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HFETX

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European Focus Fund

Seeking to Invest in the Best European Equity Opportunities Wherever They Exist
NAV As of 12/14/18 $25.43

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
08/31/01 Inception Date
$755.42M Total Net Assets (As of 11/30/18)
GROSS 1.22%
NET 1.21%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
-1.81% 1 Day Return
-26.29% YTD Return
Category
Europe Stock
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
Important Morningstar Information

Overview

Client Commitment

A regional equity fund that seeks to achieve long-term capital appreciation primarily through investment in European companies. The management team applies a high-conviction approach, with a focus on opportunities that offer material upside potential, regardless of style.

Why Invest in the Fund

    Flexible Style

  1. We believe that the best way to make money for investors is by constructing a portfolio of high-conviction stock ideas, regardless of market cap or style constraints. The Fund seeks to invest in an unconstrained manner wherever the most compelling opportunities exist.
  2. Bottom-Up Stock Selection

  3. There are thousands of listed equities in Europe, many of which have little or no analyst coverage. We believe this creates pricing inefficiencies that can be exploited through bottom-up stock picking.
  4. Experienced Stock-Picker

  5. The Fund is managed by Stephen Peak and Lars Dollmann, two experienced investors with stock-picking natures.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Aug 31, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
European Focus Fund – T Shares -1.96% -8.49% -7.79% 0.70% 1.38% 8.24% 12.14%
MSCI Europe Net (USD) 0.80% -2.46% -0.30% 7.71% 3.70% 4.85% 5.55%
Inception: Aug 31, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
European Focus Fund – T Shares -13.87% -21.33% -21.22% -5.85% -3.06% 10.86% 11.03%
MSCI Europe Net (USD) -8.17% -10.74% -9.40% 2.82% 0.78% 7.20% 4.95%
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
View Fees and Expenses
Performance for Class T Shares that includes periods prior to 6/5/17 reflects the performance of a share class of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

MORNINGSTAR PERCENTILE

(As of 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 98 100 93 19 8
Europe Stock Category
Rank/Count
127/131 117/120 84/93 9/78 6/72
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 100 100 98 19 8
Europe Stock Category
Rank/Count
125/128 113/116 88/92 9/75 6/67

CALENDAR YEAR PERFORMANCE

RETURNS-BASED STATISTICS

(As of 11/30/18 CLASS I SHARES)

RISK / REWARD
VS. MSCI EUROPE NET (USD)

3 YEAR 5 YEAR
Information Ratio -1.86 -0.75
Alpha -8.19 -3.45
Tracking Error 4.52 4.75
Beta 1.04 0.97
R-Squared (%) 88.56 86.80

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI EUROPE NET (USD)

3 YEAR 5 YEAR
Up Capture Ratio 74.03 81.72
Down Capture Ratio 124.59 102.96

STANDARD DEVIATION

3 YEAR 5 YEAR
European Focus Fund 13.29 13.03
MSCI Europe Net (USD) 10.00 11.48

SHARPE RATIO

3 YEAR 5 YEAR
European Focus Fund -0.49 -0.26
MSCI Europe Net (USD) 0.19 0.02

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/17)

CLASS T SHARES
Management Fees 0.94%
12b-1 Fees -
Other Expenses 0.28%
Total Gross Expenses 1.22%
Waivers -0.01%
Total Net Expenses 1.21%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the MSCI Europe Index.

TOP HOLDINGS

(As of 11/30/2018)

% of Fund
Sanofi 4.82
Schibsted ASA 4.35
Renault SA 3.97
Bayer AG 3.88
Kosmos Energy Ltd 3.70
Rolls-Royce Holdings PLC 3.61
ING Groep NV 3.48
Intesa Sanpaolo SpA 3.39
Cairn Energy PLC 3.28
British American Tobacco PLC 3.25
TOTAL 37.73

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
44
442
Market Capitalization
Weighted Average
$28.04B
$72.76B
Portfolio Turnover Rate
(1-year trailing)
84.27%
-
Price/Earnings Ratio
(1-year forward)
12.93
15.88
Price/Book Ratio
(1-year forward)
2.12
2.53
Earnings Growth Rate
(1-year forward)
11.80%
8.98%

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Industrials 15.66 12.79
Communication Services 14.94 5.30
Health Care 13.73 14.05
Consumer Discretionary 13.44 8.71
Energy 11.54 8.18
Financials 11.28 19.07
Materials 10.36 7.38
Consumer Staples 6.40 14.09
Information Technology 0.09 5.12
Cash & Equivalents 2.56 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
Over $100B 6.86 23.29
$50B to $100B 12.74 24.39
$10B to $50B 33.35 40.80
$5B to $10B 14.11 9.61
$1B to $5B 19.54 1.02
$500M to $1B 3.01 -
$250M to $500M 2.06 -
$100M to $250M 5.35 -
Under $100M 0.18 -
N/A 0.24 0.89

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Europe 88.09 100.00
North America 9.35 -
Cash & Equivalents 2.56 -

Commentary & Literature