(

HFOQX

)

International Opportunities Fund

Applying Regional Expertise to International Equity Investing
NAV As of 04/24/19 $23.79

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Fund Facts

Details Performance (As of 04/24/19) Morningstar (As of 03/31/19)
08/31/01 Inception Date
$2.19B Total Net Assets (As of 03/31/19)
GROSS 1.75%
NET 1.44%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
-0.59% 1 Day Return
15.60% YTD Return
Category
Foreign Large Blend
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

An international equity fund that seeks long-term growth of capital. The Fund employs a multi-sub-portfolio approach where each underlying sub-portfolio management team is able to focus on their highest-conviction ideas.

Why Invest in the Fund

    Multi-Manager Approach

  1. The Fund is managed by six portfolio management teams focused on specific areas of sector or geographical expertise. The Fund primarily invests in equities listed on European, Australasian and Far Eastern (EAFE) exchanges.
  2. Concentrated Regional Exposure

  3. Each underlying manager selects approximately 10 to 15 of their best ideas for the portfolio. By harnessing geographical and specialist expertise, we seek to identify opportunities overlooked by a generalist approach.
  4. Bottom-Up Stock Selection

  5. We believe that stock selection and fundamental research drive returns. The regional asset allocation and currency exposures are actively managed. Changes to the sub-portfolio allocation are made gradually and macro calls are expected to be a smaller component of return relative to stock selection.

Featured Insights

Performance

RETURNS

(As of 03/31/2019)
(As of 03/31/2019)
Inception: Aug 31, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
International Opportunities Fund – S Shares 12.54% 12.54% -6.88% 3.52% 1.30% 7.72% 7.68%
MSCI EAFE® Index 9.98% 9.98% -3.71% 7.27% 2.33% 8.96% 5.27%
Inception: Aug 31, 2001 3M YTD 1YR 3YR 5YR 10YR Since Inception
International Opportunities Fund – S Shares 12.54% 12.54% -6.88% 3.52% 1.30% 7.72% 7.68%
MSCI EAFE® Index 9.98% 9.98% -3.71% 7.27% 2.33% 8.96% 5.27%
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

MORNINGSTAR PERCENTILE

(As of 03/31/2019)
(As of 03/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 69 93 68 71 4
Foreign Large Blend Category
Rank/Count
470/778 664/718 393/630 366/526 22/355
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 69 93 68 71 4
Foreign Large Blend Category
Rank/Count
470/778 664/718 393/630 366/526 22/355

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 03/31/19 CLASS I SHARES)

RISK / REWARD
VS. MSCI EAFE® INDEX

3 YEAR 5 YEAR
Information Ratio -1.04 -0.17
Alpha -3.68 -0.50
Tracking Error 3.21 3.74
Beta 1.10 0.97
R-Squared (%) 93.45 90.34

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI EAFE® INDEX

3 YEAR 5 YEAR
Up Capture Ratio 91.37 89.91
Down Capture Ratio 114.05 93.81

STANDARD DEVIATION

3 YEAR 5 YEAR
International Opportunities Fund 11.88 11.99
MSCI EAFE® Index 10.47 11.77

SHARPE RATIO

3 YEAR 5 YEAR
International Opportunities Fund 0.23 0.08
MSCI EAFE® Index 0.58 0.14

ANNUAL FEES & EXPENSES

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

CLASS S SHARES
Management Fees 0.89%
12b-1 Fees 0.25%
Other Expenses 0.61%
Total Gross Expenses 1.75%
Waivers -0.31%
Total Net Expenses 1.44%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the MSCI EAFE® Index.

TOP HOLDINGS

(As of 03/31/2019)

% of Fund
Novo Nordisk A/S 3.34
SAP SE 2.61
Koninklijke Philips NV 2.51
Assa Abloy AB 2.48
RELX PLC 2.42
Roche Holding AG 2.32
BP PLC 2.22
Uni-President Enterprises Corp 2.20
Credit Agricole SA 2.15
ASML Holding NV 2.08
TOTAL 24.33

PORTFOLIO CHARACTERISTICS

(As of 03/31/19)

FUND INDEX
Number of Holdings
Equity Issues
73
920
Market Capitalization
Weighted Average
$100.74B
$62.62B
Portfolio Turnover Rate
(1-year trailing)
0.00%
-
Price/Earnings Ratio
(1-year forward)
18.97
16.68
Price/Book Ratio
(1-year forward)
3.07
2.46
Earnings Growth Rate
(1-year forward)
6.56%
4.79%

SECTOR ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
Financials 16.64 18.91
Information Technology 15.99 6.33
Health Care 15.27 11.27
Consumer Staples 12.30 11.84
Industrials 10.04 14.36
Communication Services 9.20 5.42
Consumer Discretionary 8.22 10.96
Energy 4.52 5.85
Materials 3.71 7.46
Real Estate 1.52 3.87
Utilities 0.50 3.73
Cash & Equivalents 2.09 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 03/31/2019)

% OF FUND % OF INDEX
Over $100B 29.35 18.75
$50B to $100B 15.07 19.60
$10B to $50B 42.68 46.49
$5B to $10B 6.02 11.12
$1B to $5B 3.50 3.39
N/A 1.29 0.65

REGIONAL ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
Europe 42.30 62.86
Asia/Pacific Ex Japan 22.98 12.61
Japan 19.87 23.96
North America 9.35 0.03
Latin America 1.79 -
Africa/Mideast 1.62 0.54
Cash & Equivalents 2.09 -

Commentary & Literature