Non-U.S. Value Equity

Wallstreet Rumble
Beth Gandy
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About Non-U.S. Value Equity

The strategy is managed by a team with deep experience investing through multiple market cycles. Its consistent, repeatable process identifies Non-U.S. companies across the market cap spectrum to exploit inefficiencies resulting in a diversified portfolio.

Investment Process

Investment Objective:

Seeks to outperform the MSCI EAFE Value Index over a full market cycle.

Investment Overview:

We believe markets are inefficient, and that these inefficiencies can best be exploited through adherence to a valuation centric investment process dedicated to the selection of securities on a bottom-up basis. Our team focuses primarily on fundamental securities analysis, valuation, and prospects for a return to fair valuation.

~1,100
Stocks
~400
Stocks
150-200
Stocks
Non-U.S. Value
Portfolio
50-70
Stocks
Arrow pointing left
Market Cap, Volume, Dividend Yield, & Cash Flow
Arrow pointing left
Quantitative Analysis
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Fundamental Screening Analysis
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Fundamental Analysis
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Portfolio Constraints

Strategy Summary

as of 9/30/2022
Asset Class
Non-U.S. Equity
Investment Style
Value
Portfolio Benchmark
MSCI EAFE Value Index
Separate Account
Open
Collective Investment Trust
Open

Additional Information

Portfolio Characteristics

as of 9/30/2022
Portfolio
MSCI EAFE Value Index
MSCI EAFE Index
Price / Earnings (NTM)
9.3
7.9
10.8
Price / Book Value
1.1
1.0
1.5
Weighted Average Market Cap ($M)
22,388
54,830
65,932
Median Market Cap ($M)
12,634
10,231
10,369
Dividend Yield
4.4
5.1
3.5

Regional Allocations

as of 9/30/2022
Europe ex-U.K.
37.5%
United Kingdom
18.1%
Asia/Pacific ex-Japan
15.8%
Japan
13.6%
Emerging Markets
7.4%
North America
5.5%
Cash
2.2%

Top 10 Holdings

as of 9/30/2022
ING Groep NV
4.7%
HSBC Holdings Plc
4.2%
BOC Hong Kong (Holdings) Limited
4.2%
Julius Baer Gruppe AG
3.1%
Kirin Holdings Company, Limited
3.0%
United Overseas Bank Ltd. (Singapore)
2.9%
Hongkong Land Holdings Limited
2.8%
Enbridge Inc.
2.8%
Genting Singapore Limited
2.8%
Suncor Energy Inc.
2.7%

Sector Weightings

as of 9/30/2022
Financials
24.4%
Industrials
20.4%
Consumer Discretionary
14.9%
Consumer Staples
11.8%
Energy
8.0%
Utilities
4.8%
Materials
3.6%
Health Care
3.2%
Real Estate
2.8%
Communication Services
2.6%
Cash
2.2%
Information Technology
1.3%

Performance

Annualized Portfolio Returns as of 9/30/2022
Qtr*
1 Year
3 Year
5 Year
10 Year
Non-U.S. Value Equity - Gross Returns
-13.63%
-15.03%
3.35%
1.39%
4.55%
Non-U.S. Value Equity - Net Returns
-13.79%
-15.63%
2.63%
0.69%
3.82%
MSCI EAFE Value Index
-10.21%
-20.16%
-2.79%
-2.74%
2.39%
MSCI EAFE Index
16.05%
7.82%
4.28%
7.45%
5.51%

*Most recent quarter returns are not annualized. Past performance does not guarantee future results and there is no assurance that the Strategy will achieve its investment objective.

Disclosure

Sources for data noted above are from APX and FactSet as of the date specified. Material presented is based on the composite and not an individual account.

Barrow Hanley gross returns are shown before investment management fees and custody expenses. Index returns do not reflect transaction costs, management fees, and other expenses. Performance is expressed in U.S. currency. Net returns are calculated using a model fee. The model fee is based on the highest tier of our standard fee schedule. Barrow, Hanley, Mewhinney & Strauss, LLC claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

The MSCI Inc. ('MSCI') information may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used to create any financial instruments or products or any indices. The MSCI information is provided on an 'as is' basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the 'MSCI Parties') expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw Hill Companies, Inc. (“S&P”) and is licensed for use by Barrow, Hanley, Mewhinney & Strauss, LLC. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification.  Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

All institutional product information has been provided by Barrow, Hanley, Mewhinney & Strauss, LLC. Any questions about this material or requests for additional information may be made directly to the firm by contacting us here.

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