Global Equity Enhanced Income Fund

$121.88

NAV

+$0.83 / +0.69%
1-day change

$50.3M

Fund assets

18.16%

Year-to-date return

7/16/2020

Fund inception date

Data as of 12/20/2024

Fund overview

Targets high, consistent income and growth from global equities

The Global Equity Enhanced Income Fund seeks to deliver a high level of current income and long-term capital appreciation by investing in a diversified portfolio of global stocks together with an actively managed options overlay designed to generate additional income.

An innovative, dynamic approach that seeks to deliver high, consistent income and access to the growth potential of global equities

Key differentiators

Seeks to provide a targeted yield of 6% p.a.¹ based on prevailing market conditions
Uses two sources of income (equities and options), which are dynamically managed to balance the trade-off between income and capital growth
Aims to capture the long-term growth potential of global equities through a high-conviction portfolio of 60 to 80 stocks
Targets balanced factor, region and sector exposures to help mitigate style swings whilst capturing growth opportunities

¹ A target is indicative only, is not guaranteed and does not take into account fees or charges that will reduce returns. The targeted yield is based on prevailing market conditions and subject to change. There is no guarantee that the targeted yield, or any other level of income or returns, will be generated.

General facts

ISIN

LU2125154778

SEDOL

BKPX2W9

Bloomberg

WEEEIRA LX

SFDR classification

Minimum investment

$1,000

Share class launch date

7/16/2020

Annual management fee

1.20%

Total expense ratio (TER)

1.40%

(as of 8/31/2024)

Benchmark name

MSCI ACWI Index (Net)

Settlement

T+2

Quick resources

Fact Sheet Fact Sheet

Morningstar Rating™

Out of 1104 funds, Global Equity Income As of 11/30/2024

Transcript

Wai Lee: For capital growth, first and foremost is the ACWI market factor, up 16.5% at the end of October. The best performing U.S. region was up 21% with 5% contribution from Nvidia alone and more than 9% from Big 6 Tech. The market leadership did open up a bit in Q3 with only two of the Big 6 Tech stocks making it to the top 20 performing stocks, year to date. But in historical context, since the 1990s, all net wealth creation in the U.S. and non-U.S. stock markets came from roughly 2% top-performing stocks. So, diversified portfolios actually got a better chance not to miss the best performers in the right tail. Then, along the style axis, growth outperformed as Leading Economic Indicator recorded consecutive months of decline. while Momentum, Large Cap, and Leverage factors also outperformed. On income, dividends, which accounted for one third of the total stock returns in the longer term, contributed less than 2% to the year-to-date return. While they deliver higher income, it has been challenging for many to match the capital growth of the market index. The MSCI ACWI High Dividend Yield Index returned 11.6%, trailing the ACWI by 5%, but there are some exceptional performers out there. We always take a total portfolio approach to put income and capital growth together in a risk-balanced manner. We draw dividends from most of our diversified holdings with profitability screens and news sentiment analysis through Natural Language Processing to help mitigate the risk of dividend cuts. We continue to collect premium by writing index call options. And with recent strong market returns, we think the upside given up is likely limited. To grow capital, we don't exclude the Big 6 Tech just because they don't pay or they pay little dividends. But unlike the High Dividend Yield Index, which is anti-Momentum, we like stocks that show momentum and sentiment to back up the attractive valuations, quality, and profitability. We don't time the market and keep the market beta close to 1. Having said that, monetary easing has been a tailwind to grow both income and capital. We think slowing or soft-lending global economy can push investors further to reward higher-quality, profitable but inexpensive stocks. So, in summary, we feel good entering 2025 in achieving 6% yield with growth potential.

Performance

Past performance is not indicative of future results.

Calendar year

(as of 12/31/2023)

	2023	2022	2021
Fund	17.56	-16.99	19.92
Benchmark	22.20	-18.36	18.54

Average annual returns

(as of 11/30/2024)

7/16/2020

	1M	3M	YTD	1Y	3Y	5Y	10Y	Inception
Fund	3.05	2.07	19.52	23.54	6.88	-	-	11.27
MSCI ACWI Index (Net)	3.74	3.77	20.34	26.12	7.68	-	-	12.80

Expenses (as of 8/31/2024)

Annual management fee

1.20 %

Total expense ratio (TER)

1.40 %

The ongoing charges/total expense ratio (TER) reflects annual total operating expenses for the class, excludes transaction costs and is expressed as a percentage of net asset value. The figure shown is from current KID. The investment manager has committed to reimburse the Sub-Fund when the ongoing charges exceed the agreed upon TER. Ongoing charges may vary over time.

Past performance is not indicative of future results. Performance calculations are net of all applicable fees and are calculated on an offer-to-bid basis (with income re-invested). Performance shown is for class and currency indicated and returns may increase/decrease as a result of currency fluctuations.

Returns do not reflect the imposition of the sales charge applicable to Class A shares. While the Fund does not currently impose a sales charge, the bank, sub-distributor or financial institution through whom you purchase shares may apply a sales charge up to 5.00%.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund's performance, especially for short time periods, should not be the sole factor in making your investment decision.

Cumulative

(as of 11/30/2024)

This chart shows the value of a hypothetical $10,000 investment in the fund over the specified time period up to 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.

Performance and volatility metrics

(as of 11/30/2024)

	3 Year
Alpha	-0.28
Beta	0.93
Sharpe Ratio	0.19
Standard Deviation	15.49
R2	0.95
Information Ratio	-0.23
Upside Market Capture Ratio	86.60
Downside Market Capture Ratio	93.20
Tracking Error	3.55
Correlation	0.98
Treynor Ratio	0.03

Morningstar ratings and rankings

(as of 11/30/2024)

Overall

Global Equity Income (Out of 1104 funds)

Three Year

42nd percentile (513 out of 1104)

Five Year

percentile out of 909

Ten Year

percentile out of 563

For illustrative purposes only. Ratings and awards are not an indication, promise, or guarantee of future performance. Ratings and awards should not be relied upon when making an investment decision. The Overall Morningstar Rating™ is a weighted average of the 3-, 5-, and 10-year (if applicable) ratings and is based on risk-adjusted return. Past performance is no guarantee of future results.

The Morningstar absolute ranking is based on the fund’s total return rank relative to all funds that have the same category for the same time period. Morningstar rankings do not include the effect of sales charges. Past performance is no guarantee of future results.

Prices and distributions

Historical prices


YTD high	$125.51	12/16/2024
YTD low	$106.59	1/17/2024
52-week high	$125.51	12/16/2024
52-week low	$106.59	1/17/2024
2023 high	$109.60	12/31/2023
2023 low	$97.26	10/29/2023
Best quarterly return	12.46%	12/31/2020
Worst quarterly return	-14.88%	6/30/2022
Best annual return	19.92%	12/31/2021
Worst annual return	0.00%	12/31/2020

Distribution summary


Dividends	Quarterly
Capital gains	-

Distribution history

Distribution history	Type	Per share amount	Reinvestment price
2024-10-01	Dividend	$1.77993	$120.37
2024-10-01	Short-term capital gain	$0.06897	$120.37
2024-07-01	Dividend	$1.8339	$121.10
2024-04-02	Dividend	$1.01471	$116.73
2024-04-02	Short-term capital gain	$0.77434	$116.73
2024-01-02	Dividend	$1.644	$107.51
2023-10-02	Dividend	$0.87873	$100.28
2023-10-02	Short-term capital gain	$0.65667	$100.28
2023-07-03	Dividend	$0.95727	$106.07
2023-07-03	Short-term capital gain	$0.63782	$106.07
2023-04-03	Dividend	$0.68114	$102.80
2023-04-03	Short-term capital gain	$2.99705	$102.80
2022-10-03	Dividend	$0.54084	$92.80
2022-10-03	Short-term capital gain	$0.64651	$92.80
2022-07-01	Dividend	$0.59223	$99.40
2022-07-01	Short-term capital gain	$0.91363	$99.40
2022-04-01	Dividend	$0.20657	$118.54
2022-04-01	Short-term capital gain	$1.58923	$118.54
2022-01-03	Dividend	$0.94262	$125.72
2022-01-03	Short-term capital gain	$0.96268	$125.72
2021-10-01	Dividend	$1.12025	$118.55
2021-10-01	Short-term capital gain	$0.67555	$118.55
2021-07-01	Dividend	$0.28574	$121.42
2021-07-01	Short-term capital gain	$1.56151	$121.42
2021-04-01	Dividend	$0.6674	$118.41
2021-04-01	Short-term capital gain	$1.1191	$118.41
2021-01-04	Dividend	$0.214	$110.38
2021-01-04	Short-term capital gain	$1.4735	$110.38
2020-10-01	Dividend	$0.3415	$100.44
2020-10-01	Short-term capital gain	$1.0517	$100.44

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Composition

Portfolio statistics

(as of 11/30/2024)

	Fund	Benchmark
Number of Holdings	94	2650

Equity Style Box

(as of 11/30/2024) Overview chart

Placement within the Morningstar Equity Style Box is based on two variables: relative median market capitalization and relative price valuations (price/book and price/earnings) of the fund’s portfolio holdings. These numbers are drawn from the fund’s portfolio holdings figures most recently entered into Morningstar’s database and the corresponding market conditions. The Ownership Zone is represented by a shaded area surrounding the centroid. This zone encompasses 75% of a portfolio’s holdings on an asset-weighted basis and is designed to be a visual measure of how wide-ranging the portfolio is.

Holdings

Top 10 holdings

(as of 11/30/2024)

Security	Fund
NVIDIA Corporation	3.71%
Apple Inc.	3.15%
Microsoft Corporation	2.64%
Walmart Inc.	2.50%
Amazon.com, Inc.	2.45%
Alphabet Inc. Class A	2.37%
Citigroup Inc.	2.14%
Sompo Holdings,Inc.	2.04%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	1.99%
Colgate-Palmolive Company	1.87%

View All Holdings

Based on ending weights as of month-end. Source: FactSet. The information shown is not intended to be, nor should it be construed to be, a recommendation to buy or sell an individual security.

Sector allocation

(as of 11/30/2024)

Type	Fund	Benchmark
Information technology	24.48%	25.10%
Financials	19.61%	17.03%
Health care	10.24%	10.04%
Industrials	8.88%	10.60%
Communication services	8.68%	7.88%
Consumer discretionary	7.79%	10.86%
Consumer staples	5.64%	6.05%
Energy	5.55%	4.02%
Real estate	4.23%	2.15%
Other	2.46%	-
Utilities	1.31%	2.60%
Materials	1.15%	3.66%

Based on ending weights as of month-end. Source: FactSet. Percent total may not add to 100% due to rounding.

Geographic allocation

(as of 11/30/2024)

Type	Fund	Benchmark
United States	62.81%	66.65%
United Kingdom	5.32%	3.11%
Japan	4.84%	4.73%
France	3.94%	2.25%
Other	2.46%	0.00%
China & Hong Kong	2.13%	3.02%
Canada	2.10%	2.80%
Taiwan	2.01%	1.83%
Germany	1.54%	1.89%
Switzerland	1.43%	2.02%

Based on ending weights as of month-end. Source: FactSet. Percent total may not add to 100% due to rounding.

Currency allocation

(as of 11/30/2024)

Currency	Share Class	Benchmark
Australian Dollar	1.14%	1.62%
Brazilian Rial	2.05%	0.38%
British Pound Sterling	5.26%	3.11%
Canadian Dollar	2.08%	2.80%
Euro (EUR)	9.11%	6.76%
Hong Kong Dollar	2.11%	2.42%
Japanese Yen	4.78%	4.73%
Norwegian Krone	0.93%	0.12%
Singapore Dollar	1.01%	0.28%
South Korean Won	1.43%	0.94%
Swiss Franc	1.42%	2.02%
United States Dollar	66.27%	67.34%

Currency allocation is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

ESG data summary

MSCI Overall ESG Score ¹

Portfolio

7.0

Index

6.8

Sustainalytics ESG Risk Score ²

Portfolio

Index

SFDR Rating

Product involvement ³

	Portfolio	Benchmark
Controversial Weapons exposure	0.00%	1.38%
Oil Sands exposure	0.00%	0.19%
Small Arms exposure	0.00%	0.09%
Thermal Coal exposure	0.00%	0.82%
Tobacco exposure	0.00%	0.66%
UN Global Compact non-compliant exposure	0.00%	1.09%

¹ Data is sourced from MSCI ESG Research where companies are rated on a scale of 0 – 10 (0 - worst, 10 - best). Weighted average scores exclude effects of unrated securities.

² ESG Risk Ratings measure exposure to and management of ESG risks. Lower risk scores reflect less ESG risk. Sustainalytics ESG Risk Scores measure ESG risks on a scale of 0 – 100 (0 - no ESG Risk, >40 - Severe ESG Risk).

³ Carbon emissions includes operational and first-tier supply chain greenhouse gas emissions. Data sourced from S&P Trucost Limited.

⁴ Source: Allspring Global Investments. This report contains information developed by Sustainalytics. Such information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers. Copyright © 2023 Sustainalytics. All rights reserved.

Documents

Literature	Date	Language
Fact Sheet	11/30/2024	English	Download
Fact Sheet	11/30/2024	Italian	Download
Fact Sheet	11/30/2024	Chinese	Download
Fact Sheet	11/30/2024	Korean	Download
Fund Profile	10/31/2024	English	Download
Monthly Commentary	11/30/2024	English	Download

Regulatory Document	Date	Language
Lux Fund Sustainability-Related Disclosures	10/31/2024	English	Download
PRIIPs KIDs	12/4/2024	English	Download
PRIIPs KIDs	12/4/2024	German	Download
PRIIPs KIDs	1/29/2024	French	Download
PRIIPs KIDs	12/4/2024	Swedish	Download
PRIIPs KIDs	12/4/2024	Italian	Download
PRIIPs KIDs	12/4/2024	Finnish	Download
PRIIPs KIDs	12/4/2024	French	Download
PRIIPs KIDs	1/29/2024	Spanish	Download
PRIIPs KIDs	12/4/2024	Norwegian	Download

Our team

Meet the investment team

The team believes company returns are predictable based on quantitative factors. They seek to systematically harvest these factors to generate alpha for their clients.

View Team

Petros Bocray

Portfolio Manager

Justin Carr

Portfolio Manager

Vince Fioramonti

Portfolio Manager

Megan Miller

Head of Systematic Edge Options and Co-Head of Custom SMA Investments

Wai Lee

Co-Head of Systematic Research

Key risks

Smaller-company securities risk: Securities of companies with smaller market capitalisations tend to be more volatile and less liquid than securities of larger companies.

Geographic concentration risk: Investments concentrated in specific geographic regions and markets may be subject to greater volatility due to economic downturns and other factors affecting the specific geographic regions.

Global investment risk: Securities of certain jurisdictions may experience more rapid and extreme changes in value and may be affected by uncertainties such as international political developments, currency fluctuations and other developments in the laws and regulations of countries in which an investment may be made.

ESG risk: Applying an ESG screen for security selection may result in lost opportunity in a security or industry resulting in possible underperformance relative to peers. ESG screens are dependent on third-party data and errors in the data may result in the incorrect inclusion or exclusion of a security.

Currency risk: Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention (or the failure to intervene) by relevant governments or central banks, or by currency controls or political developments.

Emerging markets risk: Emerging markets may be more sensitive than more mature markets to a variety of economic factors and may be less liquid than markets in the developed world.

Equity securities risk: These securities fluctuate in value and price in response to factors impacting the issuer of the security as well as general market, economic and political conditions.

We look forward to helping you with your investment needs

More Contact Options

Investors should note that, relative to the expectations of the Autorité des Marchés Financiers, this fund presents disproportionate communication on the consideration of non-financial criteria in its investment policy.

Any benchmark referenced is for comparative purposes only, unless specifically referenced otherwise in this material and/or in the prospectus, under the Sub-Funds’ Investment Objective and Policy.

†Promotes environmental and social characteristics but does not have a sustainable investment objective

†While the Sub-Funds listed above have access to both internal and external ESG research and integrate financially material sustainability risks into their investment decision-making processes, ESG-related factors are considered but not determinative, permitting the relevant Sub-Investment Managers to invest in issuers that do not embrace ESG; as such, sustainability risks may have a more material impact on the value of the Sub-Fund’s investments in the medium to long term. The investments underlying these Sub-Funds do not take into account the EU criteria for environmentally sustainable economic activities.

The Morningstar Rating™ for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

© 2024 Morningstar. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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