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RAFIDXUT

RAFI Fundamental Developed ex US Index

DATA AS OF: 09-30-2018  ASSET CLASS: Equity

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Commentary

The RAFI Fundamental Developed ex US Index slightly outperformed its benchmark, the FTSE All-World Developed ex US, by 11 bps for the quarter, despite value underperforming the market (1.4% for MSCI World ex USA vs. 1.2% for MSCI World ex USA Value). The Energy sector was the main driver to outperformance, contributing 13 bps with an overweight allocation to Total contributing almost half of the outperformance (5 bps) having posted returns of 7.62% during the quarter. Technology contributed modestly to outperformance (8 bps) while the Telecommunications sector slightly detracted (-7 bps).

Trailing Returns

SOURCE: FactSet | Data: As of 09/30/2018 in USD  |  INCEPTION DATE: 01/31/2017

* Inception to Date (ITD) uses the first full month of returns after inception date. All returns prior to inception are simulated, please see disclosures for important information regarding simulated performance.

** Annualized tracking error calculated against each section’s appropriate benchmark using the first full month of returns following index inception. Index returns prior to inception are simulated.

Characteristics

SOURCE: FactSet | Data: As of 09/30/2018 in USD  |  INCEPTION DATE: 01/31/2017

NOTE: Portfolio characteristics derived from FactSet. Data prior to launch is simulated. One-way turnover data is historical average based on simulated history. Capacity is estimated at 50 basis point market impact level.

Top 10 Holdings

SOURCE: FactSet  |  DATA: As of 09/30/2018 in USD

Sectors

SOURCE: FactSet  |  DATA: As of 09/30/2018 in USD

Regions

SOURCE: FactSet  |  DATA: As of 09/30/2018 in USD

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