International Equity Fund
Fund Inception Date: January 1, 1998
The International Equity Fund is a broadly diversified portfolio of large, high quality non-U.S. companies that are either ordinary shares traded on securities exchanges around the world or American Depository Receipts (ADRs) traded on U.S. exchanges. Geographic, industry and currency exposures are carefully monitored, with limits placed on some individual markets and industries, and occasional currency hedges made when appropriate to a particular risk.
The International Equity Fund seeks long-term growth of capital with no greater risk, but different performance characteristics, than a portfolio of high quality U.S. securities. Over a full market cycle (3 to 5 years) the Fund aims to produce a total rate of return net of expenses that exceeds the MSCI EAFE Index, and is ranked above the median performance level when compared to a universe of comparable funds.
The TPF International Equity Fund is best used as a portion of a commitment to the equity markets for investors requiring additional diversification and exposure to the full world economy. The Fund invests in securities that pay little or no dividends, and is exposed to different, although not necessarily greater, risks than a portfolio of domestic stocks.
Net Assets: $76.6 Million
As of September 30, 2013
Half of the Fund is a participation in Artisan International Fund, an institutional portfolio advised by San Francisco-based Artisan Partners, which invests in growth-oriented international companies selected from themes and industries that present accelerating growth prospects.
48% of the Fund is managed by London-based Silchester International Investors, which seek to buy strong, financially sound companies at discounted valuations.
The remaining 2% is managed by Harris Associates of Chicago, who invests in securities that trade at a significant discount to the estimate of intrinsic value, intrinsic values that grow with time, and have shareholder-oriented management teams.