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 | $71 | 0.66% |
How did the Fund perform last year?
For the reporting period ended June 30, 2025, the Fund's Class K Shares returned 14.82%.
For the same period, the MSCI All Country World Index (Net) returned 16.17%.
What contributed to performance?
Positive contributions to the Fund’s return were driven by sentiment insights. In particular, measures designed to evaluate informed investor positioning spotted a rotation out of crowded momentum trades and into more resilient themes, which benefited holdings of European financials, aerospace and defense firms, as well as Japanese banks. Text-based sentiment measures analyzing brokerage firm reports and conference call transcripts also contributed by steering the portfolio toward consumer staples companies. Alongside these gains from sentiment measures, a quality insight that penalizes companies issuing new shares added stability during periods of market volatility, supporting overall results.
What detracted from performance?
Detractors included fundamental valuation measures that favored lower-priced, lower-volatility stocks such as U.S. homebuilders, as investors chased growth and were willing to pay higher multiples. In addition, macro-thematic insights that track policy shifts, recession odds and bond market credit spreads failed to time the rotation within information technology as the market’s perception of the biggest artificial intelligence beneficiaries shifted.
Class K Shares | MSCI All Country World Index (Net) | |
|---|---|---|
Jul 15 | $9,926 | $10,087 |
Aug 15 | $9,403 | $9,395 |
Sep 15 | $8,798 | $9,055 |
Oct 15 | $9,302 | $9,766 |
Nov 15 | $9,244 | $9,685 |
Dec 15 | $8,995 | $9,510 |
Jan 16 | $8,078 | $8,937 |
Feb 16 | $8,034 | $8,875 |
Mar 16 | $8,657 | $9,533 |
Apr 16 | $8,898 | $9,674 |
May 16 | $8,955 | $9,686 |
Jun 16 | $8,906 | $9,627 |
Jul 16 | $9,407 | $10,042 |
Aug 16 | $9,513 | $10,076 |
Sep 16 | $9,676 | $10,138 |
Oct 16 | $9,220 | $9,966 |
Nov 16 | $9,554 | $10,041 |
Dec 16 | $9,719 | $10,258 |
Jan 17 | $10,028 | $10,539 |
Feb 17 | $10,086 | $10,834 |
Mar 17 | $10,148 | $10,967 |
Apr 17 | $10,358 | $11,138 |
May 17 | $10,527 | $11,384 |
Jun 17 | $10,651 | $11,436 |
Jul 17 | $10,997 | $11,755 |
Aug 17 | $11,018 | $11,800 |
Sep 17 | $11,422 | $12,028 |
Oct 17 | $11,566 | $12,278 |
Nov 17 | $11,838 | $12,516 |
Dec 17 | $12,041 | $12,717 |
Jan 18 | $12,716 | $13,435 |
Feb 18 | $12,234 | $12,871 |
Mar 18 | $12,063 | $12,595 |
Apr 18 | $12,035 | $12,715 |
May 18 | $12,079 | $12,731 |
Jun 18 | $11,974 | $12,662 |
Jul 18 | $12,362 | $13,044 |
Aug 18 | $12,461 | $13,147 |
Sep 18 | $12,511 | $13,204 |
Oct 18 | $11,515 | $12,214 |
Nov 18 | $11,555 | $12,393 |
Dec 18 | $10,663 | $11,520 |
Jan 19 | $11,636 | $12,430 |
Feb 19 | $11,918 | $12,762 |
Mar 19 | $12,015 | $12,923 |
Apr 19 | $12,435 | $13,359 |
May 19 | $11,762 | $12,567 |
Jun 19 | $12,464 | $13,390 |
Jul 19 | $12,441 | $13,429 |
Aug 19 | $12,131 | $13,110 |
Sep 19 | $12,378 | $13,386 |
Oct 19 | $12,694 | $13,752 |
Nov 19 | $13,011 | $14,088 |
Dec 19 | $13,427 | $14,584 |
Jan 20 | $13,269 | $14,423 |
Feb 20 | $12,260 | $13,258 |
Mar 20 | $10,399 | $11,468 |
Apr 20 | $11,567 | $12,697 |
May 20 | $12,195 | $13,249 |
Jun 20 | $12,606 | $13,672 |
Jul 20 | $13,269 | $14,395 |
Aug 20 | $14,137 | $15,277 |
Sep 20 | $13,674 | $14,784 |
Oct 20 | $13,328 | $14,425 |
Nov 20 | $14,864 | $16,203 |
Dec 20 | $15,559 | $16,955 |
Jan 21 | $15,553 | $16,878 |
Feb 21 | $15,950 | $17,269 |
Mar 21 | $16,340 | $17,730 |
Apr 21 | $16,999 | $18,505 |
May 21 | $17,280 | $18,793 |
Jun 21 | $17,439 | $19,041 |
Jul 21 | $17,561 | $19,172 |
Aug 21 | $17,960 | $19,652 |
Sep 21 | $17,131 | $18,840 |
Oct 21 | $17,946 | $19,802 |
Nov 21 | $17,580 | $19,325 |
Dec 21 | $18,358 | $20,098 |
Jan 22 | $17,540 | $19,111 |
Feb 22 | $16,920 | $18,617 |
Mar 22 | $17,283 | $19,020 |
Apr 22 | $15,874 | $17,498 |
May 22 | $16,137 | $17,519 |
Jun 22 | $14,742 | $16,042 |
Jul 22 | $15,618 | $17,162 |
Aug 22 | $14,974 | $16,530 |
Sep 22 | $13,536 | $14,948 |
Oct 22 | $14,523 | $15,850 |
Nov 22 | $15,790 | $17,079 |
Dec 22 | $15,115 | $16,407 |
Jan 23 | $16,174 | $17,583 |
Feb 23 | $15,644 | $17,079 |
Mar 23 | $16,246 | $17,606 |
Apr 23 | $16,478 | $17,859 |
May 23 | $16,224 | $17,668 |
Jun 23 | $17,247 | $18,693 |
Jul 23 | $17,864 | $19,378 |
Aug 23 | $17,356 | $18,836 |
Sep 23 | $16,660 | $18,057 |
Oct 23 | $16,282 | $17,514 |
Nov 23 | $17,777 | $19,131 |
Dec 23 | $18,562 | $20,050 |
Jan 24 | $18,547 | $20,167 |
Feb 24 | $19,438 | $21,033 |
Mar 24 | $20,226 | $21,693 |
Apr 24 | $19,438 | $20,977 |
May 24 | $20,469 | $21,829 |
Jun 24 | $21,080 | $22,316 |
Jul 24 | $21,382 | $22,675 |
Aug 24 | $21,764 | $23,251 |
Sep 24 | $22,221 | $23,791 |
Oct 24 | $21,882 | $23,257 |
Nov 24 | $22,788 | $24,127 |
Dec 24 | $22,078 | $23,556 |
Jan 25 | $22,731 | $24,347 |
Feb 25 | $22,664 | $24,200 |
Mar 25 | $21,860 | $23,244 |
Apr 25 | $21,919 | $23,461 |
May 25 | $23,124 | $24,810 |
Jun 25 | $24,204 | $25,923 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 14.82% | 13.94% | 9.24% |
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 16.17 | 13.65 | 9.99 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $473,308,291 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 203 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $2,151,815 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 160% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 66.1% |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.0 |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.8 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6 |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.6 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.5% |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.3 |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.0 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.5 |
Bank of America Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
Pfizer, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.6 |
S&P Global, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.6 |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
Novartis AG (Registered)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
| 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 | $130 | 1.21% |
How did the Fund perform last year?
For the reporting period ended June 30, 2025, the Fund's Class R Shares returned 14.15%.
For the same period, the MSCI All Country World Index (Net) returned 16.17%.
What contributed to performance?
Positive contributions to the Fund’s return were driven by sentiment insights. In particular, measures designed to evaluate informed investor positioning spotted a rotation out of crowded momentum trades and into more resilient themes, which benefited holdings of European financials, aerospace and defense firms, as well as Japanese banks. Text-based sentiment measures analyzing brokerage firm reports and conference call transcripts also contributed by steering the portfolio toward consumer staples companies. Alongside these gains from sentiment measures, a quality insight that penalizes companies issuing new shares added stability during periods of market volatility, supporting overall results.
What detracted from performance?
Detractors included fundamental valuation measures that favored lower-priced, lower-volatility stocks such as U.S. homebuilders, as investors chased growth and were willing to pay higher multiples. In addition, macro-thematic insights that track policy shifts, recession odds and bond market credit spreads failed to time the rotation within information technology as the market’s perception of the biggest artificial intelligence beneficiaries shifted.
Class R Shares | MSCI All Country World Index (Net) | |
|---|---|---|
Jul 15 | $9,918 | $10,087 |
Aug 15 | $9,390 | $9,395 |
Sep 15 | $8,784 | $9,055 |
Oct 15 | $9,282 | $9,766 |
Nov 15 | $9,218 | $9,685 |
Dec 15 | $8,964 | $9,510 |
Jan 16 | $8,047 | $8,937 |
Feb 16 | $7,997 | $8,875 |
Mar 16 | $8,615 | $9,533 |
Apr 16 | $8,846 | $9,674 |
May 16 | $8,896 | $9,686 |
Jun 16 | $8,846 | $9,627 |
Jul 16 | $9,337 | $10,042 |
Aug 16 | $9,432 | $10,076 |
Sep 16 | $9,591 | $10,138 |
Oct 16 | $9,132 | $9,966 |
Nov 16 | $9,459 | $10,041 |
Dec 16 | $9,615 | $10,258 |
Jan 17 | $9,916 | $10,539 |
Feb 17 | $9,966 | $10,834 |
Mar 17 | $10,020 | $10,967 |
Apr 17 | $10,221 | $11,138 |
May 17 | $10,380 | $11,384 |
Jun 17 | $10,498 | $11,436 |
Jul 17 | $10,830 | $11,755 |
Aug 17 | $10,844 | $11,800 |
Sep 17 | $11,240 | $12,028 |
Oct 17 | $11,377 | $12,278 |
Nov 17 | $11,636 | $12,516 |
Dec 17 | $11,831 | $12,717 |
Jan 18 | $12,487 | $13,435 |
Feb 18 | $12,008 | $12,871 |
Mar 18 | $11,837 | $12,595 |
Apr 18 | $11,799 | $12,715 |
May 18 | $11,844 | $12,731 |
Jun 18 | $11,736 | $12,662 |
Jul 18 | $12,102 | $13,044 |
Aug 18 | $12,197 | $13,147 |
Sep 18 | $12,241 | $13,204 |
Oct 18 | $11,263 | $12,214 |
Nov 18 | $11,297 | $12,393 |
Dec 18 | $10,418 | $11,520 |
Jan 19 | $11,362 | $12,430 |
Feb 19 | $11,638 | $12,762 |
Mar 19 | $11,723 | $12,923 |
Apr 19 | $12,130 | $13,359 |
May 19 | $11,467 | $12,567 |
Jun 19 | $12,149 | $13,390 |
Jul 19 | $12,117 | $13,429 |
Aug 19 | $11,808 | $13,110 |
Sep 19 | $12,044 | $13,386 |
Oct 19 | $12,346 | $13,752 |
Nov 19 | $12,653 | $14,088 |
Dec 19 | $13,046 | $14,584 |
Jan 20 | $12,886 | $14,423 |
Feb 20 | $11,906 | $13,258 |
Mar 20 | $10,093 | $11,468 |
Apr 20 | $11,219 | $12,697 |
May 20 | $11,819 | $13,249 |
Jun 20 | $12,219 | $13,672 |
Jul 20 | $12,853 | $14,395 |
Aug 20 | $13,686 | $15,277 |
Sep 20 | $13,233 | $14,784 |
Oct 20 | $12,886 | $14,425 |
Nov 20 | $14,371 | $16,203 |
Dec 20 | $15,037 | $16,955 |
Jan 21 | $15,023 | $16,878 |
Feb 21 | $15,404 | $17,269 |
Mar 21 | $15,772 | $17,730 |
Apr 21 | $16,403 | $18,505 |
May 21 | $16,666 | $18,793 |
Jun 21 | $16,805 | $19,041 |
Jul 21 | $16,916 | $19,172 |
Aug 21 | $17,292 | $19,652 |
Sep 21 | $16,483 | $18,840 |
Oct 21 | $17,260 | $19,802 |
Nov 21 | $16,908 | $19,325 |
Dec 21 | $17,648 | $20,098 |
Jan 22 | $16,852 | $19,111 |
Feb 22 | $16,239 | $18,617 |
Mar 22 | $16,587 | $19,020 |
Apr 22 | $15,228 | $17,498 |
May 22 | $15,469 | $17,519 |
Jun 22 | $14,126 | $16,042 |
Jul 22 | $14,963 | $17,162 |
Aug 22 | $14,337 | $16,530 |
Sep 22 | $12,957 | $14,948 |
Oct 22 | $13,896 | $15,850 |
Nov 22 | $15,093 | $17,079 |
Dec 22 | $14,447 | $16,407 |
Jan 23 | $15,450 | $17,583 |
Feb 23 | $14,944 | $17,079 |
Mar 23 | $15,509 | $17,606 |
Apr 23 | $15,719 | $17,859 |
May 23 | $15,466 | $17,668 |
Jun 23 | $16,435 | $18,693 |
Jul 23 | $17,016 | $19,378 |
Aug 23 | $16,528 | $18,836 |
Sep 23 | $15,854 | $18,057 |
Oct 23 | $15,492 | $17,514 |
Nov 23 | $16,899 | $19,131 |
Dec 23 | $17,639 | $20,050 |
Jan 24 | $17,622 | $20,167 |
Feb 24 | $18,460 | $21,033 |
Mar 24 | $19,196 | $21,693 |
Apr 24 | $18,443 | $20,977 |
May 24 | $19,410 | $21,829 |
Jun 24 | $19,984 | $22,316 |
Jul 24 | $20,258 | $22,675 |
Aug 24 | $20,617 | $23,251 |
Sep 24 | $21,028 | $23,791 |
Oct 24 | $20,703 | $23,257 |
Nov 24 | $21,550 | $24,127 |
Dec 24 | $20,874 | $23,556 |
Jan 25 | $21,474 | $24,347 |
Feb 25 | $21,404 | $24,200 |
Mar 25 | $20,635 | $23,244 |
Apr 25 | $20,675 | $23,461 |
May 25 | $21,813 | $24,810 |
Jun 25 | $22,812 | $25,923 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class R Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 14.15% | 13.30% | 8.60% |
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 16.17 | 13.65 | 9.99 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $473,308,291 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 203 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $2,151,815 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 160% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 66.1% |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.0 |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.8 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6 |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.6 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.5% |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.3 |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.0 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.5 |
Bank of America Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
Pfizer, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.6 |
S&P Global, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.6 |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
Novartis AG (Registered)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
| 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 | $77 | 0.71% |
How did the Fund perform last year?
For the reporting period ended June 30, 2025, the Fund's Institutional Shares returned 14.73%.
For the same period, the MSCI All Country World Index (Net) returned 16.17%.
What contributed to performance?
Positive contributions to the Fund’s return were driven by sentiment insights. In particular, measures designed to evaluate informed investor positioning spotted a rotation out of crowded momentum trades and into more resilient themes, which benefited holdings of European financials, aerospace and defense firms, as well as Japanese banks. Text-based sentiment measures analyzing brokerage firm reports and conference call transcripts also contributed by steering the portfolio toward consumer staples companies. Alongside these gains from sentiment measures, a quality insight that penalizes companies issuing new shares added stability during periods of market volatility, supporting overall results.
What detracted from performance?
Detractors included fundamental valuation measures that favored lower-priced, lower-volatility stocks such as U.S. homebuilders, as investors chased growth and were willing to pay higher multiples. In addition, macro-thematic insights that track policy shifts, recession odds and bond market credit spreads failed to time the rotation within information technology as the market’s perception of the biggest artificial intelligence beneficiaries shifted.
Institutional Shares | MSCI All Country World Index (Net) | |
|---|---|---|
Jul 15 | $9,926 | $10,087 |
Aug 15 | $9,403 | $9,395 |
Sep 15 | $8,798 | $9,055 |
Oct 15 | $9,302 | $9,766 |
Nov 15 | $9,244 | $9,685 |
Dec 15 | $8,995 | $9,510 |
Jan 16 | $8,078 | $8,937 |
Feb 16 | $8,034 | $8,875 |
Mar 16 | $8,657 | $9,533 |
Apr 16 | $8,898 | $9,674 |
May 16 | $8,955 | $9,686 |
Jun 16 | $8,906 | $9,627 |
Jul 16 | $9,407 | $10,042 |
Aug 16 | $9,513 | $10,076 |
Sep 16 | $9,676 | $10,138 |
Oct 16 | $9,220 | $9,966 |
Nov 16 | $9,554 | $10,041 |
Dec 16 | $9,719 | $10,258 |
Jan 17 | $10,028 | $10,539 |
Feb 17 | $10,086 | $10,834 |
Mar 17 | $10,148 | $10,967 |
Apr 17 | $10,358 | $11,138 |
May 17 | $10,527 | $11,384 |
Jun 17 | $10,651 | $11,436 |
Jul 17 | $10,997 | $11,755 |
Aug 17 | $11,018 | $11,800 |
Sep 17 | $11,422 | $12,028 |
Oct 17 | $11,566 | $12,278 |
Nov 17 | $11,838 | $12,516 |
Dec 17 | $12,041 | $12,717 |
Jan 18 | $12,716 | $13,435 |
Feb 18 | $12,234 | $12,871 |
Mar 18 | $12,063 | $12,595 |
Apr 18 | $12,030 | $12,715 |
May 18 | $12,079 | $12,731 |
Jun 18 | $11,974 | $12,662 |
Jul 18 | $12,356 | $13,044 |
Aug 18 | $12,456 | $13,147 |
Sep 18 | $12,506 | $13,204 |
Oct 18 | $11,515 | $12,214 |
Nov 18 | $11,554 | $12,393 |
Dec 18 | $10,657 | $11,520 |
Jan 19 | $11,629 | $12,430 |
Feb 19 | $11,910 | $12,762 |
Mar 19 | $12,008 | $12,923 |
Apr 19 | $12,428 | $13,359 |
May 19 | $11,755 | $12,567 |
Jun 19 | $12,457 | $13,390 |
Jul 19 | $12,434 | $13,429 |
Aug 19 | $12,123 | $13,110 |
Sep 19 | $12,365 | $13,386 |
Oct 19 | $12,687 | $13,752 |
Nov 19 | $13,002 | $14,088 |
Dec 19 | $13,412 | $14,584 |
Jan 20 | $13,254 | $14,423 |
Feb 20 | $12,246 | $13,258 |
Mar 20 | $10,387 | $11,468 |
Apr 20 | $11,554 | $12,697 |
May 20 | $12,175 | $13,249 |
Jun 20 | $12,592 | $13,672 |
Jul 20 | $13,254 | $14,395 |
Aug 20 | $14,116 | $15,277 |
Sep 20 | $13,653 | $14,784 |
Oct 20 | $13,307 | $14,425 |
Nov 20 | $14,840 | $16,203 |
Dec 20 | $15,541 | $16,955 |
Jan 21 | $15,528 | $16,878 |
Feb 21 | $15,924 | $17,269 |
Mar 21 | $16,314 | $17,730 |
Apr 21 | $16,972 | $18,505 |
May 21 | $17,252 | $18,793 |
Jun 21 | $17,405 | $19,041 |
Jul 21 | $17,527 | $19,172 |
Aug 21 | $17,927 | $19,652 |
Sep 21 | $17,100 | $18,840 |
Oct 21 | $17,914 | $19,802 |
Nov 21 | $17,548 | $19,325 |
Dec 21 | $18,320 | $20,098 |
Jan 22 | $17,503 | $19,111 |
Feb 22 | $16,878 | $18,617 |
Mar 22 | $17,247 | $19,020 |
Apr 22 | $15,841 | $17,498 |
May 22 | $16,096 | $17,519 |
Jun 22 | $14,704 | $16,042 |
Jul 22 | $15,585 | $17,162 |
Aug 22 | $14,939 | $16,530 |
Sep 22 | $13,504 | $14,948 |
Oct 22 | $14,489 | $15,850 |
Nov 22 | $15,745 | $17,079 |
Dec 22 | $15,075 | $16,407 |
Jan 23 | $16,131 | $17,583 |
Feb 23 | $15,603 | $17,079 |
Mar 23 | $16,204 | $17,606 |
Apr 23 | $16,428 | $17,859 |
May 23 | $16,182 | $17,668 |
Jun 23 | $17,195 | $18,693 |
Jul 23 | $17,817 | $19,378 |
Aug 23 | $17,303 | $18,836 |
Sep 23 | $16,616 | $18,057 |
Oct 23 | $16,233 | $17,514 |
Nov 23 | $17,723 | $19,131 |
Dec 23 | $18,501 | $20,050 |
Jan 24 | $18,486 | $20,167 |
Feb 24 | $19,375 | $21,033 |
Mar 24 | $20,160 | $21,693 |
Apr 24 | $19,375 | $20,977 |
May 24 | $20,403 | $21,829 |
Jun 24 | $21,012 | $22,316 |
Jul 24 | $21,313 | $22,675 |
Aug 24 | $21,695 | $23,251 |
Sep 24 | $22,143 | $23,791 |
Oct 24 | $21,812 | $23,257 |
Nov 24 | $22,708 | $24,127 |
Dec 24 | $22,004 | $23,556 |
Jan 25 | $22,646 | $24,347 |
Feb 25 | $22,579 | $24,200 |
Mar 25 | $21,778 | $23,244 |
Apr 25 | $21,837 | $23,461 |
May 25 | $23,038 | $24,810 |
Jun 25 | $24,106 | $25,923 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 14.73% | 13.87% | 9.20% |
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 16.17 | 13.65 | 9.99 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $473,308,291 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 203 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $2,151,815 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 160% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 66.1% |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.0 |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.8 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6 |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.6 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.5% |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.3 |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.0 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.5 |
Bank of America Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
Pfizer, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.6 |
S&P Global, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.6 |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
Novartis AG (Registered)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
| 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 | $103 | 0.96% |
How did the Fund perform last year?
For the reporting period ended June 30, 2025, the Fund's Investor A Shares returned 14.48%.
For the same period, the MSCI All Country World Index (Net) returned 16.17%.
What contributed to performance?
Positive contributions to the Fund’s return were driven by sentiment insights. In particular, measures designed to evaluate informed investor positioning spotted a rotation out of crowded momentum trades and into more resilient themes, which benefited holdings of European financials, aerospace and defense firms, as well as Japanese banks. Text-based sentiment measures analyzing brokerage firm reports and conference call transcripts also contributed by steering the portfolio toward consumer staples companies. Alongside these gains from sentiment measures, a quality insight that penalizes companies issuing new shares added stability during periods of market volatility, supporting overall results.
What detracted from performance?
Detractors included fundamental valuation measures that favored lower-priced, lower-volatility stocks such as U.S. homebuilders, as investors chased growth and were willing to pay higher multiples. In addition, macro-thematic insights that track policy shifts, recession odds and bond market credit spreads failed to time the rotation within information technology as the market’s perception of the biggest artificial intelligence beneficiaries shifted.
Investor A Shares | MSCI All Country World Index (Net) | |
|---|---|---|
Jul 15 | $9,403 | $10,087 |
Aug 15 | $8,904 | $9,395 |
Sep 15 | $8,330 | $9,055 |
Oct 15 | $8,805 | $9,766 |
Nov 15 | $8,748 | $9,685 |
Dec 15 | $8,512 | $9,510 |
Jan 16 | $7,643 | $8,937 |
Feb 16 | $7,595 | $8,875 |
Mar 16 | $8,184 | $9,533 |
Apr 16 | $8,408 | $9,674 |
May 16 | $8,456 | $9,686 |
Jun 16 | $8,412 | $9,627 |
Jul 16 | $8,881 | $10,042 |
Aug 16 | $8,977 | $10,076 |
Sep 16 | $9,129 | $10,138 |
Oct 16 | $8,697 | $9,966 |
Nov 16 | $9,009 | $10,041 |
Dec 16 | $9,160 | $10,258 |
Jan 17 | $9,450 | $10,539 |
Feb 17 | $9,503 | $10,834 |
Mar 17 | $9,559 | $10,967 |
Apr 17 | $9,753 | $11,138 |
May 17 | $9,906 | $11,384 |
Jun 17 | $10,019 | $11,436 |
Jul 17 | $10,341 | $11,755 |
Aug 17 | $10,357 | $11,800 |
Sep 17 | $10,736 | $12,028 |
Oct 17 | $10,869 | $12,278 |
Nov 17 | $11,123 | $12,516 |
Dec 17 | $11,313 | $12,717 |
Jan 18 | $11,941 | $13,435 |
Feb 18 | $11,488 | $12,871 |
Mar 18 | $11,318 | $12,595 |
Apr 18 | $11,291 | $12,715 |
May 18 | $11,335 | $12,731 |
Jun 18 | $11,231 | $12,662 |
Jul 18 | $11,586 | $13,044 |
Aug 18 | $11,679 | $13,147 |
Sep 18 | $11,722 | $13,204 |
Oct 18 | $10,788 | $12,214 |
Nov 18 | $10,826 | $12,393 |
Dec 18 | $9,987 | $11,520 |
Jan 19 | $10,894 | $12,430 |
Feb 19 | $11,155 | $12,762 |
Mar 19 | $11,246 | $12,923 |
Apr 19 | $11,632 | $13,359 |
May 19 | $11,002 | $12,567 |
Jun 19 | $11,654 | $13,390 |
Jul 19 | $11,632 | $13,429 |
Aug 19 | $11,337 | $13,110 |
Sep 19 | $11,563 | $13,386 |
Oct 19 | $11,858 | $13,752 |
Nov 19 | $12,150 | $14,088 |
Dec 19 | $12,537 | $14,584 |
Jan 20 | $12,387 | $14,423 |
Feb 20 | $11,440 | $13,258 |
Mar 20 | $9,703 | $11,468 |
Apr 20 | $10,788 | $12,697 |
May 20 | $11,371 | $13,249 |
Jun 20 | $11,752 | $13,672 |
Jul 20 | $12,370 | $14,395 |
Aug 20 | $13,172 | $15,277 |
Sep 20 | $12,733 | $14,784 |
Oct 20 | $12,410 | $14,425 |
Nov 20 | $13,838 | $16,203 |
Dec 20 | $14,486 | $16,955 |
Jan 21 | $14,474 | $16,878 |
Feb 21 | $14,840 | $17,269 |
Mar 21 | $15,199 | $17,730 |
Apr 21 | $15,811 | $18,505 |
May 21 | $16,069 | $18,793 |
Jun 21 | $16,207 | $19,041 |
Jul 21 | $16,315 | $19,172 |
Aug 21 | $16,684 | $19,652 |
Sep 21 | $15,912 | $18,840 |
Oct 21 | $16,663 | $19,802 |
Nov 21 | $16,322 | $19,325 |
Dec 21 | $17,038 | $20,098 |
Jan 22 | $16,277 | $19,111 |
Feb 22 | $15,692 | $18,617 |
Mar 22 | $16,024 | $19,020 |
Apr 22 | $14,720 | $17,498 |
May 22 | $14,953 | $17,519 |
Jun 22 | $13,657 | $16,042 |
Jul 22 | $14,467 | $17,162 |
Aug 22 | $13,871 | $16,530 |
Sep 22 | $12,528 | $14,948 |
Oct 22 | $13,447 | $15,850 |
Nov 22 | $14,607 | $17,079 |
Dec 22 | $13,983 | $16,407 |
Jan 23 | $14,957 | $17,583 |
Feb 23 | $14,470 | $17,079 |
Mar 23 | $15,021 | $17,606 |
Apr 23 | $15,229 | $17,859 |
May 23 | $14,993 | $17,668 |
Jun 23 | $15,931 | $18,693 |
Jul 23 | $16,497 | $19,378 |
Aug 23 | $16,024 | $18,836 |
Sep 23 | $15,379 | $18,057 |
Oct 23 | $15,028 | $17,514 |
Nov 23 | $16,397 | $19,131 |
Dec 23 | $17,118 | $20,050 |
Jan 24 | $17,103 | $20,167 |
Feb 24 | $17,924 | $21,033 |
Mar 24 | $18,644 | $21,693 |
Apr 24 | $17,910 | $20,977 |
May 24 | $18,855 | $21,829 |
Jun 24 | $19,415 | $22,316 |
Jul 24 | $19,691 | $22,675 |
Aug 24 | $20,040 | $23,251 |
Sep 24 | $20,447 | $23,791 |
Oct 24 | $20,134 | $23,257 |
Nov 24 | $20,963 | $24,127 |
Dec 24 | $20,303 | $23,556 |
Jan 25 | $20,894 | $24,347 |
Feb 25 | $20,828 | $24,200 |
Mar 25 | $20,087 | $23,244 |
Apr 25 | $20,137 | $23,461 |
May 25 | $21,244 | $24,810 |
Jun 25 | $22,226 | $25,923 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 14.48% | 13.59% | 8.90% |
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.47 | 12.37 | 8.31 |
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 16.17 | 13.65 | 9.99 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $473,308,291 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 203 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $2,151,815 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 160% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 66.1% |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.0 |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.8 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6 |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.6 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.5% |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.3 |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.0 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.5 |
Bank of America Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
Pfizer, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.6 |
S&P Global, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.6 |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
Novartis AG (Registered)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
| 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 | $183 | 1.71% |
How did the Fund perform last year?
For the reporting period ended June 30, 2025, the Fund's Investor C Shares returned 13.61%.
For the same period, the MSCI All Country World Index (Net) returned 16.17%.
What contributed to performance?
Positive contributions to the Fund’s return were driven by sentiment insights. In particular, measures designed to evaluate informed investor positioning spotted a rotation out of crowded momentum trades and into more resilient themes, which benefited holdings of European financials, aerospace and defense firms, as well as Japanese banks. Text-based sentiment measures analyzing brokerage firm reports and conference call transcripts also contributed by steering the portfolio toward consumer staples companies. Alongside these gains from sentiment measures, a quality insight that penalizes companies issuing new shares added stability during periods of market volatility, supporting overall results.
What detracted from performance?
Detractors included fundamental valuation measures that favored lower-priced, lower-volatility stocks such as U.S. homebuilders, as investors chased growth and were willing to pay higher multiples. In addition, macro-thematic insights that track policy shifts, recession odds and bond market credit spreads failed to time the rotation within information technology as the market’s perception of the biggest artificial intelligence beneficiaries shifted.
Investor C Shares | MSCI All Country World Index (Net) | |
|---|---|---|
Jul 15 | $9,918 | $10,087 |
Aug 15 | $9,387 | $9,395 |
Sep 15 | $8,774 | $9,055 |
Oct 15 | $9,268 | $9,766 |
Nov 15 | $9,204 | $9,685 |
Dec 15 | $8,948 | $9,510 |
Jan 16 | $8,026 | $8,937 |
Feb 16 | $7,973 | $8,875 |
Mar 16 | $8,589 | $9,533 |
Apr 16 | $8,817 | $9,674 |
May 16 | $8,861 | $9,686 |
Jun 16 | $8,807 | $9,627 |
Jul 16 | $9,293 | $10,042 |
Aug 16 | $9,385 | $10,076 |
Sep 16 | $9,540 | $10,138 |
Oct 16 | $9,079 | $9,966 |
Nov 16 | $9,404 | $10,041 |
Dec 16 | $9,550 | $10,258 |
Jan 17 | $9,846 | $10,539 |
Feb 17 | $9,894 | $10,834 |
Mar 17 | $9,948 | $10,967 |
Apr 17 | $10,142 | $11,138 |
May 17 | $10,297 | $11,384 |
Jun 17 | $10,409 | $11,436 |
Jul 17 | $10,734 | $11,755 |
Aug 17 | $10,743 | $11,800 |
Sep 17 | $11,132 | $12,028 |
Oct 17 | $11,258 | $12,278 |
Nov 17 | $11,515 | $12,516 |
Dec 17 | $11,700 | $12,717 |
Jan 18 | $12,346 | $13,435 |
Feb 18 | $11,872 | $12,871 |
Mar 18 | $11,694 | $12,595 |
Apr 18 | $11,652 | $12,715 |
May 18 | $11,687 | $12,731 |
Jun 18 | $11,577 | $12,662 |
Jul 18 | $11,941 | $13,044 |
Aug 18 | $12,023 | $13,147 |
Sep 18 | $12,064 | $13,204 |
Oct 18 | $11,097 | $12,214 |
Nov 18 | $11,120 | $12,393 |
Dec 18 | $10,254 | $11,520 |
Jan 19 | $11,177 | $12,430 |
Feb 19 | $11,440 | $12,762 |
Mar 19 | $11,525 | $12,923 |
Apr 19 | $11,915 | $13,359 |
May 19 | $11,262 | $12,567 |
Jun 19 | $11,922 | $13,390 |
Jul 19 | $11,894 | $13,429 |
Aug 19 | $11,589 | $13,110 |
Sep 19 | $11,809 | $13,386 |
Oct 19 | $12,100 | $13,752 |
Nov 19 | $12,396 | $14,088 |
Dec 19 | $12,778 | $14,584 |
Jan 20 | $12,612 | $14,423 |
Feb 20 | $11,648 | $13,258 |
Mar 20 | $9,869 | $11,468 |
Apr 20 | $10,964 | $12,697 |
May 20 | $11,554 | $13,249 |
Jun 20 | $11,935 | $13,672 |
Jul 20 | $12,547 | $14,395 |
Aug 20 | $13,361 | $15,277 |
Sep 20 | $12,907 | $14,784 |
Oct 20 | $12,569 | $14,425 |
Nov 20 | $14,004 | $16,203 |
Dec 20 | $14,656 | $16,955 |
Jan 21 | $14,633 | $16,878 |
Feb 21 | $14,996 | $17,269 |
Mar 21 | $15,352 | $17,730 |
Apr 21 | $15,952 | $18,505 |
May 21 | $16,203 | $18,793 |
Jun 21 | $16,337 | $19,041 |
Jul 21 | $16,433 | $19,172 |
Aug 21 | $16,795 | $19,652 |
Sep 21 | $16,007 | $18,840 |
Oct 21 | $16,752 | $19,802 |
Nov 21 | $16,396 | $19,325 |
Dec 21 | $17,107 | $20,098 |
Jan 22 | $16,327 | $19,111 |
Feb 22 | $15,735 | $18,617 |
Mar 22 | $16,058 | $19,020 |
Apr 22 | $14,740 | $17,498 |
May 22 | $14,964 | $17,519 |
Jun 22 | $13,664 | $16,042 |
Jul 22 | $14,462 | $17,162 |
Aug 22 | $13,853 | $16,530 |
Sep 22 | $12,508 | $14,948 |
Oct 22 | $13,414 | $15,850 |
Nov 22 | $14,570 | $17,079 |
Dec 22 | $13,940 | $16,407 |
Jan 23 | $14,894 | $17,583 |
Feb 23 | $14,404 | $17,079 |
Mar 23 | $14,939 | $17,606 |
Apr 23 | $15,139 | $17,859 |
May 23 | $14,894 | $17,668 |
Jun 23 | $15,820 | $18,693 |
Jul 23 | $16,382 | $19,378 |
Aug 23 | $15,913 | $18,836 |
Sep 23 | $15,273 | $18,057 |
Oct 23 | $14,924 | $17,514 |
Nov 23 | $16,283 | $19,131 |
Dec 23 | $16,999 | $20,050 |
Jan 24 | $16,984 | $20,167 |
Feb 24 | $17,800 | $21,033 |
Mar 24 | $18,515 | $21,693 |
Apr 24 | $17,786 | $20,977 |
May 24 | $18,724 | $21,829 |
Jun 24 | $19,280 | $22,316 |
Jul 24 | $19,554 | $22,675 |
Aug 24 | $19,900 | $23,251 |
Sep 24 | $20,305 | $23,791 |
Oct 24 | $19,994 | $23,257 |
Nov 24 | $20,817 | $24,127 |
Dec 24 | $20,162 | $23,556 |
Jan 25 | $20,749 | $24,347 |
Feb 25 | $20,683 | $24,200 |
Mar 25 | $19,948 | $23,244 |
Apr 25 | $19,997 | $23,461 |
May 25 | $21,096 | $24,810 |
Jun 25 | $22,071 | $25,923 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.61% | 12.73% | 8.24% |
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 12.65 | 12.73 | 8.24 |
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 16.17 | 13.65 | 9.99 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $473,308,291 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 203 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $2,151,815 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 160% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 66.1% |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.0 |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.8 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.8 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.6 |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.6 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.5% |
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.3 |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 4.0 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.5 |
Bank of America Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
Pfizer, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.6 |
S&P Global, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.6 |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
Novartis AG (Registered)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.5 |
| 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. |