Shareholder Report
Jun. 30, 2026
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 | $77 | 0.66% |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Class K Shares returned 31.50%.
For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 23.67%.
What contributed to performance?
Positive contributions to the Fund’s return were driven primarily by macro thematic insights, with additional support from sentiment and fundamental measures. Macro thematic insights successfully identified opportunities linked to valuation, industry trends and evolving economic conditions, while sentiment measures benefited from broker research, company linkages, smart money positioning and momentum related insights that adapted well to changing market leadership. Fundamental insights contributed through successful identification of attractively valued companies with strong cash flow, earnings quality and resilient balance sheets. From a sector perspective, information technology was the largest contributor, followed by industrials, financials and communication services. In country terms, performance contributions were led by the United States, alongside strong contributions from the United Kingdom, Taiwan, South Korea and Canada.
What detracted from performance?
Detractors included certain sentiment measures tied to analyst revisions, management commentary, mobile app usage and consumer activity which struggled as market leadership evolved over the 12-month period. Additionally, select fundamental valuation measures focused on earnings and forward valuation multiples detracted during periods of highly concentrated market leadership. At the sector level, while all sectors contributed positively to performance health care and consumer discretionary were the weakest contributors, while in country terms India and Israel detracted modestly.
Class K Shares | MSCI All Country World Index (Net) | |
|---|---|---|
Jul 16 | $10,563 | $10,431 |
Aug 16 | $10,682 | $10,466 |
Sep 16 | $10,865 | $10,530 |
Oct 16 | $10,352 | $10,351 |
Nov 16 | $10,728 | $10,430 |
Dec 16 | $10,913 | $10,655 |
Jan 17 | $11,260 | $10,947 |
Feb 17 | $11,325 | $11,254 |
Mar 17 | $11,395 | $11,392 |
Apr 17 | $11,631 | $11,569 |
May 17 | $11,821 | $11,825 |
Jun 17 | $11,960 | $11,878 |
Jul 17 | $12,348 | $12,210 |
Aug 17 | $12,372 | $12,257 |
Sep 17 | $12,825 | $12,494 |
Oct 17 | $12,987 | $12,753 |
Nov 17 | $13,293 | $13,000 |
Dec 17 | $13,520 | $13,210 |
Jan 18 | $14,279 | $13,955 |
Feb 18 | $13,738 | $13,369 |
Mar 18 | $13,545 | $13,083 |
Apr 18 | $13,514 | $13,208 |
May 18 | $13,564 | $13,224 |
Jun 18 | $13,446 | $13,153 |
Jul 18 | $13,881 | $13,549 |
Aug 18 | $13,993 | $13,656 |
Sep 18 | $14,049 | $13,715 |
Oct 18 | $12,930 | $12,687 |
Nov 18 | $12,975 | $12,873 |
Dec 18 | $11,973 | $11,966 |
Jan 19 | $13,065 | $12,911 |
Feb 19 | $13,382 | $13,256 |
Mar 19 | $13,492 | $13,423 |
Apr 19 | $13,963 | $13,876 |
May 19 | $13,207 | $13,053 |
Jun 19 | $13,996 | $13,908 |
Jul 19 | $13,970 | $13,949 |
Aug 19 | $13,621 | $13,618 |
Sep 19 | $13,899 | $13,904 |
Oct 19 | $14,254 | $14,285 |
Nov 19 | $14,609 | $14,634 |
Dec 19 | $15,077 | $15,149 |
Jan 20 | $14,899 | $14,981 |
Feb 20 | $13,766 | $13,771 |
Mar 20 | $11,677 | $11,912 |
Apr 20 | $12,988 | $13,188 |
May 20 | $13,693 | $13,762 |
Jun 20 | $14,155 | $14,202 |
Jul 20 | $14,899 | $14,953 |
Aug 20 | $15,874 | $15,868 |
Sep 20 | $15,354 | $15,356 |
Oct 20 | $14,965 | $14,983 |
Nov 20 | $16,690 | $16,830 |
Dec 20 | $17,471 | $17,611 |
Jan 21 | $17,464 | $17,531 |
Feb 21 | $17,909 | $17,937 |
Mar 21 | $18,348 | $18,416 |
Apr 21 | $19,088 | $19,222 |
May 21 | $19,403 | $19,521 |
Jun 21 | $19,581 | $19,778 |
Jul 21 | $19,718 | $19,914 |
Aug 21 | $20,167 | $20,413 |
Sep 21 | $19,236 | $19,569 |
Oct 21 | $20,151 | $20,568 |
Nov 21 | $19,740 | $20,073 |
Dec 21 | $20,614 | $20,876 |
Jan 22 | $19,694 | $19,851 |
Feb 22 | $18,999 | $19,338 |
Mar 22 | $19,407 | $19,757 |
Apr 22 | $17,824 | $18,175 |
May 22 | $18,120 | $18,197 |
Jun 22 | $16,553 | $16,663 |
Jul 22 | $17,536 | $17,826 |
Aug 22 | $16,814 | $17,170 |
Sep 22 | $15,199 | $15,526 |
Oct 22 | $16,308 | $16,463 |
Nov 22 | $17,730 | $17,740 |
Dec 22 | $16,972 | $17,042 |
Jan 23 | $18,161 | $18,264 |
Feb 23 | $17,566 | $17,740 |
Mar 23 | $18,242 | $18,287 |
Apr 23 | $18,503 | $18,550 |
May 23 | $18,218 | $18,351 |
Jun 23 | $19,366 | $19,417 |
Jul 23 | $20,058 | $20,128 |
Aug 23 | $19,488 | $19,565 |
Sep 23 | $18,706 | $18,756 |
Oct 23 | $18,283 | $18,192 |
Nov 23 | $19,961 | $19,871 |
Dec 23 | $20,842 | $20,826 |
Jan 24 | $20,826 | $20,948 |
Feb 24 | $21,826 | $21,847 |
Mar 24 | $22,711 | $22,533 |
Apr 24 | $21,826 | $21,789 |
May 24 | $22,983 | $22,674 |
Jun 24 | $23,670 | $23,179 |
Jul 24 | $24,009 | $23,553 |
Aug 24 | $24,438 | $24,151 |
Sep 24 | $24,951 | $24,713 |
Oct 24 | $24,571 | $24,158 |
Nov 24 | $25,588 | $25,061 |
Dec 24 | $24,790 | $24,468 |
Jan 25 | $25,524 | $25,289 |
Feb 25 | $25,448 | $25,137 |
Mar 25 | $24,546 | $24,144 |
Apr 25 | $24,612 | $24,369 |
May 25 | $25,965 | $25,770 |
Jun 25 | $27,178 | $26,927 |
Jul 25 | $27,470 | $27,292 |
Aug 25 | $28,428 | $27,966 |
Sep 25 | $29,613 | $28,980 |
Oct 25 | $30,233 | $29,628 |
Nov 25 | $30,327 | $29,625 |
Dec 25 | $30,740 | $29,934 |
Jan 26 | $32,270 | $30,821 |
Feb 26 | $32,873 | $31,217 |
Mar 26 | $31,301 | $28,975 |
Apr 26 | $34,475 | $31,923 |
May 26 | $36,322 | $33,570 |
Jun 26 | $35,740 | $33,301 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 31.50% | 12.79% | 13.58% |
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 23.67 | 10.98 | 12.78 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $615,598,233 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 208 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $3,049,104 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 143% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 64.4% |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.3 |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.6 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.2 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.2% |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0 |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.2 |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.1 |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 |
Applied Materials, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.9 |
Bank of America Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
JPMorgan Chase & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.7 |
| 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 | $140 | 1.21% |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Class R Shares returned 30.83%.
For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 23.67%.
What contributed to performance?
Positive contributions to the Fund’s return were driven primarily by macro thematic insights, with additional support from sentiment and fundamental measures. Macro thematic insights successfully identified opportunities linked to valuation, industry trends and evolving economic conditions, while sentiment measures benefited from broker research, company linkages, smart money positioning and momentum related insights that adapted well to changing market leadership. Fundamental insights contributed through successful identification of attractively valued companies with strong cash flow, earnings quality and resilient balance sheets. From a sector perspective, information technology was the largest contributor, followed by industrials, financials and communication services. In country terms, performance contributions were led by the United States, alongside strong contributions from the United Kingdom, Taiwan, South Korea and Canada.
What detracted from performance?
Detractors included certain sentiment measures tied to analyst revisions, management commentary, mobile app usage and consumer activity which struggled as market leadership evolved over the 12-month period. Additionally, select fundamental valuation measures focused on earnings and forward valuation multiples detracted during periods of highly concentrated market leadership. At the sector level, while all sectors contributed positively to performance health care and consumer discretionary were the weakest contributors, while in country terms India and Israel detracted modestly.
Class R Shares | MSCI All Country World Index (Net) | |
|---|---|---|
Jul 16 | $10,554 | $10,431 |
Aug 16 | $10,662 | $10,466 |
Sep 16 | $10,842 | $10,530 |
Oct 16 | $10,323 | $10,351 |
Nov 16 | $10,693 | $10,430 |
Dec 16 | $10,869 | $10,655 |
Jan 17 | $11,209 | $10,947 |
Feb 17 | $11,265 | $11,254 |
Mar 17 | $11,327 | $11,392 |
Apr 17 | $11,554 | $11,569 |
May 17 | $11,734 | $11,825 |
Jun 17 | $11,867 | $11,878 |
Jul 17 | $12,243 | $12,210 |
Aug 17 | $12,258 | $12,257 |
Sep 17 | $12,706 | $12,494 |
Oct 17 | $12,860 | $12,753 |
Nov 17 | $13,153 | $13,000 |
Dec 17 | $13,374 | $13,210 |
Jan 18 | $14,116 | $13,955 |
Feb 18 | $13,574 | $13,369 |
Mar 18 | $13,381 | $13,083 |
Apr 18 | $13,338 | $13,208 |
May 18 | $13,388 | $13,224 |
Jun 18 | $13,267 | $13,153 |
Jul 18 | $13,681 | $13,549 |
Aug 18 | $13,788 | $13,656 |
Sep 18 | $13,838 | $13,715 |
Oct 18 | $12,732 | $12,687 |
Nov 18 | $12,770 | $12,873 |
Dec 18 | $11,776 | $11,966 |
Jan 19 | $12,844 | $12,911 |
Feb 19 | $13,155 | $13,256 |
Mar 19 | $13,252 | $13,423 |
Apr 19 | $13,712 | $13,876 |
May 19 | $12,963 | $13,053 |
Jun 19 | $13,734 | $13,908 |
Jul 19 | $13,697 | $13,949 |
Aug 19 | $13,348 | $13,618 |
Sep 19 | $13,615 | $13,904 |
Oct 19 | $13,956 | $14,285 |
Nov 19 | $14,303 | $14,634 |
Dec 19 | $14,747 | $15,149 |
Jan 20 | $14,566 | $14,981 |
Feb 20 | $13,459 | $13,771 |
Mar 20 | $11,409 | $11,912 |
Apr 20 | $12,683 | $13,188 |
May 20 | $13,361 | $13,762 |
Jun 20 | $13,813 | $14,202 |
Jul 20 | $14,529 | $14,953 |
Aug 20 | $15,471 | $15,868 |
Sep 20 | $14,958 | $15,356 |
Oct 20 | $14,566 | $14,983 |
Nov 20 | $16,245 | $16,830 |
Dec 20 | $16,998 | $17,611 |
Jan 21 | $16,982 | $17,531 |
Feb 21 | $17,413 | $17,937 |
Mar 21 | $17,828 | $18,416 |
Apr 21 | $18,542 | $19,222 |
May 21 | $18,839 | $19,521 |
Jun 21 | $18,996 | $19,778 |
Jul 21 | $19,122 | $19,914 |
Aug 21 | $19,548 | $20,413 |
Sep 21 | $18,633 | $19,569 |
Oct 21 | $19,511 | $20,568 |
Nov 21 | $19,113 | $20,073 |
Dec 21 | $19,949 | $20,876 |
Jan 22 | $19,050 | $19,851 |
Feb 22 | $18,357 | $19,338 |
Mar 22 | $18,750 | $19,757 |
Apr 22 | $17,214 | $18,175 |
May 22 | $17,486 | $18,197 |
Jun 22 | $15,969 | $16,663 |
Jul 22 | $16,915 | $17,826 |
Aug 22 | $16,206 | $17,170 |
Sep 22 | $14,647 | $15,526 |
Oct 22 | $15,708 | $16,463 |
Nov 22 | $17,061 | $17,740 |
Dec 22 | $16,331 | $17,042 |
Jan 23 | $17,464 | $18,264 |
Feb 23 | $16,893 | $17,740 |
Mar 23 | $17,531 | $18,287 |
Apr 23 | $17,769 | $18,550 |
May 23 | $17,483 | $18,351 |
Jun 23 | $18,579 | $19,417 |
Jul 23 | $19,236 | $20,128 |
Aug 23 | $18,683 | $19,565 |
Sep 23 | $17,921 | $18,756 |
Oct 23 | $17,512 | $18,192 |
Nov 23 | $19,102 | $19,871 |
Dec 23 | $19,939 | $20,826 |
Jan 24 | $19,920 | $20,948 |
Feb 24 | $20,868 | $21,847 |
Mar 24 | $21,700 | $22,533 |
Apr 24 | $20,849 | $21,789 |
May 24 | $21,942 | $22,674 |
Jun 24 | $22,590 | $23,179 |
Jul 24 | $22,899 | $23,553 |
Aug 24 | $23,306 | $24,151 |
Sep 24 | $23,770 | $24,713 |
Oct 24 | $23,403 | $24,158 |
Nov 24 | $24,360 | $25,061 |
Dec 24 | $23,597 | $24,468 |
Jan 25 | $24,274 | $25,289 |
Feb 25 | $24,195 | $25,137 |
Mar 25 | $23,326 | $24,144 |
Apr 25 | $23,371 | $24,369 |
May 25 | $24,658 | $25,770 |
Jun 25 | $25,787 | $26,927 |
Jul 25 | $26,058 | $27,292 |
Aug 25 | $26,961 | $27,966 |
Sep 25 | $28,068 | $28,980 |
Oct 25 | $28,643 | $29,628 |
Nov 25 | $28,722 | $29,625 |
Dec 25 | $29,087 | $29,934 |
Jan 26 | $30,521 | $30,821 |
Feb 26 | $31,082 | $31,217 |
Mar 26 | $29,586 | $28,975 |
Apr 26 | $32,578 | $31,923 |
May 26 | $34,298 | $33,570 |
Jun 26 | $33,737 | $33,301 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class R Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 30.83% | 12.17% | 12.93% |
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 23.67 | 10.98 | 12.78 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $615,598,233 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 208 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $3,049,104 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 143% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 64.4% |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.3 |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.6 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.2 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.2% |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0 |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.2 |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.1 |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 |
Applied Materials, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.9 |
Bank of America Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
JPMorgan Chase & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.7 |
| 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 | $83 | 0.71% |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Institutional Shares returned 31.50%.
For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 23.67%.
What contributed to performance?
Positive contributions to the Fund’s return were driven primarily by macro thematic insights, with additional support from sentiment and fundamental measures. Macro thematic insights successfully identified opportunities linked to valuation, industry trends and evolving economic conditions, while sentiment measures benefited from broker research, company linkages, smart money positioning and momentum related insights that adapted well to changing market leadership. Fundamental insights contributed through successful identification of attractively valued companies with strong cash flow, earnings quality and resilient balance sheets. From a sector perspective, information technology was the largest contributor, followed by industrials, financials and communication services. In country terms, performance contributions were led by the United States, alongside strong contributions from the United Kingdom, Taiwan, South Korea and Canada.
What detracted from performance?
Detractors included certain sentiment measures tied to analyst revisions, management commentary, mobile app usage and consumer activity which struggled as market leadership evolved over the 12-month period. Additionally, select fundamental valuation measures focused on earnings and forward valuation multiples detracted during periods of highly concentrated market leadership. At the sector level, while all sectors contributed positively to performance health care and consumer discretionary were the weakest contributors, while in country terms India and Israel detracted modestly.
Institutional Shares | MSCI All Country World Index (Net) | |
|---|---|---|
Jul 16 | $10,563 | $10,431 |
Aug 16 | $10,682 | $10,466 |
Sep 16 | $10,865 | $10,530 |
Oct 16 | $10,352 | $10,351 |
Nov 16 | $10,728 | $10,430 |
Dec 16 | $10,913 | $10,655 |
Jan 17 | $11,260 | $10,947 |
Feb 17 | $11,325 | $11,254 |
Mar 17 | $11,395 | $11,392 |
Apr 17 | $11,631 | $11,569 |
May 17 | $11,821 | $11,825 |
Jun 17 | $11,960 | $11,878 |
Jul 17 | $12,348 | $12,210 |
Aug 17 | $12,372 | $12,257 |
Sep 17 | $12,825 | $12,494 |
Oct 17 | $12,987 | $12,753 |
Nov 17 | $13,293 | $13,000 |
Dec 17 | $13,520 | $13,210 |
Jan 18 | $14,279 | $13,955 |
Feb 18 | $13,738 | $13,369 |
Mar 18 | $13,545 | $13,083 |
Apr 18 | $13,508 | $13,208 |
May 18 | $13,564 | $13,224 |
Jun 18 | $13,446 | $13,153 |
Jul 18 | $13,874 | $13,549 |
Aug 18 | $13,986 | $13,656 |
Sep 18 | $14,042 | $13,715 |
Oct 18 | $12,930 | $12,687 |
Nov 18 | $12,973 | $12,873 |
Dec 18 | $11,966 | $11,966 |
Jan 19 | $13,057 | $12,911 |
Feb 19 | $13,374 | $13,256 |
Mar 19 | $13,484 | $13,423 |
Apr 19 | $13,955 | $13,876 |
May 19 | $13,199 | $13,053 |
Jun 19 | $13,987 | $13,908 |
Jul 19 | $13,961 | $13,949 |
Aug 19 | $13,613 | $13,618 |
Sep 19 | $13,884 | $13,904 |
Oct 19 | $14,246 | $14,285 |
Nov 19 | $14,599 | $14,634 |
Dec 19 | $15,060 | $15,149 |
Jan 20 | $14,882 | $14,981 |
Feb 20 | $13,750 | $13,771 |
Mar 20 | $11,664 | $11,912 |
Apr 20 | $12,974 | $13,188 |
May 20 | $13,671 | $13,762 |
Jun 20 | $14,139 | $14,202 |
Jul 20 | $14,882 | $14,953 |
Aug 20 | $15,850 | $15,868 |
Sep 20 | $15,330 | $15,356 |
Oct 20 | $14,942 | $14,983 |
Nov 20 | $16,663 | $16,830 |
Dec 20 | $17,450 | $17,611 |
Jan 21 | $17,436 | $17,531 |
Feb 21 | $17,881 | $17,937 |
Mar 21 | $18,319 | $18,416 |
Apr 21 | $19,057 | $19,222 |
May 21 | $19,372 | $19,521 |
Jun 21 | $19,543 | $19,778 |
Jul 21 | $19,680 | $19,914 |
Aug 21 | $20,130 | $20,413 |
Sep 21 | $19,201 | $19,569 |
Oct 21 | $20,115 | $20,568 |
Nov 21 | $19,704 | $20,073 |
Dec 21 | $20,571 | $20,876 |
Jan 22 | $19,653 | $19,851 |
Feb 22 | $18,952 | $19,338 |
Mar 22 | $19,366 | $19,757 |
Apr 22 | $17,787 | $18,175 |
May 22 | $18,074 | $18,197 |
Jun 22 | $16,511 | $16,663 |
Jul 22 | $17,500 | $17,826 |
Aug 22 | $16,774 | $17,170 |
Sep 22 | $15,163 | $15,526 |
Oct 22 | $16,269 | $16,463 |
Nov 22 | $17,680 | $17,740 |
Dec 22 | $16,927 | $17,042 |
Jan 23 | $18,113 | $18,264 |
Feb 23 | $17,520 | $17,740 |
Mar 23 | $18,194 | $18,287 |
Apr 23 | $18,446 | $18,550 |
May 23 | $18,170 | $18,351 |
Jun 23 | $19,307 | $19,417 |
Jul 23 | $20,006 | $20,128 |
Aug 23 | $19,429 | $19,565 |
Sep 23 | $18,657 | $18,756 |
Oct 23 | $18,227 | $18,192 |
Nov 23 | $19,900 | $19,871 |
Dec 23 | $20,774 | $20,826 |
Jan 24 | $20,758 | $20,948 |
Feb 24 | $21,755 | $21,847 |
Mar 24 | $22,637 | $22,533 |
Apr 24 | $21,755 | $21,789 |
May 24 | $22,909 | $22,674 |
Jun 24 | $23,594 | $23,179 |
Jul 24 | $23,932 | $23,553 |
Aug 24 | $24,360 | $24,151 |
Sep 24 | $24,863 | $24,713 |
Oct 24 | $24,492 | $24,158 |
Nov 24 | $25,498 | $25,061 |
Dec 24 | $24,707 | $24,468 |
Jan 25 | $25,429 | $25,289 |
Feb 25 | $25,354 | $25,137 |
Mar 25 | $24,454 | $24,144 |
Apr 25 | $24,520 | $24,369 |
May 25 | $25,869 | $25,770 |
Jun 25 | $27,068 | $26,927 |
Jul 25 | $27,368 | $27,292 |
Aug 25 | $28,324 | $27,966 |
Sep 25 | $29,504 | $28,980 |
Oct 25 | $30,113 | $29,628 |
Nov 25 | $30,207 | $29,625 |
Dec 25 | $30,612 | $29,934 |
Jan 26 | $32,137 | $30,821 |
Feb 26 | $32,737 | $31,217 |
Mar 26 | $31,171 | $28,975 |
Apr 26 | $34,333 | $31,923 |
May 26 | $36,163 | $33,570 |
Jun 26 | $35,594 | $33,301 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 31.50% | 12.74% | 13.54% |
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 23.67 | 10.98 | 12.78 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $615,598,233 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 208 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $3,049,104 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 143% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 64.4% |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.3 |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.6 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.2 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.2% |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0 |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.2 |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.1 |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 |
Applied Materials, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.9 |
Bank of America Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
JPMorgan Chase & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.7 |
| 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 | $111 | 0.96% |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Investor A Shares returned 31.14%.
For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 23.67%.
What contributed to performance?
Positive contributions to the Fund’s return were driven primarily by macro thematic insights, with additional support from sentiment and fundamental measures. Macro thematic insights successfully identified opportunities linked to valuation, industry trends and evolving economic conditions, while sentiment measures benefited from broker research, company linkages, smart money positioning and momentum related insights that adapted well to changing market leadership. Fundamental insights contributed through successful identification of attractively valued companies with strong cash flow, earnings quality and resilient balance sheets. From a sector perspective, information technology was the largest contributor, followed by industrials, financials and communication services. In country terms, performance contributions were led by the United States, alongside strong contributions from the United Kingdom, Taiwan, South Korea and Canada.
What detracted from performance?
Detractors included certain sentiment measures tied to analyst revisions, management commentary, mobile app usage and consumer activity which struggled as market leadership evolved over the 12-month period. Additionally, select fundamental valuation measures focused on earnings and forward valuation multiples detracted during periods of highly concentrated market leadership. At the sector level, while all sectors contributed positively to performance health care and consumer discretionary were the weakest contributors, while in country terms India and Israel detracted modestly.
Investor A Shares | MSCI All Country World Index (Net) | |
|---|---|---|
Jul 16 | $10,003 | $10,431 |
Aug 16 | $10,111 | $10,466 |
Sep 16 | $10,283 | $10,530 |
Oct 16 | $9,795 | $10,351 |
Nov 16 | $10,147 | $10,430 |
Dec 16 | $10,317 | $10,655 |
Jan 17 | $10,644 | $10,947 |
Feb 17 | $10,703 | $11,254 |
Mar 17 | $10,767 | $11,392 |
Apr 17 | $10,985 | $11,569 |
May 17 | $11,157 | $11,825 |
Jun 17 | $11,284 | $11,878 |
Jul 17 | $11,648 | $12,210 |
Aug 17 | $11,666 | $12,257 |
Sep 17 | $12,093 | $12,494 |
Oct 17 | $12,243 | $12,753 |
Nov 17 | $12,529 | $13,000 |
Dec 17 | $12,742 | $13,210 |
Jan 18 | $13,449 | $13,955 |
Feb 18 | $12,939 | $13,369 |
Mar 18 | $12,748 | $13,083 |
Apr 18 | $12,717 | $13,208 |
May 18 | $12,767 | $13,224 |
Jun 18 | $12,650 | $13,153 |
Jul 18 | $13,050 | $13,549 |
Aug 18 | $13,154 | $13,656 |
Sep 18 | $13,203 | $13,715 |
Oct 18 | $12,151 | $12,687 |
Nov 18 | $12,194 | $12,873 |
Dec 18 | $11,249 | $11,966 |
Jan 19 | $12,271 | $12,911 |
Feb 19 | $12,564 | $13,256 |
Mar 19 | $12,667 | $13,423 |
Apr 19 | $13,101 | $13,876 |
May 19 | $12,392 | $13,053 |
Jun 19 | $13,126 | $13,908 |
Jul 19 | $13,101 | $13,949 |
Aug 19 | $12,769 | $13,618 |
Sep 19 | $13,024 | $13,904 |
Oct 19 | $13,356 | $14,285 |
Nov 19 | $13,685 | $14,634 |
Dec 19 | $14,121 | $15,149 |
Jan 20 | $13,952 | $14,981 |
Feb 20 | $12,886 | $13,771 |
Mar 20 | $10,929 | $11,912 |
Apr 20 | $12,151 | $13,188 |
May 20 | $12,808 | $13,762 |
Jun 20 | $13,237 | $14,202 |
Jul 20 | $13,932 | $14,953 |
Aug 20 | $14,836 | $15,868 |
Sep 20 | $14,342 | $15,356 |
Oct 20 | $13,978 | $14,983 |
Nov 20 | $15,586 | $16,830 |
Dec 20 | $16,316 | $17,611 |
Jan 21 | $16,302 | $17,531 |
Feb 21 | $16,714 | $17,937 |
Mar 21 | $17,120 | $18,416 |
Apr 21 | $17,809 | $19,222 |
May 21 | $18,099 | $19,521 |
Jun 21 | $18,255 | $19,778 |
Jul 21 | $18,376 | $19,914 |
Aug 21 | $18,791 | $20,413 |
Sep 21 | $17,922 | $19,569 |
Oct 21 | $18,768 | $20,568 |
Nov 21 | $18,384 | $20,073 |
Dec 21 | $19,190 | $20,876 |
Jan 22 | $18,333 | $19,851 |
Feb 22 | $17,675 | $19,338 |
Mar 22 | $18,048 | $19,757 |
Apr 22 | $16,580 | $18,175 |
May 22 | $16,842 | $18,197 |
Jun 22 | $15,382 | $16,663 |
Jul 22 | $16,295 | $17,826 |
Aug 22 | $15,624 | $17,170 |
Sep 22 | $14,111 | $15,526 |
Oct 22 | $15,146 | $16,463 |
Nov 22 | $16,452 | $17,740 |
Dec 22 | $15,749 | $17,042 |
Jan 23 | $16,846 | $18,264 |
Feb 23 | $16,298 | $17,740 |
Mar 23 | $16,919 | $18,287 |
Apr 23 | $17,153 | $18,550 |
May 23 | $16,887 | $18,351 |
Jun 23 | $17,944 | $19,417 |
Jul 23 | $18,581 | $20,128 |
Aug 23 | $18,048 | $19,565 |
Sep 23 | $17,322 | $18,756 |
Oct 23 | $16,927 | $18,192 |
Nov 23 | $18,468 | $19,871 |
Dec 23 | $19,280 | $20,826 |
Jan 24 | $19,264 | $20,948 |
Feb 24 | $20,189 | $21,847 |
Mar 24 | $20,999 | $22,533 |
Apr 24 | $20,172 | $21,789 |
May 24 | $21,237 | $22,674 |
Jun 24 | $21,867 | $23,179 |
Jul 24 | $22,178 | $23,553 |
Aug 24 | $22,571 | $24,151 |
Sep 24 | $23,030 | $24,713 |
Oct 24 | $22,678 | $24,158 |
Nov 24 | $23,611 | $25,061 |
Dec 24 | $22,868 | $24,468 |
Jan 25 | $23,534 | $25,289 |
Feb 25 | $23,459 | $25,137 |
Mar 25 | $22,625 | $24,144 |
Apr 25 | $22,681 | $24,369 |
May 25 | $23,927 | $25,770 |
Jun 25 | $25,033 | $26,927 |
Jul 25 | $25,296 | $27,292 |
Aug 25 | $26,177 | $27,966 |
Sep 25 | $27,255 | $28,980 |
Oct 25 | $27,817 | $29,628 |
Nov 25 | $27,901 | $29,625 |
Dec 25 | $28,272 | $29,934 |
Jan 26 | $29,671 | $30,821 |
Feb 26 | $30,223 | $31,217 |
Mar 26 | $28,772 | $28,975 |
Apr 26 | $31,684 | $31,923 |
May 26 | $33,360 | $33,570 |
Jun 26 | $32,829 | $33,301 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 31.14% | 12.45% | 13.23% |
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 24.25 | 11.25 | 12.62 |
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 23.67 | 10.98 | 12.78 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $615,598,233 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 208 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $3,049,104 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 143% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 64.4% |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.3 |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.6 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.2 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.2% |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0 |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.2 |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.1 |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 |
Applied Materials, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.9 |
Bank of America Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
JPMorgan Chase & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.7 |
| 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 | $197 | 1.71% |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Investor C Shares returned 30.21%.
For the same period, the Fund’s benchmark, the MSCI All Country World Index (Net) returned 23.67%.
What contributed to performance?
Positive contributions to the Fund’s return were driven primarily by macro thematic insights, with additional support from sentiment and fundamental measures. Macro thematic insights successfully identified opportunities linked to valuation, industry trends and evolving economic conditions, while sentiment measures benefited from broker research, company linkages, smart money positioning and momentum related insights that adapted well to changing market leadership. Fundamental insights contributed through successful identification of attractively valued companies with strong cash flow, earnings quality and resilient balance sheets. From a sector perspective, information technology was the largest contributor, followed by industrials, financials and communication services. In country terms, performance contributions were led by the United States, alongside strong contributions from the United Kingdom, Taiwan, South Korea and Canada.
What detracted from performance?
Detractors included certain sentiment measures tied to analyst revisions, management commentary, mobile app usage and consumer activity which struggled as market leadership evolved over the 12-month period. Additionally, select fundamental valuation measures focused on earnings and forward valuation multiples detracted during periods of highly concentrated market leadership. At the sector level, while all sectors contributed positively to performance health care and consumer discretionary were the weakest contributors, while in country terms India and Israel detracted modestly.
Investor C Shares | MSCI All Country World Index (Net) | |
|---|---|---|
Jul 16 | $10,551 | $10,431 |
Aug 16 | $10,656 | $10,466 |
Sep 16 | $10,832 | $10,530 |
Oct 16 | $10,309 | $10,351 |
Nov 16 | $10,678 | $10,430 |
Dec 16 | $10,843 | $10,655 |
Jan 17 | $11,179 | $10,947 |
Feb 17 | $11,234 | $11,254 |
Mar 17 | $11,295 | $11,392 |
Apr 17 | $11,515 | $11,569 |
May 17 | $11,691 | $11,825 |
Jun 17 | $11,818 | $11,878 |
Jul 17 | $12,187 | $12,210 |
Aug 17 | $12,198 | $12,257 |
Sep 17 | $12,639 | $12,494 |
Oct 17 | $12,782 | $12,753 |
Nov 17 | $13,074 | $13,000 |
Dec 17 | $13,285 | $13,210 |
Jan 18 | $14,017 | $13,955 |
Feb 18 | $13,480 | $13,369 |
Mar 18 | $13,277 | $13,083 |
Apr 18 | $13,230 | $13,208 |
May 18 | $13,269 | $13,224 |
Jun 18 | $13,145 | $13,153 |
Jul 18 | $13,558 | $13,549 |
Aug 18 | $13,651 | $13,656 |
Sep 18 | $13,698 | $13,715 |
Oct 18 | $12,599 | $12,687 |
Nov 18 | $12,626 | $12,873 |
Dec 18 | $11,642 | $11,966 |
Jan 19 | $12,690 | $12,911 |
Feb 19 | $12,989 | $13,256 |
Mar 19 | $13,086 | $13,423 |
Apr 19 | $13,529 | $13,876 |
May 19 | $12,787 | $13,053 |
Jun 19 | $13,537 | $13,908 |
Jul 19 | $13,505 | $13,949 |
Aug 19 | $13,158 | $13,618 |
Sep 19 | $13,408 | $13,904 |
Oct 19 | $13,739 | $14,285 |
Nov 19 | $14,075 | $14,634 |
Dec 19 | $14,508 | $15,149 |
Jan 20 | $14,320 | $14,981 |
Feb 20 | $13,225 | $13,771 |
Mar 20 | $11,206 | $11,912 |
Apr 20 | $12,448 | $13,188 |
May 20 | $13,119 | $13,762 |
Jun 20 | $13,552 | $14,202 |
Jul 20 | $14,247 | $14,953 |
Aug 20 | $15,170 | $15,868 |
Sep 20 | $14,655 | $15,356 |
Oct 20 | $14,271 | $14,983 |
Nov 20 | $15,900 | $16,830 |
Dec 20 | $16,640 | $17,611 |
Jan 21 | $16,615 | $17,531 |
Feb 21 | $17,027 | $17,937 |
Mar 21 | $17,431 | $18,416 |
Apr 21 | $18,112 | $19,222 |
May 21 | $18,398 | $19,521 |
Jun 21 | $18,549 | $19,778 |
Jul 21 | $18,658 | $19,914 |
Aug 21 | $19,069 | $20,413 |
Sep 21 | $18,174 | $19,569 |
Oct 21 | $19,020 | $20,568 |
Nov 21 | $18,617 | $20,073 |
Dec 21 | $19,423 | $20,876 |
Jan 22 | $18,538 | $19,851 |
Feb 22 | $17,866 | $19,338 |
Mar 22 | $18,232 | $19,757 |
Apr 22 | $16,736 | $18,175 |
May 22 | $16,990 | $18,197 |
Jun 22 | $15,514 | $16,663 |
Jul 22 | $16,420 | $17,826 |
Aug 22 | $15,729 | $17,170 |
Sep 22 | $14,202 | $15,526 |
Oct 22 | $15,230 | $16,463 |
Nov 22 | $16,544 | $17,740 |
Dec 22 | $15,828 | $17,042 |
Jan 23 | $16,911 | $18,264 |
Feb 23 | $16,354 | $17,740 |
Mar 23 | $16,963 | $18,287 |
Apr 23 | $17,189 | $18,550 |
May 23 | $16,911 | $18,351 |
Jun 23 | $17,963 | $19,417 |
Jul 23 | $18,592 | $20,128 |
Aug 23 | $18,035 | $19,565 |
Sep 23 | $17,303 | $18,756 |
Oct 23 | $16,890 | $18,192 |
Nov 23 | $18,427 | $19,871 |
Dec 23 | $19,227 | $20,826 |
Jan 24 | $19,196 | $20,948 |
Feb 24 | $20,096 | $21,847 |
Mar 24 | $20,892 | $22,533 |
Apr 24 | $20,065 | $21,789 |
May 24 | $21,112 | $22,674 |
Jun 24 | $21,720 | $23,179 |
Jul 24 | $22,029 | $23,553 |
Aug 24 | $22,419 | $24,151 |
Sep 24 | $22,874 | $24,713 |
Oct 24 | $22,525 | $24,158 |
Nov 24 | $23,452 | $25,061 |
Dec 24 | $22,714 | $24,468 |
Jan 25 | $23,375 | $25,289 |
Feb 25 | $23,300 | $25,137 |
Mar 25 | $22,472 | $24,144 |
Apr 25 | $22,528 | $24,369 |
May 25 | $23,766 | $25,770 |
Jun 25 | $24,864 | $26,927 |
Jul 25 | $25,125 | $27,292 |
Aug 25 | $26,000 | $27,966 |
Sep 25 | $27,071 | $28,980 |
Oct 25 | $27,629 | $29,628 |
Nov 25 | $27,713 | $29,625 |
Dec 25 | $28,081 | $29,934 |
Jan 26 | $29,471 | $30,821 |
Feb 26 | $30,019 | $31,217 |
Mar 26 | $28,578 | $28,975 |
Apr 26 | $31,470 | $31,923 |
May 26 | $33,135 | $33,570 |
Jun 26 | $32,607 | $33,301 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 30.21% | 11.61% | 12.55% |
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 29.21 | 11.61 | 12.55 |
MSCI All Country World Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 23.67 | 10.98 | 12.78 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $615,598,233 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 208 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $3,049,104 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 143% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 64.4% |
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.8 |
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.0 |
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.3 |
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.2 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.6 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.4 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.2 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Apple, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.2% |
NVIDIA Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0 |
Microsoft Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.2 |
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.4 |
Broadcom, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 2.1 |
Alphabet, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.0 |
Applied Materials, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.9 |
Bank of America Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
Amazon.com, Inc......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.8 |
JPMorgan Chase & Co......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 1.7 |
| 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. |