Global Equity Fund | T. Rowe Price

AUT

Global Equity Fund

High conviction, global equity portfolio seeking to invest in companies with above-average and sustainable growth characteristics.

Class S PDS

Class I PDS

APIR ETL0071AU

PERFORMANCE REPORT

PDS

FUND PROFILE

QUARTERLY REVIEW

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Risk & Reward?

Low Med High

Data as of: 14-Oct-2019

1YR Return
(Annualised)

12.46%

Data as of: 30-Sep-2019

NAV
(AUD)

$1.52

Data as of: 14-Oct-2019

3YR Return
(Annualised)

17.84%

Data as of: 30-Sep-2019

Overview

Manager's Outlook

Heading into the second half of 2019, we remain cautiously positive on global equity markets despite multi-dimensional challenges that exist. Entering the year, the two biggest dimensions were global interest rates and the relationship between the two world superpowers, the U.S. and China.
On the positive side, monetary expectations have shifted dramatically since the beginning of the year, with the U.S. Federal Reserve now seen as likely to cut interest rates. The dovish tone has spread to other leading central banks including the European Central Bank, which has announced plans for further stimulus if economic conditions deteriorate in the coming months, and the Reserve Bank of Australia, which cut interest rates in early June for the first time since August 2016. We've also seen the Reserve Bank of India lower rates for the third time this year. With the process of normalizing interest rates appearing to break down, we think we are in an even lower interest rate environment for even longer than we had initially anticipated. As an equity investor, the notion of a lower discount rate makes us even more positive on the interest rate dimension.
On the trade front, it appeared the U.S. and China were close to a deal, but negotiations sharply deteriorated in early May when China called for substantial changes to a draft trade agreement. The breakdown in talks has had a negative effect on business confidence and capital spending, particularly in export-heavy economies. The rhetoric on the ground in China also worsened both publicly and on the corporate side. While the odds of not resolving the trade dispute with China may have risen, we are not bearish on trade. We think logic still suggests that a deal will get done, but ongoing trade tensions will continue to cause uncertainty in markets, which makes us more cautious.
From a portfolio perspective, finding names we like that normally fit our investment process has become more challenging from a valuation standpoint. We have proactively repositioned the portfolio to reduce beta given our more cautious stance by scaling back our exposure to secular growers, which look somewhat expensive, and adding to consumer staples, real estate, and utilities, which are the clearest and most direct beneficiaries of lower interest rates. With election-related rhetoric on health care intensifying in the U.S., we also pared back our managed care exposure and took profits in several health care names that have performed well. We continue to like our investments in India, Indonesia, the Philippines, Peru, and Vietnam. These remain the most fertile, strongest-growing, demographically driven countries in the world with low debt to GDP and positive real interest rates. In China, our exposure is very purposeful in areas we think can be long-term holds.
In our view, the world is far from a recession, but if a trade deal between the U.S. and China is not reached, it's hard to imagine the global economy won't be impacted negatively. While the current investment landscape is a challenging one, we continue to have a positive view on the companies we own and believe our fundamentally driven investment process is well suited to add value for our clients.

Strategy

Fund Summary

High conviction, truly global equity portfolio seeking to invest in companies with above-average and sustainable growth characteristics.

OUR VIEWS ON GLOBAL EQUITIES

SMALL-CAP

MID-CAP

LARGE-CAP

155
Holdings

Style
Growth

Risk & Reward Data

Information Ratio

0.79

Sharpe Ratio

0.71

Historical Tracking Error

3.72%

Performance - Net of Fees

Current Year Performance

MTD

-0.50%

Benchmark

-0.26%

Excess Return

-0.24%

QTD

-0.50%

Benchmark

-0.26%

Excess Return

-0.24%

YTD

23.59%

Benchmark

20.93%

Excess Return

2.66%

Data as of 14-Oct-2019

1 Month

0.57%

Benchmark

1.99%

Excess Return

-1.42%

3 Months

2.27%

Benchmark

4.05%

Excess Return

-1.78%

Data as of 30-Sep-2019

Annualised Performance

1 YR

12.46%

Benchmark

8.65%

Excess Return

3.81%

3 YR

17.84%

Benchmark

14.47%

Excess Return

3.37%

5 YR

15.19%

Benchmark

12.43%

Excess Return

2.76%

10 YR

12.37%

Benchmark

11.40%

Excess Return

0.97%

Manager Inception

11.33%

Benchmark

N/A

Excess Return

N/A

Data as of 30-Sep-2019

Benchmark : MSCI All Country World Index ex Australia Net

Fund Inception: 15-Sep-2006

Manager Inception: 26-Oct-2008

Important Information

Holdings

Total
Holdings

155

Largest

Alphabet Class C

2.76%

Was ( 30-Jun-2019 )

2.98%

Top 10

17.12%

Contributor
Alphabet

By 1.28%

% of fund

2.76%

Detractor
Amazon.com

By -1.57%

% of fund

2.61%

Purchase
Experian (N)

0.95%

Was ( 30-Jun-2019 )

0.00%

Sale
Assa Abloy (E)

0.00%

Was ( 30-Jun-2019 )

0.62%

Data as of 30-Sep-2019

Important Information

30-Jun-2019 - Scott Berg, Portfolio Manager,

As always, our trading activity during the quarter was driven from the bottom up. The portfolio's sector and region allocations are driven primarily by individual stock considerations but are also influenced, to a lesser degree, by an assessment of macroeconomic and geopolitical considerations. Over the quarter, the portfolio's exposure increased to the communication services, consumer staples, and information technology sectors, while exposure decreased in health care and financials. Regionally, our allocation to the Pacific ex-Japan increased, while exposure to North America decreased. Within emerging markets, we continue to favor what we consider the more fertile and demographically advantaged regions, such as China, India, Indonesia, the Philippines, Peru, and Vietnam.

Communication Services

Amid the changing media, entertainment, and communications landscape, certain sector names benefit from strong user engagement and/or subscriber growth. Due to limited opportunities for strong growth in legacy telecommunications companies, our focus is on highly innovative, secular growers within the entertainment and internet services spaces that are on the right side of change.

We added to our position in global search leader Alphabet. With its world-class computing infrastructure and elite engineering and data science capabilities, we think Alphabet is well placed to extract value from the economy as the world becomes increasingly digital.
We initiated a position in Tencent Music Entertainment, the dominant player in China's online music industry, when a recent pullback offered an attractive entry point. With over 600 million users, monetization opportunities are large from music subscription, selling online music content, user's tipping to music-related live streaming hosts, and payment for online karaoke services. Tencent Holdings is the controlling stakeholder of Tencent Music Entertainment.

Consumer Discretionary

Our holdings in consumer discretionary are diversified across industries and geographies. However, many of our holdings have a strong presence in online retail and/or exposure to emerging markets with attractive demographics.

EssilorLuxottica is the newly formed combined entity of two leading eyewear makers into a single, dominant global leader in a secularly advantaged industry. We think the firm is well positioned to take advantage of the move toward more complex eyewear, which should prove to be higher-margin products, as well as increasing penetration into emerging markets. The stock had pulled back in recent months, making valuation more interesting and providing an attractive entry point.
Altaba, the investment company left over after the 2016 merger of Yahoo and Verizon, announced in April that it was seeking shareholder approval for liquidation and dissolution. The primary holding of Altaba is a stake in Chinese internet giant Alibaba Group Holding. Given that Altaba's share price is now less attractive relative to the underlying value of the Alibaba holding, we eliminated our holding in Altaba in favor of adding to Alibaba directly.
We added to our position in Alibaba Group Holdings, China's dominant e-commerce platform. We continue to have high conviction in Alibaba given its combination of e-commerce dominance and hypergrowth cloud business. Additionally, the benefits from its ownership stake in Ant Financial make it a very strong and durable platform with multiple compelling avenues to value creation.

Health Care

Our holdings are tilted toward drugmakers with strong pipelines, equipment makers with significant technology advantages, and health care providers that should benefit from increasing memberships as well as the ongoing trend of lower health care utilization in the U.S. In addition, we think there is tremendous growth and innovation happening in China with regard to health care and own several high-quality names in the region.

Services names have been pressured by increased political rhetoric around health care reform proposals. While the fundamental earnings backdrop for these companies remains robust, the continued and growing sentiment overhang on the group led us to exit our position in WellCare Health Plans and trim our exposure to UnitedHealth Group.

Information Technology

We continue to believe that innovations in artificial intelligence (AI) are not only affecting technology companies, but also reshaping more traditional industries, ones viewed as less susceptible to business model disruption. We remain positioned to benefit from increasing AI adoption and application as well as the ongoing transition toward greater computing mobility, increasing use of the Web, and growing technology consumption in emerging markets. As a result, our holdings are tilted toward payment and cloud software companies.

We initiated a position in Amphenol as a recent stock pullback offered a compelling entry point to this high-quality company. Amphenol is an industrial supplier of sensors, cables, and connectors to a broad diversity of attractive and growing end markets including military, telecommunications, and automotive applications. Decentralized and entrepreneurial business management fosters a competitively advantaged, industry-specific approach to its numerous end markets. Growth is supported by secular tailwinds such as the increasing trend toward connectivity and the growing Internet of Things. Amphenol also has a proven track record of solid capital allocation and successful M&A, which should prove beneficial given the low current cost of capital.
While we maintain a favorable long-term view of NVIDIA, transient issues including central processing unit shortages and data center weakness may weigh on the stock in the near term, so we exited our position.

Industrials and Business Services

We are focused on high-quality companies that can benefit from multiyear growth trends and increases in global trade and capital spending. We are attracted to less cyclical, durable earnings growers in industries with attractive growth dynamics and are largely avoiding companies with commodity capital expenditures exposure.

We eliminated our position in diversified industrials firm Illinois Tool Works. We think the risk/reward has become less favorable and that earnings and the multiple may be pressured by moderating demand due to lower levels of auto builds and industrial activity in China and Europe as well as weakening private nonresidential spend in North America. We directed the proceeds into a new holding in Amphenol.
We sold out of our stake in building products supplier Fortune Brands Home & Security. Although the firm's recent earnings were above consensus, we feel that there is limited upside remaining in the stock and are choosing to reallocate funds to opportunities with more attractive potential.

30-Jun-2019 - Scott Berg, Portfolio Manager,

The English language commentary is available, with English language available at a later stage

Communication Services

We added to our position in global search leader Alphabet. With its world-class computing infrastructure and elite engineering and data science capabilities, we think Alphabet is well placed to extract value from the economy as the world becomes increasingly digital.
We initiated a position in Tencent Music Entertainment, the dominant player in China's online music industry, when a recent pullback offered an attractive entry point. With over 600 million users, monetization opportunities are large from music subscription, selling online music content, user's tipping to music-related live streaming hosts, and payment for online karaoke services. Tencent Holdings is the controlling stakeholder of Tencent Music Entertainment.

Consumer Discretionary

EssilorLuxottica is the newly formed combined entity of two leading eyewear makers into a single, dominant global leader in a secularly advantaged industry. We think the firm is well positioned to take advantage of the move toward more complex eyewear, which should prove to be higher-margin products, as well as increasing penetration into emerging markets. The stock had pulled back in recent months, making valuation more interesting and providing an attractive entry point.
Altaba, the investment company left over after the 2016 merger of Yahoo and Verizon, announced in April that it was seeking shareholder approval for liquidation and dissolution. The primary holding of Altaba is a stake in Chinese internet giant Alibaba Group Holding. Given that Altaba's share price is now less attractive relative to the underlying value of the Alibaba holding, we eliminated our holding in Altaba in favor of adding to Alibaba directly.
We added to our position in Alibaba Group Holdings, China's dominant e-commerce platform. We continue to have high conviction in Alibaba given its combination of e-commerce dominance and hypergrowth cloud business. Additionally, the benefits from its ownership stake in Ant Financial make it a very strong and durable platform with multiple compelling avenues to value creation.

Health Care

Services names have been pressured by increased political rhetoric around health care reform proposals. While the fundamental earnings backdrop for these companies remains robust, the continued and growing sentiment overhang on the group led us to exit our position in WellCare Health Plans and trim our exposure to UnitedHealth Group.

Information Technology

We initiated a position in Amphenol as a recent stock pullback offered a compelling entry point to this high-quality company. Amphenol is an industrial supplier of sensors, cables, and connectors to a broad diversity of attractive and growing end markets including military, telecommunications, and automotive applications. Decentralized and entrepreneurial business management fosters a competitively advantaged, industry-specific approach to its numerous end markets. Growth is supported by secular tailwinds such as the increasing trend toward connectivity and the growing Internet of Things. Amphenol also has a proven track record of solid capital allocation and successful M&A, which should prove beneficial given the low current cost of capital.
While we maintain a favorable long-term view of NVIDIA, transient issues including central processing unit shortages and data center weakness may weigh on the stock in the near term, so we exited our position.

Industrials and Business Services

We eliminated our position in diversified industrials firm Illinois Tool Works. We think the risk/reward has become less favorable and that earnings and the multiple may be pressured by moderating demand due to lower levels of auto builds and industrial activity in China and Europe as well as weakening private nonresidential spend in North America. We directed the proceeds into a new holding in Amphenol.
We sold out of our stake in building products supplier Fortune Brands Home & Security. Although the firm's recent earnings were above consensus, we feel that there is limited upside remaining in the stock and are choosing to reallocate funds to opportunities with more attractive potential.

Sectors

Total
Sectors

Largest

Information Technology

18.51%

Was ( 31-Aug-2019 )

18.21%

Contributor
Health Care

By 0.34%

Sector

0.02%

Selection

0.32%

Detractor
Consumer Discretionary

By -1.08%

Sector

-0.00%

Selection

-1.08%

Data as of 30-Sep-2019

Over
Consumer Discretionary

By 2.15%

Fund

13.09%

Benchmark

10.95%

Under
Energy

By -3.45%

Fund

2.01%

Benchmark

5.46%

Data as of 30-Sep-2019

Benchmark : MSCI All Country World Index ex Australia (unhedged)

Regions

Contributor

Pacific ex Japan

By 0.20%

Country

-0.63%

Selection

0.82%

Detractor

United States

By -1.44%

Country

-0.18%

Selection

-1.26%

Data as of 30-Sep-2019

Data as of

Countries

Total
Countries

Largest

United States

45.57%

Was ( 31-Aug-2019 )

46.61%

Over

India

By 5.78%

Fund

6.82%

Benchmark

1.04%

Under

United States

By -11.25%

Fund

45.57%

Benchmark

56.82%

Data as of 30-Sep-2019

Benchmark : MSCI All Country World Index ex Australia (unhedged)

Team

Scott Berg,
Portfolio Manager

Scott Berg is the portfolio manager for the T. Rowe Price Global Growth Equity Strategy.

Portfolio Manager since

2012

Years at
T. Rowe Price

Years investment experience

Hari Balkrishna,
Assistant Portfolio Manager

Hari Balkrishna is an associate portfolio manager for the Global Growth Equity Strategy in the Equity Division of T. Rowe Price. Mr. Balkrishna has 10 years of investment experience. He completed an internship at T. Rowe Price in 2009. Prior to joining the firm in 2010, he worked at Goldman Sachs, Sydney, Australia, in the financial institutions group of the Investment Banking Division.

Assistant Portfolio Manager since

2015

Years at T. Rowe Price

Years investment experience

Laurence Taylor,
Portfolio Specialist

Laurence Taylor is a portfolio specialist in the Equity Division at T. Rowe Price, representing the firm's global equity portfolio managers to institutional clients, consultants and prospects.

Years at
T. Rowe Price

Years investment experience

Nicholas Beecroft,
Portfolio Specialist

Nick Beecroft is a portfolio specialist in the Equity Division, representing the firm's regional and global emerging markets equity portfolio managers to institutional clients, consultants and prospects.

Years at
T. Rowe Price

Years investment experience

How to Invest

APIR	Minimum Initial Investment (AUD)	Minimum Subsequent Investment (AUD)	Buy / Sell Spread	Management Fees¹
ETL0071AU	$500,000	$100,000	Buy +0.25%/Sell -0.20%	1.18% pa

Risk/Return (5 Years)	Fund	Benchmark
Alpha	2.34%	0.00%
Beta	1.08	1.00
R-Squared	0.93	1.00
Annualized Std. Deviation	11.17%	10.13%
Information Ratio	0.79	0.00
Sharpe Ratio	0.71	0.49
Tracking Error	3.72%	0.00%

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
11.72%	-2.02%	-11.61%	16.36%	38.85%	17.66%	13.40%	2.75%	24.64%	3.46%	Fund
3.50%	-1.20%	-7.24%	14.48%	43.24%	14.10%	10.04%	8.29%	14.86%	0.71%	Benchmark
+8.22%	-0.82%	-4.37%	+1.88%	-4.39%	+3.56%	+3.36%	-5.54%	+9.78%	+2.75%	Value added

Company	% of Fund	Prev Qtr Change	Value (AUD)	Sector	Industry	Country
Alphabet Class C	2.76	-0.22%	81,643,832.30	Communication Ser...	Interactive Media...	United States
Amazon.com	2.61	-0.38%	77,083,227.02	Consumer Discreti...	Internet & Direct...	United States
Alibaba Group Holding	1.95	-0.34%	57,797,202.76	Consumer Discreti...	Internet & Direct...	China
Facebook	1.87	-0.33%	55,263,034.99	Communication Ser...	Interactive Media...	United States
Microsoft	1.48	0.10%	43,721,952.51	Information Techn...	Software	United States
NextEra Energy	1.37	0.17%	40,659,693.56	Utilities	Electric Utilitie...	United States
Sempra Energy	1.33	0.09%	39,235,665.49	Utilities	Multi-Utilities	United States
Salesforce.com	1.26	0.57%	37,379,290.63	Information Techn...	Software	United States
Bank Central Asia	1.22	-0.03%	36,062,481.48	Financials	Banks	Indonesia
Kotak Mahindra Bank	1.22	-0.00%	36,053,096.62	Financials	Banks	India
Tencent Holdings	1.14	-0.13%	33,786,395.99	Communication Ser...	Interactive Media...	China
SM Investments	1.11	-0.04%	32,823,477.41	Industrials & Bus...	Industrial Conglo...	Philippines
Danaher	1.07	-0.02%	31,779,105.52	Health Care	Health Care Equip...	United States
HDFC Bank	1.05	0.02%	31,116,320.20	Financials	Banks	India
Roper Technologies	1.05	0.06%	31,003,508.61	Industrials & Bus...	Industrial Conglo...	United States
GE	1.04	0.11%	30,741,572.44	Industrials & Bus...	Industrial Conglo...	United States
Visa	1.02	-0.08%	30,247,448.21	Information Techn...	IT Services	United States
Masan	0.96	-0.01%	28,540,843.10	Consumer Staples	Food Products	Vietnam
Boeing	0.96	0.14%	28,431,600.74	Industrials & Bus...	Aerospace & Defen...	United States
Workday	0.95	0.01%	28,143,387.69	Information Techn...	Software	United States
Intuit	0.95	-0.01%	28,127,071.07	Information Techn...	Software	United States
Experian	0.95	N/A	28,037,382.74	Industrials & Bus...	Professional Serv...	United Kingdom
Prologis	0.89	0.04%	26,433,432.81	Real Estate	Equity Real Estat...	United States
InRetail Peru	0.88	-0.18%	26,020,515.51	Consumer Staples	Food & Staples Re...	Peru
Splunk	0.84	0.13%	24,788,265.20	Information Techn...	Software	United States
EssilorLuxottica	0.82	0.06%	24,331,042.54	Consumer Discreti...	Textiles, Apparel...	France
Hexagon	0.82	0.29%	24,287,701.07	Information Techn...	Electronic Equip,...	Sweden
Charles Schwab	0.81	-0.02%	24,000,546.48	Financials	Capital Markets	United States
Intuitive Surgical	0.81	0.02%	23,856,354.50	Health Care	Health Care Equip...	United States
Nestle	0.79	0.06%	23,287,051.93	Consumer Staples	Food Products	Switzerland
Becton, Dickinson & Company	0.79	-0.03%	23,274,426.55	Health Care	Health Care Equip...	United States
Rentokil Initial	0.77	0.07%	22,899,981.62	Industrials & Bus...	Commercial Servic...	United Kingdom
Apple	0.77	0.15%	22,780,556.16	Information Techn...	Technology Hardwa...	United States
Atlassian	0.77	N/A	22,672,014.35	Information Techn...	Software	United States
Keyence	0.76	0.06%	22,578,045.25	Information Techn...	Electronic Equip,...	Japan
Airbus	0.76	-0.01%	22,410,290.19	Industrials & Bus...	Aerospace & Defen...	France
Credicorp	0.73	-0.07%	21,540,917.60	Financials	Banks	Peru
Stryker	0.72	0.02%	21,326,938.75	Health Care	Health Care Equip...	United States
Roche Holding	0.70	0.08%	20,778,090.18	Health Care	Pharmaceuticals	Switzerland
Eversource Energy	0.70	0.27%	20,675,014.13	Utilities	Electric Utilitie...	United States
Ayala Land	0.70	-0.07%	20,657,588.05	Real Estate	Real Estate Manag...	Philippines
Unilever	0.69	-0.04%	20,279,709.31	Consumer Staples	Personal Products	United Kingdom
Sumber Alfaria Trijaya	0.68	0.07%	20,070,568.56	Consumer Staples	Food & Staples Re...	Indonesia
Sea	0.68	-0.24%	19,977,198.97	Communication Ser...	Entertainment	Singapore
CME Group	0.67	N/A	19,772,492.49	Financials	Capital Markets	United States
Chubb	0.66	0.10%	19,596,611.89	Financials	Insurance	United States
Housing Development Finance	0.66	-0.12%	19,560,355.16	Financials	Thrifts & Mortgag...	India
Britannia Industries	0.66	0.06%	19,396,142.99	Consumer Staples	Food Products	India
ASML Holding	0.65	0.06%	19,300,484.06	Information Techn...	Semiconductors & ...	Netherlands
BDO Unibank	0.65	-0.02%	19,150,266.19	Financials	Banks	Philippines
ServiceNow	0.65	0.05%	19,120,147.44	Information Techn...	Software	United States
Symrise	0.64	N/A	18,837,797.86	Materials	Chemicals	Germany
Samsung Electronics	0.63	-0.04%	18,719,049.51	Information Techn...	Technology Hardwa...	South Korea
TD Ameritrade Holding	0.63	-0.17%	18,639,844.84	Financials	Capital Markets	United States
Jiangsu Hengrui Medicine	0.63	0.07%	18,521,740.01	Health Care	Pharmaceuticals	China
American Water Works	0.62	0.05%	18,419,457.80	Utilities	Water Utilities	United States
Zalando	0.62	-0.03%	18,371,203.72	Consumer Discreti...	Internet & Direct...	Germany
Godrej Consumer Products	0.60	0.03%	17,895,249.70	Consumer Staples	Personal Products	India
Brookfield Asset Management	0.60	0.01%	17,734,717.46	Financials	Capital Markets	Canada
Netflix	0.60	-0.03%	17,657,488.59	Communication Ser...	Entertainment	United States
United Spirits	0.60	N/A	17,603,344.77	Consumer Staples	Beverages	India
Hilton Worldwide Holdings	0.59	0.06%	17,581,773.62	Consumer Discreti...	Hotels Restaurant...	United States
Vertex Pharmaceuticals	0.59	-0.09%	17,581,552.95	Health Care	Biotechnology	United States
Citigroup	0.59	-0.08%	17,535,027.29	Financials	Banks	United States
Pidilite Industries	0.59	0.09%	17,445,423.33	Materials	Chemicals	India
Agilent Technologies	0.59	0.05%	17,406,359.45	Health Care	Life Sciences Too...	United States
Gree Electric Appliances Inc of Zhuhai	0.59	0.07%	17,309,982.49	Consumer Discreti...	Household Durable...	China
Daikin Industries	0.58	-0.03%	17,255,397.37	Industrials & Bus...	Building Products	Japan
Tesla	0.58	-0.16%	17,185,005.00	Consumer Discreti...	Automobiles	United States
Lonza Group	0.58	-0.06%	17,040,884.45	Health Care	Life Sciences Too...	Switzerland
KKR	0.57	0.08%	16,980,096.61	Financials	Capital Markets	United States
MercadoLibre	0.57	-0.10%	16,893,657.26	Consumer Discreti...	Internet & Direct...	Argentina
Cigna	0.57	0.05%	16,840,828.74	Health Care	Health Care Provi...	United States
WuXi Biologics	0.56	0.04%	16,681,539.15	Health Care	Life Sciences Too...	China
ASOS	0.56	0.10%	16,635,560.65	Consumer Discreti...	Internet & Direct...	United Kingdom
FleetCor Technologies	0.56	0.03%	16,497,986.46	Information Techn...	IT Services	United States
Booking Holdings	0.56	0.13%	16,417,893.95	Consumer Discreti...	Internet & Direct...	United States
Country Garden Services Holdings	0.55	0.18%	16,264,122.40	Real Estate	Real Estate Manag...	China
AIA Group	0.55	-0.14%	16,257,359.00	Financials	Insurance	Hong Kong
China Resources Beer Holdings	0.54	0.09%	16,094,167.40	Consumer Staples	Beverages	China
Siemens	0.54	N/A	15,954,198.45	Industrials & Bus...	Industrial Conglo...	Germany
Adyen	0.54	0.05%	15,947,122.83	Information Techn...	IT Services	Netherlands
Jollibee Foods	0.54	-0.20%	15,946,436.51	Consumer Discreti...	Hotels Restaurant...	Philippines
JPMorgan Chase	0.54	-0.12%	15,844,398.92	Financials	Banks	United States
Amphenol	0.52	0.14%	15,423,979.21	Information Techn...	Electronic Equip,...	United States
StoneCo	0.51	0.05%	15,010,194.95	Information Techn...	IT Services	Brazil
Marriott	0.51	-0.09%	14,955,014.74	Consumer Discreti...	Hotels Restaurant...	United States
TC Energy	0.50	-0.02%	14,827,862.21	Energy	Oil, Gas & Consum...	Canada
Shopify	0.49	0.02%	14,576,791.94	Information Techn...	IT Services	Canada
Veeva Systems	0.49	0.09%	14,421,166.28	Health Care	Health Care Techn...	United States
PayPal Holdings	0.48	-0.11%	14,345,479.40	Information Techn...	IT Services	United States
Estee Lauder	0.48	0.00%	14,302,457.22	Consumer Staples	Personal Products	United States
3SBio	0.48	-0.03%	14,282,764.08	Health Care	Biotechnology	China
SOFTBANK GROUP CORP	0.48	-0.03%	14,181,581.73	Communication Ser...	Wireless Telecomm...	Japan
Eurofins Scientific	0.48	0.06%	14,172,993.06	Health Care	Life Sciences Too...	France
Farfetch	0.48	-0.38%	14,155,345.76	Consumer Discreti...	Internet & Direct...	United Kingdom
Givaudan	0.48	0.06%	14,149,176.08	Materials	Chemicals	Switzerland
Gartner	0.47	-0.07%	13,766,435.09	Information Techn...	IT Services	United States
Sumitomo Metal Mining	0.46	N/A	13,550,335.12	Materials	Metals & Mining	Japan
Diageo	0.46	-0.01%	13,505,515.73	Consumer Staples	Beverages	United Kingdom
Koninklijke DSM	0.46	-0.03%	13,498,103.54	Materials	Chemicals	Netherlands
Total	0.45	-0.02%	13,286,212.75	Energy	Oil, Gas & Consum...	France
Concentradora Fibra Danhos	0.45	-0.03%	13,237,854.82	Real Estate	Equity Real Estat...	Mexico
Linde	0.45	0.04%	13,212,428.47	Materials	Chemicals	United States
Dassault Systemes	0.45	-0.07%	13,200,417.71	Information Techn...	Software	France
Heineken	0.44	0.00%	13,085,072.65	Consumer Staples	Beverages	Netherlands
Magazine Luiza	0.44	N/A	13,070,040.14	Consumer Discreti...	Multiline Retail	Brazil
Havells India	0.44	N/A	13,050,185.40	Industrials & Bus...	Electrical Equipm...	India
Chr. Hansen Holding	0.44	0.11%	13,026,044.34	Materials	Chemicals	Denmark
Clorox	0.44	-0.16%	12,880,074.61	Consumer Staples	Household Product...	United States
Cognex	0.43	0.18%	12,769,651.27	Information Techn...	Electronic Equip,...	United States
Rolls-Royce	0.43	0.03%	12,686,857.42	Industrials & Bus...	Aerospace & Defen...	United Kingdom
Concho Resources	0.43	-0.01%	12,624,601.19	Energy	Oil, Gas & Consum...	United States
Sartorius	0.42	-0.08%	12,508,069.24	Health Care	Health Care Equip...	Germany
UnitedHealth Group	0.42	-0.09%	12,384,778.34	Health Care	Health Care Provi...	United States
Daiichi Sankyo	0.42	0.06%	12,312,158.98	Health Care	Pharmaceuticals	Japan
Morgan Stanley	0.41	-0.09%	12,121,838.80	Financials	Capital Markets	United States
Maxim Integrated Products	0.41	-0.04%	12,080,864.67	Information Techn...	Semiconductors & ...	United States
Ocado	0.40	0.06%	11,941,829.95	Consumer Discreti...	Internet & Direct...	United Kingdom
Unilever Indonesia	0.40	0.03%	11,937,043.77	Consumer Staples	Household Product...	Indonesia
FANUC	0.40	-0.04%	11,803,652.90	Industrials & Bus...	Machinery	Japan
Itau Unibanco Holding	0.40	-0.07%	11,757,078.53	Financials	Banks	Brazil
HDFC Asset Management	0.39	N/A	11,568,717.76	Financials	Capital Markets	India
Umicore	0.39	0.06%	11,562,293.90	Materials	Chemicals	Belgium
CP ALL	0.39	-0.01%	11,477,304.05	Consumer Staples	Food & Staples Re...	Thailand
Axis Bank	0.38	-0.41%	11,380,450.38	Financials	Banks	India
Colgate-Palmolive	0.38	-0.03%	11,193,534.01	Consumer Staples	Household Product...	United States
Ctrip.com International	0.37	-0.07%	11,051,077.17	Consumer Discreti...	Internet & Direct...	China
Nestle Foods Nigeria	0.37	0.05%	10,922,246.88	Consumer Staples	Food Products	Nigeria
MarketAxess Holdings	0.37	-0.11%	10,877,013.80	Financials	Capital Markets	United States
Ulker Biskuvi Sanayi	0.37	0.02%	10,868,202.62	Consumer Staples	Food Products	Turkey
Kalbe Farma	0.36	0.06%	10,681,436.70	Health Care	Pharmaceuticals	Indonesia
LVMH Moet Hennessy Louis Vuitton	0.35	-0.06%	10,388,159.40	Consumer Discreti...	Textiles, Apparel...	France
Seven Generations Energy	0.33	0.05%	9,877,078.28	Energy	Oil, Gas & Consum...	Canada
CoStar Group	0.33	0.10%	9,850,755.09	Industrials & Bus...	Professional Serv...	United States
Marsh & McLennan	0.33	0.01%	9,760,978.21	Financials	Insurance	United States
Temenos	0.33	N/A	9,741,969.86	Information Techn...	Software	Switzerland
Zoetis	0.32	N/A	9,384,200.00	Health Care	Pharmaceuticals	United States
Sanlam	0.31	-0.03%	9,315,213.13	Financials	Insurance	South Africa
Twilio	0.31	N/A	9,227,871.10	Information Techn...	IT Services	United States
Infineon Technologies	0.31	0.02%	9,023,355.56	Information Techn...	Semiconductors & ...	Germany
Huazhu	0.30	-0.01%	8,964,727.99	Consumer Discreti...	Hotels Restaurant...	China
EOG Resources	0.30	-0.03%	8,924,669.89	Energy	Oil, Gas & Consum...	United States
Wirecard	0.29	-0.10%	8,608,885.17	Information Techn...	IT Services	Germany
Recruit Holdings	0.29	-0.05%	8,466,194.88	Industrials & Bus...	Professional Serv...	Japan
Knorr-Bremse	0.28	0.01%	8,188,568.50	Industrials & Bus...	Machinery	Germany
Glodon	0.28	N/A	8,186,559.41	Information Techn...	Software	China
Ant International Co	0.25	0.23%	7,492,045.99	Information Techn...	IT Services	Cayman Islands
Tencent Music Entertainment	0.25	0.06%	7,266,850.48	Communication Ser...	Entertainment	China
Prosus	0.24	N/A	7,158,537.19	Consumer Discreti...	Internet & Direct...	Netherlands
Waste Connections	0.23	-0.00%	6,929,499.96	Industrials & Bus...	Commercial Servic...	United States
HDFC Bank	0.22	0.02%	6,445,564.77	Financials	Banks	India
Military Commercial Joint Stock Bank	0.21	0.05%	6,286,885.70	Financials	Banks	Vietnam
Wartsila	0.21	N/A	6,268,298.72	Industrials & Bus...	Machinery	Finland
Britannia Industries	0.01	N/A	187,932.44	Corporate Securit...	Food/Tobacco	India

Major Purchases	% of Fund	Prev Quarter Change	Industry	Country
Experian (N)	0.95	0.95%	Professional Services	United Kingdom
Atlassian (N)	0.77	0.77%	Software	United States
CME Group (N)	0.67	0.67%	Capital Markets	United States
Symrise (N)	0.64	0.64%	Chemicals	Germany
United Spirits (N)	0.60	0.60%	Beverages	India
Siemens (N)	0.54	0.54%	Industrial Conglomerates	Germany
Sumitomo Metal Mining (N)	0.46	0.46%	Metals & Mining	Japan
Havells India (N)	0.44	0.44%	Electrical Equipment	India
Magazine Luiza (N)	0.44	0.44%	Multiline Retail	Brazil
HDFC Asset Management (N)	0.39	0.39%	Capital Markets	India

Major Sales	% of Fund	Prev Quarter Change	Industry	Country
Assa Abloy (E)	0.00	-0.62%	Building Products	Sweden
MGM Resorts International (E)	0.00	-0.51%	Hotels Restaurants & Leisure	United States
Legrand (E)	0.00	-0.51%	Electrical Equipment	France
Julius Baer (E)	0.00	-0.45%	Capital Markets	Switzerland
Prudential (E)	0.00	-0.42%	Insurance	United Kingdom
Axis Bank	0.38	-0.41%	Banks	India
Alibaba Group Holding	1.95	-0.34%	Internet & Direct Marketing Retail	China
Galaxy Entertainment (E)	0.00	-0.33%	Hotels Restaurants & Leisure	Hong Kong
Eli Lilly (E)	0.00	-0.31%	Pharmaceuticals	United States
Alphabet Class C	2.76	-0.22%	Interactive Media & Services	United States

Contributors	% of Fund	% Value Add	Industry	Country
Alphabet	2.76	N/A	Interactive Media & Services	United States
Microsoft	1.48	0.1%	Software	United States
NextEra Energy	1.37	N/A	Electric Utilities	United States
Sempra Energy	1.33	0.1%	Multi-Utilities	United States
Kotak Mahindra Bank	1.22	-0.0%	Banks	India
Rentokil Initial	0.77	N/A	Commercial Services & Supplies	United Kingdom
Apple	0.77	N/A	Technology Hardware, Storage & Peripherals	United States
ASML Holding	0.65	N/A	Semiconductors & Semiconductor Equipment	Netherlands
Jiangsu Hengrui Medicine	0.63	N/A	Pharmaceuticals	China
Country Garden Services Holdings	0.55	N/A	Real Estate Management & Development	China

Detractors	% of Fund	% Value Add	Industry	Country
Amazon.com	2.61	N/A	Internet & Direct Marketing Retail	United States
GE	1.04	N/A	Industrial Conglomerates	United States
Workday	0.95	N/A	Software	United States
Netflix	0.60	N/A	Entertainment	United States
Jollibee Foods	0.54	N/A	Hotels Restaurants & Leisure	Philippines
SOFTBANK GROUP CORP	0.48	N/A	Wireless Telecommunication Services	Japan
Farfetch	0.48	-0.4%	Internet & Direct Marketing Retail	United Kingdom
Concho Resources	0.43	N/A	Oil, Gas & Consumable Fuels	United States
Axis Bank	0.38	N/A	Banks	India
Naspers	0.00	N/A	Internet & Direct Marketing Retail	South Africa

Sector	% of Fund	Benchmark
Information Technology	18.51	16.66
Financials	14.18	16.27
Consumer Discretionary	13.09	10.95
Health Care	10.99	11.33
Industrials & Business Services	10.72	10.52
Consumer Staples	10.12	8.69
Communication Services	7.97	8.92
Utilities	4.02	3.53
Materials	3.90	4.43
Real Estate	2.59	3.24
Energy	2.01	5.46

Sector	Total Value Added %	Value from Sector Weight %	Value from Stock Selection %
Total	-1.71	0.26	-1.97
Health Care	0.34	0.02	0.32
Materials	0.30	0.10	0.20
Utilities	0.21	0.01	0.19
Energy	0.07	0.17	-0.10
Industrials & Business Services	-0.02	0.02	-0.04
Consumer Staples	-0.13	0.04	-0.17
Financials	-0.14	-0.00	-0.13
Communication Services	-0.31	0.02	-0.33
Information Technology	-0.84	-0.02	-0.82
Consumer Discretionary	-1.08	-0.00	-1.08

Region	Total Value Added %	Value from Regional Weight %	Value from Stock Selection %
Total	-1.71	-1.07	-0.64
Pacific ex Japan	0.20	-0.63	0.82
Canada	0.18	-0.01	0.19
EM EMEA	0.15	0.04	0.11
Latin America	-0.01	-0.16	0.15
Japan	-0.28	-0.13	-0.14
Developed Europe	-0.46	0.05	-0.50
United States	-1.44	-0.18	-1.26

Country	% of Fund	% of Benchmark
United States	45.57	56.82
China	7.65	3.76
India	6.82	1.04
United Kingdom	4.74	4.94
Japan	3.39	7.42
France	3.31	3.42
Germany	3.09	2.58
Philippines	2.99	0.13
Switzerland	2.87	2.91
Indonesia	2.66	0.24
Netherlands	2.33	1.25
Canada	1.93	3.15
Peru	1.61	0.04
Brazil	1.35	0.89
Vietnam	1.18	0.00
Sweden	0.82	0.77
Singapore	0.68	0.39
South Korea	0.63	1.43
Argentina	0.57	0.09
Hong Kong	0.55	1.06
Cayman Islands	0.46	0.00
Mexico	0.45	0.30
Denmark	0.44	0.53
Belgium	0.39	0.31
Thailand	0.39	0.34
Nigeria	0.37	0.00
Turkey	0.37	0.07
South Africa	0.31	0.55
Finland	0.21	0.30
Austria	0.00	0.07

Benchmark Data Source: MSCI. MSCI index returns are shown with gross dividends reinvested. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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Communication Services

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Communication Services

Consumer Discretionary

Health Care

Information Technology

Industrials and Business Services

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Communication Services

Consumer Discretionary

Health Care

Information Technology

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Communication Services

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