Out of 261 five-year measurement periods, International Value Fund (EUR) has outperformed the MSCI EAFE Index (in USD/EUR) 147 times, or 56% of measured periods.
The above chart illustrates the five-year average annual rolling net returns (calculated monthly) for the International Value Fund (EUR) since October 31, 1996, compared to the five-year average annual rolling returns for its benchmark, the MSCI EAFE Index (in USD/EUR) (the ‘Index’). The horizontal axis represents the returns for the Index, while the vertical axis represents the returns for the Sub-Fund. The diagonal axis is a line of demarcation separating periods of outperformance from periods of underperformance. Plot points above the diagonal axis are indicative of the Sub-Fund’s relative outperformance, while points below the diagonal axis are indicative of the Sub-Fund’s relative underperformance. Returns were plotted for three distinct equity market environments: a ‘down market’ (benchmark return was less than 0%); a ‘normal market’ (benchmark return was between 0% and 10%); and a ‘robust market’ (benchmark return was greater than 10%). There were 261 average annual rolling return periods between October 31, 1996 and June 30, 2023. Past performance is no guarantee of future returns.
Prior to May 17, 2004 the Sub‐Fund was denominated in USD and its investments were hedged to USD. Effective May 17, 2004, the base currency of the Sub‐Fund was changed to EUR and its investments were hedged to EUR. Calendar year 2004 performance and since inception performance figures are based on percentage increase in USD value of shares to May 17, 2004, and percentage increase in EUR value of shares thereafter. Accordingly, such performance figures do not represent the percentage increase in the USD or EUR value of shares in the Sub‐Fund over the whole of the indicated periods.
The linked MSCI EAFE Index (Hedged to USD/EUR) represents the performance of the MSCI EAFE Index (Hedged to USD) for the period through May 16, 2004 and the performance of the MSCI EAFE Index (Hedged to EUR) for the period from May 17, 2004 forward, linked together by Tweedy, Browne. The linked MSCI EAFE Index (in USD/EUR) represents the performance of the MSCI EAFE Index (in USD) for the period through May 16, 2004 and the performance of the MSCI EAFE Index (in EUR) for the period from May 17, 2004 forward, linked together by Tweedy, Browne. Results of each index for calendar year 2004 represent the performance of the MSCI EAFE Index (in USD or Hedged to USD) from January 1, 2004 – May 16, 2004, and the performance of the MSCI EAFE Index (in EUR or Hedged to EUR) from May 17, 2004 – December 31, 2004.
The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the US and Canada. The MSCI EAFE Index (in USD/EUR) reflects the return of the MSCI EAFE Index for a US dollar investor (from inception through May 16, 2004) and the return of the MSCI EAFE Index for a euro investor from May 17, 2004 through the current date. The MSCI EAFE Index (Hedged to USD/EUR) consists of the results of the MSCI EAFE Index 100% hedged back into USD (from inception to May 16, 2004) and with its non-EUR exposure 100% hedged into EUR (from May 17, 2004 forward). The index accounts for interest rate differentials in forward currency exchange rates. Index results are inclusive of dividends and net of foreign withholding taxes.
Effective November 16, 2022, the Sub-Fund generally does not hedge its foreign perceived currency risk. The value of the Sub‐Fund’s shares and the return they generate can go down as well as up. They are affected by market volatility and by fluctuations in exchange rates. Upon redemption of shares in the Sub‐Fund, investors may not receive the full amount invested. Past performance is no indication of future results. Current tax levels and reliefs may change. Depending on individual circumstances, this may affect investment returns. The breakdown into sectors and the individual investment items as well as indicated benchmarks are liable to change at any time in line with the investment policy. For additional information in relation to the risk factors, please carefully read the section “Certain Risk Factors” in the current legal prospectus.
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