Portfolio Guidelines

  • Typically 35–55 positions
  • Maximum sector exposure is 35%
  • Maximum single country exposure is 30%
  • Maximum emerging market exposure is 30%

Market Capitalization

The portfolio typically invests in companies with a market capitalization of $1 billion or greater.

Top Ten Equity Holdings
As Of June 30, 2020

Unilever N.V. Consumer Staples 4.4%
Anheuser-Busch InBev S.A./N.V. Consumer Staples 4.1
Diageo PLC Consumer Staples 3.6
GlaxoSmithKline PLC Health Care 3.4
Check Point Software Technologies Ltd. Info. Technology 3.4
Walt Disney Co. Communication Services 3.2
Tencent Holdings Ltd. Communication Services 3.1
Julius Baer Gruppe AG Financials 3.1
BT Group PLC Communication Services 2.9
Samsung Electronics Co. Ltd. Info. Technology 2.8
Total As % Of Net Assets 34.1%
Total Number Of Equity Holdings 45

This is presented as supplemental information.

Sector Allocation1
As Of June 30, 2020

International Composite Morningstar Global Markets ex-U.S. Index
Communication
Services
21.8% 7.0% %
Consumer Staples 17.9 9.5
Financials 17.7 17.4
Health Care 11.5 10.4
Industrials 10.2 12.9
Info. Technology 9.2 10.7
Cons. Discretionary 7.7 12.3
Real Estate 1.4 4.0
Materials 1.3 7.9
Energy 0.0 4.4
Utilities 0.0 3.6
Cash & Other 1.4 0.0

This is presented as supplemental information.

Top Five Countries (%)
As Of June 30, 2020

International Composite Morningstar Global
Markets ex-U.S. Index
United Kingdom 20.6% 9.4%
Switzerland 11.4 6.4
United States 10.9 0.4
France 10.0 6.0
Japan 7.8 18.4

This is presented as supplemental information.

Regional Exposure (%)
As Of June 30, 2020

International Composite Morningstar Global
Markets ex-U.S. Index
Europe 55.4% 40.6%
Asia & Pacific 22.9 48.0
North America 15.1 6.7
Middle East & Africa 3.4 2.5
Latin America 1.8 2.1

This is presented as supplemental information.

Portfolio Characteristics Vs. Benchmark2

As Of June 30, 2020

International Composite Morningstar Global Markets ex-U.S. Index
Median Forward P/E 21.1x 18.4x
Median Trailing P/E 19.9x 17.0x
Weighted Average Dividend Yield 2.3% 2.9%
Median Price / Book 2.6x 1.6x
Median Price / Sales 2.2x 1.4x
Median Market Cap. $28.8B $2.1B
Weighted Average Market Cap. $123.7B $68.6B
Portfolio Turnover 1 Year N/A —  
Active Share3 vs. Benchmark4 93% —  
Upside/Downside Capture Ratio5 vs. Benchmark4 111% / 101% —  

This is presented as supplemental information.

1 Cash & Other may include cash, treasuries, money market funds, and short duration fixed income funds.

2 Source: FactSet.

3 Source: FactSet. Active share measures the difference between portfolio holdings and the benchmark. The higher the active share, the greater the difference.

4 The Morningstar Global Markets ex-U.S. Index is the benchmark.

Source: eVestment Analytics based on monthly returns (gross of fees) from 1/1/17 – 6/30/20.

Index data source: Morningstar, Inc. See diamond-hill.com/disclosures for a full copy of the disclaimer.

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