Holdings Co. Ltd [7735]
2
112.36
191
0.1
Technology One Limited [TNE]
18
10.42
190
0.1
Dowlais Group PLC [DWL]
106
1.61
171
0.1
Durr AG [DUE]
5
32.34
174
0.1
Ipsen SA [IPN]
1
120.23
173
0.1
JEOL Ltd. [6951]
5
35.24
169
0.1
Smiths Group Plc [SMIN]
8
20.90
172
0.1
Spectris plc [SXS]
4
45.71
169
0.1
Stelco Holdings Inc. [STLC]
5
32.66
167
0.1
Azbil Corporation [6845]
5
31.35
150
0.1
Datatec Limited [DTC]
78
2.06
161
0.1
NEXON Co. Ltd. [3659]
8
19.01
148
0.1
Okuma Corp. [6103]
3
53.17
154
0.1
Saab AB Class B [SAAB.B]
3
53.99
157
0.1
IMI plc [IMI]
6
20.85
135
0.1
Pigeon Corporation [7956]
10
13.73
135
0.1
Prada S.p.A. [1913]
20
6.70
137
0.1
PT Bank Danamon Indonesia Tbk Class A [BDMN]
741
0.20
145
0.1
SITC International Holdings Co. Ltd. [1308]
75
1.82
137
0.1
Tokyo Electron Ltd. [8035]
1
142.25
142
0.1
ABC-MART INC. [2670]
2
54.01
124
0.1
BKW AG [BKW]
1
176.61
126
0.1
Bulten AB [BULTEN]
13
9.20
119
0.1
Georg Fischer AG [GF]
2
75.06
127
0.1
Padini Holdings Bhd. [7052]
153
0.83
127
0.1
PT Baramulti Suksessarana Tbk [BSSR]
552
0.22
123
0.1
PT United Tractors Tbk [UNTR]
81
1.55
125
0.1
Shibaura Machine Co. Ltd. [6104]
4
33.52
117
0.1
Siemens Energy AG [ENR]
7
17.65
118
0.1
USS Co. Ltd. [4732]
7
16.45
118
0.1
Adastria Co.Ltd. [2685]
5
21.17
106
0.1
Celestica Inc. [CLS]
7
14.53
106
0.1
CES Energy Solutions Corp [CEU]
56
1.98
110
0.1
CEWE Stiftung & Co. KGaA [CWC]
1
99.50
107
0.1
Christian Dior SE [CDI]
0
886.98
104
0.1
Coca-Cola HBC AG [CCH]
3
29.81
103
0.1
Iveco Group NV [IVG]
12
9.00
106
0.1
Nissan Motor Co. Ltd. [7201]
27
4.07
109
0.1
PHX Energy Services Corp. [PHX]
23
4.58
105
0.1
PT Bayan Resources Tbk [BYAN]
104
1.03
108
0.1
Shell Plc [SHEL]
4
29.78
108
0.1
Sopra Steria Group SA [SOP]
1
199.43
114
0.1
Topcon Corp. [7732]
8
14.58
112
0.1
Viemed Healthcare Inc [VMD]
11
9.80
104
0.1
AEON Delight Co. Ltd. [9787]
4
21.24
85
0.1
Alten SA [ATE]
1
157.43
86
0.1
B3 Consulting Group AB [B3]
8
11.17
87
0.1
Chiyoda Integre Co. Ltd. [6915]
6
16.65
93
0.1
Compagnie des Alpes SA [CDA]
6
15.10
96
0.1
Coveo Solutions Inc. [CVO]
15
6.24
91
0.1
en Japan Inc. [4849]
5
17.14
91
0.1
FirstGroup plc [FGP]
51
1.85
94
0.1
GSK plc [GSK]
5
17.66
90
0.1
iShares MSCI EAFE ETF [EFA]
1
72.50
92
0.1
Keyence Corporation [6861]
0
469.44
94
0.1
Kongsberg Gruppen ASA [KOG]
2
45.57
89
0.1
KSB SE & Co. KGaA Vorz.Akt. ohne Stimmrecht [KSB3]
0
554.23
96
0.1
LVMH Moet Hennessy Louis Vuitton SE [MC]
0
941.53
90
0.1
MARTINREA International Inc. [MRE]
9
10.01
90
0.1
Pason Systems Inc. [PSI]
11
8.68
92
0.1
Sankyu Inc. [9065]
3
32.85
92
0.1
Supremex Inc. [SXP]
21
4.69
99
0.1
AGF Management Limited Class B [AGF.B]
12
5.94
74
0.1
AMADA Co. Ltd. [6113]
8
9.78
79
0.1
Atea ASA [ATEA]
5
14.56
72
0.1
Bijou Brigitte modische Accessoires AG [BIJ]
1
53.79
79
0.1
CCK Consolidated Holdings Bhd. [7035]
470
0.15
70
0.1
Chesnara Plc [CSN]
22
3.44
74
0.1
DEUTZ AG [DEZ]
13
5.88
79
0.1
FUJI CORPORATION [6134]
5
17.58
84
0.1
Fujimori Kogyo Co. Ltd. [7917]
3
24.73
72
0.1
Fukuda Denshi Co. Ltd. [6960]
2
32.41
71
0.1
Geox S.p.A. [GEO]
75
0.95
71
0.1
Hammond Power Solutions Inc. Class A [HPS.A]
2
37.11
74
0.1
Hollywood Bowl Group Plc [BOWL]
25
3.17
78
0.1
Implenia AG [IMPN]
2
48.57
83
0.1
Kitwave Group PLC [KITW]
20
3.88
77
0.1
Megachips Corporation [6875]
3
25.74
80
0.1
MEG Energy Corp. [MEG]
5
15.87
75
0.1
Okinawa Cellular Telephone Company [9436]
3
20.76
71
0.1
Ras Al Khaimah Ceramics PSC [RAKCEC]
98
0.73
71
0.1
Sanrio Company Ltd. [8136]
2
42.67
81
0.1
Shawcor Ltd [MATR]
6
14.48
83
0.1
Tokyo Seimitsu Co. Ltd [7729]
2
54.87
82
0.1
Zenkoku Hosho Co. Ltd. [7164]
2
34.58
76
0.1
Air Arabia PJSC [AIRARABIA]
104
0.66
69
0.0
Altium [ALU]
2
24.58
59
0.0
Analogue Holdings Limited [1977]
406
0.17
68
0.0
Breedon Group PLC [BREE]
13
4.14
55
0.0
Cybozu Inc. [4776]
4
16.20
57
0.0
Daihen Corporation [6622]
2
38.33
65
0.0
Dedicare AB [DEDI]
5
11.02
60
0.0
Eurocash S.A. [EUR]
16
4.22
68
0.0
GL Events SA [GLO]
3
21.54
59
0.0
GMO Financial Gate Inc. [4051]
1
80.05
64
0.0
Goldwin Inc. [8111]
1
84.41
59
0.0
Hanwa Co. Ltd. [8078]
2
31.31
63
0.0
HOSHIZAKI Corp. [6465]
2
35.67
64
0.0
ISB CORP (Japan) [9702]
5
11.59
63
0.0
Kanematsu Corporation [8020]
5
13.89
68
0.0
Lagercrantz Group AB Class B [LAGR.B]
4
12.87
56
0.0
Lanna Resources Public Co. Ltd. NVDR [LANNA.R]
163
0.42
68
0.0
Maezawa Kasei Industries Co. Ltd. [7925]
5
10.70
58
0.0
ME Group International plc [MEGP]
31
2.08
64
0.0
Mitsubishi Shokuhin Co. Ltd. [7451]
3
25.63
67
0.0
Nihon Trim Co. Ltd. [6788]
3
23.97
65
0.0
PageGroup PLC [PAGE]
12
5.11
61
0.0
PKP Cargo SA [PKP]
14
4.22
59
0.0
Plus Alpha Consulting Co. LTD. [4071]
3
22.97
62
0.0
PT Wismilak Inti Makmur Tbk [WIIM]
652
0.10
64
0.0
QinetiQ Group plc [QQ]
13
4.50
57
0.0
Sankyo Co. Ltd. [6417]
2
40.27
60
0.0
SPACE CO. LTD. [9622]
9
7.16
61
0.0
SRG Global Limited [SRG]
133
0.50
66
0.0
Torex Gold Resources Inc. [TXG]
4
14.22
57
0.0
UNIMOT SA [UNT]
2
25.35
55
0.0
Uni-Select Inc. [UNS]
2
35.56
62
0.0
UNITED ARROWS LTD. [7606]
4
17.19
64
0.0
Air New Zealand Limited [AIR]
113
0.48
54
0.0
Alps Logistics Co. Ltd. [9055]
4
11.16
49
0.0
Anglo American plc [AAL]
2
28.39
45
0.0
Axial Retailing Inc. [8255]
2
24.98
50
0.0
Betsson AB Class B [BETS.B]
5
10.63
48
0.0
Brunel International N.V. [BRNL]
4
13.03
46
0.0
Channel Infrastructure NZ Limited [CHI]
55
0.90
50
0.0
Chori Co. Ltd. [8014]
2
20.45
41
0.0
Commercial Bank of Dubai(PSC) [CBD]
32
1.24
40
0.0
Compagnie Financiere Tradition SA [CFT]
0
132.45
42
0.0
Computer Modelling Group Ltd. [CMG]
9
5.03
43
0.0
Core Corporation [2359]
4
12.18
51
0.0
Daiichi Cutter Kogyo K.K. [1716]
5
9.83
49
0.0
Daitron Co. Ltd. [7609]
2
20.96
48
0.0
Deyaar Development (P.J.S.C) [DEYAAR]
293
0.18
53
0.0
Digital Arts Inc. [2326]
1
40.34
44
0.0
dip Corporation [2379]
2
24.73
45
0.0
ElringKlinger AG [ZIL2]
5
9.00
44
0.0
EVS Broadcast Equipment SA [EVS]
2
23.35
40
0.0
Faisal Islamic Bank of Egypt [FAITA]
53
1.01
54
0.0
FUJI CORP [7605]
4
11.49
49
0.0
Ginebra San Miguel Inc. [GSMI]
15
2.74
40
0.0
Horizon Oil Limited [HZN]
507
0.09
47
0.0
Humana AB [HUM]
20
2.06
41
0.0
IwaiCosmo Holdings Inc. [8707]
4
9.93
41
0.0
Jacquet Metals SA [JCQ]
2
20.73
49
0.0
Keppel Pacific Oak US REIT [CMOU]
146
0.31
46
0.0
Kyodo Printing Co. Ltd. [7914]
2
21.90
39
0.0
Major Drilling Group International Inc. [MDI]
7
6.91
48
0.0
Marco Polo Marine Ltd. [5LY]
1,229
0.04
50
0.0
Meitec Corporation [9744]
2
17.12
41
0.0
MMA Offshore Limited [MRM]
62
0.77
48
0.0
Mullen Group Ltd. [MTL]
3
11.47
39
0.0
North Pacific Bank Ltd. [8524]
22
1.96
43
0.0
Obsidian Energy Ltd [OBE]
7
5.86
40
0.0
Orsero SpA [ORS]
4
13.77
50
0.0
PlayWay S.A. [PLW]
0
97.59
39
0.0
Presight AI Holding Plc [PRESIGHT]
60
0.89
53
0.0
Proto Corp. [4298]
7
7.86
52
0.0
PT ABM Investama Tbk [ABMM]
250
0.20
51
0.0
PT Agung Podomoro Land Tbk [APLN]
4,597
0.01
43
0.0
PT MAP Aktif Adiperkasa Tbk [MAPA]
926
0.05
42
0.0
Richards Packaging Income Fund [RPI.UT]
2
24.94
47
0.0
Sarawak Plantation Bhd. [5135]
104
0.43
45
0.0
SergeFerrari Group SA [SEFER]
3
16.26
49
0.0
SIGMAXYZ Holdings Inc [6088]
5
9.56
51
0.0
SMK Corporation [6798]
3
16.69
45
0.0
SMS Co. Ltd. [2175]
2
19.88
48
0.0
SPIE SA [SPIE]
2
32.29
48
0.0
TAKARA & COMPANY LTD [7921]
3
16.10
40
0.0
TechMatrix Corporation [3762]
3
12.86
42
0.0
Thai Stanley Electric Public Co. Ltd. NVDR [STANLY.R]
7
6.09
40
0.0
Tomy Company Ltd. [7867]
4
12.52
45
0.0
Towa Bank Ltd. [8558]
11
3.68
41
0.0
Ubicom Holdings. Inc. [3937]
4
11.08
47
0.0
Vesuvius Plc [VSVS]
10
5.07
48
0.0
Vision Inc. ( Japan) [9416]
4
12.72
48
0.0
Yossix Holdings Co.Ltd. [3221]
3
17.14
43
0.0
YTL Power International Bhd. [6742]
169
0.28
47
0.0
Zimplats Holdings Limited [ZIM]
3
15.59
52
0.0
Achilles Corporation [5142]
3
9.99
25
0.0
Addnode Group AB Class B [ANOD.B]
4
7.73
29
0.0
ADDvise Group AB Class B [ADDV.B]
22
1.33
30
0.0
AEON Financial Service Co. Ltd. [8570]
3
8.87
29
0.0
AirBoss of America Corporation [BOS]
7
5.18
35
0.0
Alphapolis Co. Ltd. [9467]
1
19.41
23
0.0
Arctic Paper S.A. [ATC]
7
4.59
31
0.0
ASAHI YUKIZAI CORPORATION [4216]
1
30.20
36
0.0
ASML Holding NV [ASML]
0
723.33
38
0.0
Ateam Inc. [3662]
8
4.70
37
0.0
Autohome Inc. Sponsored ADR Class A [ATHM]
1
29.16
35
0.0
Awilco LNG ASA [ALNG]
37
0.86
31
0.0
Base Resources Limited [BSE]
233
0.11
26
0.0
Bertrandt AG [BDT]
1
53.46
33
0.0
Bloomsbury Publishing Plc [BMY]
5
5.54
27
0.0
Boryszew S.A. [BRS]
21
1.73
37
0.0
Burkhalter Holding AG [BRKN]
0
102.83
31
0.0
Canon Inc. [7751]
1
26.22
29
0.0
Carlit Holdings Co. Ltd. [4275]
6
5.74
32
0.0
China Starch Holdings Limited [3838]
1,500
0.02
31
0.0
ChipMOS TECHNOLOGIES INC Sponsored ADR [IMOS]
1
23.69
33
0.0
Comarch S.A. [CMR]
1
36.43
23
0.0
CREEK & RIVER Co. Ltd. [4763]
2
13.61
24
0.0
Crew Energy Inc. [CR]
7
4.11
29
0.0
Daihatsu Diesel Mfg. Co. Ltd. [6023]
7
5.02
37
0.0
Danakali Limited [DNK]
89
0.27
24
0.0
Delfi Limited [P34]
39
0.95
38
0.0
Deutsche Boerse AG [DB1]
0
184.49
25
0.0
DRI Healthcare Trust [DHT.UT]
4
7.97
35
0.0
DS Smith Plc [SMDS]
10
3.46
35
0.0
E1 Corporation [017940]
1
38.86
31
0.0
Ehime Bank Ltd. [8541]
4
5.57
24
0.0
ELVALHALCOR Hellenic Copper and Aluminium Industry S.A. [ELHA]
12
2.22
26
0.0
Emaar Development PJSC [EMAARDEV]
23
1.57
37
0.0
Hino MotorsLtd. [7205]
8
4.22
32
0.0
HOCHTIEF Aktiengesellschaft [HOT]
0
86.41
37
0.0
Howden Joinery Group PLC [HWDN]
3
8.17
23
0.0
Hunting PLC [HTG]
14
2.54
34
0.0
Ichikoh IndustriesLtd. [7244]
9
3.76
33
0.0
Incitec Pivot Limited [IPL]
17
1.82
31
0.0
International Consolidated Airlines Group SA [IAG]
15
2.06
30
0.0
Interparfums [ITP]
0
71.24
34
0.0
ISHIHARA SANGYO KAISHA LTD. [4028]
3
9.05
25
0.0
Iwaki Co. Ltd. [6237]
3
9.63
25
0.0
Japan Medical Dynamic Marketing Inc. [7600]
5
7.04
34
0.0
Johnson Electric Holdings Limited [179]
28
1.28
36
0.0
Jungfraubahn Holding AG [JFN]
0
167.89
37
0.0
Kawan Food Bhd. [7216]
59
0.41
24
0.0
Koatsu Gas Kogyo Co. Ltd. [4097]
5
5.18
24
0.0
Lindab International AB [LIAB]
2
14.20
24
0.0
Lindsay Australia Limited [LAU]
37
0.76
28
0.0
Lubelski Wegiel BOGDANKA SA [LWB]
4
9.67
34
0.0
Lycopodium Limited [LYL]
4
7.04
27
0.0
Mandom Corporation [4917]
3
10.00
26
0.0
Maruzen Showa Unyu Co. Ltd. [9068]
1
27.12
27
0.0
Max Stock Ltd. [MAXO]
17
2.05
35
0.0
MC Group Public Co. Ltd. NVDR [MC.R]
94
0.35
33
0.0
Mears Group PLC [MER]
9
3.70
33
0.0
Meisei Industrial Co. Ltd. [1976]
4
6.81
27
0.0
Misr Fertilizers Production Company MOPCO [MFPC]
3
7.50
26
0.0
Mitsubishi Paper Mills Ltd. [3864]
7
3.90
28
0.0
MS&AD Insurance Group Holdings Inc. [8725]
1
35.26
28
0.0
Nichias Corporation [5393]
1
20.69
27
0.0
Nihon Denkei Co. Ltd. [9908]
3
13.53
37
0.0
Nihon Parkerizing Co. Ltd. [4095]
4
7.40
31
0.0
Nippon Thompson Co. Ltd. [6480]
9
4.10
36
0.0
Nitto Kohki Co. Ltd. [6151]
2
13.67
30
0.0
NZME Limited [NZM]
53
0.58
31
0.0
OPTEX GROUP Company Limited [6914]
2
13.98
25
0.0
OPTORUN CO.LTD. [6235]
2
16.76
34
0.0
Orora Ltd. [ORA]
12
2.19
26
0.0
Pacific Century Regional Developments Ltd [P15]
96
0.27
25
0.0
Perenti Limited [PRN]
36
0.68
25
0.0
PetroChina Company Limited Class H [857]
36
0.69
25
0.0
Petron Corp. [PCOR]
577
0.06
36
0.0
Pico Far East Holdings Limited [752]
158
0.17
28
0.0
Prestige International Inc. [4290]
6
4.21
25
0.0
PT Asuransi Tugu Pratama Indonesia Tbk [TUGU]
291
0.08
24
0.0
PT Bukit Asam Tbk [PTBA]
215
0.18
38
0.0
PT Champ Resto Indonesia Tbk [ENAK]
404
0.09
36
0.0
PT Indika Energy Tbk [INDY]
183
0.13
23
0.0
PT Resource Alam Indonesia Tbk [KKGI]
867
0.03
27
0.0
Qilu Expressway Co. Ltd. Class H [1576]
91
0.30
27
0.0
Qol Holdings Co. Ltd. [3034]
3
11.98
32
0.0
Ridley Corporation Limited [RIC]
28
1.33
37
0.0
Riken Technos Corporation [4220]
7
4.52
32
0.0
Ryohin Keikaku Co. Ltd. [7453]
2
9.84
24
0.0
Sabina Public Co. Ltd. NVDR [SABINA.R]
43
0.75
32
0.0
Sajodaerim Corporation [003960]
2
19.77
31
0.0
Sato Holdings Corporation [6287]
2
13.48
26
0.0
Schaeffler AG [SHA]
6
6.16
38
0.0
Seikagaku Corporation [4548]
6
5.21
29
0.0
Seino Holdings Co. Ltd. [9076]
2
14.15
25
0.0
Shinagawa Refractories Co. Ltd. [5351]
1
37.36
30
0.0
Shin Nippon Air Technologies Co. Ltd. [1952]
2
15.84
30
0.0
Sigma Koki Co. Ltd. [7713]
3
11.34
31
0.0
SigmaRoc Plc [SRC]
34
0.73
25
0.0
Sinfonia Technology Co. Ltd. [6507]
3
11.87
30
0.0
SKY Network Television Ltd [SKT]
16
1.49
24
0.0
Smiths News PLC [SNWS]
53
0.59
31
0.0
Sompo HoldingsInc. [8630]
1
44.69
27
0.0
Stolt-Nielsen Limited [SNI]
1
25.48
26
0.0
SUESS MicroTec SE [SMHN]
1
26.57
31
0.0
Sumitomo Seika Chemicals Co. Ltd. [4008]
1
30.82
34
0.0
Sun-Wa Technos Corporation [8137]
2
16.49
33
0.0
TAKAOKA TOKO CO. LTD. [6617]
2
14.83
33
0.0
Talanx AG [TLX]
1
57.33
32
0.0
Titanium Oyj [TITAN]
1
19.09
28
0.0
Tobishima Corporation [1805]
4
8.77
32
0.0
Toho Co. Ltd. [8142]
1
20.12
26
0.0
Tomoe Corporation [1921]
8
3.40
26
0.0
Totech Corporation [9960]
1
33.14
30
0.0
T.RAD Co. Ltd. [7236]
2
12.76
31
0.0
Trican Well Service Ltd. [TCW]
14
2.67
38
0.0
TSURUHA Holdings Inc. [3391]
1
74.07
37
0.0
Vetoquinol SA [VETO]
0
99.72
27
0.0
Vetropack Holding AG Class A [VETN]
1
46.39
27
0.0
Yondenko Corporation [1939]
2
15.51
23
0.0
Abist Co. Ltd. [6087]
1
23.28
14
0.0
A.B.P. Nocivelli S.p.A. [ABP]
4
4.15
17
0.0
After You Public Co. Ltd. NVDR [AU.R]
82
0.27
22
0.0
AGS Corporation [3648]
2
5.28
11
0.0
AJIS Co. Ltd. [4659]
1
16.47
13
0.0
Allianz Malaysia Bhd. [1163]
7
3.06
22
0.0
APAC Resources Limited [1104]
60
0.14
8
0.0
Asia Air Survey Co. Ltd. [9233]
3
6.45
16
0.0
ASIA PILE HOLDINGS Corporation [5288]
4
4.26
17
0.0
Australian Vintage Ltd [AVG]
57
0.27
15
0.0
Autosports Group Ltd [ASG]
7
1.35
9
0.0
Boustead Singapore Limited [F9D]
13
0.62
8
0.0
Business Brain Showaota Inc. [9658]
1
16.00
22
0.0
Career Design Center Co. Ltd. [2410]
2
11.01
19
0.0
CDS Co. Ltd. [2169]
1
12.38
10
0.0
Chilled & Frozen Logistics Holdings Co. Ltd. [9099]
2
8.72
17
0.0
Dai Nippon Toryo Company Limited [4611]
3
6.34
18
0.0
Delta Israel Brands Ltd [DLTI]
1
11.38
10
0.0
Duni AB [DUNI]
2
9.81
22
0.0
Enero Group Limited [EGG]
16
0.97
16
0.0
Ensign Energy Services Inc. [ESI]
9
1.43
13
0.0
EXEL Industries SA [EXE]
0
54.22
15
0.0
Fiducian Group Ltd [FID]
2
3.87
8
0.0
Fielmann Group AG [FIE]
0
53.24
23
0.0
Finsbury Food Group plc [FIF]
18
1.19
21
0.0
Foresight Group Holdings Ltd. [FSG]
2
5.53
12
0.0
Freund Corporation [6312]
3
4.48
15
0.0
FURYU CORP. [6238]
2
9.11
22
0.0
Gecoss Corporation [9991]
3
6.05
18
0.0
Gulf Warehousing Co. [GWCS]
24
0.91
22
0.0
HighCo SA [HCO]
2
5.02
12
0.0
HIMACS Ltd. [4299]
1
10.01
13
0.0
Hiroshima Gas Co. Ltd. [9535]
4
2.62
12
0.0
Hodogaya Chemical Co. Ltd. [4112]
1
23.84
19
0.0
ID Holdings Corporation [4709]
3
8.89
23
0.0
IGG Inc. [799]
46
0.50
23
0.0
Impellam Group plc [IPEL]
2
8.71
15
0.0
Industries of Qatar Co. [IQCD]
3
3.09
8
0.0
Intelligent Wave Inc. [4847]
4
5.30
20
0.0
Ion Beam Applications SA [IBAB]
1
16.67
15
0.0
JAC Recruitment Co. Ltd. [2124]
1
17.95
20
0.0
JANOME Corporation [6445]
4
4.26
16
0.0
JLS Co. Ltd [040420]
3
5.51
16
0.0
JMS Co. Ltd. [7702]
5
4.10
20
0.0
Johnson Matthey Plc [JMAT]
1
22.20
16
0.0
JP Holdings Inc. [2749]
10
2.37
23
0.0
Kanaden Corporation [8081]
2
8.96
20
0.0
Kim Loong Resources Bhd. [5027]
40
0.38
15
0.0
Kimly Ltd. [1D0]
50
0.25
13
0.0
KPX Chemical Co. Ltd. [025000]
1
35.63
18
0.0
KSL Holdings Bhd. [5038]
75
0.18
13
0.0
Kyosan Electric Manufacturing Co. Ltd. [6742]
5
3.47
17
0.0
Kyowa Leather Cloth Co. Ltd. [3553]
3
3.92
11
0.0
Ladprao General Hospital Public Company Ltd NVDR [LPH.R]
60
0.15
9
0.0
MATCHING SERVICE JAPAN CO.LTD. [6539]
3
7.82
20
0.0
MegaStudy Co. Ltd. [072870]
3
8.13
22
0.0
Meiko Network Japan Co. Ltd. [4668]
5
4.51
20
0.0
Melcor Developments Ltd. [MRD]
1
8.58
9
0.0
Moresco Corporation [5018]
2
8.18
16
0.0
Morgan Sindall Group plc [MGNS]
1
23.27
21
0.0
NAC Co. Ltd. [9788]
2
6.65
16
0.0
Naim Holdings Bhd. [5073]
123
0.13
16
0.0
Nanyo Corp. [7417]
1
15.10
12
0.0
Naturhouse Health SA [NTH]
7
1.84
13
0.0
Nedap N.V [NEDAP]
0
63.50
17
0.0
New Hope Corporation Limited [NHC]
4
3.23
14
0.0
Nice Corporation [8089]
1
10.37
9
0.0
Nikon Corp. [7731]
1
12.85
19
0.0
Nippon Carbide Industries CompanyIncorporated [4064]
2
9.71
21
0.0
Nippon Concept Corp. [9386]
1
12.23
13
0.0
Okabe Co. Ltd. [5959]
4
5.08
22
0.0
Okura Industrial Co. Ltd. [4221]
1
15.28
20
0.0
Orascom Construction Plc [ORAS]
4
3.98
15
0.0
Oriola Corp Class A [OKDAV]
6
1.46
9
0.0
Orion Oyj Class A [ORNAV]
0
42.33
12
0.0
ORO Co. Ltd. [3983]
2
14.36
22
0.0
Osaki Electric Co. Ltd. [6644]
4
3.79
14
0.0
PALFINGER AG [PAL]
0
30.44
11
0.0
Parker Corporation [9845]
2
4.81
11
0.0
Pavilion Real Estate Investment Trust [5212]
57
0.27
15
0.0
PCC Rokita SA [PCR]
1
25.35
18
0.0
Pegasus Sewing Machine Mfg.Co. Ltd. [6262]
3
4.06
10
0.0
Peoplein Limited [PPE]
12
1.56
19
0.0
PGG Wrightson Limited [PGW]
5
2.51
14
0.0
PSC Corporation Ltd [DM0]
39
0.25
10
0.0
PT Golden Energy Mines Tbk [GEMS]
33
0.39
13
0.0
PT Prima Andalan Mandiri Tbk [MCOL]
52
0.28
15
0.0
PT Salim Ivomas Pratama Tbk [SIMP]
377
0.03
10
0.0
Qatar Industrial Manufacturing Co. [QIMD]
14
0.79
11
0.0
Qatar National Cement Co. [QNCD]
12
1.06
13
0.0
RIX Corporation [7525]
1
22.45
13
0.0
RS Technologies Co. Ltd. [3445]
1
22.07
20
0.0
SAMSE SA [SAMS]
0
213.29
15
0.0
Sekisui Kasei Co. Ltd. [4228]
6
3.04
17
0.0
Semperit AG Holding [SEM]
1
22.80
15
0.0
Shikoku Bank Ltd. [8387]
3
5.92
20
0.0
Sierra Rutile Holdings Limited [SRX]
93
0.17
16
0.0
Sodick Co. Ltd. [6143]
5
4.93
23
0.0
Software Service Inc. [3733]
0
74.38
22
0.0
Soken Chemical & Engineering Co. Ltd. [4972]
1
13.22
8
0.0
Soliton Systems K.K. [3040]
2
8.99
16
0.0
SThree plc [STEM]
3
4.34
15
0.0
Symbio Holdings Limited [SYM]
14
1.34
18
0.0
Ta Ann Holdings Bhd. [5012]
25
0.72
18
0.0
Tayca Corporation [4027]
2
9.51
23
0.0
TEAR Corp. [2485]
4
3.17
12
0.0
Telcoware Co. Ltd [078000]
2
6.90
12
0.0
TOYA S.A. [TOA]
11
1.48
16
0.0
Toyo Machinery & Metal Co. Ltd. [6210]
3
4.67
14
0.0
Tree Island Steel Ltd. [TSL]
6
2.52
14
0.0
Tsubakimoto Kogyo Co. Ltd. [8052]
1
28.64
14
0.0
VECTOR Inc. [6058]
2
9.26
22
0.0
VINX Corp. [3784]
2
9.67
14
0.0
Wagners Holding Co. Ltd. [WGN]
30
0.53
16
0.0
Western Forest Products Inc. [WEF]
26
0.79
20
0.0
Wilmington plc [WIL]
6
3.53
22
0.0
Wilson ASA [WILS]
2
6.12
11
0.0
YAMADA Consulting Group Co. Ltd. [4792]
2
11.17
18
0.0
Zen Corporation Group Public Company Limited NVDR [ZEN.R]
62
0.35
22
0.0
Zuken Inc. [6947]
1
26.95
19
0.0
Almogim Holdings Ltd [ALMA]
1
1.37
1
0.0
Ascom Holding AG [ASCN]
0
12.21
3
0.0
AustAsia Group Limited. [2425]
12
0.39
5
0.0
BesHom Holdings Bhd [7668]
9
0.23
2
0.0
BRC Asia Limited [BEC]
0
1.22
0
0.0
Castro Model Ltd. [CAST]
0
9.94
4
0.0
Dom Development S.A. [DOM]
0
34.16
0
0.0
Ever Reach Group Holdings Co. Ltd. [3616]
117
0.04
4
0.0
Exail Technologies SA [EXA]
0
19.53
1
0.0
FAN Communications. Inc. [2461]
2
2.77
5
0.0
Fursys Inc. [016800]
0
22.65
8
0.0
Gem Diamonds Limited [GEMD]
18
0.24
4
0.0
GRENEVIA Spolka Akcyjna [GEA]
1
0.79
1
0.0
GTN Ltd. [GTN]
0
0.30
0
0.0
H&T Group plc [HAT]
0
5.53
2
0.0
IMC S.A. [IMC]
1
3.74
3
0.0
K. Wah International Holdings Limited [173]
1
0.32
0
0.0
MAEIL HOLDINGS CO. LTD. [005990]
1
6.56
4
0.0
Magyar Telekom Telecommunications Plc Sponsored ADR [MYTAY]
1
5.92
4
0.0
Midway Ltd [MWY]
1
0.48
1
0.0
Modern Land (China) Co. Ltd. [1107]
21
NaN
0
0.0
New Times Energy Corporation Limited [166]
253
0.02
4
0.0
NTT Data Intramart Corporation [3850]
1
12.47
7
0.0
Oriola Corp Class B [OKDBV]
1
1.40
1
0.0
Prodways Group SA [PWG]
0
1.78
0
0.0
Pro-Pac Packaging Ltd [PPG]
6
0.14
1
0.0
PropNex Ltd. [OYY]
2
0.75
2
0.0
PRT Company Limited [PRT]
34
NaN
0
0.0
PT Jaya Bersama Indo [DUCK]
83
NaN
0
0.0
Rakon Limited [RAK]
13
0.55
7
0.0
Rhythm Co. Ltd. [7769]
1
11.45
7
0.0
Schaffner Holding AG [SAHN]
0
318.56
3
0.0
Telefonica SA [TEF]
0
4.05
1
0.0
Thantawan Industry PCL NVDR [THIP.R]
10
0.78
8
0.0
Western Bulk Chartering AS [WEST]
2
2.99
7
0.0
Xingye Alloy Materials Group Limited [505]
51
0.14
7
0.0
Total
--
--
--
153,900
96.0
Cash and Other Assets Less Liabilities
--
--
--
--
4.0
Total Net Assets
--
--
--
--
100%
Sector Allocations
As of 6/30/2023
International Core Fund (HAORX)
MSCI EAFE (ND) Index
Industrials
HAORX: 26.4%
Benchmark: 16.2%
Consumer Discretionary
HAORX: 16.9%
Benchmark: 12.6%
Information Technology
HAORX: 15.5%
Benchmark: 8.2%
Health Care
HAORX: 11.7%
Benchmark: 13.2%
Financials
HAORX: 8.6%
Benchmark: 18.2%
Materials
HAORX: 7.8%
Benchmark: 7.4%
Energy
HAORX: 5.6%
Benchmark: 4.2%
Communication Services
HAORX: 2.3%
Benchmark: 4.2%
Utilities
HAORX: 2.3%
Benchmark: 3.4%
Consumer Staples
HAORX: 2.0%
Benchmark: 10.1%
Real Estate
HAORX: 0.5%
Benchmark: 2.3%
HAORX: International Core Fund
Benchmark: MSCI EAFE (ND) Index
Sector Returns
As of 6/30/2023
Economic Sector
International Core Fund %
MSCI EAFE (ND) Index %
Utilities
8.8
4.0
Financials
5.6
4.7
Industrials
4.0
6.2
Communication Services
3.8
-2.6
Information Technology
2.8
5.9
Consumer Discretionary
2.5
5.2
Health Care
0.6
2.0
Energy
-0.8
0.0
Materials
-2.5
-1.7
Consumer Staples
-3.2
-0.6
Real Estate
-3.8
-2.0
Top 10 Countries
As of 6/30/2023
Country
International Core Fund %
MSCI EAFE (ND) Index %
18.2
22.5
10.7
8.7
10.2
14.7
8.4
10.0
7.8
7.3
7.7
12.4
5.3
3.1
4.3
3.2
3.6
0.6
3.6
4.6
20.2
12.9
Investment Team
Acadian Asset Management LLC is a global, quantitative investment manager. Acadian was founded in 1986 and is headquartered in Boston, with affiliates in Singapore, Sydney, Tokyo, and London. The firm was among the first managers to apply data and technology to the systematic evaluation of global investments over 30 years ago, and today Acadian’s proprietary database covers over 40,000 securities in more than 150 markets worldwide. Acadian’s mission is to be its clients’ most valued resource for investment insight and success, and the firm puts to use decades of global risk and return data, forecasts, factor behavior, transaction costs, risk analysis, and portfolio construction tools in service of this mission.
Documents
Name
Date
From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.
As a result of changing market conditions, total net asset levels, expenses and other factors may change at any time during the current fiscal period and may differ from those shown.
There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. Investing in international and emerging markets poses special risks, including potentially greater price volatility due to social, political and economic factors, as well as currency exchange rate fluctuations. These risks are more severe for securities of issuers in emerging market regions. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, any model may contain flaws or the model may not perform as anticipated.
Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.
Price/Book: The price-to-book (P/B) ratio evaluates a firm's market value relative to its book value.
Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.
% EPS Growth – Past 3 year: Earnings per share refers to the bottom-line measure of a company’s profitability defined as net income divided by the number of outstanding shares.
Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.
Forecasted P/E Ratio: a measure of the P/E (price-to-earnings) ratio using forecasted earnings for the P/E calculation.