International Equity Fund
The following individuals are responsible for the selection and monitoring of external asset managers:
Brian Boyer, CFA
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 for a detailed description of the investment strategies used in managing the Fund.
|Inception||December 31, 1997|
|Exp. Ratio||0.74% for 2018|
|Benchmark||Morgan Stanley Capital International All Country World (MSCI ACWI) ex-USA IMI|
|Fund Assets||$5,124 Million as of December 31, 2019|
|Holdings||September 30, 2019|
|Unit Price History||Wespath Funds Price History|
|For More Information||Summary Fund Descriptions – P Series and Investment Funds Description – P Series and the related Statement of Additional Information|
|3 mo||YTD||1 yr||3 yr||5 yr||10 yr|
|International Equity Fund||10.69%||25.23%||25.23%||12.13%||6.93%||6.03%|
International Equity Fund vs. Peer Group Universe
|1 Year||3 Year||5 Year||10 Year|
|International Equity Fund||0.22%||7.55%||4.10%||5.38%|
|Rank in Universe||15th||6th||13th||18th|
|# of Observations||423||366||294||201|
Peer Group Performance Comparison and Annualized Performance (Net-of-Fees) data as of September 30, 2019.
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.
|Region||IEF Actual(%)||IEF Benchmark (%)||Difference(%)|
|Europe (ex-United Kingdom)||27.3%||30.4%||-3.1%|
|Sector/Industry||IEF Actual (%)||IEF Benchmark (%)||Difference(%)|
|Private Real Estate||1.8%||0.0%||+1.8%|
|Style||IEF Actual (%)||IEF Benchmark (%)||Difference (%)|
|Large Cap (>$20Bil)||55.9%||69.6%||-13.7%|
|Mid Cap ($5Bil - $20Bil)||19.3%||16.8%||+2.5%|
|Small Cap (<$5Bil)||16.1%||13.6%||+2.5%|
1 Real Estate Investment Trusts (REITS) includes REITs, as well as real estate management and development companies.
|Wgt. Mkt. Cap ($MM)||$58,013||$59,877|
|Price to Book||1.8||1.6|
|# of Stocks||2,417||6,380|
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|
|Tencent Holdings Ltd.||China||1.5%||1.0%|
|AIA Group Limited||Hong Kong||1.5%||0.5%|
|Samsung Electronics Co.||South Korea||1.4%||0.8%|
|Taiwan Semiconductor Manufacturing||Taiwan||1.3%||0.9%|
|ASML Holding NV||Netherlands||1.2%||0.4%|
|Alibaba Group Holding Ltd.||China||1.1%||1.0%|
|Ping An Insurance (Group) Company of China, Ltd.||China||0.8%||0.3%|
|Ocado Group PLC||United Kingdom||0.7%||0.0%|
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.
Historical returns are not indicative of future performance. For further discussion of the Fund’s investments strategies and risks, please refer to the Wespath Investment Funds Description and related documents. 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.
All expenses of the Fund are deducted from the Fund’s net asset value. The expenses include investment management fees, operating expenses, bank custodial fees and miscellaneous Fund administration expenses. These expenses are paid directly by IEF, and are reflected in the unit price calculated for the Fund. The unit price is multiplied by the number of units held in each client’s account to determine the total value of the client’s holdings in the Fund. For 2018, IEF’s expenses were 0.74% of the fund’s total assets.
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