Mutual Funds
Behavioral International Equity Fund
Fund Managers
Robert Bridges, CFA®
Robert Weller, CFA®
Overview
A
Shares
SBIAX
Inception
Date
12.01.2014
Investment
Min.
$1,000
Subsequent
Investment Min.1
N/A
Max. Up Front
Sales Charge
5.75%
Max. Deferred
Sales Charge
N/A
1If subsequent investments are made as part of an AIP, the minimum is $25.
Philosophy & Process
The Fund seeks maximum long-term total return by investing primarily through investments in international developed market equity securities.
To pursue its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in equity securities of foreign (non-U.S.) companies. Under normal market conditions, the Fund primarily invests in "developed market" equity securities, which encompasses markets included in the Bloomberg Developed Markets ex North America Large & Mid Cap Index and and other markets with similar characteristics (e.g., sustained economic development, sufficient liquidity for listed companies and accessible markets). The Fund also may invest in securities of real estate investment trusts ("REITs") and exchange-traded funds ("ETFs"). The Fund may invest in securities of issuers of any capitalization range.
Investment Considerations
The overall results of the Fund will be dependent on the process and ability of the Adviser to apply “behavioral finance” principles to recognize a company's value, earnings revisions and market momentum. The Fund will invest in foreign securities which may be more volatile and less liquid due to currency fluctuation, political instability, social and economic risks. The Fund may invest in REITs (Real EstateInvestment Trusts), the value of which will be affected by conditions of the real estate industry and exchange-traded funds (ETFs), thus shareholders may bear additional costs and the ETF may not exactly replicate the performance it seeks to track.
| Term | Class A Shares | Class C Shares | Class I Shares | Class R6 Shares |
|---|---|---|---|---|
| Ticker | SBIAX | SBIDX | SBIIX | STRCX |
| Inception Date | 12.01.2014 | 12.01.2014 | 12.01.2014 | 02.01.2018 |
| Investment Min. | $1,000 | $1,000 | $1,000,000 | N/A |
| Subsequent Investment Min.2 | N/A | N/A | N/A | N/A |
| Max. Up Front Sales Charge | 5.75% | N/A | N/A | N/A |
| Max. Deferred Sales Charge | N/A | 1% | N/A | N/A |
2If subsequent investments are made as part of an AIP, the minimum is $25.
Co-Portfolio Manager
Co-Portfolio Manager
Performance
| Term | QTR | YTD | 1 Year | 3 Years | 5 Years | Since Inception |
|---|---|---|---|---|---|---|
| A Shares with 5.75% Sales Charge | -2.63% | 5.82% | 12.38% | 6.94% | -0.98% | 1.61% |
| A Shares without Sales Charge | 3.35% | 12.23% | 19.26% | 9.06% | 0.19% | 2.31% |
| Institutional Shares | 3.35% | 12.23% | 19.56% | 9.34% | 0.43% | 2.54% |
| Lipper International Multi-Cap Value Median | 2.90% | 10.75% | 17.83% | 10.78% | 3.10% | N/A |
The total expense ratios for Class A, C, and I Shares are 0.88%, 1.63% and 0.63%, respectively. The gross expense ratio for Class R6 Shares is 0.63%. The net expense ratio for Class R6 Shares is 0.58%.
The Fund Administrator, Sterling Capital Management LLC, has contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse the Fund .05% of the Class R6 average daily net assets for the period February 1, 2021 through January 31, 2022. Performance would have been lower without limitations in effect.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit the performance summary.
The performance of the Behavioral International Equity Fund reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The inception date for Class A Shares is 12.01.2014. The inception date for Class C Shares is 12.01.2014. The inception date for Class Inst'l Shares is 12.01.2014. The inception date for Class R6 Shares is 02.01.2018. The performance shown reflects the reinvestment of all dividend and capital gains distributions.
Characteristics
| # | Company Name | Value |
|---|---|---|
| 1 | Novartis AG | 2.33% |
| 2 | Shell PLC | 2.13% |
| 3 | Sanofi | 1.65% |
| 4 | LVMH SE | 1.63% |
| 5 | BP PLC | 1.46% |
| 6 | Itochu Corp. | 1.37% |
| 7 | Unicredit S.P.A. | 1.37% |
| 8 | Deutsche Telekom AG | 1.35% |
| 9 | Mitsubishi Corp. | 1.31% |
| 10 | Bayerische Motoren Werke AG | 1.31% |
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Sector Allocation as of 06.30.2023
Allocations are based on the current weight to funds in the cited Sector. The composition of the fund's holdings is subject to change.
| Country / Region | Value |
|---|---|
| Total | 100.00% |
| Japan | 21.36% |
| United Kingdom | 13.24% |
| France | 12.63% |
| Switzerland | 9.80% |
| Germany | 9.31% |
| Australia | 5.61% |
| Netherlands | 5.54% |
| Spain | 3.82% |
| Italy | 3.63% |
| Sweden | 2.71% |
| Denmark | 1.99% |
| Israel | 1.89% |
| Norway | 1.65% |
| Finland | 1.58% |
| Austria | 1.26% |
| Singapore | 1.05% |
| Bermuda | 0.97% |
| Belgium | 0.93% |
| Ireland | 0.91% |
| Luxembourg | 0.13% |
| Hong Kong | 0.00% |
| Portugal | 0.00% |
| New Zealand | 0.00% |
| Mexico | 0.00% |
| Macau | 0.00% |
Growth of $10,000 as of 06.30.2023
The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 06.30.2023. It includes the reinvestment of dividends and capital gains.
Statistics
| Term | Value |
|---|---|
| Weighted Median P/E | 10.85 |
| Weighted Average Market Cap | $47.37B |
| Annual Turnover | 107% |
Behavioral International Equity Fund
Materials
Equity Funds
Insights
09.21.2023 • Andrew Richman, CTFA
Fed Reiterates-Higher for Longer
While the Federal Reserve (Fed) met expectations with a pause/skip this meeting, the real story was the upward movement in both the Fed Funds rate this year and next year. The consensus is now for one more 25 basis point hike in 2023 with the Fed funds rate median at 5.60%.
09.07.2023 • Shane Burke
An Updated Look at the FOMC and Yield Curve
An Updated Look at the FOMC and Yield Curve
09.06.2023 • Charles Wittmann, CFA®
- One of the risks in seeking higher dividend yields in non-financial companies can be the increased balance sheet leverage that correlates with higher dividend yield. - For many companies, the cost of this leverage is rising with interest rates, potentially placing pressure on cash flows to pay future dividends as interest expense may take a greater share of corporate cash flow. - We believe that owning stocks with strong balance sheets has the potential to minimize this risk as we endeavor to generate attractive above-average total returns with below-average risk for clients.
08.02.2023 • Andrew Richman, CTFA
Fitch Lowers Long-Term U.S. Debt Rating from AAA to AA+
Fitch Lowers Long-Term U.S. Debt Rating from AAA to AA+
08.01.2023 • Charles Wittmann, CFA®
The Lead - "Long-Term Dividends"
- What are the investing environment conditions that can cause dividend payers to lag on a short-term basis? - Looking back at Bloomberg data over the past twenty years, when dividend payers outperformed the Russell 1000 Value, non-earners underperformed and vice versa (56% of the time). - Over the twenty year period, dividend payer’s quarterly outperformance outweighed underperformance in contrast to non-earners. - In our quest to generate above-average returns with below-average risk for our clients, our approach is to take advantage of the long-term benefits of dividend payers that grow their dividends and seek to create value now and in the future.
07.25.2023 • Andrew DiZio, CFA®
Real Estate Returns Following Fed Rate Hike Cycles
Over the last 15 months, the Federal Reserve (Fed) has meaningfully raised the benchmark fed funds rate in an effort to tamp down inflation. The Fed paused its hiking campaign during the June meeting, but issued an outlook suggesting additional rate increases are to be expected. Regardless of whether the Fed has finished raising rates, we believe the end of the tightening cycle is near and view now as a prudent time to examine the performance of Real Estate Investment Trust (REIT) stocks following historical periods of fed funds increases.
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