(

HFQTX

)

Global Equity Income Fund

Seeking High-Yielding, High-Quality Global Equities
NAV As of 06/19/19 $6.80

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Fund Facts

Details Yields Morningstar (As of 05/31/19)
11/30/06 Inception Date
$4.40B Total Net Assets (As of 05/31/19)
GROSS 0.94%
NET 0.94%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
7.28% Distribution Yield at NAV
(As of 03/31/19)
30 Day SEC Yield (As of 05/31/19)
With Waivers 3.58%
Without Waivers 3.58%
Quarterly Distribution Frequency
Performance (As of 06/19/19)
0.44% 1 Day Return %
10.20% YTD Return
Category
Foreign Large Value
ic_star ic_star ic_star ic_star
288 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
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 long-only portfolio that seeks a high level of current income and steady capital appreciation. The Fund seeks global, high-quality, income-producing equities with a focus on international companies.

Why Invest in the Fund

    Income, Regardless of Environment

  1. With our global approach, we seek to take advantage of various market environments to find the best income-producing equities. We tend to focus on international equities where the income-generating potential may be greater.
  2. Regional Rotation Strategy

  3. We use a specialized rotation strategy intended to capitalize on the global seasonality of dividends.
  4. Differentiated Income Option

  5. The Fund may be an attractive alternative to preferred stock and fixed income. The Fund holds 100% equities with no leverage and a quarterly dividend distribution schedule.

A History of High, Dependable Income

By investing in quality companies and leveraging a specialized regional rotation strategy, the Fund has been able to capitalize on higher dividends paid out overseas to generate an attractive level of income since inception.

A Record of Regular Distributions
Quarterly Distribution Yield – Class I Shares (6/30/07 – 3/31/19)

Distribution yields are as of each quarter-end. Data is for Class A Shares from 6/30/07 – 3/31/09 and Class I Shares from 4/30/09 – Present. Class I Shares became available in 2009. Distribution Yield is calculated by taking the trailing 365 days of distributions and dividing by the net asset value on the last business day for the same period. The yield does not include long- or short-term capital gains distributions.
As of 3/31/19, the 30-Day SEC Yield with/without waivers was 3.62%. 30-Day SEC yield is a standardized yield calculated based on a snapshot of current underlying holdings and doesn’t account for active trading throughout a full calendar year.

Featured Insights

Performance

RETURNS

(As of 03/31/2019)
(As of 05/31/2019)
Inception: Nov 30, 2006 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Equity Income Fund – T Shares 9.55% 9.55% -4.92% 4.26% 2.32% 8.11% 3.63%
MSCI World Index℠ 12.48% 12.48% 4.01% 10.68% 6.78% 12.38% 5.19%
MSCI World High Dividend Yield Index 10.34% 10.34% 5.31% 8.27% 4.96% 12.16% 4.09%
Inception: Nov 30, 2006 3M YTD 1YR 3YR 5YR 10YR Since Inception
Global Equity Income Fund – T Shares -2.88% 5.50% -6.85% 2.36% 0.72% 6.09% 3.26%
MSCI World Index℠ -1.15% 9.75% -0.29% 9.00% 5.62% 9.96% 4.91%
MSCI World High Dividend Yield Index -1.86% 6.91% 2.55% 6.42% 3.52% 9.16% 3.77%
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 03/31/2019)
(As of 05/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 32 78 10 38 2
Foreign Large Value Category
Rank/Count
61/321 210/307 37/271 71/219 9/172
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 28 80 11 17 2
Foreign Large Value Category
Rank/Count
61/338 233/321 41/285 37/237 9/185

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 05/31/19 CLASS I SHARES)

RISK / REWARD
VS. MSCI WORLD INDEX℠

3 YEAR 5 YEAR
Information Ratio -1.26 -0.96
Alpha -4.59 -3.44
Tracking Error 5.04 4.82
Beta 0.85 0.82
R-Squared (%) 78.95 82.12

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI WORLD INDEX℠

3 YEAR 5 YEAR
Up Capture Ratio 64.68 68.22
Down Capture Ratio 97.28 93.17

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Equity Income Fund 10.39 10.33
MSCI World Index℠ 10.88 11.40

SHARPE RATIO

3 YEAR 5 YEAR
Global Equity Income Fund 0.13 0.02
MSCI World Index℠ 0.71 0.42

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/18)

CLASS T SHARES
Management Fees 0.65%
12b-1 Fees -
Other Expenses 0.29%
Total Gross Expenses 0.94%
Waivers 0.00%
Total Net Expenses 0.94%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the MSCI World Index℠.

TOP HOLDINGS

(As of 05/31/2019)

% of Fund
Sanofi 3.10
Orange SA 2.60
TELUS Corp 2.51
Carnival Corp 2.34
British American Tobacco PLC 2.23
Nestle SA 2.21
Eni SpA 2.18
Royal Dutch Shell PLC 2.16
BASF SE 2.16
Amcor Ltd/Australia 2.08
TOTAL 23.57

PORTFOLIO CHARACTERISTICS

(As of 05/31/19)

FUND INDEX
Number of Holdings
Equity Issues
77
1654
Market Capitalization
Weighted Average
$58.93B
$155.35B
Portfolio Turnover Rate
(1-year trailing)
146.02%
-
Price/Earnings Ratio
(1-year forward)
12.33
18.61
Price/Book Ratio
(1-year forward)
1.95
4.11
Earnings Growth Rate
(1-year forward)
3.48%
6.64%

SECTOR ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
Financials 17.75 15.85
Energy 11.35 5.65
Communication Services 9.73 8.53
Consumer Staples 8.90 8.71
Consumer Discretionary 8.89 10.36
Materials 7.81 4.40
Health Care 7.79 12.57
Utilities 7.32 3.42
Industrials 7.23 11.14
Real Estate 5.00 3.39
Information Technology 3.16 15.98
Cash & Equivalents 5.07 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 05/31/2019)

% OF FUND % OF INDEX
Over $100B 14.65 36.24
$50B to $100B 18.41 17.85
$10B to $50B 51.46 37.10
$5B to $10B 7.33 7.07
$1B to $5B 3.08 1.52

REGIONAL ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
Europe 67.03 21.59
North America 15.03 65.59
Asia/Pacific Ex Japan 11.88 4.33
Japan 0.99 8.23
Cash & Equivalents 5.07 -

Commentary & Literature