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Global Value Fund: Top 20 Equity Holdings

Top 20 Equity Holdings (08/31/17)

Safran SA4.14France
Safran SA is a international tier-1 supplier of systems and equipment in aerospace, defense, and security. The Company sells engines for airplanes, helicopters, launch vehicles and missiles, landing and braking systems, nacelles, onboard electrical systems, optronics, avionics, identity documents, biometric equipment, smartcards, explosives detection, and trace analysis.
Heineken Holding NV3.09Netherlands
Heineken Holding NV, through its subsidiary produces and distributes beverages internationally. The Company produces beers,spirits, wines, and soft drinks under various brand names. Heineken operates through numerous subsidiaries and associated companies worldwide.
Nestlé SA3.01Switzerland
Nestlé SA is a multinational packaged food company that manufactures and markets a wide range of food products. The Company's product line includes milk, chocolate, confectionery, bottled water, coffee, creamer, food seasoning and pet foods.
Novartis AG2.74Switzerland
Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company produces pharmaceuticals for cardiovascular, respiratory and infectious diseases, oncology, neuroscience, transplantation, dermatology, gastrointestinal and urinary conditions, and arthritis, vaccines and diagnostics, vision, and animal health products.
Roche Holding AG2.73Switzerland
Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.
Diageo PLC2.60Great Britain
Diageo PLC produces, distills and markets alcoholic beverages. The Company offers a wide range of branded beverages, including vodkas, whiskeys, tequilas, gins, and beer.
Standard Chartered PLC2.56Great Britain
Standard Chartered plc is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.
SCOR SE2.49France
SCOR SE offers life, accident, property/casualty, health, and special needs reinsurance. The Company offers services through subsidiaries in Europe, the Americas, Asia, and Africa. SCOR also holds real estate investments.
Total SA2.45France
Total SA explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. Total operates gasoline filling stations in Europe, the United States, and Africa.
GlaxoSmithKline PLC2.43Great Britain
GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GlaxoSmithKline provides products for infections, depression, skin conditions, asthma, heart & circulatory disease, and cancer.
Zurich Insurance Group AG2.39Switzerland
Zurich Insurance Group AG provides insurance-based financial services. The Company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.
Axel Springer AG2.33Germany
Axel Springer is a publishing company based in Europe. The company's lines of business include its advertising driven digital classifieds portfolio, its paid models used by paying readers, and marketing models which sell advertising.
Henkel KGaA2.32Germany
Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical products. The Company produces reactive polyurethane and laminating adhesives, labeling for glass and PET plastic bottles, corrosion inhibitors and surface treatments, soaps, skin care products, hair dye, perfumes, detergents, dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.
HSBC Holdings2.12Great Britain
HSBC Holdings PLC is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. The Group operates worldwide.
Royal Dutch Shell PLC2.06Netherlands
Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and refines petroleum. The company produces fuels, chemicals, and lubricants. Shell owns and operates gasoline filling stations worldwide.
Antofagasta PLC2.01Chile
Antofagasta plc owns and operates copper mines in Chile and conducts exploration activities in Chile and Peru. The Group also operates a rail network servicing the mining region of northern Chile, as well as operates a concession for the distribution of water in this region.
DBS Group Holdings Ltd1.93Singapore
DBS Group Holdings Limited and its subsidiaries provide a variety of financial services. The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage. DBS Group also acts as the primary dealer in Singapore government securities.
Hyundai Motor Company1.83South Korea
Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.
Baidu, Inc.1.77China
Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.
United Overseas Bank1.77Singapore
United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.
Totals:48.77% 

Note: The top twenty holdings listed above are not necessarily representative of the fund’s entire portfolio and are subject to change.