Investment Strategy

Seeks to provide long-term appreciation through exposure to international equities, primarily using American Depository Receipts (ADRs), that we believe rank favorably on the themes of quality, valuation, momentum, and yield. Stocks are selected and weighted based on conviction and are broadly constrained by region, sector, and industry.

ANNUALIZED RETURN

Annualized Rates* of Return for
Periods Ending 12/31/2022

O’Shaughnessy International ADR (Gross)
O’Shaughnessy International ADR (Net) **
MSCI ACWI ex USA Index

4Q2022
16.0%
15.9%
14.3%
-11.3%
-11.8%
-16.0%
1
Year
3
Year
3.8%
2.8%
0.1%
5
Year
2.5%
1.0%
0.9%
7
Year
6.6%
4.6%
4.8%
10
Year
6.5%
4.3%
3.8%
15
Year
3.1%
0.7%
1.5%
Since
Inception
1/1/2006
5.7%
3.2%
3.7%

* Any time period longer than one year is annualized.
** For composite performance presentation purposes, wrap fee account returns are net at 3% annually, which reflects the highest applicable “wrap” fee charged by any sponsor across our distribution channel. Non-wrap fee account returns are net of the actual advisory fees.

Important Performance Disclosures
ANNUAL RETURN

Annual Rates of Return (%)

O’Shaughnessy International ADR (Gross)
O’Shaughnessy International ADR (Net) *
MSCI ACWI ex USA Index
-11.3%
-11.8%
-16.0%
2022

2021
17.6%
16.8%
7.8%

2020
7.2%
5.5%
10.7%

2019
17.7%
14.8%
21.5%
-14.0%
-16.0%
-14.2%
2018

2017
29.6%
26.3%
27.2%

2016
6.3%
3.4%
4.5%
1.1%
-1.4%
-5.7%
2015
-6.6%
-9.1%
-3.9%
2014

2013
27.3%
24.0%
15.3%

2012
15.7%
12.5%
16.8%
-9.8%
-12.5%
-13.7%
2011

2010
7.8%
4.6%
11.2%

2009
26.2%
22.6%
41.5%
-40.5%
-42.1%
-45.5%
2008

2007
17.3%
14.5%
16.7%

2006
37.6%
34.4%
26.7%

* For composite performance presentation purposes, wrap fee account returns are net at 3% annually, which reflects the highest applicable “wrap” fee charged by any sponsor across our distribution channel. Non-wrap fee account returns are net of the actual advisory fees.

Important Performance Disclosures
CHARACTERISTICS

Characteristics as of 12/31/2022
Holdings Based * O'Shaughnessy
International ADR
MSCI ACWI ex USA Index
Price/Earnings Ratio 7.0x 12.1x
Price/Sales Ratio 0.7x 1.3x
Trailing 12-month Price Appreciation 2.5% -7.3%
Weighted Average Market Capitalization $36,846 Mil $80,496 Mil
Median Market Capitalization $18,902 Mil $9,226 Mil
Dividend Yield** 5.1% 3.0%
Approximate Annual Turnover 59%
Active Share 89.1%
 

Gross of Fees
* Based on a group of representative accounts. Each client account will differ based on start date and regenerations dates.
Turnover is last 12 months.
** The Dividend Yield is the annual percentage of the return earned by an investor on a common or preferred stock. The yield is calculated by dividing the amount of dividends paid per share over the past twelve months by the current market price per share of the stock. OSAM utilizes the services of Factset, a third party data provider vendor, to calculate portfolio characteristics and metrics. The dividend yield is a gross indicated yield. There is no guarantee that the rate of dividend payment will continue and the income derived is subject to taxes and expenses which will impact the actual yield experience of each investor.


Important Performance Disclosures
COUNTRIES

Country Distribution as of 12/31/2022 (%)

O’Shaughnessy International ADR
MSCI ACWI ex USA Index
Difference

France
3.5%
7.6%
-4.1%

Germany
3.8%
5.2%
-1.4%
Hong
Kong
2.3%
2.0%
0.3%

Italy
2.7%
1.5%
1.2%

Japan
13.1%
14.3%
-1.2%

Netherlands
0.8%
2.9%
-2.1%

Spain
1.0%
1.6%
-0.6%

Switzerland
4.8%
6.6%
-1.8%
United
Kingdom
14.5%
10.1%
4.4%
Combined
Emerging
Markets
26.4%
27.1%
-0.7%
Other
Developed
Countries
27.2%
21.2%
6.0%

Past performance is no guarantee of future results.
Due to ongoing research, the manager may from time to time adjust the model by changing certain factors or screens which compromise the model without prior notice. OSAM may determine it appropriate to rebalance at times other than regularly scheduled rebalance without prior notice. Stocks with small and mid-sized market capitilazations (those defined by OSAM as less than $10 billion) may have greater risk and volatility than those with larger market capitilizations.

Style allocations are approximate. They may change over time and vary by account.

The statements on this page are qualified in their entirety by the disclaimers and limitations contained here.