|SYMBOL||% OF PORTFOLIO|
|Electricite de France S.A.||EDF||5.2%|
|Reliance Industries Ltd.||RIL||4.8%|
|Ping An Insurance Group Co. of China Ltd.||2318||4.5%|
|Canadian Pacific Railway Ltd.||CP||4.4%|
|Royal Dutch Shell plc||RDS/A||3.6%|
|SoftBank Group Corp.||9984 JP||3.5%|
|Tencent Holdings Ltd.||700 HK||3.1%|
|UniCredit SpA||UCG IM||2.9%|
|Teva Pharmaceutical Industries Ltd.||TEVA||2.7%|
|TAL Education Group||TAL||2.6%|
|Reckitt Benckiser Group plc||RB/||2.5%|
|Commerzbank AG||CBK GR||2.5%|
|Inner Mongolia Yili Industrial Group Co. Ltd.||600887||2.3%|
|adidas AG||ADS GR||2.1%|
|China Petroleum & Chemical Corp.||386||2.0%|
|NXP Semiconductors N.V.||NXPI||2.0%|
|Shin-Etsu Chemical Co. Ltd.||4063||2.0%|
|Alibaba Group Holding Ltd.||BABA||1.9%|
|Ubisoft Entertainment S.A.||UBI||1.8%|
|Infineon Technologies AG||IFX||1.8%|
|Ferrovial S.A.||FER SM||1.7%|
|Kweichow Moutai Co. Ltd.||600519 C1||1.7%|
|Prysmian SpA||PRY IM||1.6%|
|Fresenius Medical Care AG & Co. KGaA||FME GR||1.5%|
|Deutsche Boerse AG||DB1||1.5%|
|NN Group N.V.||NN NA||1.5%|
|Yunnan Baiyao Group Co. Ltd.||000538 C2||1.4%|
|Hong Kong Exchanges & Clearing Ltd.||388||1.4%|
|Vinci S.A.||DG FP||1.3%|
|Kering S.A.||KER FP||1.2%|
|Iberdrola S.A.||IBE SM||1.1%|
|CNH Industrial N.V.||CNHI IM||1.0%|
|Knorr-Bremse AG||KBX GR||0.8%|
|Industria de Diseno Textil S.A.||ITX SM||0.5%|
|Royal Bank of Scotland Group plc||RBS LN||0.2%|
Électricité de France SA produces, markets, and distributes electricity. It provides a wide range of natural gas, electricity and energy eco-efficiency services. It operates through five divisions Engineering, Generation, Optimization & Trading, Transmission and Distribution. The company was founded on April 8, 1946 and is headquartered in Paris, France.
Reliance Industries Ltd. engages in exploration and production of oil and gas, petroleum refining and marketing textiles, retail and special economic zones. The company also markets petrochemicals, polyester, fiber intermediates, plastics and chemicals. It has three reportable segments: petrochemicals, refining and oil & gas. The petrochemicals segment includes production and marketing operations of petrochemical products, including high and low density polyethylene, polypropylene, polyvinyl chloride, poly butadiene rubber, polyester yarn, polyester fibre, purified terephthalic acid, paraxylene, ethylene glycol, olefins, aromatics, linear alkyl benzene, butadiene, acrylonitrile, caustic soda and polyethylene terephthalate. The refining segment includes production and marketing operations of the petroleum products. The oil & gas segment includes exploration, development and production of crude oil and natural gas. Reliance Industries was founded by Dhirubhai Hirachand Ambani in 1966 and is headquartered in Mumbai, India.
Royal Dutch Shell Plc produces oil and natural gas. It operates through three segments: Upstream, Downstream, and Corporate. The Upstream segment combines the operating segments Upstream International and Upstream Americas, which have similar characteristics and are engaged in exploring for and recovering crude oil and natural gas; the liquefaction and transportation of gas; the extraction of bitumen from oil sands that is converted into synthetic crude oil; and wind energy. The Downstream segment engages in manufacturing, supply and distribution and marketing activities for oil products and chemicals; alternative energy; and CO2 management. The Corporate segment represents the support functions, comprising holdings and treasury, headquarters, central functions and its self-insurance activities. The company was founded in February 1907 and is headquartered in The Hague, Netherlands.
Source - Factset
SoftBank was founded by the charismatic Masayoshi Son as a publishing company in the 1980s. The CEO and largest shareholder has since transformed the company into one of three leading mobile communications providers in Japan. Since acquiring Vodafone's Japanese assets, SoftBank has continued to gain share by differentiating both its network and its brand.
SoftBank has continued to expand its reach through investments in both China and the US. Its acquisition of a controlling stake in Sprint targets a similar reinvigoration of the mobile assets achieved in Japan. SoftBank has also made a number of investments in the ecommerce space. The most significant thus far has been 33% in Alibaba. Management has repeatedly delivered on existing and found new growth drivers to increase shareholder value.
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.
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.
AXA SA operates as a holding company, which engages in the provision of insurance and asset management services. The company operates its business through five segments: Life & Savings, Property & Casualty, International Insurance, Asset Management and Banking. The Life & Savings segment offers products including individual and group savings products, life and health products for both individual and commercial clients. The Property & Casualty segment offer products including motor, household, property and general liability insurance for both personal and commercial customers. The International Insurance segment focuses on risks, reinsurance and assistance. The Asset Management segment includes diversified asset management and related services. The Banking segment involves in the banking activities, which includes retail banking, mortgages loans, and savings conducted primarily in France, Belgium and Germany. The company was founded in 1985 and is headquartered in Paris, France.
China Petroleum & Chemical Corp. (Sinopec Group) is an energy and chemical company. It engages in the exploration, production and transportation of petroleum products such as crude oil and natural gas. The company operates through the following business segments: Exploration & Production, Refining, Marketing & Distribution, Chemicals, and Corporate & Others. The Exploration & Production segment explores crude oil and natural gas. The Refining segment processes crude oil and natural gas to produce petroleum products. The Marketing & Distribution segment operates service stations, and sells refined products at wholesale or retail. The Chemicals segment manufactures and sells chemical products. The Corporate & Others segment includes trading, research and development activities of the company. China Petroleum & Chemical was founded on February 25, 2000 and is headquartered in Beijing, China.
NXP Semiconductors NV designs, manufactures and supplies mixed-signal and standard product solutions. It operates through the following business segments: High Performance Mixed Signal and Standard Products. The High Performance Mixed Signal segment delivers high performance mixed signal solutions to customers to satisfy their system and sub-system needs across eight application areas: automotive, identification, mobile, consumer, computing, wireless infrastructure, lighting, and industrial. The Standard Products segment supplies a broad range of standard semiconductor components, such as small signal discretes, power discretes, protection and signal conditioning devices and standard logic devices. The portfolio consists of a large variety of catalog products, using widely-known production techniques, with characteristics that are largely standardized throughout the industry as well as leading discrete solutions especially in the field of ESD protection / EMI filtering and low loss rectification and power switching. The company was founded on August 2, 2006 and is headquartered in Eindhovezn, Netherlands.
Source - Factset
Alibaba Group was the largest online and mobile commerce company in the world by gross merchandise volume in 2013. Alibaba operates platforms for third parties and does not engage in direct sales or hold inventory. Alibaba Group started as an online B2B marketplace platform, alibaba.com, in 1999. In 2003, it launched an online C2C marketplace platform, Taobao. In 2008, it launched an online B2C marketplace platform, Tmall.
Taobao currently has 85% market share in China C2C ecommerce market. Tmall has 55% market share in China B2C ecommerce market. We believe Alibaba Group is a beneficiary of 1) growth in China consumption, and 2) increasing penetration of online retail to offline retail.
Infineon Technologies AG engages in the provision of semiconductor and system solutions. It operates through the following segments: Automotive; Industrial Power Control; Power Management and Multimarket; and Chip Card and Security. The Automotive segment designs, develops, manufactures, and markets semiconductor for automotive applications. The Industrial Power Control segment engages in the design, development, manufacture, and marketing of semiconductors for the generation, transmission, and economy in the use of electrical energy. The Power Management and Multimarket segment involves in the design, development, manufacture, and marketing of semiconductors for energy-efficient power supplies as well as for mobile devices and mobile phone network infrastructures. The Chip Card and Security segment designs, develops, manufactures, and markets semiconductor-based security products for card applications and network systems. The company was founded on April 1, 1999 and is headquartered in Munich, Germany.
Ferrovial SA is engaged in the investment and development of transportation infrastructures. It operates through the following segments: Construction, Services, Toll Roads, and Airports. The Construction segment designs and performs public and private works for roads, highways, airports, and buildings. The Services segment involves in the maintenance and upkeep of infrastructures, facilities, and buildings; waste collection and treatment; and rendering of other kinds of public services. The Toll Roads segment develops, finances, and operates tollways such as 407 ETR, North Tarrant Express, LBJ Express, Indiana Toll Road, Euroscut Azores, Madrid-Levante, and Ausol I. The Airports segment develops and runs Heathrow, Glasgow, Aberdeen, and Southampton Airports. The company was founded by Rafael del Pino y Moreno in December 1952 and is headquartered in Madrid, Spain.
Kweichow Moutai Co., Ltd. engages in the manufacture and sale of alcoholic beverages, food, and packaging materials. It also deals with the development of anti-counterfeiting technology and related information technology products. The company was founded on November 20, 1999 and is headquartered in Renhuai, China.
Source - Factset
KEYENCE Corp. develops, manufactures and sells industrial automation and inspection equipment. Its products include various sensors and measuring equipment, programmable controllers, touch panels, bar code readers, microscopes, recorders, laser markers, three dimensional printers, static eliminators, and packaged software. The company was founded by Takemitsu Takizaki in March 1972 and is headquartered in Osaka, Japan.
Deutsche Börse AG engages in the operation of cash markets for trading securities, and derivatives markets for trading derivatives contracts. Its activities cover securities and derivatives trading, clearing, settlement, custody services, market data, and development and operation of electronic trading systems. The company operates through four segments: Xetra, Eurex, Clearstream and Market Data Services. The Xetra segment provides listing, trading, and clearing services for issuers, intermediaries, and investors in the cash market, including German and international issuers, fixed-income securities, exchange-traded funds, exchange-traded commodities, exchange-traded notes, actively managed mutual funds, and certificates and warrants. This segment also organizes trading on the floor of the Frankfurt Stock Exchange, as well as holds interests in Tradegate Exchange; a trading platform for private investors. The Eurex segment offers trading and clearing services for futures and options contracts. This segment operates Eurex Exchange, an electronic derivatives market trading platform; Eurex Clearing, a central counterparty for bonds, on-and-off exchange derivatives, and repo transactions; and International Securities Exchange, an equity options trading platform, as well as European Energy Exchange, Eurex Bonds and Eurex Repo, and over-the-counter trading platforms. The Clearstream segment provides post-trade infrastructure for bonds, equities, investment funds, and other asset classes, as well as offers custody services for securities from approximately 54 markets worldwide. The Market Data and Services segment provides information and services for capital markets comprising real-time trading data and other market moving signals for investors, brokers, trading desks, and traders. Deutsche Börse was founded in August 1990, and is headquartered in Eschborn, Germany.
NN Group NV engages in insurance and investment management. It operates through the following segments: Netherlands Life, Netherlands Non-Life, Insurance Europe, Japan Life, Investment Management, other, and Japan Closed Block VA. The Netherlands Life segment offers a range of group life and individual life insurance products. The Netherlands Non-Life segment offers non-life insurance products such as motor, transport, fire, liability, travel, and income protection to retail, self employed, small and medium enterprises (SME), and corporate customers. The Insurance Europe segment includes retail, self employed, SME, and corporate customer life insurance. The Japan Life segment manages corporate owned life insurance products to SMEs and owners and employees of SMEs through independent agents and bancassurance. The Investment Management segment overseas investment products and advisory services to retail and institutional customers. The other segment comprises of business of National Nederlanden Bank and ING Re. The Japan Closed Block VA segment includes NN Group's closed block single premium variable annuity individual life insurance portfolio in Japan. The company was founded in 1845 and is headquartered in Amsterdam, Netherlands.
Hong Kong Exchanges and Clearing (HKEx) operates the main stock exchange and futures exchange in Hong Kong and the Hong Kong Securities Clearing Company. HKEx was formed in 2000 through the mergers of five previous market operators as part of a comprehensive reform by the Hong Kong government to enhance its status as a leading regional financial market. The stock exchange operates two cash market platforms, namely its main board and Growth Enterprise Market, and stock options platform. The Futures Exchange is one of the most active derivatives markets in Asia, offering equity index, interest rate, and foreign currency derivatives products.
The Hong Kong capital market is a beneficiary of economic growth in Hong Kong and mainland China. With a reliable regulatory regime and market infrastructure, HKEx continues to benefit from the ongoing privatization process in mainland China and has attracted many significant Chinese companies to be listed in Hong Kong. With both geographic and cultural proximity to mainland China, HKEx has become a natural venue for Chinese companies seeking a public listing.
HKEx generates much of its revenue from trading tariffs and clearing fees. Since revenues are based upon the volume of shares traded, any move by the Chinese government to reduce its percentage of equity holdings in publicly listed firms should increase trading volumes and have a positive effect on revenues. In addition, with the gradual liberation of Chinese capital accounts, overseas equity investment by Chinese should increase, possibly through investment in HKEx listings of western firms.
As China aims to promote its Renminbi (RMB) as a global currency, Hong Kong has become a trial place to allow RMB convertibility. HKEx has been actively pursuing initiatives to launch new RMB investment products on its trading platform, such as RMB dominated common stocks and RMB currency contracts. We believe those initiatives, once material, will help increase trading volumes on HKEx over time.
Paris-based Vinci is one of the largest integrated construction/concession firms in the world, with annual revenues of approximately 40 billion euros from operations in approximately 100 countries.
The group's business is divided into two main areas. Concessions provide approximately 60% of operating profit, including toll motorways in France, parking lots, airport operations, and a portfolio of other infrastructure assets. Contracting operations provide almost 40% of operating profit, including large infrastructure construction projects, technical installation & maintenance, road building, and real estate development.
Vinci's revenue and profits have fluctuated with economic cycles, as one might expect from its collection of businesses. Profits declined in the aftermath of the 2008 global financial crisis, before recovering since 2012. Notwithstanding the cyclical volatility, Vinci's profits and dividends have generally grown on a secular basis. Per share dividends have increased by more than 10% since the year 2000, though dividend growth has slowed from this pace in recent years.
Iberdrola S.A. generates, distributes, trades, and markets electricity in the United Kingdom, United States, Spain, Portugal, and Latin America. The Company specializes in clean energy and more specifically wind power. The company was founded by Juan de Urrutia in 1901 and is headquartered in Bilbao, Spain.
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.