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Behavioral International Equity Fund

Mutual Funds

Behavioral International Equity Fund


Fund Managers

Photo of Robert  Bridges

Robert Bridges, CFA®

Photo of Robert  Weller

Robert Weller, CFA®

Overview

I
Shares

SBIIX

Inception
Date

12.01.2014

Investment
Min.

$1,000,000

Subsequent
Investment Min.1

N/A

Max. Up Front
Sales Charge

N/A

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 Estate Investment 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.

Fund Facts

Term Class A Shares Class C Shares Class I Shares Class R6 Shares
Ticker SBIAXSBIDXSBIIXSTRCX
Inception Date 12.01.201412.01.201412.01.201402.01.2018
Investment Min. $1,000$1,000$1,000,000N/A
Subsequent Investment Min.2 N/AN/AN/AN/A
Max. Up Front Sales Charge 5.75%N/AN/AN/A
Max. Deferred Sales Charge N/A1%N/AN/A

2If subsequent investments are made as part of an AIP, the minimum is $25.

Behavioral International Equity Fund

Management

View professional designations disclosures

Photo of Robert  Bridges

Robert Bridges, CFA®

Co-Portfolio Manager

Photo of Robert  Weller

Robert Weller, CFA®

Co-Portfolio Manager

Performance

Fund Performance as of 09.30.2024

Term QTR YTD 1 Year 3 Years 5 Years Since Inception
A Shares with 5.75% Sales Charge 0.47% 5.45% 14.98% 4.84% 4.65% 3.32%
A Shares without Sales Charge 6.61% 11.88% 22.03% 6.93% 5.90% 3.94%
Institutional Shares 6.71% 12.11% 22.31% 7.21% 6.16% 4.18%
Lipper International Multi-Cap Value Median 21.23% 29.79% 37.01% 12.11% 11.89% N/A

The total expense ratios for Class A, C, and I Shares are 0.93%, 1.68% and 0.68%, respectively. The gross expense ratio for Class R6 Shares is 0.68%. The net expense ratio for Class R6 Shares is 0.62%.

The Fund Administrator, Sterling Capital Management LLC, has contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse the Fund .06% of the Class R6 avg. daily net assets for the period 02.01.2024-01.31.2025. 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 Sterling Capital 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. Performance is annualized for periods greater than one year.

Characteristics

Top Ten Holdings as of 09.30.2024

# Company Name Value
1 Novartis Ag 2.34%
2 Deutsche Telekom Ag 1.54%
3 Itochu Corp. 1.41%
4 British American Tobacco PLC 1.39%
5 UniCredit S.P.A. 1.38%
6 Intesa Sanpaolo S.P.A. 1.37%
7 Shell Plc 1.37%
8 AXA Sa 1.33%
9 Holcim Ltd 1.32%
10 Westpac Banking Corp. 1.29%

Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.

Sector Allocation as of 09.30.2024

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 Allocations as of 09.30.2024

Country / Region Value
Total 100.00%
Japan 23.66%
France 12.26%
United Kingdom 11.43%
Germany 8.97%
Switzerland 7.40%
Australia 5.36%
Italy 4.77%
Netherlands 4.70%
Sweden 3.88%
Spain 3.05%
Belgium 2.80%
Israel 2.52%
Hong Kong 2.00%
Denmark 2.00%
Singapore 1.67%
Austria 1.58%
Bermuda 0.90%
Norway 0.67%
Finland 0.38%
Portugal 0.00%
New Zealand 0.00%
Macau 0.00%
Luxembourg 0.00%
Ireland 0.00%
United States 0.00%

Growth of $10,000 as of 09.30.2024

The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 09.30.2024. It includes the reinvestment of dividends and capital gains.

Statistics

Summary Statistics as of 09.30.2024

Term Value
Weighted Median P/E 10.67
Weighted Average P/B 1.99
Weighted Average Market Cap $43.28B
Annual Turnover 93%

Equity Funds

Insights

10.01.2024 • Charles Wittmann, CFA®

The Lead - Margin of Upside

- One of the most common mental shortcuts is regression to the mean, or the idea that outcomes far from average will revert to average over time.
- Where did the idea come from, is it true in every case, and can it create a greater understanding and yield profitable insights?
- Finally, if there are advantaged companies that challenge this assumption as the economy has evolved, what valuations will the market typically award them?

09.30.2024

Sterling Capital Equity Portfolio Management Updates

Sterling Capital announces the creation of the Insight Equity Group, combining the firm's Fundamental Equity and Relative Value teams, along with the April 2025 retirement of Patrick Rau, CFA®/.

09.18.2024 • Brandon Carl, CFA®

U.S. Equity Market Performance Following the First Fed Funds Rate Cut

After two and a half years of battling elevated inflation with aggressive monetary policy tightening measures, the Federal Reserve (Fed) finally reduced the federal funds target rate range (fed funds rate) by 50 basis points during its September 2024 meeting. With recent inflation indicators seemingly within the Fed’s comfort zone, coupled with an increasing emphasis on supporting the labor market, we believe it’s highly likely that additional rate cuts are forthcoming.

09.12.2024 • Will Smith, CFA®

Down but Not Out: Why Mid-Cap Value Appears Increasingly Attractive

For almost a decade, large-cap growth has been a dominant factor driving market returns. However, we see mounting evidence mid-cap value stocks are due for a comeback. We have long argued mid caps are a potential “sweet spot” for investors. We believe they boast better liquidity, stronger balance sheets, and more durable competitive advantages than small-cap peers and are often more nimble, focused, and less well covered by the sell side than large caps.

09.04.2024 • Charles Wittmann, CFA®

The Lead - Dividend Opportunities

- As we enter September, it appears the Federal Reserve is prepared to lower the federal funds rate at their September 18, 2024 meeting.
- Historically, dividend payers have outperformed non-dividend payers after the first cut.
- One may question if historically it has been better to own high yielders versus dividend growers, and if it has been better to own slower or faster dividend growers. We address these topics in this month’s piece.

08.29.2024

Guardian Capital buys Sterling Capital Management from Truist

(pionline.com) Guardian Capital, a wholly owned subsidiary of Guardian Capital Group, will acquire investment manager Sterling Capital Management from Truist Financial.

Contact

Learn more about Sterling Capital solutions and services.

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