Our Funds
View our standards and strategies used when evaluating and following funds.
Meritas Money Market Fund
| Period | Performance |
|---|---|
| 1 month | 0.1 |
| 3 month | 0.1 |
| 6 month | 0.2 |
| YTD | 0.2 |
| 1 year | 0.2 |
| 3 year | 1.4 |
| 5 year | 2.0 |
| 10 year | N/A |
| since inception | 1.9 |
Objective: Maximize current income while preserving capital and liquidity
Primary Investment: High quality, short term money market instruments issued or guaranteed by the Government of Canada, a provincial Government, a Canadian Corporation or a financial institution
Your Goal: Income from a short term, low risk investment
Investing in short term money market instruments issued or guarantted by the Government of Canada, a provincial government, a Canadian corporation or a financial institution
Investment Strategy
An active strategy is employed using a combination of interest rate anticipation, yield curve trading, sector rotation, foreign exchange rate anticipation and security selection while ensuring that the issuing corporations meet our standards for socially responsible investing.Fund Managers
The Meritas Money Market Fund is managed by Natalie Laden of GWL Investment Managment Ltd., located in Winnipeg, MB.GWL Investment Management Ltd. (GWLIM) was incorporated in 1981 as the investment management subsidiary of The Great-West Life Assurance Company (GWL). GWLIM is responsible for the investment management of pooled segregated funds and separately managed portfolios and providing investment counselling services for our clients.
Natalie Laden joined Great-West Life in 1978. Natalie assists in the management of the GWLIM Canadian bond portfolios including strategy formulation, bond analysis and selection. In addition, as of October 2003, Natalie assumed responsibility for the management of the GWLIM Money Market Fund.
| Security Name | % |
|---|---|
| Canada T-Bill 0.39% Aug/05/2010 | 36.6 |
| Canada T-Bill 0.54% Sep/16/2010 | 12.6 |
| Canada Housing Trust 3.55% Sep/15/2010 | 11.1 |
| Bank of Montreal 0.70% Sep/08/2010 | 9.2 |
| Royal Bank of Canada 0.33% Jul/05/2010 | 6.3 |
| Province of Ontario 0.32% Aug/04/2010 | 5.7 |
| Toronto Dominion Bank 0.40% Jul/30/2010 | 5.4 |
| Canadian Imperial Bank of Commerce 0.52% Jul/15/2010 | 4.6 |
| Bank of Montreal 0.57% Sep/30/2010 | 4.0 |
| Bank of Nova Scotia 0.54% Jul/19/2010 | 2.3 |
| Toronto Dominion Bank 0.50% Jul/27/2010 | 1.8 |
Meritas Canadian Bond Fund
| Period | Performance |
|---|---|
| 1 month | 4.6 |
| 3 month | 2.1 |
| 6 month | 2.9 |
| YTD | 2.9 |
| 1 year | 5.6 |
| 3 year | 4.8 |
| 5 year | 2.8 |
| 10 year | N/A |
| since inception | 4.4 |
Objective: Current income with capital appreciation as a secondary objective
Primary Investment: Fixed income securities
Your Goal: Income with higher potential returns than money market funds
Investing in fixed income securities consisting of corporate bonds, provincial bonds and obligations issued or guaranteed by agencies of the Canadian Government
Investment Strategy
An active strategy is employed using a combination of interest rate anticipation, yield curve trading, sector rotation, foreign exchange rate anticipation and security selection while ensuring that the issuing corporations meet our standards for socially responsible investing.Fund Managers
The Meritas Canadian Bond Fund is managed by Terry Parsonage of GWL Investment Management Ltd., located in Winnipeg, MB.
GWL Investment Management Ltd. (GWLIM) was incorporated in 1981 as the investment management subsidiary of The Great-West Life Assurance Company (GWL). GWLIM is responsible for the investment management of pooled segregated funds and separately managed portfolios and providing investment counselling services for our clients.
Terry Parsonage graduated from the University of Manitoba in 1975 with a Bachelor of Commerce (Hons) degree, obtaining his Chartered Accountant designation in 1978 and Chartered Financial Analyst designation in 1996. Prior to joining Great-West Life in 1987 he spent four years as a principal of a small securities firm specializing in tax advantaged investments. He is responsible for the management of the Great-West Life Canadian bond funds with assets in excess of $1 billion.
| Security Name | % |
|---|---|
| Canada Housing Trust 4.80% Jun/15/2012 | 8.4 |
| Government of Canada 3.50% Jun/01/2013 | 7.5 |
| Province of Quebec 5.00% Dec/01/2038 | 6.2 |
| Province of Ontario 4.60% Jun/02/2039 | 5.5 |
| Canada Housing Trust 3.60% Jun/15/2013 | 5.1 |
| Government of Canada 4.00% Jun/01/2017 | 4.3 |
| Government of Canada 5.00% Jun/01/2037 | 4.3 |
| Master Credit Card Trust 5.30% Aug/21/2012 | 3.0 |
| 407 International Inc. 4.65% Jan/20/2012 | 2.4 |
| Omers Realty CTT Holding 4.05% May/05/2014 | 2.4 |
| NHA MBS Alberta Motor 4.00% Feb/01/2013 | 2.3 |
| BCFMA 4.98% Apr/06/2025 | 2.3 |
| Province of Quebec 6.00% Oct/01/2012 | 2.0 |
| Met Life Glob Funding 4.45% Nov/08/2013 | 1.9 |
| NHA MBS Royal Bank 4.15% Oct/01/2016 | 1.8 |
| Trans-Canada Pipelines 5.65% Jan/15/2014 | 1.8 |
| Enbridge Inc. 5.17% May/19/2016 | 1.8 |
| Bank of Nova Scotia 5.04% Apr/08/2013 | 1.7 |
| NHA MBS Pool 4.25% Aug/01/2011 | 1.7 |
| Greater Toronto Airport 4.85% Jun/01/2017 | 1.7 |
| BMW Canada Inc. 3.22% Mar/28/2013 | 1.7 |
| Province of New Brunswick 4.70% Jul/21/2016 | 1.5 |
| Caterpillar Financial Services Ltd. 5.20% Jun/03/2013 | 1.5 |
| Citigroup Inc. 5.16% May/24/2027 | 1.4 |
| 407 International Inc. 5.96% Dec/03/2035 | 1.3 |
Meritas Balanced Portfolio Fund
| Period | Performance |
|---|---|
| 1 month | -1.1 |
| 3 month | -3.5 |
| 6 month | -2.4 |
| YTD | -2.4 |
| 1 year | 3.1 |
| 3 year | -3.2 |
| 5 year | 0.6 |
| 10 year | N/A |
| since inception | 1.2 |
Objective: Capital appreciation with an equal emphasis on current income
Primary Investment: Units of other Meritas mutual funds ("underlying funds")
Your Goal: Growth component and an income component to your portfolio
Investing in units of other Meritas Mutual Funds
Investment Strategy
The Fund will invest in units of the underlying funds according to certain benchmark levels. The underlying funds and the benchmark levels are determined by the Manager from time to time. The Manager currently intends to invest in the following underlying funds according to the following benchmarks:- Meritas Money Market Fund 5%
- Meritas Canadian Bond Fund 45%
- Meritas Jantzi Social Index® Fund 26%
- Meritas U.S. Equity Fund 14%
- Meritas International Equity Fund 10%
Fund Managers
The Meritas Balanced Portfolio Fund is managed by Gary Hawton of Meritas Financial Inc. located in Kitchener, Ontario.
Meritas Financial Inc., manages investments for the Meritas Mutual Funds family of funds and for large private and institutional clients. Meritas' ownership structure has over sixty years experience managing socially responsible portfolios.
Gary Hawton, CFA, is a Portfolio Manager and President for Qtrade Fund Management Inc. He joined Meritas Mutual Funds in September 2000, which merged with QFM in April 2010. He is involved in the re-balancing of the fund. Prior to joining Meritas, Gary worked as a regional sales manager for two of Canada's chartered banks. Gary holds a Bachelor of Business Administration degree from Wilfrid Laurier University and has also earned the Chartered Financial Analyst designation.
| Security Name | % |
|---|---|
| Meritas Canadian Bond Fund | 45.5 |
| Meritas Jantzi Social Index® Fund | 25.2 |
| Meritas U.S. Equity Fund | 12.3 |
| Meritas International Equity Fund | 11.8 |
| Meritas Money Market Fund | 4.9 |
| Cash and Equivalents | 0.3 |
Meritas Balanced Growth Portfolio Fund
Objective: Capital appreciation with some emphasis on current income
Primary Investment: Units of other Meritas mutual funds ("underlying funds")
Your Goal: Growth component and an income component to your portfolio
Primary Investment: Units of other Meritas mutual funds ("underlying funds")
Your Goal: Growth component and an income component to your portfolio
Investing in units of other Meritas Mutual Funds
Investment Strategy
The Fund will invest in units of the underlying funds according to certain benchmark levels. The underlying funds and the benchmark levels are determined by the Manager from time to time. The Manager currently intends to invest in the following underlying funds according to the following benchmarks:- Meritas Money Market Fund 2%
- Meritas Canadian Bond Fund 33%
- Meritas Jantzi Social Index® Fund 35%
- Meritas U.S. Equity Fund 15%
- Meritas International Equity Fund 15%
Fund Managers
The Meritas Balanced Growth Portfolio Fund is managed by Gary Hawton of Qtrade Fund Management Inc. located in Kitchener, Ontario.
Qtrade Fund Management., manages investments for the Meritas Mutual Funds family of funds and for large private and institutional clients. QFM's ownership structure has over sixty years experience managing socially responsible portfolios.
Gary Hawton, CFA, is a Portfolio Manager and President for Qtrade Fund Management Inc. He joined Meritas Mutual Funds in September 2000, which merged with QFM in April 2010. He is involved in the re-balancing of the fund. Prior to joining Meritas, Gary worked as a regional sales manager for two of Canada's chartered banks. Gary holds a Bachelor of Business Administration degree from Wilfrid Laurier University and has also earned the Chartered Financial Analyst designation.
| Security Name | % |
|---|---|
| Cash and Equivalents | 30.4 |
| Meritas Jantzi Social Index® Fund | 24.0 |
| Meritas Canadian Bond Fund | 23.6 |
| Meritas International Equity Fund | 10.5 |
| Meritas U.S. Equity Fund | 10.1 |
| Meritas Money Market Fund | 1.4 |
Meritas Monthly Dividend and Income Fund
| Period | Performance |
|---|---|
| 1 month | -3.9 |
| 3 month | -6.2 |
| 6 month | -3.6 |
| YTD | -3.6 |
| 1 year | 5.7 |
| 3 year | -4.8 |
| 5 year | N/A |
| 10 year | N/A |
| since inception | -1.5 |
Objective: Capital appreciation with an equal emphasis on current income
Primary Investment: Income-producing Canadian Equity securities
Your Goal: Growth component and a relatively stable monthly income
Investing primarily in a variety of income-producing Canadian companies
Investment Strategy
Featuring a focus on income producing large capitalization Canadian companies. This fund will typically have at least 50% of its assets in Canadian Equities, while ensuring that all investments meet our standards for socially responsible investing.Fund Managers
The Meritas Monthly Dividend and Income Fund is managed by Blain Caverly of Jarislowsky, Fraser Limited from their Toronto, Ontario office.
Jarislowsky, Fraser Limited is a registered investment counseling firm, managing pension funds, pooled funds, endowment funds and, corporate and private portfolios for clients in North America and Europe.
Jarislowsky, Fraser Limited is a registered investment counseling firm, managing pension funds, pooled funds, endowment funds and, corporate and private portfolios for clients in North America and Europe.
Blaine Caverly has as B.A. from Queen's University. Blain has been Senior Partner at Jarislowsky, Fraser Limited since 1989, and was formerly with Bank of America, CIBC and SEI Financial Services.
| Security Name | % |
|---|---|
| Royal Bank of Canada | 6.0 |
| Bank of Nova Scotia | 5.0 |
| The Toronto-Dominion Bank | 4.6 |
| Talisman Energy Inc. | 4.0 |
| Suncor Energy Inc. | 3.8 |
| Enbridge Inc. | 3.3 |
| Cenovus Energy Inc. | 3.3 |
| Metro Inc. 'A' | 3.1 |
| Thomson Reuters Corp. | 3.0 |
| Nexen Inc. | 3.0 |
| Canadian National Railway Co. | 2.9 |
| Potash Corporation of Saskatchewan Inc. | 2.7 |
| Pembina Pipeline Income Fund | 2.5 |
| Manulife Financial Corp. | 2.5 |
| EnCana Corporation | 2.4 |
| Kinross Gold Corporation | 2.4 |
| Great-West Lifeco Inc. | 2.1 |
| Inter Piepline Fund LP 'A' | 2.1 |
| Industrial Alliance Insurance and Financial Services Inc. | 1.9 |
| Bonavista Energy Trust | 1.9 |
| Winpak Limited | 1.9 |
| Research In Motion | 1.8 |
| Canadian Tire Corp. 'A' | 1.7 |
| Stantech Inc. | 1.7 |
| Rogers Communications Inc. 'B' | 1.7 |
| Sectors | % |
|---|---|
| Energy | 27.7 |
| Financials | 26.9 |
| Consumer Discretionary | 11.7 |
| Materials | 9.8 |
| Industrials | 9.4 |
| Consumer Staples | 8.7 |
| Information Technology | 3.0 |
| Telecommunication Services | 1.7 |
| Utilities | 1.1 |
| Health Care | 0.0 |
Meritas Jantzi Social Index® Fund
| Period | Performance |
|---|---|
| 1 month | -5.5 |
| 3 month | -9.6 |
| 6 month | -6.4 |
| YTD | -6.4 |
| 1 year | 3.7 |
| 3 year | -7-2 |
| 5 year | 2.7 |
| 10 year | N/A |
| since inception | 4.1 |
Objective: Capital appreciation with current income as a secondary objective
Primary Investment: Canadian equity securities which comprise the Jantzi Social Index®
Your Goal: Long term growth
Investing in Canadian equity securities which comprise the Jantzi Social Index®
Investment Strategy
The fund invests in medium to large capitalization companies that offer a blend of value and growth opportunities. The fund is passively managed based on the composition of the Jantzi Social Index®, which is consistent with our standards for socially responsible investing. Positions within the index will change only if standards within a company in the index are no longer acceptable, or when mergers or acquisitions of existing holdings take place.Fund Managers
The Meritas Jantzi Social Index® Fund is managed by Gary Hawton of Qtrade Fund Management Inc. located in Kitchener, Ontario.
Qtrade Fund Management manages investments for the Meritas Mutual Funds family and for large private and institutional clients. QFM's ownership structure has over sixty years experience managing socially responsible portfolios.
Qtrade Fund Management manages investments for the Meritas Mutual Funds family and for large private and institutional clients. QFM's ownership structure has over sixty years experience managing socially responsible portfolios.
Gary Hawton, CFA, is a Portfolio Manager and President for Qtrade Fund Management Inc. He joined Meritas Mutual Funds in September 2000, which merged with QFM in April 2010. He is involved in the re-balancing of the fund. Prior to joining Meritas, Gary worked as a regional sales manager for two of Canada's chartered banks. Gary holds a Bachelor of Business Administration degree from Wilfrid Laurier University and has also earned the Chartered Financial Analyst designation.
As our research provider, Jantzi Research, provides a full range of social investment research and support services to institutional clients and financial professionals who integrate social and environmental criteria into their investment decisions.
Michael Jantzi founded Jantzi Research in 1992. Active in the social investment field since 1990, he has co-authored a book on socially responsible investments in Canada. Michael holds a B.A. (Honours) in political science from the University of Western Ontario and an M.A. in international relations from Dalhousie University.
| Security Name | % |
|---|---|
| TD Bank | 9.4 |
| Royal Bank of Canada | 8.9 |
| Bank of Nova Scotia | 7.7 |
| Suncor Energy Inc. | 7.5 |
| Bank of Montreal | 5.1 |
| Canadian National Railway Company | 4.6 |
| Potash Corporation of Saskatchewan | 4.3 |
| Canadian Imperial Bank of Commerce | 4.0 |
| RIM Limited | 4.0 |
| EnCana Corporation | 3.9 |
| Rogers Communications Inc. 'B' | 2.7 |
| Enbridge Inc. | 2.7 |
| Talisman Energy Inc. | 2.6 |
| Sun Life Financial Inc. | 2.5 |
| Teck Resources Ltd. 'B' | 2.4 |
| Thomson Reuters Corporation | 2.2 |
| Kinross Gold Corporation | 2.0 |
| Brookfield Asset Management Inc. 'A' | 2.0 |
| Nexen Inc. | 1.8 |
| Canadian Pacific Railway Ltd. | 1.5 |
| National Bank of Canada | 1.4 |
| Agrium Inc. | 1.3 |
| Yamana Gold Inc. | 1.3 |
| BCE Inc. | 1.3 |
| Shaw Communications Inc. 'B' | 1.2 |
| Fund | S&P/TSX 60 | |
|---|---|---|
| P/E Ratio | 18.16 | 19.18 |
| BETA | 0.99 | 1.00 |
| Sectors | % |
|---|---|
| Financials | 43.8 |
| Energy | 20.7 |
| Materials | 12.7 |
| Industrials | 6.7 |
| Consumer Discretionary | 4.6 |
| Telecommunication Services | 4.4 |
| Information Technology | 3.9 |
| Consumer Staples | 1.9 |
| Utilities | 0.7 |
| Health Care | 0.6 |
Meritas U.S. Equity Fund
| Period | Performance |
|---|---|
| 1 month | -3.3 |
| 3 month | -7.6 |
| 6 month | -6.6 |
| YTD | -6.6 |
| 1 year | 3.3 |
| 3 year | -14.1 |
| 5 year | -8.1 |
| 10 year | N/A |
| since inception | -7.6 |
Objective: Capital appreciation with current income as a secondary objective
Primary Investment: Undervalued securities of medium to large capitalization companies
Your Goal: Long term growth
Investing in equity securities of U.S. companies
Investment Strategy
Featuring a relative value investment style, the fund invests in undervalued stocks of medium to large capitalization companies. The selection is based on solid track records, strong profitability, significant growth potential, and meeting our standards of socially responsible investing.Fund Managers
The Meritas U.S. Equity Fund is managed by Christopher Davis and Kenneth Feinberg of Davis Selected Advisors, L. P. located in New York, New York.
Davis Selected Advisors, L. P. is an independent money management firm with main offices in New York and Tucson. Since its founding in 1969, Davis Advisors has been committed to serving both retail and institutional investors. As of September 30, 2005, Davis managed more than US$65 billion primarily in U.S. large cap equities, multi cap equities, REITs and financial stocks.
Kenneth Feinberg is a Portfolio Manager with Davis Selected Advisors, L.P. and joined Davis Advisors in 1994. Previously, he was a Vice President at the Continental Corporation and a Capital and Business Analyst for the General Foods Corporation. Mr. Feinberg received his M.B.A. from Columbia University and his B.A. from Johns Hopkins University.
Christopher C. Davis is CEO and a Portfolio Manager with Davis Selected Advisors, L.P. and has over 16 years experience in investment management and securities research. Mr. Davis joined Davis Advisors in 1989 and worked as an assistant Portfolio Manager and Research Analyst alongside Shelby M.C. Davis until September 1995. He received his M.A. from the University of St. Andrews in Scotland.
| Security Name | % |
|---|---|
| Costco Wholesale Corp. | 5.9 |
| Wells Fargo & Co. | 5.0 |
| American Express Co. | 4.9 |
| EOG Resources Inc. | 4.5 |
| Berkshire Hathaway Inc. 'A' | 4.3 |
| Merck & Company Inc. | 3.5 |
| CVS Caremark Corp. | 3.4 |
| Devon Energy Corp. | 3.4 |
| Proctor & Gamble Co. | 3.4 |
| Loews Corporation | 3.0 |
| The Progressive Corp. | 2.9 |
| The Bank of New York Mellon Corp. | 2.7 |
| Canadian Natural Resources Ltd. | 2.6 |
| Google Inc. 'A' | 2.5 |
| Johnson & Johnson | 2.4 |
| Sealed Air Corporation | 2.4 |
| Iron Mountain Inc. | 1.9 |
| Express Scripts Inc. | 1.8 |
| Texas Instruments Inc. | 1.8 |
| Hewlett-Packard Company | 1.7 |
| Bed Bath & Beyond Inc. | 1.5 |
| Julius Baer Group Ltd. | 1.4 |
| The Coca-Cola Company | 1.4 |
| Harley-Davidson Inc. | 1.2 |
| Transatlantic Holdings Inc. | 1.2 |
| Fund | S&P 500 | |
|---|---|---|
| P/E Ratio | 14.25 | 14.71 |
| BETA | 1.03 | 1.00 |
| Sectors | % |
|---|---|
| Financials | 32.5 |
| Consumer Staples | 16.6 |
| Energy | 12.6 |
| Health Care | 10.2 |
| Information Technology | 8.4 |
| Consumer Discretionary | 7.0 |
| Industrials | 6.2 |
| Materials | 6.0 |
| Telecommunication Services | 0.5 |
| Utilities | 0.0 |
Meritas International Equity Fund
| Period | Performance |
|---|---|
| 1 month | 0.7 |
| 3 month | -6.2 |
| 6 month | -7.8 |
| YTD | -7.8 |
| 1 year | -3.1 |
| 3 year | -12.6 |
| 5 year | -2.4 |
| 10 year | N/A |
| since inception | -3.8 |
Objective: Capital appreciation with current income as a secondary objective
Primary Investment: Equity Securities of companies outside North America
Your Goal: Long term growth through foreign investment
Investing in equity securities of companies outside North America
Investment Strategy
Featuring a focus on unanticipated earnings growth, the fund invests primarily in large capitalization companies domiciled in Europe, Australia and the Far East, with no more than 20 percent in emerging markets, while ensuring that all investments meet our standards for socially responsible investing.Fund Managers
The Meritas International Equity Fund is managed by Wendy Trevisani, William Fries, and Lei Wang of Thornburg Investment Managment, Inc., located in Santa Fe, New Mexico.
Thornburg Investment Management, Inc. is an independent money management organization dedicated to providing superior investment management to institutional and private investors.
Bill Fries (CFA) is a managing director and co-portfolio manager of the Thornburg International Value Fund and the Thornburg Value Fund. Bill joined Thornburg in 1995 as managing director and founding portfolio manager of the Thornburg Value Fund. In 1998, he also founded the Thornburg International Value Fund. For his work with this fund, he was named Morningstar’s International Fund Manager of the Year for 2003. Bill was also recognized with the Excellence in Fund Management Award by Business Week magazine and Standard & Poor’s in 2004 and 2005 for Thornburg Value Fund and in 2006 for Thornburg International Value Fund. His responsibilities include portfolio management and analysis of companies as well as evaluation of existing positions and overall equity strategy performance.
Bill began his career as a securities analyst and bank investment officer. His 30 plus years of investment management experience includes an extended tenure as vice president of equities at USAA Investment Management Company. Bill is a CFA charterholder.
Bill began his career as a securities analyst and bank investment officer. His 30 plus years of investment management experience includes an extended tenure as vice president of equities at USAA Investment Management Company. Bill is a CFA charterholder.
BA, MA, East China Normal University
MBA, New York University
Lei Wang is a managing director and co-portfolio manager of the Thornburg International Value Fund. His primary responsibilities include portfolio management and analyzing companies. He is also responsible for evaluating existing positions and overall portfolio performance.
Lei Wang joined Thornburg Investment Management in 2004 as an associate portfolio manager and in 2006 was promoted to co-portfolio manager for the International Value Fund and was also named managing director. Prior to joining Thornburg, Lei served as an associate for Deutsche Bank as well as Enso Capital Management. He has also worked as a bank supervision manager at China’s central bank. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder.
MBA, New York University
Lei Wang is a managing director and co-portfolio manager of the Thornburg International Value Fund. His primary responsibilities include portfolio management and analyzing companies. He is also responsible for evaluating existing positions and overall portfolio performance.
Lei Wang joined Thornburg Investment Management in 2004 as an associate portfolio manager and in 2006 was promoted to co-portfolio manager for the International Value Fund and was also named managing director. Prior to joining Thornburg, Lei served as an associate for Deutsche Bank as well as Enso Capital Management. He has also worked as a bank supervision manager at China’s central bank. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder.
BA, Bucknell University
MBA, Columbia University
Wendy Trevisani is a managing director and co-portfolio manager of the Thornburg International Value Fund. Her responsibilities include portfolio management and analysis of companies as well as evaluation of existing positions and overall equity fund performance.
Wendy joined Thornburg Investment Management as an associate portfolio manager in 1999, and was named managing director in 2003. She was promoted to co-portfolio manager in 2006. Prior to joining Thornburg, Wendy began her investment career as an institutional sales and trading representative for Salomon Smith Barney in both New York City and London. Wendy received an MBA with a concentration in Finance from Columbia University and graduated Cum Laude with a BA degree in International Relations from Bucknell University.
MBA, Columbia University
Wendy Trevisani is a managing director and co-portfolio manager of the Thornburg International Value Fund. Her responsibilities include portfolio management and analysis of companies as well as evaluation of existing positions and overall equity fund performance.
Wendy joined Thornburg Investment Management as an associate portfolio manager in 1999, and was named managing director in 2003. She was promoted to co-portfolio manager in 2006. Prior to joining Thornburg, Wendy began her investment career as an institutional sales and trading representative for Salomon Smith Barney in both New York City and London. Wendy received an MBA with a concentration in Finance from Columbia University and graduated Cum Laude with a BA degree in International Relations from Bucknell University.
| Security Name | % |
|---|---|
| Novo Nordisk AS 'B' | 4.3 |
| Teva Pharma Ltd. ADR | 3.9 |
| Canadian National Railway Co. | 3.3 |
| Novartis AG | 3.3 |
| SAP AG | 3.2 |
| Kingfisher PLC | 3.2 |
| Standard Chartered PLC | 3.1 |
| Tesco PLC | 2.8 |
| Fresenius Medical Care AG & Company | 2.7 |
| Hong Kong Exchanges & Clearing Limited | 2.7 |
| Amdocs Limited | 2.6 |
| BM&F Bovespa SA | 2.4 |
| BNP Paribas SA | 2.4 |
| Reckitt Benckiser PLC | 2.4 |
| Hennes & Mauritz AB (H&M) 'B' | 2.4 |
| Mitsubishi UFJ Financial Group Inc. | 2.4 |
| BG Group PLC | 2.2 |
| America Movil ADR 'L' | 2.2 |
| Natura Cosmeticos SA | 2.1 |
| Wal-Mart de Mexico | 2.1 |
| L'Air Liquide SA | 2.0 |
| Pearson PLC | 1.9 |
| Telefonica SA | 1.8 |
| China Merchants Bank Company Limited 'H' | 1.8 |
| Volkswagen AG PFD | 1.8 |
| Fund | MSCI EAFE | |
|---|---|---|
| P/E Ratio | 17.06 | 17.00 |
| BETA | 0.89 | 1.00 |
| Market Region | % |
|---|---|
| Continental Europe | 33.3 |
| United Kingdom | 22.0 |
| Other | 15.0 |
| Canada | 11.6 |
| Pacific Basin | 10.1 |
| Japan | 8.0 |
| Total | 100 |
| Sectors | % |
|---|---|
| Financials | 22.3 |
| Health Care | 16.9 |
| Information Technology | 13.1 |
| Consumer Discretionary | 12.6 |
| Consumer Staples | 9.5 |
| Industrials | 6.2 |
| Cash & Equivalents | 6.1 |
| Telecommunication Services | 4.7 |
| Materials | 4.5 |
| Energy | 4.1 |
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