Overview

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 1%.
 

Fund Facts as of Nov 30, 2024

Class C Inception 10/12/2010
Investment Objective Total return
Total Net Assets $726.3M
Minimum Investment $1000
Expense Ratio4 2.02%
CUSIP 277902581

Top 10 Holdings (%)5 as of Sep 30, 2024

iShares MSCI Taiwan ETF 6.7
iShares MSCI India ETF 6.6
Apple Inc 4.4
iShares MSCI South Korea ETF 4.0
NVIDIA Corp 4.0
Microsoft Corp 3.9
Amazon.com Inc 2.2
Meta Platforms Inc 1.6
Alphabet Inc Class A 1.2
Alphabet Inc Class C 1.1
Total 35.7
 

Portfolio Management

Dan Suzuki, CFA Managed Fund since 2021
Richard Bernstein Managed Fund since inception
Matthew Griswold, CFA Managed Fund since 2017
Henry Timmons, CFA Managed Fund since 2017

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. As used herein, beta is defined as a management style that focuses on market exposure in terms of asset classes, style, sector, geography, market capitalization, and other factors.
2. Diversification cannot ensure a profit or eliminate the risk of loss.
3. MSCI ACWI Index is an unmanaged free-float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
4. Source: Fund prospectus.
5. Percent of total net assets.

Performance

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 1%.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 1.94 -1.49 8.86 19.82 -12.61 24.45 15.27 16.35 -15.59 13.47
MSCI ACWI Index3 4.16 -2.36 7.86 23.97 -9.41 26.60 16.25 18.54 -18.36 22.20
 

Fund Facts

Class C Inception 10/12/2010
Expense Ratio4 2.02%
Distribution Frequency Annually

Risk Measures (3 Year)6 as of Nov 30, 2024

Alpha (%) -1.14
Beta 0.89
R-Squared (%) 95.95
Standard Deviation (%) 15.01
Sharpe Ratio 0.13
 

Morningstar Rating™ as of Nov 30, 2024

Time Period Rating Funds in
Global Large-Stock Blend
Category
Overall 316
3 Years 316
5 Years 302
10 Years 197
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

NAV History

Date NAV NAV Change
Dec 20, 2024 $18.38 $0.13
Dec 19, 2024 $18.25 $0.00
Dec 18, 2024 $18.25 -$0.54
Dec 17, 2024 $18.79 -$0.11
Dec 16, 2024 $18.90 $0.03
Dec 13, 2024 $18.87 $0.01
Dec 12, 2024 $18.86 -$0.12
Dec 11, 2024 $18.98 $0.15
Dec 10, 2024 $18.83 -$0.09
Dec 09, 2024 $18.92 -$0.12
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 28, 2023 $0.04140 $16.06
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History7

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 28, 2023 $1.21260 $16.06
Dec 27, 2022 $0.79190
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


3. MSCI ACWI Index is an unmanaged free-float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
4. Source: Fund prospectus.
6. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R-Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
7. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)5,8,9,10 as of Sep 30, 2024

Portfolio Statistics as of Sep 30, 2024

Median Market Cap $51.4B
Price/Earnings Ratio 21.5
Number of Holdings 248
Price/Book Ratio 3.1
 

GICS Sector Breakdown (%)5,8,9,10 as of Sep 30, 2024

Portfolio Characteristics (%)10,11 as of Sep 30, 2024

Fund (%) MSCI All Country World Index (%)
Regions
U.S. 66.0 65.7
Developed 16.3 23.2
Emerging 17.7 11.0
Style
Growth 49.8 52.8
Value 50.2 47.2
Size
Large Cap 77.5 88.6
Mid Cap 16.3 10.9
Small Cap 6.2 0.6
 

Assets by Country (%)5,8,9,10 as of Sep 30, 2024

United States 65.1
India 6.6
Taiwan 6.5
Canada 4.5
South Korea 4.0
Germany 2.0
France 2.0
Japan 1.5
Switzerland 1.4
Cash & Other Assets 1.4
View All

Geographic Mix (%)5,8,9,10 as of Sep 30, 2024

United States 65.1
Asia/Pacific ex Japan 18.1
Europe ex U.K. 8.1
Northern America ex U.S. 4.5
Japan 1.5
United Kingdom 1.0
Latin America 0.2
Africa 0.0
Eastern Europe 0.0
Middle East 0.0
Cash & Other Assets 1.4
 

Fund Holdings (%)5,12 as of Oct 31, 2024

Holding % of Net Assets
iShares MSCI Taiwan ETF 6.57%
iShares MSCI India ETF 6.35%
Apple Inc 4.25%
NVIDIA Corp 4.22%
iShares MSCI South Korea Capped ETF 3.84%
Microsoft Corp 3.62%
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 2.18%
Amazon.com Inc 2.14%
Meta Platforms Inc 1.51%
Alphabet Inc - CL A 1.15%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


3. MSCI ACWI Index is an unmanaged free-float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
5. Percent of total net assets.
8. The Fund may obtain exposure to certain market segments through investments in Exchange-Traded Funds (ETFs) and futures. For purposes of the asset breakdowns, allocations with respect to the Fund’s investments in ETFs and futures are based on the underlying portfolio composition of each ETF and future as of the calendar quarter end.
9. Cash & Equivalents is calculated and presented net of any notional futures exposure.
10. The Fund may obtain exposure to certain foreign currencies through derivatives and/or forward contracts. These exposures may seek to hedge currency exposures and/or seek total return. These exposures are not reflected in the characteristic information shown.
11. Weightings are calculated using individual portfolio holdings (equity-only basis) and index constituent weights. Region is based on MSCI's country/region membership methodology and, with respect to the Fund's investments in ETFs, is based on the underlying portfolio composition of each ETF as of the calendar quarter-end. Size is based upon float-adjusted market caps and our own range definitions of Large Cap (greater than $20B), Mid Cap ($5B-$20B) and Small Cap (less than $5B), effective June 30, 2021. Prior to that, our range definitions were Large Cap (greater than $10B), Mid Cap ($2B-$10B) and Small Cap (less than $2B). Style is based upon S&P's Global Broad Market Style Indexes. Sources: Bloomberg, Axioma Inc., Standard & Poor's, MSCI. The S&P Global BMI Style Index uses three growth variables and four value variables to classify each stock in the universe as 100% growth, 100% value, or a mixture of both growth and value. This approach permits a stock to be classified, for example, as 60% growth and 40% value, for better securities classification and less index turnover by recognizing that companies may gradually move from one style to another over time.
12. The following list reflects unaudited securities holdings. Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

Management

Dan Suzuki, CFA

Dan Suzuki, CFA

Deputy Chief Investment Officer
Joined Richard Bernstein Advisors 2018

Biography

Daniel Suzuki is the deputy CIO at Richard Bernstein Advisors LLC (RBA), a registered independent investment adviser. He is responsible for portfolio strategy, asset allocation, investment management and marketing to major wirehouses and independent RIAs, and is a senior member of the RBA investment committee. He joined RBA in 2018.

Dan began his career in the investment management industry in 2002. Before joining RBA, he worked at Bank of America-Merrill Lynch in global research, most recently as a senior equity strategist. Prior to working in strategy, Dan was a fundamental equity research analyst covering the business services sector. He is a frequent guest on CNBC, Bloomberg TV, and is often quoted in leading financial publications including The Wall Street Journal, Financial Times and Barron's.

Dan earned a B.S. from Duke University. He is a CFA charterholder.

Education
  • B.S. Duke University

Experience
  • Managed Fund since 2021

Other funds managed
 
Richard Bernstein

Richard Bernstein

Founder, CEO and Chief Investment Officer
Richard Bernstein Advisors LLC

Biography

Richard Bernstein is the Chief Executive Officer and Chief Investment Officer of Richard Bernstein Advisors LLC.

Mr. Bernstein founded Richard Bernstein Advisors LLC (RBA) in 2009. As CIO, Mr. Bernstein is a member of the firm's Investment Committee which manages multi-asset, global equity, and fixed income ETF strategies for financial advisors and institutions. He helps write the firm's monthly Insights which has over 25,000 subscribers, is a frequent guest on CNBC and Bloomberg TV, and is regularly quoted in leading publications like Barron's, Financial Times, and The Wall Street Journal. Mr. Bernstein has over 40 years' experience on Wall Street, and was formerly the Chief Investment Strategist at Merrill Lynch & Co. Prior to joining Merrill Lynch in 1988, he held positions at E.F. Hutton and Chase Econometrics/IDC.

A much-noted expert on equity, style and asset allocation, Mr. Bernstein was voted to Institutional Investor magazine's annual "All-America Research Team" eighteen times, and has been inducted into the Institutional Investor "Hall of Fame".[1] His book "Style Investing: Unique Insight into Equity Management" is widely viewed as the seminal book on style-oriented investment strategies. He donates the profits from that and his other book, "Navigate the Noise: Investing in the New Age of Media and Hype," to charity.

Mr. Bernstein currently sits on the Hamilton College endowment's Investment Committee and is a trustee of Hamilton College and was formerly a chair of the Alfred P. Sloan Foundation endowment's Investment Committee. He is also a member of the Journal of Portfolio Management's Advisory Committee and former adjunct faculty of the NYU/Stern Graduate School of Business. Rich and his wife, Christine, endow numerous college and university scholarships designated for under-represented students interested in business and STEM.

Rich holds an MBA in finance, with Beta Gamma Sigma distinction, from New York University, and a BA in economics from Hamilton College. He has lectured on finance and economics at numerous colleges, universities and professional forums.

[1] Institutional Investor rankings relate to Richard Bernstein personally, and not to Richard Bernstein Advisors LLC. Mr. Bernstein was named to Institutional Investor's "All-America Research Team" from 1991 through 2008, including a top-ranking in Equity Derivatives, Portfolio Strategy and Quantitative Research in 1995 through 2004. Mr. Bernstein was inducted into Institutional Investor's All-American Research Hall of Fame in 2001. Institutional Investor is a leading international business to business publisher, focused on the publication of premium journalism, newsletters and research. The published rankings are based on responses to multi-factor surveys from a large number of investment professionals across a broad range of asset management firms that meet certain minimum eligibility requirements, including a minimum amount of sell-side commissions annually. The formula Institutional Investor uses to develop its rankings is proprietary. The rankings are not indicative of future performance, and there is no guarantee of future success. For additional information, visit www.institutionalinvestor.com.

Education
  • B.A. Hamilton College
  • M.B.A. Stern School of Business, New York University

Experience
  • Managed Fund since inception

Other funds managed
 
Matthew Griswold, CFA

Matthew Griswold, CFA

Director of Investments, Portfolio Manager, Richard Bernstein Advisors LLC

Biography

Matthew Griswold is the director of investments at Richard Bernstein Advisors LLC (RBA), a registered independent investment adviser. He oversees investment process design and implementation for all investment products. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s global equity and multiasset class funds. Matt joined RBA in 2010.

Matt began his career in the investment management industry in 1989. Previously, Matt was a vice president and portfolio manager at State Street Global Advisors, with responsibility for the design, execution and evaluation of both new and existing global investment strategies. His extensive portfolio management experience spans most major asset classes and includes both quantitative and fundamental investment disciplines. Matt assumed a wide variety of leadership positions within State Street in areas of portfolio construction, research, performance measurement, risk analysis, mutual fund administration and client service.

Matt earned a B.S. in industrial management from Carnegie Mellon University. He is a CFA charterholder and member of the CFA Society Boston.

Education
  • B.S. Carnegie Mellon University

Experience
  • Managed Fund since 2017

Other funds managed
 
Henry Timmons, CFA

Henry Timmons, CFA

Senior Quantitative Analyst, Portfolio Manager, Richard Bernstein Advisors LLC

Biography

Henry Timmons is director of ETFs at Richard Bernstein Advisors LLC (RBA), a registered independent investment adviser. He is responsible for asset allocation, portfolio construction, risk management and ETF research. Henry joined RBA in 2011.

Henry began his career in the investment management industry in 2005. Previously, he was a portfolio manager and quantitative analyst at Grantham, Mayo, Van Otterloo & Co. LLC. While at GMO, he evaluated quantitative and fundamental sources of alpha as potential inputs to the investment process, while assisting in constructing and managing portfolios. Prior to GMO, Henry was a management consultant at PricewaterhouseCoopers LLP, where he designed forecasting models improving supply-chain management processes for various clients.

Henry holds a B.S. in mechanical engineering and an MEng in systems engineering and engineering management from Cornell University, and an MBA in finance from Cornell SC Johnson College of Business. He is a CFA charterholder.

Education
  • B.S. Cornell University
  • M.Eng Cornell University
  • M.B.A. Cornell SC Johnson College of Business

Experience
  • Managed Fund since 2017

Other funds managed
 

Literature

Literature

Fact Sheet

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Annual Financial Statements and Add'l Information

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Semi-Annual Financial Statements and Add'l Information

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Commentary

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Annual Report

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Full Prospectus

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Q1 Holdings

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Q3 Holdings

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Holdings - Form N-PORT

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SAI

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Semi-Annual Report

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Summary Prospectus

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