International Equity Fund
The following individuals are responsible for the selection and monitoring of external asset managers:
Mark Warren, CFA, CIMA
The Fund invests with strategies that include developed markets, emerging markets and international small-cap. The approach primarily uses active management to invest fund assets among different countries and/or regions of the world. The Fund's managers seek to invest in attractively valued companies that represent long-term above-average investment opportunities.
* Signatory to the United Nations Principles for Responsible Investment
Please refer to the Investment Funds Description – P Series for a detailed description of the investment strategies used in managing the Fund.
|Inception||December 31, 1997|
|Exp. Ratio||0.70% for 2022|
|Benchmark||Morgan Stanley Capital International All Country World (MSCI ACWI) ex-USA IMI|
|Fund Assets||$3,955 Million as of July 31, 2023|
|Holdings||June 30, 2023|
|Unit Price History||Wespath Funds Price History|
|For More Information||Investment Funds Description – P Series|
|3 mo||YTD||1 yr||3 yr||5 yr||10 yr|
|International Equity Fund||-5.55%||2.84%||17.53%||0.24%||2.38%||3.38%|
International Equity Fund vs. Peer Group Universe
|1 Year||3 Year||5 Year||10 Year|
|International Equity Fund||10.2%||5.3%||3.4%||5.0%|
|Rank (%) in Universe||97th||95th||40th||56th|
|# of Observations||332||299||270||163|
Peer Group Performance Comparison and Annualized Performance (Net-of-Fees) data as of June 30, 2023.
Source: Lipper. Lipper International Equity Funds Universe is a group of mutual funds comparable to IEF. Lipper utilized all mutual funds included in the pre-defined Lipper classification universes of "Int'l Multi-Cap Core" to construct this Universe.
See Risk and Disclosures for more information regarding Net of Fees Performance.
The International Equity Fund performance benchmark is the MSCI All Country World Index (ACWI) ex USA Investable Market Index (IMI), effective January 1, 2008. The index measures the performance of equities of companies domiciled in developed and emerging markets, excluding the U.S. From January 1, 2006 through December 31, 2007, the benchmark was the MSCI ACWI ex USA Index. Prior to 2006, the benchmark was the MSCI EAFE Index.
Wespath Benefits and Investments (“Wespath”) is a general agency of The United Methodist Church, a 501(c)(3) tax-exempt organization. Wespath administers benefit plans and together with its subsidiaries, UMC Benefit Board, Inc. (“UMCBB”) and Wespath Institutional Investments, LLC (“WII”) invests (or provides back-office services for) assets on behalf of benefit plan participants and beneficiaries, plan sponsors and other institutions controlled by, affiliated with or related to The United Methodist Church (the “Church”). For GIPS compliance purposes, the Firm referenced herein is defined to include Wespath, UMCBB and WII (“Firm”).
Wespath claims compliance with the Global Investment Performance Standards (GIPS®). GIPS is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. To obtain a copy of Wespath’s GIPS Report, please call us at 1-847-866-4100 or e-mail us at [email protected].
|Region||IEF Actual(%)||IEF Benchmark (%)||Difference(%)|
|Europe (ex-United Kingdom)||26.5%||31.0%||-4.5%|
|Sector/Industry||IEF Actual (%)||IEF Benchmark (%)||Difference(%)|
|Style||IEF Actual (%)||IEF Benchmark (%)||Difference (%)|
|Large Cap (>$20Bil)||53.8%||70.1%||-16.3%|
|Mid Cap ($5Bil - $20Bil)||19.5%||16.2%||+3.3%|
|Small Cap (<$5Bil)||14.6%||13.7%||+0.9%|
|Wgt. Mkt. Cap ($MM)||$71,537||$77,602|
|Price to Book||2.40||1.66|
1 Reflects the portion of the fund portfolio that is invested in public equities and REITs.
2 Does not reflect the deduction of fees.
|Statistics (trailing 5 years)||IEF||IEF Benchmark|
|Company||Country||Fund %||% of IEF Benchmark|
|Taiwan Semiconductor Manufacturing||Taiwan||2.15%||1.64%|
|ASML Holding NV||Netherlands||1.53%||1.05%|
|Samsung Electronics Co.||South Korea||1.15%||0.94%|
|Alibaba Group Holding Ltd.||China||1.04%||0.62%|
|Tencent Holdings Ltd.||China||0.94%||0.95%|
|AIA Group Limited||Hong Kong||0.90%||0.42%|
|Banco Bradesco S.A.||Spain||0.71%||0.08%|
All investments carry some degree of risk that will affect the value of the Fund’s holdings, its investment performance and the price of its units. As a result, loss of money is a risk of investing in the Fund. IEF is subject to the following principal investment risks: market risk, investment style risk, security-specific risk, country risk, currency risk, derivatives risk and liquidity risk.
The performance shown is for the stated time period only and computed in U.S. Dollars (USD). Historical returns are not indicative of future performance. For further discussion of the Fund’s investments strategies and risks, please refer to the Investment Funds Description – P Series. This is not an offer to purchase securities.
The Fund seeks to earn additional income by lending a portion of its portfolio securities to brokers, dealers and other financial institutions. The loans are secured at all times by cash and liquid high-grade debt obligations. As with any extension of credit, there are risks of delay in recovery and in some cases even loss of rights in the collateral should the borrower fail financially. In addition, losses could result from the reinvestment of the cash collateral received on loaned securities.
In the daily valuation of IEF Units, Wespath uses a valuation methodology to capture changes in non-U.S. securities values that arise because of time-zone differences among global securities markets. Many non U.S. securities trade on exchanges that close several hours before IEF’s closing unit price is calculated in the United States, generally at 4 p.m. Eastern time. In the hours between the close of the non U.S. markets and the close of the U.S. market, the value of the non U.S. securities may change due to a variety of factors including, for example, company-specific announcements or market-wide developments. IEF’s daily return may diverge from the daily return of its benchmark index, in part, because the benchmark index values do not reflect such price adjustments.
The expense ratio is a measure of the annual fund operating expenses paid by the Fund expressed as a percentage of the average fair value of the Fund’s assets for the applicable year. The annual fund operating expenses consist of fees paid to subadvisor(s), and the Fund’s pro rata portion of custody fees and administrative and overhead expenses incurred by the overall Wespath Benefits and Investments organization in connection with providing investment, operating and administrative support to the Fund and the other funds available through Wespath Benefits and Investments, and for non-Fund related activities and operations.
The expense ratio shown on the Fund Overview page is based on the prior year’s data and fee calculation methodology. The fee calculation methodology was changed effective July 1, 2023. The Fund’s actual annual fund operating expenses and the related expense ratio can differ from year to year. Actual annual fund operating expenses may vary depending on, among other things, market events, Fund size, transaction costs, timing of Fund inflows and outflows, and applicable internal costs and third-party fees.
The Fund may also pay transaction costs, performance fees, interest expenses, taxes and fees on uninvested cash held in sweep accounts, which are in addition to the annual fund operating expenses. The annual fund operating expenses and these additional expenses are reflected in the Fund’s unit price and reduce the Fund’s rate of return. For further information about the Fund’s fees and expenses, including the fee calculation methodology change, please refer to the Investment Funds Description – P Series.