Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The investment objective of the International Equity Fund (the Fund) is to seek to achieve capital appreciation.
Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities, such as common stocks, preferred stocks, convertible bonds, and warrants. The Fund will invest primarily in companies operating in the countries in Europe and the Pacific Basin. The countries include the eleven Euro-zone countries (France, Germany, Italy, Spain, Portugal, Finland, Ireland, Belgium, the Netherlands, Luxembourg and Austria), the United Kingdom, Denmark, Sweden, Switzerland, Norway, Japan, Hong Kong, Australia, New Zealand, and Singapore. The Sub-Adviser employs bottom-up stock and business analysis to identify high-quality growth companies. Typically, these companies tend to be well managed with the following attributes: consistent operating histories and financial performance; favorable long-term … Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities, such as common stocks, preferred stocks, convertible bonds, and warrants. The Fund will invest primarily in companies operating in the countries in Europe and the Pacific Basin. The countries include the eleven Euro-zone countries (France, Germany, Italy, Spain, Portugal, Finland, Ireland, Belgium, the Netherlands, Luxembourg and Austria), the United Kingdom, Denmark, Sweden, Switzerland, Norway, Japan, Hong Kong, Australia, New Zealand, and Singapore. The Sub-Adviser employs bottom-up stock and business analysis to identify high-quality growth companies. Typically, these companies tend to be well managed with the following attributes: consistent operating histories and financial performance; favorable long-term economic prospects; free cash flow generation; and competent management that can be counted on to use cash flow wisely, and channel the reward from the business back to its shareholders. The Sub-Advisers goal is to construct a portfolio of high-quality growth companies in the developed markets of Europe and the Pacific Basin. With approximately 30-60 stocks, the Fund seeks to be well diversified and will have investments in at least 10 countries and 5 sectors at all times. While the Funds sector and industry exposure is expected to vary over time, as of February 28, 2025, the Fund had significant exposure to the Consumer Discretionary Sector, Financials Sector, Health Care Sector, Industrials Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard. In addition, while the Funds country exposure is expected to vary over time, as of February 28, 2025, the Fund had significant exposure to Canada and the United Kingdom. The Fund may invest in securities of companies in emerging and developing markets. The Fund may, but is not required to, undertake hedging activities and may invest in certain instruments, such as forward currency exchange contracts, and may use certain techniques to hedge currency risks associated with the purchase of individual securities denominated in a foreign currency.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TAIWAN SEMIC MFG CO LTD SP ADR | — | $12.62M | 6.20% |
| BlackRock Liquidity FedFund - Institutional Class | TFDXX | $10.65M | 5.23% |
| SINGAP TECH ENG | — | $9.75M | 4.79% |
| DEUTSCHE BOERSE | — | $9.34M | 4.59% |
| TC ENERGY CORP | — | $9.15M | 4.50% |
| TERNA-RETE ELETT | — | $8.76M | 4.31% |
| SIEMENS ENERGY AG | — | $8.65M | 4.25% |
| NATIONAL GRID PL | — | $8.53M | 4.19% |
| COCA-COLA EUROPA | — | $8.26M | 4.06% |
| DISCO CORP | — | $7.99M | 3.93% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Vontobel International Equity Fund · VNIYX, VNIAX, VNIIX | 83% | 0.60% |
| Vontobel International Equity Active ETF · VNIE | 82% | 0.60% |
| Vontobel Global Equity · VNGYX, VNGAX, VNGIX | 26% | 0.58% |
Advisers
| Firm | Role |
|---|---|
| Vontobel Asset Management, Inc | Sub-adviser |
| Penn Mutual Asset Management, LLC | Adviser |
Footnotes
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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