Investment objective & strategy
As of March 22, 2024 · prospectusObjective. To seek total return over the longer term.
Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets in "non-U.S. securities," as defined below. These securities are predominantly equity securities of companies located outside the U.S., including developing markets. For purposes of the Funds investments, non-U.S. securities means those securities of companies: (1) whose principal securities trading markets are outside the United States; (2) that derive 50 percent or more of their total revenue from either goods or services produced or sales made in markets outside the United States; (3) that have 50 percent or more of their assets outside the United States; (4) that are linked to non-U.S. dollar currencies; or (5) that are organized under the laws of, or with principal offices … Under normal market conditions, the Fund invests at least 80% of its net assets in "non-U.S. securities," as defined below. These securities are predominantly equity securities of companies located outside the U.S., including developing markets. For purposes of the Funds investments, non-U.S. securities means those securities of companies: (1) whose principal securities trading markets are outside the United States; (2) that derive 50 percent or more of their total revenue from either goods or services produced or sales made in markets outside the United States; (3) that have 50 percent or more of their assets outside the United States; (4) that are linked to non-U.S. dollar currencies; or (5) that are organized under the laws of, or with principal offices in, a country other than the United States. The equity securities in which the Fund invests are predominantly common stock, and may include small and mid capitalization companies. Although the investment manager searches for investments across a large number of countries and sectors, from time to time, based on economic conditions, the Fund may have significant positions in particular countries or sectors, such as industrials. Under normal market conditions, the Fund invests predominantly in companies that are determined by the investment manager to exhibit superior practices in identifying, adapting and providing solutions to the consequences of climate change (i.e., companies that, based on the investment managers fundamental analysis and research, are able to successfully transition to a lower carbon economy). When choosing equity investments for the Fund, the investment manager applies a bottom-up, value-oriented, long-term approach, to select attractively valued companies preparing for a transition to a lower carbon economy. The investment manager focuses on the market price of the companys securities relative to the investment managers evaluation of the companys long-term earnings, asset value and cash flow potential. The investment manager also considers a companys price/earnings ratio, price/cash flow ratio, profit margins and liquidation value. The investment manager may consider selling an equity security when it believes the security price meets or exceeds its estimation of full value, greater value exists in another similar security or the company no longer meets the climate change inclusion criteria. The Fund may, from time to time, engage in (i) currency-related derivatives, such as currency and cross-currency forwards and currency futures contracts, to seek to hedge (protect) against currency risks, and (ii) equity-related derivatives, which may include equity futures and equity index futures, for various purposes including enhancing Fund returns, increasing liquidity and gaining exposure to individual securities and particular markets in more efficient or less expensive ways.
Top holdings
As of May 31, 2024 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Franklin Institutional US Government Money Market Fund | INFXX | $263.37K | 7.53% |
| SMURFIT KAPPA GROUP PLC (NOT LISTED OR TRADING) | SKG LN | $180.13K | 5.15% |
| SAINT GOBAIN | — | $180.03K | 5.15% |
| PRYSMIAN SPA | — | $177.65K | 5.08% |
| TAIWAN SEMIC MFG CO LTD SP ADR | — | $172.03K | 4.92% |
| ING GROEP NV | — | $159.29K | 4.56% |
| STANDARD CHARTER | — | $150.99K | 4.32% |
| NORSK HYDRO ASA | — | $147.48K | 4.22% |
| INFINEON TECH | — | $139.26K | 3.98% |
| VEOLIA ENVIRONNE | — | $137.09K | 3.92% |
Portfolio moves
Feb 29, 2024 → May 31, 2024How 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. |
|---|---|---|
| Janus Henderson International Sustainable Equity ETF | 20% | 0.60% |
| Ninety One Global Environment Fund | 14% | 0.90% |
| AGF Global Sustainable Equity Fund · AGPIX, AGPRX | 13% | 0.80% |
Footnotes
- Net assets and holdings count as of May 31, 2024, from the fund's N-PORT filing.
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