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The fund's manager actively trades investments for the portfolio, prioritizing tax efficiency. This involves both deferring and minimizing the recognition of overall capital gains, often by using capital losses to counteract existing or anticipated profits. A significant objective is also to ensure that any gains realized are classified as long-term, thus qualifying for more favorable tax rates. Additionally, the fund concentrates its investments in equity securities of large corporations based outside the U.S., specifically in developed market countries, with the advisor selecting those deemed to be relatively undervalued.
| Symbol | Name | Weight | Market Value |
|---|---|---|---|
| SHEL | SHELL PLC | 2.86% | $564.63M |
| SAN.MC | BANCO SANTANDER SA | 1.99% | $392.61M |
| TTE.PA | TOTALENERGIES SE | 1.93% | $381.84M |
| 7203.T | TOYOTA MOTOR CORP | 1.70% | $335.38M |
| BAS.DE | BASF SE | 1.21% | $239.82M |
| HSBC | HSBC HOLDINGS PLC | 1.21% | $239.17M |
| TD | TORONTO-DOMINION BANK | 1.13% | $223.38M |
| GLE.PA | SOCIETE GENERALE SA | 1.06% | $210.03M |
| BAYN.DE | BAYER AG | 1.01% | $199.37M |
| LLOY.L | LLOYDS BANKING GROUP PLC | 1.01% | $199.22M |
| 8316.T | SUMITOMO MITSUI FINANCIAL | 0.99% | $196.30M |
| ZURN.SW | ZURICH INSURANCE GROUP AG | 0.97% | $191.68M |
| ENGI.PA | ENGIE SA | 0.90% | $178.35M |
| BP | BP PLC | 0.90% | $177.53M |
| HOLN.SW | HOLCIM LTD | 0.89% | $176.43M |
| SGO.PA | CIE DE SAINT-GOBAIN | 0.87% | $171.53M |
| CFR.SW | CIE FINANCIERE RICHEMONT | 0.87% | $171.15M |
| NOKIA.HE | NOKIA OYJ | 0.86% | $169.58M |
| SREN.SW | SWISS RE AG | 0.85% | $168.77M |
| ORA.PA | ORANGE SA | 0.83% | $163.94M |
| AD.AS | KONINKLIJKE AHOLD DELHAIZ | 0.80% | $158.72M |
| BNP.PA | BNP PARIBAS SA | 0.78% | $154.35M |
| ENI.MI | ENI SPA | 0.76% | $151.16M |
| SU | SUNCOR ENERGY INC. | 0.73% | $143.96M |
| HEI.DE | HEIDELBERG MATERIALS AG | 0.73% | $143.82M |