Shareholder Report
Jun. 30, 2025
USD ($)
Holding
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class K Shares | $97 | 0.89% |
How did the Fund perform last year?
For the reporting period ended June 30, 2025, the Fund's Class K Shares returned 18.54%.
For the same period, the Fund’s current benchmark, the MSCI EAFE Index (Net), returned 17.73%, while its previous benchmark, the MSCI EMU Index (Net), returned 24.93%.
What contributed to performance?
German enterprise software company SAP SE was the largest absolute contributor over the period. The company released strong financial results, driven by robust cloud enterprise resource planning bookings and positive market reception to its AI-focused restructuring plans. SAP benefitted from the digitalization trend and growth of its cloud business revenue was expected to accelerate from 2025-2027, with the majority of revenue recurring.
Italian multinational bank UniCredit Group AG contributed positively as European banks have been a significant driver of the European equity market rally in 2025. Company reporting continues to show positive trends related to deposits, loan growth and balance sheet. Positions in holdings in Spanish bank CaixaBank S.A. and Allied Irish Banks, p.l.c. were also among the top contributors over the period.
What detracted from performance?
Dutch semiconductor equipment company ASML Holding NV was the largest absolute detractor over the period. The stock fell in October as the company reduced its 2025 revenue guidance meaningfully, driven by lowered projections for the shipment of the extreme ultraviolet lithography systems critical to manufacturing advanced chips, along with a significant trimming of expected sales into China. Within the semiconductor sector, volatility rose following the DeepSeek large language model launch in January 2025 on concerns that growth in spending on AI-related technologies may significantly slow beyond 2025.
Danish pharmaceutical company Novo Nordisk A/S detracted as perceptions of the obesity market’s growth potential changed. The stock fell sharply after investors were disappointed with efficacy results during trials. The company’s results have also been challenged by a longer-than-expected overhang from compounders (companies which produce non-FDA approved medication) which have taken some near-term market share.
Class K Shares | MSCI EAFE Index (Net) | MSCI EMU Index (Net) | |
|---|---|---|---|
Jul 15 | $10,271 | $10,208 | $10,381 |
Aug 15 | $9,562 | $9,457 | $9,641 |
Sep 15 | $9,213 | $8,977 | $9,160 |
Oct 15 | $9,716 | $9,678 | $9,943 |
Nov 15 | $9,562 | $9,528 | $9,787 |
Dec 15 | $9,347 | $9,399 | $9,489 |
Jan 16 | $8,822 | $8,720 | $8,854 |
Feb 16 | $8,508 | $8,560 | $8,621 |
Mar 16 | $9,058 | $9,117 | $9,291 |
Apr 16 | $9,189 | $9,381 | $9,450 |
May 16 | $9,098 | $9,296 | $9,383 |
Jun 16 | $8,678 | $8,984 | $8,800 |
Jul 16 | $8,934 | $9,439 | $9,311 |
Aug 16 | $8,829 | $9,446 | $9,399 |
Sep 16 | $8,888 | $9,562 | $9,485 |
Oct 16 | $8,508 | $9,366 | $9,375 |
Nov 16 | $8,278 | $9,179 | $9,044 |
Dec 16 | $8,604 | $9,493 | $9,617 |
Jan 17 | $8,920 | $9,769 | $9,755 |
Feb 17 | $8,900 | $9,908 | $9,845 |
Mar 17 | $9,228 | $10,181 | $10,445 |
Apr 17 | $9,678 | $10,440 | $10,877 |
May 17 | $10,033 | $10,823 | $11,408 |
Jun 17 | $9,912 | $10,804 | $11,278 |
Jul 17 | $10,221 | $11,116 | $11,696 |
Aug 17 | $10,234 | $11,112 | $11,740 |
Sep 17 | $10,576 | $11,388 | $12,192 |
Oct 17 | $10,523 | $11,561 | $12,305 |
Nov 17 | $10,435 | $11,682 | $12,338 |
Dec 17 | $10,534 | $11,870 | $12,315 |
Jan 18 | $11,226 | $12,465 | $13,181 |
Feb 18 | $10,500 | $11,903 | $12,419 |
Mar 18 | $10,513 | $11,688 | $12,259 |
Apr 18 | $10,581 | $11,955 | $12,630 |
May 18 | $10,350 | $11,686 | $12,029 |
Jun 18 | $10,235 | $11,544 | $11,926 |
Jul 18 | $10,432 | $11,828 | $12,365 |
Aug 18 | $10,242 | $11,599 | $11,969 |
Sep 18 | $10,201 | $11,700 | $11,915 |
Oct 18 | $9,217 | $10,769 | $10,873 |
Nov 18 | $8,973 | $10,755 | $10,773 |
Dec 18 | $8,461 | $10,233 | $10,234 |
Jan 19 | $9,015 | $10,906 | $10,919 |
Feb 19 | $9,338 | $11,184 | $11,262 |
Mar 19 | $9,542 | $11,254 | $11,252 |
Apr 19 | $9,977 | $11,570 | $11,808 |
May 19 | $9,387 | $11,015 | $11,050 |
Jun 19 | $10,061 | $11,668 | $11,869 |
Jul 19 | $9,717 | $11,520 | $11,621 |
Aug 19 | $9,563 | $11,222 | $11,353 |
Sep 19 | $9,696 | $11,543 | $11,657 |
Oct 19 | $10,040 | $11,958 | $12,072 |
Nov 19 | $10,299 | $12,093 | $12,248 |
Dec 19 | $10,607 | $12,486 | $12,609 |
Jan 20 | $10,438 | $12,225 | $12,234 |
Feb 20 | $9,767 | $11,120 | $11,165 |
Mar 20 | $8,144 | $9,636 | $9,234 |
Apr 20 | $8,772 | $10,258 | $9,815 |
May 20 | $9,429 | $10,705 | $10,440 |
Jun 20 | $10,064 | $11,069 | $11,056 |
Jul 20 | $10,537 | $11,327 | $11,476 |
Aug 20 | $11,158 | $11,910 | $12,015 |
Sep 20 | $10,875 | $11,600 | $11,566 |
Oct 20 | $10,268 | $11,137 | $10,847 |
Nov 20 | $12,110 | $12,864 | $13,044 |
Dec 20 | $12,682 | $13,462 | $13,605 |
Jan 21 | $12,216 | $13,318 | $13,329 |
Feb 21 | $12,689 | $13,617 | $13,796 |
Mar 21 | $12,978 | $13,930 | $14,239 |
Apr 21 | $13,896 | $14,349 | $14,899 |
May 21 | $14,588 | $14,817 | $15,508 |
Jun 21 | $14,326 | $14,650 | $15,200 |
Jul 21 | $14,835 | $14,761 | $15,399 |
Aug 21 | $15,046 | $15,021 | $15,706 |
Sep 21 | $14,178 | $14,585 | $14,900 |
Oct 21 | $15,004 | $14,944 | $15,489 |
Nov 21 | $14,595 | $14,248 | $14,570 |
Dec 21 | $15,180 | $14,978 | $15,446 |
Jan 22 | $13,656 | $14,254 | $14,696 |
Feb 22 | $12,760 | $14,002 | $13,954 |
Mar 22 | $12,901 | $14,092 | $13,726 |
Apr 22 | $11,631 | $13,180 | $12,763 |
May 22 | $11,758 | $13,279 | $13,033 |
Jun 22 | $10,346 | $12,047 | $11,549 |
Jul 22 | $11,475 | $12,647 | $12,087 |
Aug 22 | $10,353 | $12,047 | $11,320 |
Sep 22 | $9,386 | $10,920 | $10,332 |
Oct 22 | $10,198 | $11,507 | $11,250 |
Nov 22 | $11,835 | $12,803 | $12,698 |
Dec 22 | $11,564 | $12,813 | $12,688 |
Jan 23 | $13,017 | $13,851 | $14,154 |
Feb 23 | $12,867 | $13,562 | $14,049 |
Mar 23 | $13,316 | $13,898 | $14,494 |
Apr 23 | $13,416 | $14,290 | $14,945 |
May 23 | $13,138 | $13,686 | $14,077 |
Jun 23 | $13,701 | $14,308 | $14,954 |
Jul 23 | $13,985 | $14,771 | $15,402 |
Aug 23 | $13,202 | $14,205 | $14,695 |
Sep 23 | $12,219 | $13,720 | $13,875 |
Oct 23 | $11,856 | $13,164 | $13,400 |
Nov 23 | $13,437 | $14,386 | $14,928 |
Dec 23 | $13,966 | $15,150 | $15,599 |
Jan 24 | $14,067 | $15,237 | $15,672 |
Feb 24 | $15,149 | $15,516 | $16,131 |
Mar 24 | $15,690 | $16,027 | $16,814 |
Apr 24 | $14,976 | $15,616 | $16,328 |
May 24 | $15,777 | $16,221 | $17,029 |
Jun 24 | $15,265 | $15,959 | $16,395 |
Jul 24 | $15,395 | $16,427 | $16,622 |
Aug 24 | $15,950 | $16,962 | $17,277 |
Sep 24 | $16,138 | $17,118 | $17,597 |
Oct 24 | $15,330 | $16,187 | $16,548 |
Nov 24 | $14,991 | $16,095 | $16,108 |
Dec 24 | $14,981 | $15,729 | $16,010 |
Jan 25 | $16,150 | $16,556 | $17,241 |
Feb 25 | $16,472 | $16,877 | $17,843 |
Mar 25 | $15,493 | $16,809 | $17,959 |
Apr 25 | $16,209 | $17,579 | $18,928 |
May 25 | $17,239 | $18,383 | $19,955 |
Jun 25 | $18,094 | $18,788 | $20,482 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.54% | 12.45% | 6.11% |
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 17.73 | 11.16 | 6.51 |
MSCI EMU Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 24.93 | 13.12 | 7.43 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $119,510,046 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $487,995 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 89% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.8% |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.7 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.9 |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.8 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.3 |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.3 |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.3 |
Denmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.1 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.9 |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.5 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.3 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.0 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
SAP SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.1% |
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
RELX plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
Safran SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Cie de Saint-Gobain SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.3 |
MTU Aero Engines AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.2 |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.1 |
Adyen NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class R Shares | $158 | 1.45% |
How did the Fund perform last year?
For the reporting period ended June 30, 2025, the Fund's Class R Shares returned 17.96%.
For the same period, the Fund’s current benchmark, the MSCI EAFE Index (Net), returned 17.73%, while its previous benchmark, the MSCI EMU Index (Net), returned 24.93%.
What contributed to performance?
German enterprise software company SAP SE was the largest absolute contributor over the period. The company released strong financial results, driven by robust cloud enterprise resource planning bookings and positive market reception to its AI-focused restructuring plans. SAP benefitted from the digitalization trend and growth of its cloud business revenue was expected to accelerate from 2025-2027, with the majority of revenue recurring.
Italian multinational bank UniCredit Group AG contributed positively as European banks have been a significant driver of the European equity market rally in 2025. Company reporting continues to show positive trends related to deposits, loan growth and balance sheet. Positions in holdings in Spanish bank CaixaBank S.A. and Allied Irish Banks, p.l.c. were also among the top contributors over the period.
What detracted from performance?
Dutch semiconductor equipment company ASML Holding NV was the largest absolute detractor over the period. The stock fell in October as the company reduced its 2025 revenue guidance meaningfully, driven by lowered projections for the shipment of the extreme ultraviolet lithography systems critical to manufacturing advanced chips, along with a significant trimming of expected sales into China. Within the semiconductor sector, volatility rose following the DeepSeek large language model launch in January 2025 on concerns that growth in spending on AI-related technologies may significantly slow beyond 2025.
Danish pharmaceutical company Novo Nordisk A/S detracted as perceptions of the obesity market’s growth potential changed. The stock fell sharply after investors were disappointed with efficacy results during trials. The company’s results have also been challenged by a longer-than-expected overhang from compounders (companies which produce non-FDA approved medication) which have taken some near-term market share.
Class R Shares | MSCI EAFE Index (Net) | MSCI EMU Index (Net) | |
|---|---|---|---|
Jul 15 | $10,257 | $10,208 | $10,381 |
Aug 15 | $9,545 | $9,457 | $9,641 |
Sep 15 | $9,194 | $8,977 | $9,160 |
Oct 15 | $9,691 | $9,678 | $9,943 |
Nov 15 | $9,537 | $9,528 | $9,787 |
Dec 15 | $9,315 | $9,399 | $9,489 |
Jan 16 | $8,783 | $8,720 | $8,854 |
Feb 16 | $8,470 | $8,560 | $8,621 |
Mar 16 | $9,010 | $9,117 | $9,291 |
Apr 16 | $9,132 | $9,381 | $9,450 |
May 16 | $9,045 | $9,296 | $9,383 |
Jun 16 | $8,618 | $8,984 | $8,800 |
Jul 16 | $8,862 | $9,439 | $9,311 |
Aug 16 | $8,757 | $9,446 | $9,399 |
Sep 16 | $8,809 | $9,562 | $9,485 |
Oct 16 | $8,426 | $9,366 | $9,375 |
Nov 16 | $8,199 | $9,179 | $9,044 |
Dec 16 | $8,517 | $9,493 | $9,617 |
Jan 17 | $8,820 | $9,769 | $9,755 |
Feb 17 | $8,793 | $9,908 | $9,845 |
Mar 17 | $9,114 | $10,181 | $10,445 |
Apr 17 | $9,551 | $10,440 | $10,877 |
May 17 | $9,899 | $10,823 | $11,408 |
Jun 17 | $9,774 | $10,804 | $11,278 |
Jul 17 | $10,077 | $11,116 | $11,696 |
Aug 17 | $10,077 | $11,112 | $11,740 |
Sep 17 | $10,407 | $11,388 | $12,192 |
Oct 17 | $10,354 | $11,561 | $12,305 |
Nov 17 | $10,256 | $11,682 | $12,338 |
Dec 17 | $10,347 | $11,870 | $12,315 |
Jan 18 | $11,030 | $12,465 | $13,181 |
Feb 18 | $10,302 | $11,903 | $12,419 |
Mar 18 | $10,311 | $11,688 | $12,259 |
Apr 18 | $10,374 | $11,955 | $12,630 |
May 18 | $10,140 | $11,686 | $12,029 |
Jun 18 | $10,014 | $11,544 | $11,926 |
Jul 18 | $10,194 | $11,828 | $12,365 |
Aug 18 | $10,005 | $11,599 | $11,969 |
Sep 18 | $9,960 | $11,700 | $11,915 |
Oct 18 | $8,989 | $10,769 | $10,873 |
Nov 18 | $8,738 | $10,755 | $10,773 |
Dec 18 | $8,241 | $10,233 | $10,234 |
Jan 19 | $8,768 | $10,906 | $10,919 |
Feb 19 | $9,082 | $11,184 | $11,262 |
Mar 19 | $9,267 | $11,254 | $11,252 |
Apr 19 | $9,683 | $11,570 | $11,808 |
May 19 | $9,110 | $11,015 | $11,050 |
Jun 19 | $9,748 | $11,668 | $11,869 |
Jul 19 | $9,406 | $11,520 | $11,621 |
Aug 19 | $9,249 | $11,222 | $11,353 |
Sep 19 | $9,369 | $11,543 | $11,657 |
Oct 19 | $9,702 | $11,958 | $12,072 |
Nov 19 | $9,942 | $12,093 | $12,248 |
Dec 19 | $10,229 | $12,486 | $12,609 |
Jan 20 | $10,063 | $12,225 | $12,234 |
Feb 20 | $9,406 | $11,120 | $11,165 |
Mar 20 | $7,834 | $9,636 | $9,234 |
Apr 20 | $8,444 | $10,258 | $9,815 |
May 20 | $9,073 | $10,705 | $10,440 |
Jun 20 | $9,674 | $11,069 | $11,056 |
Jul 20 | $10,118 | $11,327 | $11,476 |
Aug 20 | $10,710 | $11,910 | $12,015 |
Sep 20 | $10,442 | $11,600 | $11,566 |
Oct 20 | $9,850 | $11,137 | $10,847 |
Nov 20 | $11,616 | $12,864 | $13,044 |
Dec 20 | $12,153 | $13,462 | $13,605 |
Jan 21 | $11,700 | $13,318 | $13,329 |
Feb 21 | $12,144 | $13,617 | $13,796 |
Mar 21 | $12,421 | $13,930 | $14,239 |
Apr 21 | $13,281 | $14,349 | $14,899 |
May 21 | $13,938 | $14,817 | $15,508 |
Jun 21 | $13,679 | $14,650 | $15,200 |
Jul 21 | $14,150 | $14,761 | $15,399 |
Aug 21 | $14,345 | $15,021 | $15,706 |
Sep 21 | $13,503 | $14,585 | $14,900 |
Oct 21 | $14,280 | $14,944 | $15,489 |
Nov 21 | $13,882 | $14,248 | $14,570 |
Dec 21 | $14,428 | $14,978 | $15,446 |
Jan 22 | $12,976 | $14,254 | $14,696 |
Feb 22 | $12,107 | $14,002 | $13,954 |
Mar 22 | $12,236 | $14,092 | $13,726 |
Apr 22 | $11,024 | $13,180 | $12,763 |
May 22 | $11,145 | $13,279 | $13,033 |
Jun 22 | $9,794 | $12,047 | $11,549 |
Jul 22 | $10,858 | $12,647 | $12,087 |
Aug 22 | $9,794 | $12,047 | $11,320 |
Sep 22 | $8,869 | $10,920 | $10,332 |
Oct 22 | $9,637 | $11,507 | $11,250 |
Nov 22 | $11,182 | $12,803 | $12,698 |
Dec 22 | $10,923 | $12,813 | $12,688 |
Jan 23 | $12,291 | $13,851 | $14,154 |
Feb 23 | $12,134 | $13,562 | $14,049 |
Mar 23 | $12,550 | $13,898 | $14,494 |
Apr 23 | $12,652 | $14,290 | $14,945 |
May 23 | $12,375 | $13,686 | $14,077 |
Jun 23 | $12,902 | $14,308 | $14,954 |
Jul 23 | $13,161 | $14,771 | $15,402 |
Aug 23 | $12,421 | $14,205 | $14,695 |
Sep 23 | $11,496 | $13,720 | $13,875 |
Oct 23 | $11,145 | $13,164 | $13,400 |
Nov 23 | $12,624 | $14,386 | $14,928 |
Dec 23 | $13,108 | $15,150 | $15,599 |
Jan 24 | $13,202 | $15,237 | $15,672 |
Feb 24 | $14,216 | $15,516 | $16,131 |
Mar 24 | $14,714 | $16,027 | $16,814 |
Apr 24 | $14,038 | $15,616 | $16,328 |
May 24 | $14,780 | $16,221 | $17,029 |
Jun 24 | $14,291 | $15,959 | $16,395 |
Jul 24 | $14,414 | $16,427 | $16,622 |
Aug 24 | $14,921 | $16,962 | $17,277 |
Sep 24 | $15,090 | $17,118 | $17,597 |
Oct 24 | $14,329 | $16,187 | $16,548 |
Nov 24 | $14,010 | $16,095 | $16,108 |
Dec 24 | $13,988 | $15,729 | $16,010 |
Jan 25 | $15,075 | $16,556 | $17,241 |
Feb 25 | $15,371 | $16,877 | $17,843 |
Mar 25 | $14,446 | $16,809 | $17,959 |
Apr 25 | $15,113 | $17,579 | $18,928 |
May 25 | $16,067 | $18,383 | $19,955 |
Jun 25 | $16,858 | $18,788 | $20,482 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class R Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 17.96% | 11.75% | 5.36% |
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 17.73 | 11.16 | 6.51 |
MSCI EMU Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 24.93 | 13.12 | 7.43 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $119,510,046 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $487,995 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 89% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.8% |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.7 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.9 |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.8 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.3 |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.3 |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.3 |
Denmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.1 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.9 |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.5 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.3 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.0 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
SAP SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.1% |
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
RELX plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
Safran SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Cie de Saint-Gobain SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.3 |
MTU Aero Engines AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.2 |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.1 |
Adyen NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $103 | 0.95% |
How did the Fund perform last year?
For the reporting period ended June 30, 2025, the Fund's Institutional Shares returned 18.52%.
For the same period, the Fund’s current benchmark, the MSCI EAFE Index (Net), returned 17.73%, while its previous benchmark, the MSCI EMU Index (Net), returned 24.93%.
What contributed to performance?
German enterprise software company SAP SE was the largest absolute contributor over the period. The company released strong financial results, driven by robust cloud enterprise resource planning bookings and positive market reception to its AI-focused restructuring plans. SAP benefitted from the digitalization trend and growth of its cloud business revenue was expected to accelerate from 2025-2027, with the majority of revenue recurring.
Italian multinational bank UniCredit Group AG contributed positively as European banks have been a significant driver of the European equity market rally in 2025. Company reporting continues to show positive trends related to deposits, loan growth and balance sheet. Positions in holdings in Spanish bank CaixaBank S.A. and Allied Irish Banks, p.l.c. were also among the top contributors over the period.
What detracted from performance?
Dutch semiconductor equipment company ASML Holding NV was the largest absolute detractor over the period. The stock fell in October as the company reduced its 2025 revenue guidance meaningfully, driven by lowered projections for the shipment of the extreme ultraviolet lithography systems critical to manufacturing advanced chips, along with a significant trimming of expected sales into China. Within the semiconductor sector, volatility rose following the DeepSeek large language model launch in January 2025 on concerns that growth in spending on AI-related technologies may significantly slow beyond 2025.
Danish pharmaceutical company Novo Nordisk A/S detracted as perceptions of the obesity market’s growth potential changed. The stock fell sharply after investors were disappointed with efficacy results during trials. The company’s results have also been challenged by a longer-than-expected overhang from compounders (companies which produce non-FDA approved medication) which have taken some near-term market share.
Institutional Shares | MSCI EAFE Index (Net) | MSCI EMU Index (Net) | |
|---|---|---|---|
Jul 15 | $10,271 | $10,208 | $10,381 |
Aug 15 | $9,562 | $9,457 | $9,641 |
Sep 15 | $9,213 | $8,977 | $9,160 |
Oct 15 | $9,716 | $9,678 | $9,943 |
Nov 15 | $9,562 | $9,528 | $9,787 |
Dec 15 | $9,347 | $9,399 | $9,489 |
Jan 16 | $8,822 | $8,720 | $8,854 |
Feb 16 | $8,508 | $8,560 | $8,621 |
Mar 16 | $9,058 | $9,117 | $9,291 |
Apr 16 | $9,189 | $9,381 | $9,450 |
May 16 | $9,098 | $9,296 | $9,383 |
Jun 16 | $8,678 | $8,984 | $8,800 |
Jul 16 | $8,934 | $9,439 | $9,311 |
Aug 16 | $8,829 | $9,446 | $9,399 |
Sep 16 | $8,888 | $9,562 | $9,485 |
Oct 16 | $8,508 | $9,366 | $9,375 |
Nov 16 | $8,278 | $9,179 | $9,044 |
Dec 16 | $8,604 | $9,493 | $9,617 |
Jan 17 | $8,920 | $9,769 | $9,755 |
Feb 17 | $8,900 | $9,908 | $9,845 |
Mar 17 | $9,228 | $10,181 | $10,445 |
Apr 17 | $9,678 | $10,440 | $10,877 |
May 17 | $10,033 | $10,823 | $11,408 |
Jun 17 | $9,912 | $10,804 | $11,278 |
Jul 17 | $10,221 | $11,116 | $11,696 |
Aug 17 | $10,234 | $11,112 | $11,740 |
Sep 17 | $10,576 | $11,388 | $12,192 |
Oct 17 | $10,523 | $11,561 | $12,305 |
Nov 17 | $10,435 | $11,682 | $12,338 |
Dec 17 | $10,534 | $11,870 | $12,315 |
Jan 18 | $11,233 | $12,465 | $13,181 |
Feb 18 | $10,500 | $11,903 | $12,419 |
Mar 18 | $10,507 | $11,688 | $12,259 |
Apr 18 | $10,581 | $11,955 | $12,630 |
May 18 | $10,344 | $11,686 | $12,029 |
Jun 18 | $10,228 | $11,544 | $11,926 |
Jul 18 | $10,418 | $11,828 | $12,365 |
Aug 18 | $10,228 | $11,599 | $11,969 |
Sep 18 | $10,188 | $11,700 | $11,915 |
Oct 18 | $9,203 | $10,769 | $10,873 |
Nov 18 | $8,959 | $10,755 | $10,773 |
Dec 18 | $8,451 | $10,233 | $10,234 |
Jan 19 | $9,002 | $10,906 | $10,919 |
Feb 19 | $9,322 | $11,184 | $11,262 |
Mar 19 | $9,525 | $11,254 | $11,252 |
Apr 19 | $9,957 | $11,570 | $11,808 |
May 19 | $9,371 | $11,015 | $11,050 |
Jun 19 | $10,041 | $11,668 | $11,869 |
Jul 19 | $9,692 | $11,520 | $11,621 |
Aug 19 | $9,539 | $11,222 | $11,353 |
Sep 19 | $9,671 | $11,543 | $11,657 |
Oct 19 | $10,013 | $11,958 | $12,072 |
Nov 19 | $10,278 | $12,093 | $12,248 |
Dec 19 | $10,578 | $12,486 | $12,609 |
Jan 20 | $10,409 | $12,225 | $12,234 |
Feb 20 | $9,737 | $11,120 | $11,165 |
Mar 20 | $8,112 | $9,636 | $9,234 |
Apr 20 | $8,742 | $10,258 | $9,815 |
May 20 | $9,401 | $10,705 | $10,440 |
Jun 20 | $10,024 | $11,069 | $11,056 |
Jul 20 | $10,494 | $11,327 | $11,476 |
Aug 20 | $11,117 | $11,910 | $12,015 |
Sep 20 | $10,830 | $11,600 | $11,566 |
Oct 20 | $10,220 | $11,137 | $10,847 |
Nov 20 | $12,056 | $12,864 | $13,044 |
Dec 20 | $12,623 | $13,462 | $13,605 |
Jan 21 | $12,161 | $13,318 | $13,329 |
Feb 21 | $12,623 | $13,617 | $13,796 |
Mar 21 | $12,917 | $13,930 | $14,239 |
Apr 21 | $13,821 | $14,349 | $14,899 |
May 21 | $14,514 | $14,817 | $15,508 |
Jun 21 | $14,248 | $14,650 | $15,200 |
Jul 21 | $14,760 | $14,761 | $15,399 |
Aug 21 | $14,963 | $15,021 | $15,706 |
Sep 21 | $14,101 | $14,585 | $14,900 |
Oct 21 | $14,921 | $14,944 | $15,489 |
Nov 21 | $14,514 | $14,248 | $14,570 |
Dec 21 | $15,089 | $14,978 | $15,446 |
Jan 22 | $13,576 | $14,254 | $14,696 |
Feb 22 | $12,679 | $14,002 | $13,954 |
Mar 22 | $12,819 | $14,092 | $13,726 |
Apr 22 | $11,558 | $13,180 | $12,763 |
May 22 | $11,691 | $13,279 | $13,033 |
Jun 22 | $10,283 | $12,047 | $11,549 |
Jul 22 | $11,404 | $12,647 | $12,087 |
Aug 22 | $10,290 | $12,047 | $11,320 |
Sep 22 | $9,324 | $10,920 | $10,332 |
Oct 22 | $10,129 | $11,507 | $11,250 |
Nov 22 | $11,761 | $12,803 | $12,698 |
Dec 22 | $11,490 | $12,813 | $12,688 |
Jan 23 | $12,937 | $13,851 | $14,154 |
Feb 23 | $12,782 | $13,562 | $14,049 |
Mar 23 | $13,226 | $13,898 | $14,494 |
Apr 23 | $13,332 | $14,290 | $14,945 |
May 23 | $13,050 | $13,686 | $14,077 |
Jun 23 | $13,607 | $14,308 | $14,954 |
Jul 23 | $13,890 | $14,771 | $15,402 |
Aug 23 | $13,106 | $14,205 | $14,695 |
Sep 23 | $12,139 | $13,720 | $13,875 |
Oct 23 | $11,780 | $13,164 | $13,400 |
Nov 23 | $13,339 | $14,386 | $14,928 |
Dec 23 | $13,867 | $15,150 | $15,599 |
Jan 24 | $13,967 | $15,237 | $15,672 |
Feb 24 | $15,040 | $15,516 | $16,131 |
Mar 24 | $15,583 | $16,027 | $16,814 |
Apr 24 | $14,875 | $15,616 | $16,328 |
May 24 | $15,662 | $16,221 | $17,029 |
Jun 24 | $15,154 | $15,959 | $16,395 |
Jul 24 | $15,283 | $16,427 | $16,622 |
Aug 24 | $15,833 | $16,962 | $17,277 |
Sep 24 | $16,019 | $17,118 | $17,597 |
Oct 24 | $15,211 | $16,187 | $16,548 |
Nov 24 | $14,882 | $16,095 | $16,108 |
Dec 24 | $14,869 | $15,729 | $16,010 |
Jan 25 | $16,027 | $16,556 | $17,241 |
Feb 25 | $16,346 | $16,877 | $17,843 |
Mar 25 | $15,376 | $16,809 | $17,959 |
Apr 25 | $16,085 | $17,579 | $18,928 |
May 25 | $17,106 | $18,383 | $19,955 |
Jun 25 | $17,960 | $18,788 | $20,482 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.52% | 12.37% | 6.03% |
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 17.73 | 11.16 | 6.51 |
MSCI EMU Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 24.93 | 13.12 | 7.43 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $119,510,046 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $487,995 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 89% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.8% |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.7 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.9 |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.8 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.3 |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.3 |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.3 |
Denmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.1 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.9 |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.5 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.3 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.0 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
SAP SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.1% |
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
RELX plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
Safran SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Cie de Saint-Gobain SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.3 |
MTU Aero Engines AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.2 |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.1 |
Adyen NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor A Shares | $131 | 1.20% |
How did the Fund perform last year?
For the reporting period ended June 30, 2025, the Fund's Investor A Shares returned 18.18%.
For the same period, the Fund’s current benchmark, the MSCI EAFE Index (Net), returned 17.73%, while its previous benchmark, the MSCI EMU Index (Net), returned 24.93%.
What contributed to performance?
German enterprise software company SAP SE was the largest absolute contributor over the period. The company released strong financial results, driven by robust cloud enterprise resource planning bookings and positive market reception to its AI-focused restructuring plans. SAP benefitted from the digitalization trend and growth of its cloud business revenue was expected to accelerate from 2025-2027, with the majority of revenue recurring.
Italian multinational bank UniCredit Group AG contributed positively as European banks have been a significant driver of the European equity market rally in 2025. Company reporting continues to show positive trends related to deposits, loan growth and balance sheet. Positions in holdings in Spanish bank CaixaBank S.A. and Allied Irish Banks, p.l.c. were also among the top contributors over the period.
What detracted from performance?
Dutch semiconductor equipment company ASML Holding NV was the largest absolute detractor over the period. The stock fell in October as the company reduced its 2025 revenue guidance meaningfully, driven by lowered projections for the shipment of the extreme ultraviolet lithography systems critical to manufacturing advanced chips, along with a significant trimming of expected sales into China. Within the semiconductor sector, volatility rose following the DeepSeek large language model launch in January 2025 on concerns that growth in spending on AI-related technologies may significantly slow beyond 2025.
Danish pharmaceutical company Novo Nordisk A/S detracted as perceptions of the obesity market’s growth potential changed. The stock fell sharply after investors were disappointed with efficacy results during trials. The company’s results have also been challenged by a longer-than-expected overhang from compounders (companies which produce non-FDA approved medication) which have taken some near-term market share.
Investor A Shares | MSCI EAFE Index (Net) | MSCI EMU Index (Net) | |
|---|---|---|---|
Jul 15 | $9,724 | $10,208 | $10,381 |
Aug 15 | $9,052 | $9,457 | $9,641 |
Sep 15 | $8,728 | $8,977 | $9,160 |
Oct 15 | $9,195 | $9,678 | $9,943 |
Nov 15 | $9,052 | $9,528 | $9,787 |
Dec 15 | $8,843 | $9,399 | $9,489 |
Jan 16 | $8,350 | $8,720 | $8,854 |
Feb 16 | $8,053 | $8,560 | $8,621 |
Mar 16 | $8,571 | $9,117 | $9,291 |
Apr 16 | $8,685 | $9,381 | $9,450 |
May 16 | $8,603 | $9,296 | $9,383 |
Jun 16 | $8,204 | $8,984 | $8,800 |
Jul 16 | $8,438 | $9,439 | $9,311 |
Aug 16 | $8,344 | $9,446 | $9,399 |
Sep 16 | $8,394 | $9,562 | $9,485 |
Oct 16 | $8,034 | $9,366 | $9,375 |
Nov 16 | $7,819 | $9,179 | $9,044 |
Dec 16 | $8,128 | $9,493 | $9,617 |
Jan 17 | $8,418 | $9,769 | $9,755 |
Feb 17 | $8,399 | $9,908 | $9,845 |
Mar 17 | $8,708 | $10,181 | $10,445 |
Apr 17 | $9,127 | $10,440 | $10,877 |
May 17 | $9,463 | $10,823 | $11,408 |
Jun 17 | $9,347 | $10,804 | $11,278 |
Jul 17 | $9,643 | $11,116 | $11,696 |
Aug 17 | $9,650 | $11,112 | $11,740 |
Sep 17 | $9,973 | $11,388 | $12,192 |
Oct 17 | $9,921 | $11,561 | $12,305 |
Nov 17 | $9,831 | $11,682 | $12,338 |
Dec 17 | $9,923 | $11,870 | $12,315 |
Jan 18 | $10,581 | $12,465 | $13,181 |
Feb 18 | $9,890 | $11,903 | $12,419 |
Mar 18 | $9,896 | $11,688 | $12,259 |
Apr 18 | $9,962 | $11,955 | $12,630 |
May 18 | $9,740 | $11,686 | $12,029 |
Jun 18 | $9,629 | $11,544 | $11,926 |
Jul 18 | $9,812 | $11,828 | $12,365 |
Aug 18 | $9,629 | $11,599 | $11,969 |
Sep 18 | $9,590 | $11,700 | $11,915 |
Oct 18 | $8,659 | $10,769 | $10,873 |
Nov 18 | $8,424 | $10,755 | $10,773 |
Dec 18 | $7,946 | $10,233 | $10,234 |
Jan 19 | $8,460 | $10,906 | $10,919 |
Feb 19 | $8,768 | $11,184 | $11,262 |
Mar 19 | $8,955 | $11,254 | $11,252 |
Apr 19 | $9,356 | $11,570 | $11,808 |
May 19 | $8,808 | $11,015 | $11,050 |
Jun 19 | $9,429 | $11,668 | $11,869 |
Jul 19 | $9,102 | $11,520 | $11,621 |
Aug 19 | $8,955 | $11,222 | $11,353 |
Sep 19 | $9,075 | $11,543 | $11,657 |
Oct 19 | $9,396 | $11,958 | $12,072 |
Nov 19 | $9,643 | $12,093 | $12,248 |
Dec 19 | $9,923 | $12,486 | $12,609 |
Jan 20 | $9,762 | $12,225 | $12,234 |
Feb 20 | $9,133 | $11,120 | $11,165 |
Mar 20 | $7,614 | $9,636 | $9,234 |
Apr 20 | $8,203 | $10,258 | $9,815 |
May 20 | $8,812 | $10,705 | $10,440 |
Jun 20 | $9,401 | $11,069 | $11,056 |
Jul 20 | $9,842 | $11,327 | $11,476 |
Aug 20 | $10,418 | $11,910 | $12,015 |
Sep 20 | $10,150 | $11,600 | $11,566 |
Oct 20 | $9,581 | $11,137 | $10,847 |
Nov 20 | $11,301 | $12,864 | $13,044 |
Dec 20 | $11,823 | $13,462 | $13,605 |
Jan 21 | $11,388 | $13,318 | $13,329 |
Feb 21 | $11,823 | $13,617 | $13,796 |
Mar 21 | $12,097 | $13,930 | $14,239 |
Apr 21 | $12,940 | $14,349 | $14,899 |
May 21 | $13,583 | $14,817 | $15,508 |
Jun 21 | $13,335 | $14,650 | $15,200 |
Jul 21 | $13,810 | $14,761 | $15,399 |
Aug 21 | $13,998 | $15,021 | $15,706 |
Sep 21 | $13,188 | $14,585 | $14,900 |
Oct 21 | $13,951 | $14,944 | $15,489 |
Nov 21 | $13,569 | $14,248 | $14,570 |
Dec 21 | $14,105 | $14,978 | $15,446 |
Jan 22 | $12,686 | $14,254 | $14,696 |
Feb 22 | $11,850 | $14,002 | $13,954 |
Mar 22 | $11,977 | $14,092 | $13,726 |
Apr 22 | $10,799 | $13,180 | $12,763 |
May 22 | $10,913 | $13,279 | $13,033 |
Jun 22 | $9,602 | $12,047 | $11,549 |
Jul 22 | $10,645 | $12,647 | $12,087 |
Aug 22 | $9,602 | $12,047 | $11,320 |
Sep 22 | $8,698 | $10,920 | $10,332 |
Oct 22 | $9,448 | $11,507 | $11,250 |
Nov 22 | $10,967 | $12,803 | $12,698 |
Dec 22 | $10,719 | $12,813 | $12,688 |
Jan 23 | $12,058 | $13,851 | $14,154 |
Feb 23 | $11,916 | $13,562 | $14,049 |
Mar 23 | $12,327 | $13,898 | $14,494 |
Apr 23 | $12,421 | $14,290 | $14,945 |
May 23 | $12,158 | $13,686 | $14,077 |
Jun 23 | $12,676 | $14,308 | $14,954 |
Jul 23 | $12,932 | $14,771 | $15,402 |
Aug 23 | $12,205 | $14,205 | $14,695 |
Sep 23 | $11,298 | $13,720 | $13,875 |
Oct 23 | $10,961 | $13,164 | $13,400 |
Nov 23 | $12,414 | $14,386 | $14,928 |
Dec 23 | $12,901 | $15,150 | $15,599 |
Jan 24 | $12,990 | $15,237 | $15,672 |
Feb 24 | $13,990 | $15,516 | $16,131 |
Mar 24 | $14,487 | $16,027 | $16,814 |
Apr 24 | $13,827 | $15,616 | $16,328 |
May 24 | $14,555 | $16,221 | $17,029 |
Jun 24 | $14,079 | $15,959 | $16,395 |
Jul 24 | $14,194 | $16,427 | $16,622 |
Aug 24 | $14,705 | $16,962 | $17,277 |
Sep 24 | $14,875 | $17,118 | $17,597 |
Oct 24 | $14,119 | $16,187 | $16,548 |
Nov 24 | $13,813 | $16,095 | $16,108 |
Dec 24 | $13,795 | $15,729 | $16,010 |
Jan 25 | $14,869 | $16,556 | $17,241 |
Feb 25 | $15,165 | $16,877 | $17,843 |
Mar 25 | $14,257 | $16,809 | $17,959 |
Apr 25 | $14,917 | $17,579 | $18,928 |
May 25 | $15,860 | $18,383 | $19,955 |
Jun 25 | $16,638 | $18,788 | $20,482 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.18% | 12.10% | 5.79% |
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.98 | 10.89 | 5.22 |
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 17.73 | 11.16 | 6.51 |
MSCI EMU Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 24.93 | 13.12 | 7.43 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $119,510,046 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $487,995 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 89% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.8% |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.7 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.9 |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.8 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.3 |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.3 |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.3 |
Denmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.1 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.9 |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.5 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.3 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.0 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
SAP SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.1% |
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
RELX plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
Safran SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Cie de Saint-Gobain SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.3 |
MTU Aero Engines AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.2 |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.1 |
Adyen NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor C Shares | $212 | 1.95% |
How did the Fund perform last year?
For the reporting period ended June 30, 2025, the Fund's Investor C Shares returned 17.34%.
For the same period, the Fund’s current benchmark, the MSCI EAFE Index (Net), returned 17.73%, while its previous benchmark, the MSCI EMU Index (Net), returned 24.93%.
What contributed to performance?
German enterprise software company SAP SE was the largest absolute contributor over the period. The company released strong financial results, driven by robust cloud enterprise resource planning bookings and positive market reception to its AI-focused restructuring plans. SAP benefitted from the digitalization trend and growth of its cloud business revenue was expected to accelerate from 2025-2027, with the majority of revenue recurring.
Italian multinational bank UniCredit Group AG contributed positively as European banks have been a significant driver of the European equity market rally in 2025. Company reporting continues to show positive trends related to deposits, loan growth and balance sheet. Positions in holdings in Spanish bank CaixaBank S.A. and Allied Irish Banks, p.l.c. were also among the top contributors over the period.
What detracted from performance?
Dutch semiconductor equipment company ASML Holding NV was the largest absolute detractor over the period. The stock fell in October as the company reduced its 2025 revenue guidance meaningfully, driven by lowered projections for the shipment of the extreme ultraviolet lithography systems critical to manufacturing advanced chips, along with a significant trimming of expected sales into China. Within the semiconductor sector, volatility rose following the DeepSeek large language model launch in January 2025 on concerns that growth in spending on AI-related technologies may significantly slow beyond 2025.
Danish pharmaceutical company Novo Nordisk A/S detracted as perceptions of the obesity market’s growth potential changed. The stock fell sharply after investors were disappointed with efficacy results during trials. The company’s results have also been challenged by a longer-than-expected overhang from compounders (companies which produce non-FDA approved medication) which have taken some near-term market share.
Investor C Shares | MSCI EAFE Index (Net) | MSCI EMU Index (Net) | |
|---|---|---|---|
Jul 15 | $10,259 | $10,208 | $10,381 |
Aug 15 | $9,538 | $9,457 | $9,641 |
Sep 15 | $9,187 | $8,977 | $9,160 |
Oct 15 | $9,677 | $9,678 | $9,943 |
Nov 15 | $9,519 | $9,528 | $9,787 |
Dec 15 | $9,295 | $9,399 | $9,489 |
Jan 16 | $8,770 | $8,720 | $8,854 |
Feb 16 | $8,452 | $8,560 | $8,621 |
Mar 16 | $8,986 | $9,117 | $9,291 |
Apr 16 | $9,108 | $9,381 | $9,450 |
May 16 | $9,014 | $9,296 | $9,383 |
Jun 16 | $8,592 | $8,984 | $8,800 |
Jul 16 | $8,827 | $9,439 | $9,311 |
Aug 16 | $8,724 | $9,446 | $9,399 |
Sep 16 | $8,770 | $9,562 | $9,485 |
Oct 16 | $8,386 | $9,366 | $9,375 |
Nov 16 | $8,152 | $9,179 | $9,044 |
Dec 16 | $8,472 | $9,493 | $9,617 |
Jan 17 | $8,778 | $9,769 | $9,755 |
Feb 17 | $8,749 | $9,908 | $9,845 |
Mar 17 | $9,064 | $10,181 | $10,445 |
Apr 17 | $9,494 | $10,440 | $10,877 |
May 17 | $9,838 | $10,823 | $11,408 |
Jun 17 | $9,714 | $10,804 | $11,278 |
Jul 17 | $10,010 | $11,116 | $11,696 |
Aug 17 | $10,010 | $11,112 | $11,740 |
Sep 17 | $10,335 | $11,388 | $12,192 |
Oct 17 | $10,277 | $11,561 | $12,305 |
Nov 17 | $10,172 | $11,682 | $12,338 |
Dec 17 | $10,269 | $11,870 | $12,315 |
Jan 18 | $10,939 | $12,465 | $13,181 |
Feb 18 | $10,221 | $11,903 | $12,419 |
Mar 18 | $10,221 | $11,688 | $12,259 |
Apr 18 | $10,278 | $11,955 | $12,630 |
May 18 | $10,048 | $11,686 | $12,029 |
Jun 18 | $9,924 | $11,544 | $11,926 |
Jul 18 | $10,106 | $11,828 | $12,365 |
Aug 18 | $9,914 | $11,599 | $11,969 |
Sep 18 | $9,866 | $11,700 | $11,915 |
Oct 18 | $8,899 | $10,769 | $10,873 |
Nov 18 | $8,659 | $10,755 | $10,773 |
Dec 18 | $8,156 | $10,233 | $10,234 |
Jan 19 | $8,679 | $10,906 | $10,919 |
Feb 19 | $8,994 | $11,184 | $11,262 |
Mar 19 | $9,181 | $11,254 | $11,252 |
Apr 19 | $9,585 | $11,570 | $11,808 |
May 19 | $9,013 | $11,015 | $11,050 |
Jun 19 | $9,644 | $11,668 | $11,869 |
Jul 19 | $9,309 | $11,520 | $11,621 |
Aug 19 | $9,151 | $11,222 | $11,353 |
Sep 19 | $9,270 | $11,543 | $11,657 |
Oct 19 | $9,595 | $11,958 | $12,072 |
Nov 19 | $9,831 | $12,093 | $12,248 |
Dec 19 | $10,107 | $12,486 | $12,609 |
Jan 20 | $9,939 | $12,225 | $12,234 |
Feb 20 | $9,299 | $11,120 | $11,165 |
Mar 20 | $7,743 | $9,636 | $9,234 |
Apr 20 | $8,334 | $10,258 | $9,815 |
May 20 | $8,954 | $10,705 | $10,440 |
Jun 20 | $9,536 | $11,069 | $11,056 |
Jul 20 | $9,979 | $11,327 | $11,476 |
Aug 20 | $10,560 | $11,910 | $12,015 |
Sep 20 | $10,284 | $11,600 | $11,566 |
Oct 20 | $9,693 | $11,137 | $10,847 |
Nov 20 | $11,427 | $12,864 | $13,044 |
Dec 20 | $11,959 | $13,462 | $13,605 |
Jan 21 | $11,506 | $13,318 | $13,329 |
Feb 21 | $11,939 | $13,617 | $13,796 |
Mar 21 | $12,205 | $13,930 | $14,239 |
Apr 21 | $13,052 | $14,349 | $14,899 |
May 21 | $13,693 | $14,817 | $15,508 |
Jun 21 | $13,427 | $14,650 | $15,200 |
Jul 21 | $13,899 | $14,761 | $15,399 |
Aug 21 | $14,077 | $15,021 | $15,706 |
Sep 21 | $13,259 | $14,585 | $14,900 |
Oct 21 | $14,018 | $14,944 | $15,489 |
Nov 21 | $13,624 | $14,248 | $14,570 |
Dec 21 | $14,156 | $14,978 | $15,446 |
Jan 22 | $12,717 | $14,254 | $14,696 |
Feb 22 | $11,870 | $14,002 | $13,954 |
Mar 22 | $11,988 | $14,092 | $13,726 |
Apr 22 | $10,806 | $13,180 | $12,763 |
May 22 | $10,915 | $13,279 | $13,033 |
Jun 22 | $9,595 | $12,047 | $11,549 |
Jul 22 | $10,629 | $12,647 | $12,087 |
Aug 22 | $9,585 | $12,047 | $11,320 |
Sep 22 | $8,679 | $10,920 | $10,332 |
Oct 22 | $9,417 | $11,507 | $11,250 |
Nov 22 | $10,924 | $12,803 | $12,698 |
Dec 22 | $10,668 | $12,813 | $12,688 |
Jan 23 | $11,998 | $13,851 | $14,154 |
Feb 23 | $11,850 | $13,562 | $14,049 |
Mar 23 | $12,254 | $13,898 | $14,494 |
Apr 23 | $12,343 | $14,290 | $14,945 |
May 23 | $12,067 | $13,686 | $14,077 |
Jun 23 | $12,570 | $14,308 | $14,954 |
Jul 23 | $12,823 | $14,771 | $15,402 |
Aug 23 | $12,103 | $14,205 | $14,695 |
Sep 23 | $11,203 | $13,720 | $13,875 |
Oct 23 | $10,869 | $13,164 | $13,400 |
Nov 23 | $12,310 | $14,386 | $14,928 |
Dec 23 | $12,793 | $15,150 | $15,599 |
Jan 24 | $12,881 | $15,237 | $15,672 |
Feb 24 | $13,872 | $15,516 | $16,131 |
Mar 24 | $14,365 | $16,027 | $16,814 |
Apr 24 | $13,710 | $15,616 | $16,328 |
May 24 | $14,432 | $16,221 | $17,029 |
Jun 24 | $13,953 | $15,959 | $16,395 |
Jul 24 | $14,075 | $16,427 | $16,622 |
Aug 24 | $14,581 | $16,962 | $17,277 |
Sep 24 | $14,750 | $17,118 | $17,597 |
Oct 24 | $14,001 | $16,187 | $16,548 |
Nov 24 | $13,697 | $16,095 | $16,108 |
Dec 24 | $13,679 | $15,729 | $16,010 |
Jan 25 | $14,744 | $16,556 | $17,241 |
Feb 25 | $15,038 | $16,877 | $17,843 |
Mar 25 | $14,137 | $16,809 | $17,959 |
Apr 25 | $14,792 | $17,579 | $18,928 |
May 25 | $15,727 | $18,383 | $19,955 |
Jun 25 | $16,498 | $18,788 | $20,482 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 17.34% | 11.27% | 5.13% |
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 16.34 | 11.27 | 5.13 |
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 17.73 | 11.16 | 6.51 |
MSCI EMU Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 24.93 | 13.12 | 7.43 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $119,510,046 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $487,995 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 89% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.8% |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.7 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.9 |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.8 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.3 |
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.3 |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.3 |
Denmark........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.1 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.9 |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.5 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.3 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.0 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
SAP SE........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.1% |
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
RELX plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
Safran SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Cie de Saint-Gobain SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.3 |
MTU Aero Engines AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.2 |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.1 |
Adyen NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |