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

QTD YTD Since inception
Strategy (gross) 1.6%1.6%10.2%
Strategy (net) 1.5%1.5%10.0%
MSCI ACWI Small Cap -2.6%-2.6%6.1%
QTD YTD Since inception
Strategy (gross) 1.6%1.6%10.2%
Strategy (net) 1.5%1.5%10.0%
MSCI ACWI Small Cap -2.6%-2.6%6.1%
QTD YTD Since inception
Strategy (gross) N/AN/AN/A
Strategy (net) N/AN/AN/A
MSCI ACWI Small Cap N/AN/AN/A
QTD YTD Since inception
Strategy (gross) N/AN/AN/A
Strategy (net) N/AN/AN/A
MSCI ACWI Small Cap N/AN/AN/A

Portfolio (as of January 31, 2024)

Benchmark: MSCI ACWI Small Cap
Asset Allocation
Strategy
Stocks 99.1%
Cash 0.9%
Strategy Characteristics
Strategy Benchmark
No. of holdings 127 6150
Weighted avg. market cap (US $MM) $2,087 $3,311
FY2 price/earnings 9.0 13.3
Price/book value 1.3 1.7
Dividend yield (%) 2.3 2.1
TOP 10 HOLDINGS
Security Country Percent
Teekay United States 2.3
Commvault Systems United States 2.3
Kier Group Plc United Kingdom 2.2
Data#3 Ltd. Australia 2.2
Jet2 Plc United Kingdom 2.2
Boise Cascade Co. United States 2.1
Höegh Autoliners ASA Norway 2.1
Owens & Minor United States 2.0
Medpace Holdings United States 2.0
Computacenter Plc United Kingdom 2.0

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
Industrials 24.0% 19.7%
Information Technology 15.7% 12.1%
Financials 12.3% 14.5%
Consumer Discretionary 11.9% 13.0%
Health Care 11.4% 9.7%
Communication Services 5.8% 3.1%
Materials 5.3% 8.0%
Energy 4.0% 4.4%
Equity Funds 3.4% 0.0%
Real Estate 3.2% 7.9%
Utilities 1.6% 2.6%
Consumer Staples 0.6% 4.9%
TOP 10 COUNTRIES
Country Strategy Benchmark
United States 48.0% 52.0%
United Kingdom 9.5% 4.6%
Japan 8.5% 10.7%
Australia 6.4% 2.9%
Taiwan 5.2% 3.1%
Norway 4.6% 0.8%
Italy 4.1% 1.0%
Canada 3.6% 3.1%
India 3.4% 3.9%
Hong Kong 1.9% 0.5%
Regional Allocation
  • North America 51.5%
  • Europe – other 19.6%
  • Pacific 15.9%
  • Emerging Asia 11.5%
  • Emerging Latin America 0.4%
  • Emerging Europe, Middle East, Africa 0.2%