Seeking diversified exposure to global small cap companies

The global small cap strategy invests primarily in common stocks of companies with smaller market capitalizations located in the global developed and emerging markets. The portfolio normally invests at least 80% of its total assets in equity securities of companies with smaller market capitalizations. Smaller market capitalization companies are companies with market capitalizations that do not exceed the highest market capitalization of a company within the portfolio’s benchmark, the MSCI ACWI Small Cap Index (Gross), at the time of purchase. Some of these companies, although small by US standards, might be large companies in their local markets. The portfolio may continue to hold securities of a company that appreciate above the smaller market capitalization threshold and thus may from time to time hold less than 80% of its total assets in equity securities of companies with smaller market capitalizations. The portfolio may invest in a wide range of industries.

Benchmark
MSCI ACWI Small Cap
Inception
November 30, 2023
Risk Disclosures
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Strategy overview

The portfolio managers discuss our Global Small Cap strategy.

Portfolio managers

Quantitative Portfolio Manager
Head of Quantitative Research
Quantitative Portfolio Manager
Quantitative Portfolio Manager
Quantitative Portfolio Manager

Performance

Table Header QTD YTD 1 year Since inception
Strategy (gross) 3.8%2.2%13.3%17.3%
Strategy (net) 3.8%1.9%12.2%16.2%
MSCI ACWI Small Cap 1.0%-2.9%5.3%10.0%
Table Header QTD YTD 1 year Since inception
Strategy (gross) 3.8%2.2%13.3%17.3%
Strategy (net) 3.8%1.9%12.2%16.2%
MSCI ACWI Small Cap 1.0%-2.9%5.3%10.0%
Table Header QTD YTD 1 year Since inception
Strategy (gross) -1.6%-1.6%5.3%15.1%
Strategy (net) -1.8%-1.8%4.3%14.1%
MSCI ACWI Small Cap -3.9%-3.9%0.0%9.8%
Table Header QTD YTD 1 year Since inception
Strategy (gross) -1.6%-1.6%5.3%15.1%
Strategy (net) -1.8%-1.8%4.3%14.1%
MSCI ACWI Small Cap -3.9%-3.9%0.0%9.8%
Fund 2024
Strategy (gross) 13.0%
Strategy (net) 11.9%
MSCI ACWI Small Cap 8.2%
Table Header
Strategy (gross)
Strategy (net)
MSCI ACWI Small Cap
2024
13.0%
11.9%
8.2%

Portfolio (as of April 30, 2025)

Benchmark: MSCI ACWI Small Cap
Asset Allocation
Table Header Strategy
Stocks 99.1%
Cash 0.9%
Strategy Characteristics
Table Header Strategy Benchmark
No. of holdings 130 5832
Weighted avg. market cap (US $MM) $2,855 $3,890
FY2 price/earnings 8.8 12.5
Price/book value 1.2 1.6
Dividend yield (%) 2.8 2.2
TOP 10 HOLDINGS
Security Country Percent
Jet2 Plc United Kingdom 2.3
Helia Group Ltd. Australia 2.0
Currys Plc United Kingdom 2.0
Yamada Holdings Co., Ltd. Japan 2.0
Arcadyan Technology Corp. Taiwan 2.0
AGF Management Canada 1.9
Suzuken Co., Ltd. Japan 1.9
Youngone Corp. South Korea 1.9
Commvault Systems United States 1.8
Toho Holdings Co., Ltd. Japan 1.8

A “weighted average” measures a characteristic by the market capitalization of each stock. Price/book ratio is the weighted average of the price/book ratios of all the stocks in a portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company’s per-share book value. The price/earnings ratio is the weighted average of the price/earnings ratios of the stocks in a portfolio. The FY2 P/E ratio is a forward P/E ratio using a next-twenty-four months EPS estimate in the denominator.

*Active defined as Portfolio weight minus MSCI ACWI Small Cap Index weight. Holdings are subject to change.

SECTOR WEIGHTS
Sector Strategy Benchmark
Consumer Discretionary 17.1% 12.5%
Industrials 16.1% 19.9%
Information Technology 15.1% 10.9%
Health Care 13.5% 9.3%
Financials 11.9% 15.5%
Communication Services 5.9% 3.6%
Materials 5.6% 8.2%
Real Estate 5.4% 8.0%
Utilities 3.3% 3.0%
Energy 3.2% 3.7%
Consumer Staples 1.9% 5.2%
TOP 10 COUNTRIES
Country Strategy Benchmark
United States 46.1% 50.5%
Japan 11.2% 11.7%
United Kingdom 9.3% 4.4%
Canada 7.6% 3.3%
South Korea 6.2% 1.7%
China 4.3% 1.6%
Australia 3.4% 3.2%
Taiwan 2.9% 2.6%
Indonesia 1.4% 0.2%
Norway 1.3% 0.7%
Regional Allocation
  • NORTH AMERICA 53.8%
  • PACIFIC 15.6%
  • EMERGING ASIA 15.5%
  • EURO 13.6%
  • DEVELOPED MIDDLE EAST 0.2%
  • EMERGING EUROPE, MIDDLE EAST, AFRICA 0.2%