|SYMBOL||% OF PORTFOLIO|
|ING Groep N.V.||INGA NA||2.8%|
|Resona Holdings, Inc.||8308 JP||2.7%|
|UBS Group AG||UBSG VX||2.7%|
|Deutsche Post AG||DPW GR||2.2%|
|CRH plc||CRH LN||2.2%|
|Sony Corp.||6758 JP||2.1%|
|Mondi plc||MNDI LN||2.0%|
|The Weir Group plc||WEIR LN||2.0%|
|Intact Financial Corp.||IFC CN||2.0%|
|ICICI Bank Ltd.||ICICIBC IN||2.0%|
|GT Capital Holdings, Inc.||GTCAP PM||1.9%|
|United Overseas Bank Ltd.||UOB SP||1.6%|
|DP World Ltd.||DPW DU||1.6%|
|Taiwan Semiconductor Manufacturing Co., Ltd. ADR||TSM||1.5%|
|Subaru Corp.||7270 J||1.5%|
|Cairn Homes plc||CRN LN||1.1%|
|ASML Holding N.V.||ASML NL||0.9%|
ING was created in 1991 through a merger of two of the Netherlands' largest banks. The Group has since become one of Europe's largest financial institutions, active in traditional banking, insurance, and asset management. The share price of ING declined dramatically in the financial crisis as material holes in the group strategy and balance sheet were revealed. In 2009 management announced plans to shrink the company, simplify its operations by disposing of all non-banking assets, and sell new shares in order to redeem quasi-equity previously issued to the Dutch government. After this "back to basics" restructuring, ING Group is positioned to become a more pure bank (rather than a financial conglomerate) with a strong market position. As ING completes the final phases of restructuring shares should command a more normalized valuation, commensurate with its competitive earnings power.
Zurich-based UBS is one of the largest investment management companies in the world, providing Wealth Management, Asset Management and Investment Banking services globally, and traditional banking in Switzerland. Following the turmoil of the global financial crisis and a US tax inquiry, UBS has been focused on improving its core businesses. Improved capital ratios, growth in the wealth management segment, and an emphasis on cost control have allowed the group to regain its footing and return to profitability.
The company remains one of the largest asset managers in the world with assets under management in the trillions. Economic growth in developing markets has also boosted the number of high-net worth individuals looking to diversify their financial holdings to areas outside of their home markets.
Sony is a global conglomerate with various business segments and is best known for the development of consumer electronic products including televisions, personal computers, gaming hardware, and software. Sony is also engaged in the production and broadcasting of motion pictures, home entertainment, television programming, and recorded music. In 2004, Sony established a wholly owned subsidiary, SFH, which owns Sony Life, a Japanese life insurance company, Sony Assurance, a Japanese non-life insurance company, and Sony Bank, a Japanese Internet-based bank. Sony also owns a network services business and an advertising agency in Japan.
Sony is undergoing a transformation from low margin hardware sales to an increased focus on recurring revenue streams. The sale of its PC business and promotion of its Playstation streaming subscription services are examples. Sony has been reducing its global workforce, with the goal of becoming a more efficient and more profitable company. In recent years, through its gaming hardware, Sony has been able to successfully create an attractive entertainment eco-system that encompasses gaming, movies, TV shows, and music, which should be a growth area for the company in the next several years.
ICICI Bank Ltd. is engaged in providing a wide range of banking and financial services, which includes commercial banking and treasury operations to corporate and retail customers through a variety of delivery channels. Through its specialized subsidiaries in the areas of commercial banking, retail banking, life and non-life insurance, project and corporate finance, working capital finance, venture capital and private equity, investment banking, asset management, broking and treasury products and services.
The company operates through four segments: Retail Banking, Wholesale Banking, Treasury and Other Banking. The Retail Banking segment includes exposures of the bank, which satisfy the four qualifying criteria of regulatory retail portfolio as stipulated by the RBI guidelines on the Basel II framework. The Wholesale Banking segment includes all advances to trusts, partnership firms, companies and statutory bodies, by the bank which are not included in the Retail Banking segment, as per the RBI guidelines for the bank. The Treasury segment includes the entire investment portfolio of the bank. The Other Banking segment includes leasing operations and other items not attributable to any particular business segment of the bank. ICICI Bank was founded on January 5, 1994 and is headquartered in Mumbai, India.
Source - Factset
GT Capital Holdings, Inc. is engaged in banking, real estate development, power generation, automotive and life insurance business. It operates through five portfolios, which include Banking, Real Estate Development, Power generation, Automotive and Insurance. The Banking portfolio offers corporate and commercial banking products and services, which include credit card, investment banking and trust services, deposits, mortgage and vehicle finance products and services. The Real estate development portfolio sells, operates and develops real estate properties. The Power generation portfolio produces power in the Visayas region. The Automotive portfolio manufactures, imports and wholesales and distributes Toyota brand motor vehicles. It also sells motor vehicle parts and accessories. The Insurance segment offers personal and group insurance products, which include life insurance and investment-linked insurance products. The company was founded on July 26, 2007 and is headquartered in Makati, Philippines.
Taiwan Semiconductor is the largest independent semiconductor foundry in the world. The industry is characterized by process orientation and scale, and TSM leads in both. It is the only company in its industry with the financial resources to continue to invest in both R&D and capital equipment/process technologies throughout the business cycle. TSM has manufactured chips for over 500 different customers globally, with a huge array of end market applications, including automotive, cell phones, video games, DVD players, digital camera, medical devices, etc.
Although margins are very volatile, cash flow generation has been robust, and TSM continues to gain share over time. Since being founded in 1987, TSM has been at the leading edge of technology manufacturing.
Cairn Homes Plc constructs houses and apartments. The company was founded by Michael Stanley and William Alan McIntosh and is headquartered in Ireland, United Kingdom.
|SYMBOL||% OF PORTFOLIO|
|Brenntag AG||BNR GR||2.6%|
|US Foods Holding Corp.||USFD||2.6%|
|Compass Group plc||CPG LN||2.4%|
|Cerved Information Solutions S.p.A.||CERV IM||2.2%|
|Aena SME, S.A.||AENA SM||2.2%|
|National Grid plc||NG/ LN||2.0%|
|Galenica Sante Ltd.||GALE SW||2.0%|
|Grupo Nutresa SA||NUTRESA CB||2.0%|
|Orange SA||ORA FP||2.0%|
|Nippon Telegraph & Telephone Corp.||9432 JP||1.9%|
|Thermo Fisher Scientific, Inc.||TMO||1.6%|
|Reckitt Benckiser plc||RB/ LN||1.6%|
|Europris ASA||EPR NO||1.5%|
|Vietnam Dairy Products JSC||VNM VN||1.5%|
|Shaw Communications, Inc.||SJR/B||1.4%|
|Gilead Sciences, Inc.||GILD||1.3%|
|Novartis AG||NOVN VX||1.3%|
|Roche Holding AG||ROG VX||1.3%|
|Bharti Infratel Ltd.||BHIN IN||1.2%|
|Shanghai International Air Co., Ltd.||600009 C1||1.1%|
|RELX plc||REL LN||1.1%|
|DNA Oyj||DNA FH||1.1%|
|Olympus Corp.||7733 JP||1.1%|
|Bureau Veritas SA||BVI FP||1.0%|
|China South Publishing & Media Group Co., Ltd.||601098 C1||1.0%|
|Tsuruha Holdings, Inc.||3391 JP||0.7%|
Brenntag AG engages in the production and distribution solutions of chemicals. It operates through the North America, Latin America, Europe, and Asia Pacific segments. The company was founded by Philipp Mühsam in 1874 and is headquartered in Mülheim an der Ruhr, Germany.
Compass Group Plc provides food and support services to customers in the workplace, which includes schools & colleges, hospitals, at leisure and in remote environments. It operates in following sectors: Business & Industry, Education, Healthcare & Seniors, Sports & Leisure and Defense, Offshore & Remote. Compass Group was founded in 1941 and is headquartered in Chertsey, the United Kingdom.
Cerved Information Solutions SpA is a holding company, which through its subsidiaries, engages in the management, processing, and distribution of financial, character, commercial, accounting, economic, and legal information for corporate and financial institution clients. It operates through the following business segments: Credit Information, Marketing Solutions, and Credit Management. The Credit Information segment offers legal, commercial, accounting, and economic-financial information. The Marketing Solutions segment provides market analysis information. The Credit Management segment specializes in credit assessment and management and problematic goods on behalf of third parties. The company was founded on March 14, 2014 and is headquartered in Milan, Italy.
Aena SA engages in the management and operation of a group of airports. It operates through the following segments: Airports, Off-terminal Services, International, and other. The Airports segment includes operations as airport manager, and management of commercial spaces in airport terminals. The Off-terminal Services segment operates parking lots and garages outside the terminals, and of the industrial and real estate assets. The International segment deals with the international development business. The company was founded on February 25, 2011 and is headquartered in Madrid, Spain.
National Grid Plc engages in the transmission and distribution of electricity and gas in Great Britain and northeastern U.S. It operates through four segments: UK Electricity Transmission, UK Gas Transmission, UK Gas Distribution and U.S. Regulated. The UK Electricity Transmission segment engages in electricity transmission in England and Wales. The day-to-day operations of the system involves the continuous real-time matching of demand and generation output. The UK Gas Transmission segment owns and operates the gas national transmission system in Great Britain, with day-to-day responsibility for balancing demand. The UK Gas Distribution segment owns and operates regional gas distribution network in Great Britain. The U.S. Regulated segment owns and operates electricity distribution networks in upstate New York, Massachusetts, and Rhode Island. The company was founded on July 11, 2000 and is headquartered in London, the United Kingdom.
Source - Factset
Orange SA operates as a telecommunication services company, which operates mobile and internet services. It provides telecommunication services to multinational companies, under the brand Orange Business Services. The company was founded in 1999 and is headquartered in Paris, France.
Nippon Telegraph & Telephone Corp. is a holding company engaging in telecommunication services. It operates through the following segments: Regional Communications Business, Long-Distance and International Communications Business, Mobile Communications Business, Data Communications Business, and Other Businesses. The Regional Communications Business segment offers domestic intra-prefectural communication services such as fixed voice-related, internet protocol (IP), and packet communications services; and sells telecommunications equipment. The Long Distance and International Communications Business segment deals with the domestic intra-prefectural and international communications and system integration services. The Mobile Communications Business segment provides mobile voice-related, IP, and packet communications services; and sells telecommunications equipment. The Data Communications Business segment includes system integration and network system services. The Other Businesses segment involves in the real estate, finance, engineering, system integration and data processing, and development of technologies and shared operations. The company was founded on August 1, 1952 and is headquartered in Tokyo, Japan.
Source – FactSet
Thermo Fisher manufactures and distributes consumables, lab equipment, analytical instruments, software and services that are used in health care and life sciences research and diagnostics. The company’s portfolio of products includes instruments for mass spectrometry, elemental analysis, sample preparation, and air-quality monitoring. Its diverse customer base includes pharmaceutical and biotechnology companies, hospital and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental and industrial companies.
Thermo Fisher was formed in November 2006, with the merger of Thermo Electron and Fisher Scientific. The merger combined the technological breadth of Thermo’s product line with the distribution and purchasing convenience of Fisher Scientific’s Catalog distribution business. The current company is divided into two segments, Lab Products and Analytical Technologies. Within Lab Products, the Fisher Catalog and the company website provide a one-stop shop with an extensive selection of routine lab products. The Analytical Technologies segment sells advanced technologies and workflow solutions directly to lab scientists.
Investors are concerned about overall R&D spending as Pharma and Biotech companies merge and look to cut costs. While Thermo Fisher’s sales will have some sensitivity to an R&D spending slump, the majority of TMO’s sale are tied to everyday lab operations, which help insulate the company from end-demand weakness.
Reckitt Benckiser Group Plc manufactures and markets household, health and personal care, selling products. The company's geographical segments include: Europe and North America (ENA); Latin America, North Asia, South East Asia and Australia and New Zealand (LAPAC); and Russia and CIS, Middle East, North Africa, Turkey and Sub-Saharan Africa (RUMEA). Its key brands include Durex, Gaviscon, Mucinex, Nurofen, Scholl, Strepsils, Airborne, MegaRed, Move Free, Bang, Clearasil, Dettol, Finish, Harpic, Lysol, Mortein, Veet Air Wick, Calgon, Vanish and Woolite. It also makes over-the-counter pharmaceuticals such as analgesics, antiseptics, flu remedies and gastrointestinal medications and offers products for hair removal, denture cleaning and pest control. Reckitt Benckiser Group was founded in December 1999 and is headquartered in Slough, the United Kingdom.
Europris ASA engages in the operation of variety stores for retail and wholesale activities. Its products include home and kitchen, home and garden, travel, leisure and sport, electronics, personal care, clothes and shoes, handyman, hobby and office, candy and chocolate, laundry and cleaning, and pets. The company was founded on November 16, 2011 and is headquartered in Fredrikstad, Norway.
Gilead Sciences is a biopharmaceutical company that focuses primarily on antivirals, cardiovascular conditions, and respiratory diseases. Gilead has grown rapidly since its 1987 founding, with results driven in recent years by the company's strong HIV treatment franchise. The company's HIV drugs Viread, Truvada and Atripla are safe, efficacious and easy for patients to take (Atripla, for example, simplifies a once burdensome treatment regiment to one pill once a day). Unfortunately, HIV/Aids continue to be a growing problem in developed and developing countries all over the world. The good news is that if HIV patients are diagnosed and treated early enough, Gilead's products can help these patients live healthy and productive lives for decades.
Gilead has recently expanded into a limited number of new treatment areas, both through internal development and acquisitions. Gilead's pipeline includes potentially compelling products for the treatment of HIV/Aids, resistant hypertension, and other areas of patient need.
Swiss-based Novartis manufactures and sells pharmaceutical and nutrition products worldwide. Novartis was formed from the 1996 merger of Sandoz and Ciba-Geigy, and is the world's fifth largest producer of non-prescription over-the-counter drugs. Novartis also holds nearly one-third of the voting stock of Roche, Europe's fifth largest drug company. Novartis also has a strong generic franchise, mostly marketed under the Sandoz name. The company is currently the number two global generics manufacturer after Teva. The acquisition of Alcon in 2010 has helped Novartis gain a leading position in the global eye-care market.
A solid balance sheet enables Novartis to pay a strong and growing dividend.
Headquartered in Switzerland, global pharmaceutical company Roche has been in operation for over a century. Roche is the world leader in oncology and virology, and its annual revenues exceed 45 CHF billion (Swiss Francs). Its main products include treatments for anemia (CERA), arthritis (Rituxin), cancer (Herceptin, Tarceva and Avastin) and Hepatitis C and HIV. The company also operates a diagnostics business, which specializes in disease monitoring, prevention and genetics testing. Roche owns a sizeable stake in U.S.-based Genentech and Japan-based Chugai.
Roche's solid cancer franchise largely originates from Genentech. In addition, a strong relationship with Chugai allows for penetration of the difficult to enter Japanese market. Collectively, the companies lead the oncology industry with popular cancer drugs like Rituxan (which also treats rheumatoid arthritis) and Herceptin, the latter of which has shown especially promising potential in combination with Avastin in certain cancers. Avastin is also in studies for additional cancers. Roche's diagnostics division has grown through products focusing on diabetes, molecular diagnostics, and immunochemistry. An improved product mix, with high barriers to entry given the biologic nature of many of its products, should serve to support Roche's sales and earnings over time.
Roche has an intriguing dividend yield. It has increased per share dividends by more than 15% annually over the last 5 years.
Bharti Infratel Ltd. provides telecom tower and related infrastructure services. The company deploys, owns and manages telecom towers, and communications structures for various wireless operators. It provides access to towers, primarily to wireless telecommunications service providers on a shared basis, under long-term contracts and also additional services, such as signal transmission and first level maintenance services in relation to customer equipment at towers. Bharti Infratel was founded on November 30, 2006 and is headquartered in Gurgaon, India.
Shanghai International Airport Co., Ltd. engages in the airport services of Pudong International Airport in Shanghai, China. It provides ground handling services and guaranteeing of the airport lounges facilities for aviation enterprises and passengers. Other services include managing and renting places, offices, stores and restaurants in the lounges; domestic trading; advertising; comprehensive developing and other investing projects permitted by the country. The company was founded on February 11, 1998 and is headquartered in Shanghai, China.
Source - Factset
RELX Plc is a global provider of information solutions for professional customers across industries. The company operates in four market segments, Scientific, Technical & Medical, Risk and Business Information, Legal, and Exhibitions. The company was founded by Albert Edward Reed in 1894 and is headquartered in London, the United Kingdom.
Olympus Corp. manufactures and sells precision machineries and instruments. It operates through the following segments: Medical Systems, Life Science and Industrial, Imaging Systems, Information and Communication, and others. The Medical Systems segment covers endoscopes, and endoscopic surgery and therapy. The Life Science and Industrial segment manufactures and sells biological and industrial microscopes, industrial endoscopes, non-destructive testing equipment, and printers. The Imaging Systems segment deals with digital cameras and recording devices. The Information and Communication segment sells mobile terminals such as mobile phones. The others segment includes biomaterial manufacturing and sales, and system development. The company was founded by Takeshi Yamashita on October 12, 1919 and is headquartered in Tokyo, Japan.
Bureau Veritas SA offers testing, inspection and certification (TIC) services for clients with quality, safety, environmental protection, and social responsibility. It offers a range of services including inspection, testing, auditing, certification, ship classification and related technical assistance, training and outsourcing. The company was founded in June 1828 and is headquartered in Neuilly-sur-Seine, France.
China South Publishing & Media Group Co., Ltd. is in the business of publication and distribution of books, periodicals, and audio-visual materials. Its businesses are categorized into the following divisions: Publishing, Distribution, Goods and Materials, Printing, and Media Operations. The company was founded on December 25, 2008 and is headquartered in Changsha, China.
Tsuruha Holdings, Inc. engages in the management and operation of its group companies that operates drugstore chains. It operates through the following business divisions: Drugstore, Dispensing, Nursing, Mail Order, and Group Support Business. The Drugstore Business division engages in the operations of drugstore chains. The Dispensing Business division provides support services, training, and counseling for self-medication awareness and pharmaceutical training. The Nursing Business division engages in regional medical and nursing care services and professional staff consultation for the aged society. The Mail Order Business division engages in online marketing of medicines, supplements, cosmetics, and other healthcare products. The Group Support Business division includes the logistics and product procurement, life insurance and property and casualty insurance agency business, and private brand products and promotional work planning. The company was founded in May 1929 and is headquartered in Sapporo, Japan.
|SYMBOL||% OF PORTFOLIO|
|AIA Group Ltd.||1299 HK||2.9%|
|Megacable Holdings S.A.B. de C.V.||MEGACPO MM||1.8%|
|Cielo S.A.||CIEL3 BR||1.5%|
|BBVA Banco Frances SA ADR||BFR||1.3%|
|Tencent Holdings Ltd.||700 HK||1.0%|
|Premium Brands Holdings Corp.||PBH CN||1.0%|
|Schibsted ASA||SCHA NO||1.0%|
|Scout24 AG||G24 GR||1.0%|
|Wessanen NV||WES NA||0.8%|
AIA Group Ltd. is the largest independent, publicly listed pan-Asian life insurance group in the world. It has wholly-owned main operating subsidiaries or branches in 14 markets in Asia-Pacific and a joint venture in India. AIA meets the savings and protection needs of individuals by offering a range of products and services including retirement planning, life insurance, and accident and health insurance.
Estimates suggest that the life insurance gap in Asia is ~$30-35T and twice that amount when one considers health insurance, accident insurance, etc. AIA has the ability to sell its products into this large unmet need and provide consumers with a social safety net.
AIA was previously owned by AIG. During the financial crisis, the business became distracted by the issues at AIG. Now as an independent, public company, AIA has the ability to improve its margins and return profile. Additionally, the business is in a net cash position and can deploy it excess capital to improve returns.
Megacable Holdings SAB de CV engages in the provision of telecommunications services. It operates through the following segments: cable, internet, digital telephony, business, and others. The cable segment offers subscription for basic, premier, lifeline, mini-basic video, advertising sales, and other services. The internet segment handles internet connection to residential and commercial markets. The digital telephony segment engages in providing subscriptions for local and long distance calls. The business segment focuses on connectivity outfitting, administrative services, and content. The others segment includes revenue from other related subsidiaries. The company was founded in 1982 and is headquartered in Guadalajara, Mexico.
Cielo SA engages in the provision of merchant, payment processing, and credit and debit card services. It includes capturing and processing of transactions with credit and debit cards, other means of payment and accreditation of merchants. The company was founded on November 23, 1995 and is headquartered in Barueri, Brazil.
Tencent is a leading Chinese Internet company offering an instant messaging service, a social networking site, a news/entertainment portal, and an online gaming platform. In the gaming division, Tencent is a leading provider of both casual games and massively multiplayer online games (MMOG) and utilizes in-house development and third party licensing. Its key asset is its large instant messaging user base, which allows it to cross sell and monetize other services.
Even with a relatively low level of Internet penetration, China already boasts the world's largest online population. The number of Chinese people accessing the Internet should continue to increase as physical telecommunication infrastructure is built out and as more individuals are able to afford PCs. Tencent, which already has more than 500 million active users, will benefit from increasing internet penetration to the extent it can continue to monetize its massive user base. Today Tencent derives revenue from premium instant messaging services, online advertisements, wireless messaging, and online gaming. Notably, it has become a key online gaming player in a relatively short period of time.
Barriers to entry in the Internet space are relatively low given low capital intensity, and the rapid pace of technological innovation can make the competitive environment quite dynamic. Tencent's famous "QQ" brand, user base, significant net cash balance sheet, and substantial free cash generation are key competitive advantages which may be leveraged to grow both organically and inorganically.
Premium Brands Holdings Corp. manufactures and distributes a variety of specialty food products. It operates its businesses through two segments: Retail and Foodservice. The Retail segment operates food manufacturing businesses with its direct plus and deli chef retail distribution businesses. Its external sales are to retailers, including delicatessens, small specialty grocery chains, convenience stores, gas bars, large national and regional grocery chains and warehouse clubs and also cafes selling convenience type grab-and go foods such as fresh pre-made sandwiches and pastries. The Foodservice segment provides services through the brands, comprising of Centennial Foodservice, B&C Food Distributors, Harlan Fairbanks, Worldsource, E1even, South Seas, Maximum Seafood and Hub City Fisheries. Except Worldsource, Maximum Seafood and Hub City Fisheries, all other brands are primarily focused on foodservice customers such as restaurants, concessions, bars, caterers, hotels, recreation facilities, schools and hospitals. The company was founded in 1917 and is headquartered in Richmond, Canada.
Wessanen NV engages in the manufacture and distribution of organic food products. The firm offers products under the Bjorg, Zonnatura, Clipper, Tartex, Bonneterre, Whole Earth, Kallo, Alter Eco, Alloas, Gayelord Hauser, and Isola Bio brands. It operates through the Branded and Non-Allocated segments. The company was founded by Dirk Laan and Adriaan Wessanen in 1765 and is headquartered in Amsterdam, Netherlands.
|% OF PORTFOLIO|
|Cash & Cash Equivalents||9.8%|
It is probable that buying or selling in the Fund portfolio will have occurred since this list was last updated. As a result of this buying or selling, the fund may own more, fewer, or no shares of the stock of any company listed. In addition, the fund may have purchased shares of companies that are not yet included in the above list.
This list of holdings is published with a one month lag on the first business day of each month. Holdings can and do vary over time.