HFQIX Global Equity Income Fund

A high-conviction strategy that targets high, dependable income from high-yielding, high-quality global equities

NAV
$7.20
As of 01/17/2020

1-Day Change
$0.04 (0.56%)
As of 01/17/2020

YTD Return
1.69%
As of 01/17/2020

Morningstar Rating

As of 12/31/2019

Overview

ABOUT THIS FUND

A long-only portfolio that seeks a high level of current income and steady capital appreciation. The Fund seeks global, high-quality, income-producing equities with a focus on international companies.

WHY INVEST IN THIS FUND

Income, Regardless of Environment

With our global approach, we seek to take advantage of various market environments to find the best income-producing equities. We tend to focus on international equities where the income-generating potential may be greater.

Regional Rotation Strategy

We use a specialized rotation strategy intended to capitalize on the global seasonality of dividends.

Differentiated Income Option

The Fund may be an attractive alternative to preferred stock and fixed income. The Fund holds 100% equities with no leverage and a quarterly dividend distribution schedule.

A History of High, Dependable Income

By investing in quality companies and leveraging a specialized regional rotation strategy, the Fund has been able to capitalize on higher dividends paid out overseas to generate an attractive level of income since inception.

A Record of Regular Distributions
Quarterly Distribution Yield – Class I Shares (6/30/07 – 12/31/19)

 

Global Equity Income Fund 1

Distribution yields are as of each quarter-end. Data is for Class A Shares from 6/30/07 – 3/31/09 and Class I Shares from 4/30/09 – Present. Class I Shares became available in 2009. Distribution Yield is calculated by taking the trailing 365 days of distributions and dividing by the net asset value on the last business day for the same period. The yield does not include long- or short-term capital gains distributions. As of 12/31/19, the 30-Day SEC Yield with/without waivers was 3.63%. 30-Day SEC yield is a standardized yield calculated based on a snapshot of current underlying holdings and doesn’t account for active trading throughout a full calendar year.

PORTFOLIO MANAGEMENT

Ben Lofthouse, CFA

Head of Global Equity Income | Portfolio Manager  

Industry since 1998. Joined Firm in 2004.

Alex Crooke

Co-Head of Equities – EMEA and Asia Pacific | Portfolio Manager

Industry since 1990. Joined Firm in 1994.

Job Curtis

Director, Global Equity Income | Portfolio Manager

Industry since 1983. Joined Firm in 1987.

Performance

RETURNS (%) (As of 12/31/2019)
Global Equity Income Fund - Class I Shares MSCI World Index℠ MSCI World High Dividend Yield Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(11/30/2006)
Global Equity Income Fund - Class I Shares 8.84 21.37 21.37 6.97 5.11 6.38 4.44
MSCI World Index℠ 8.56 27.67 27.67 12.57 8.74 9.47 5.91
MSCI World High Dividend Yield Index 7.10 23.15 23.15 10.38 7.31 8.22 4.73
RETURNS (%) (As of 12/31/2019)
Global Equity Income Fund - Class I Shares MSCI World Index℠ MSCI World High Dividend Yield Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(11/30/2006)
Global Equity Income Fund - Class I Shares 8.84 21.37 21.37 6.97 5.11 6.38 4.44
MSCI World Index℠ 8.56 27.67 27.67 12.57 8.74 9.47 5.91
MSCI World High Dividend Yield Index 7.10 23.15 23.15 10.38 7.31 8.22 4.73
CALENDAR YEAR RETURNS (%)
Global Equity Income Fund - Class I Shares MSCI World Index℠
 
  2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Global Equity Income Fund - Class I Shares 22.19 6.74 -1.15 15.17 21.02 -1.61 -0.10 4.90 19.60 -15.67
MSCI World Index℠ 29.99 11.76 -5.54 15.83 26.68 4.94 -0.87 7.51 22.40 -8.71

MORNINGSTAR PERCENTILE

(As Of 12/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 12 53 16 4 1
Foreign Large Value Category|Rank/Count 30/353 141/331 41/302 10/240 2/184
(As Of 12/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 12 53 16 4 1
Foreign Large Value Category|Rank/Count 30/353 141/331 41/302 10/240 2/184
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 12/31/2019 Class I Shares)

RISK / REWARD
VS. MSCI World Index℠
3YR 5YR
Information Ratio -1.09 -0.74
Alpha -3.24 -1.91
Tracking Error 5.15 4.94
Beta 0.85 0.82
R-squared (%) 79.51 82.14
UP/DOWN MARKET CAPTURE (%)
VS. MSCI World Index℠
3YR 5YR
Up Capture Ratio 69.81 73.85
Down Capture Ratio 90.39 88.01
STANDARD DEVIATION 3YR 5YR
Global Equity Income Fund 10.73 10.61
MSCI World Index℠ 11.29 11.68
SHARPE RATIO 3YR 5YR
Global Equity Income Fund 0.50 0.38
MSCI World Index℠ 0.97 0.66
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2018)
CLASS I SHARES
Management Fees 0.65%
12b-1 Fees -
Other Expenses 0.11%
Total Gross Expenses 0.76%
Waivers 0.00%
Total Net Expenses 0.76%

Portfolio

Index represents the MSCI World Index℠.

Top Holdings (As of 12/31/2019)
% of Fund
Samsung Electronics Co Ltd 3.48
GlaxoSmithKline PLC 3.17
Johnson & Johnson 3.11
BHP Group PLC 3.01
TOTAL SA 2.63
British American Tobacco PLC 2.53
Royal Dutch Shell PLC 2.48
Taiwan Semiconductor Manufacturing Co Ltd (ADR) 2.46
Repsol SA 2.45
Amcor PLC 2.08
Total 27.40
View full holdings
Portfolio Characteristics (As of 12/31/2019)
  FUND INDEX
Number of Holdings
Equity Issues
72 1646
Market Capitalization
Weighted Average
$90.03B $199.96B
Portfolio Turnover Rate
(1-year trailing)
138.77% -
Price/Earnings Ratio
(1-year forward)
15.13 21.41
Price/Book Ratio
(1-year forward)
2.65 4.30
Earnings Growth Rate
(1-year forward)
-3.67% 4.77%

Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 12/31/2019)
Communication Services 14.05 8.41
Financials 12.66 15.70
Energy 12.61 4.92
Health Care 10.78 13.01
Materials 8.84 4.39
Consumer Discretionary 8.19 10.28
Information Technology 7.54 17.35
Utilities 6.93 3.42
Consumer Staples 6.62 8.29
Real Estate 6.22 3.24
Industrials 4.63 10.99
Cash & Equivalents 0.93 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of 12/31/2019)
Europe 49.63 21.23
North America 26.24 66.48
Asia/Pacific Ex Japan 16.68 3.93
Japan 6.52 8.17
Cash & Equivalents 0.93 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of 12/31/2019)
Over $100B 24.07 41.66
$50B to $100B 12.68 16.87
$10B to $50B 47.08 34.59
$5B to $10B 9.75 5.83
$1B to $5B 1.78 0.83
$500M to $1B 0.14
N/A 3.57 0.21

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