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Global Value Fund II — Currency Unhedged: Top 20 Equity Holdings

Top 20 Equity Holdings (05/31/19)

Safran SA3.63France
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.
SCOR SE3.24France
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.
Nestlé SA3.18Switzerland
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.
Diageo PLC3.04Great 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.
Roche Holding AG3.03Switzerland
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.
Axel Springer AG2.71Germany
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.
Total SA2.68France
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.
Novartis AG2.53Switzerland
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.
Zurich Insurance Group AG2.44Switzerland
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.
DBS Group Holdings Ltd2.39Singapore
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.
Royal Dutch Shell PLC2.31Netherlands
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.
Standard Chartered PLC2.30Great 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.
Cisco Systems Inc2.28USA
Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.
Unilever NV2.22Netherlands
Unilever NV manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products. Dually-listed company with ULVR LN.
Johnson & Johnson2.12USA
Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.
CNH Industrial NV2.08United Kingdom
CNH Industrial NV through its brands, designs, produces and sells trucks, commercial vehicles, buses, special vehicles, agricultural and construction equipment, in addition to engines and transmissions for those vehicles and engines for marine applications. The company also provides equipment financing services.
WPP PLC2.04Great Britain
WPP plc operates a communications services group. The Company's operations encompass advertising, media investment management, consultancy, public relations, healthcare and specialist communications, and branding and identity services.
GlaxoSmithKline PLC1.92Great 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.
MasterCard Inc.1.87USA
MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.
HSBC Holdings1.83Great 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.
Totals:49.84% 

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