STATE STREET HEDGED INTERNATIONAL DEVELOPED EQUITY INDEX FUND
Fund
SSHQX
Price as of:
$122.70
+ $0.17
+ 0.14%
Primary Theme
fund company
Name
As of 11/21/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
$122.70
$3.6 B
3.36%
$4.12
0.36%
Vitals
YTD Return
12.2%
1 yr return
16.0%
3 Yr Avg Return
8.5%
5 Yr Avg Return
74.1%
Net Assets
$3.6 B
Holdings in Top 10
99.9%
52 WEEK LOW AND HIGH
$122.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.36%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 7.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/21/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
$122.70
$3.6 B
3.36%
$4.12
0.36%
SSHQX - Profile
Distributions
- YTD Total Return 12.2%
- 3 Yr Annualized Total Return 8.5%
- 5 Yr Annualized Total Return 74.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.50%
- Dividend Yield 3.4%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameSTATE STREET HEDGED INTERNATIONAL DEVELOPED EQUITY INDEX FUND
-
Fund Family NameState Street Global Advisors - advised funds
-
Inception DateMay 29, 2015
-
Shares OutstandingN/A
-
Share ClassK
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael Feehily
Fund Description
The Fund is an “index” fund that seeks to track, before fees and expenses, the total return of the MSCI EAFE (Europe, Australasia, Far East) 100% Hedged to USD Index (the “Index”) over the long term. As an “index” fund, the Fund is not managed according to traditional methods of “active” investment management, which involve the buying and selling of securities based upon economic, financial and market analysis and investment judgment. The return of the Index is affected by the performance of Index constituents and the hedging strategy. In general, the Index would have higher returns than an equivalent unhedged index when the component currencies are weakening relative to the U.S. dollar. Conversely, the Index generally would have lower returns than an equivalent unhedged index when the component currencies are rising relative to the U.S. dollar.
In seeking to track the performance of the Index, the Fund expects to employ a sampling strategy, which means that the Fund will not typically purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index or other investments in an effort to create a portfolio of securities with generally the same risk and return characteristics of the Index. The number of holdings in the Fund will be based on a number of factors, including the asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, may, instead, invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index.
Under normal circumstances, the Fund invests substantially all, but as a matter of policy no less than 80%, of its net assets (plus borrowings, if any) in securities, or American Depositary Receipts (“ADRs”) or Global Depositary Receipts “GDRs”) based on securities, comprising the Index, or in other funds, including funds sponsored by the Adviser or its affiliates, in currency hedging instruments (and related collateral, if any), or in other investments, that the Adviser expects to provide a return highly correlated to the Index or a portion of the Index. The notional value of the Fund's investments in derivatives or other synthetic instruments that provide exposure comparable, in the judgment of the Adviser, to the foregoing types of investments may be counted toward satisfaction of this 80% policy. The Fund will provide shareholders with at least sixty (60) days' notice prior to any change in its policy to invest at least 80% of its assets as described in the foregoing. The Fund may invest in equity securities that are not included in the Index (including common stock, preferred stock, depositary receipts and shares of other investment companies), currency transactions, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). The Fund may use derivatives, including futures contracts and options, swaps, and contracts for differences, to obtain investment exposures that the Adviser expects to correlate closely with the Index or a portion of the Index.
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings, if any) in equity securities of issuers in developed economies or securities markets. For this purpose, countries with “developed economies or securities markets” refers to countries that are included in the Index, or a global developed markets equity index, and countries with similar characteristics (countries that have sustained economic development, sufficient liquidity for listed companies and accessible markets). The notional value of the Fund's investments in derivatives or other synthetic instruments that provide exposures comparable, in the judgment of the Adviser, to investments in equity securities of issuers in developing economies or securities markets may be counted toward satisfaction of this 80% policy. The Fund will provide shareholders with at least 60 days' notice prior to any change in this 80% investment policy.
The Fund currently intends to gain all of its investment exposure to, and track the performance of, the Index constituents by investing in the State Street International Developed Equity Index Portfolio (the “Portfolio”) and employ its currency hedging strategy by directly entering into currency hedging transactions. The Adviser also serves as investment adviser to the Portfolio. When the Fund invests in the Portfolio, the Fund participates in the investment returns achieved by the Portfolio. Descriptions in this section of the investment activities of the “Fund” with respect to the Index constituents also generally describe the expected investment activities of the Portfolio.
The Fund intends to hedge its non-U.S. currency exposure to the U.S. dollar, in a manner intended to replicate the currency hedge reflected in the Index. For this purpose, the Fund may enter into foreign currency forward contracts, forward currency futures and options, and currency swaps. The Index hedges each foreign currency in the Index back to the U.S. dollar by selling foreign currency forwards at the one-month forward rate. The size and exchange rate of each currency hedge is reset by the Index one time per month. Even if the Fund's hedging strategy works as intended, changes in currency exchange rates will still affect Fund returns (see “Currency Hedging Risk” below). The Fund's performance, like that of the Index, will depend on both the performance of the stocks comprising the Fund and the performance of the U.S. dollar relative to foreign currencies.
The Index is designed to capture the performance that can be achieved by hedging the currency exposures of its parent index, the MSCI EAFE Index, to the U.S. dollar. The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to capture large and mid-cap securities in developed market countries, excluding the United States and Canada. As of February 29, 2024, the MSCI EAFE Index comprised 782 securities covering companies across 21 countries and represented 85 % of the free float-adjusted market capitalization of those countries. As of February 29, 2024, a significant portion of the MSCI EAFE Index comprised companies in the financials sector, and companies located in Japan, the United Kingdom and Europe and a significant portion of the Index constituents are denominated in the Yen, the Pound Sterling and the Euro, although this may change from time to time. As of February 29, 2024, the full market capitalization of the companies included in the MSCI EAFE Index ranged from $1.36 billion to $388.34 billion. As of February29, 2024, countries covered in the MSCI EAFE Index included Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, although this may change from time to time.
The Index is sponsored by MSCI, Inc. (the “Index Provider”) which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index.
SSHQX - Performance
Return Ranking - Trailing
| Period | SSHQX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 12.2% | -6.2% | 27.1% | 4.99% |
| 1 Yr | 16.0% | -1.8% | 29.8% | 8.74% |
| 3 Yr | 8.5%* | -17.2% | 45.0% | 1.77% |
| 5 Yr | 74.1%* | -34.2% | 74.2% | 0.17% |
| 10 Yr | N/A* | 0.5% | 31.5% | N/A |
* Annualized
Return Ranking - Calendar
| Period | SSHQX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 15.4% | -1.4% | 22.0% | 22.79% |
| 2022 | -22.0% | -43.6% | 71.3% | 88.47% |
| 2021 | 15.9% | -28.5% | 18.9% | 1.45% |
| 2020 | 904.3% | -90.1% | 992.1% | 0.66% |
| 2019 | 18.8% | -1.9% | 38.8% | 53.77% |
Total Return Ranking - Trailing
| Period | SSHQX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 12.2% | -6.2% | 27.1% | 4.99% |
| 1 Yr | 16.0% | -1.8% | 29.8% | 8.74% |
| 3 Yr | 8.5%* | -17.2% | 45.0% | 1.77% |
| 5 Yr | 74.1%* | -34.2% | 74.2% | 0.17% |
| 10 Yr | N/A* | 0.5% | 31.5% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | SSHQX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 19.7% | 3.2% | 23.8% | 9.46% |
| 2022 | -4.8% | -43.6% | 144.8% | 1.11% |
| 2021 | 19.3% | -22.6% | 56.0% | 1.29% |
| 2020 | 924.5% | -89.7% | 1010.8% | 0.66% |
| 2019 | 24.8% | 4.3% | 38.8% | 29.77% |
NAV & Total Return History
SSHQX - Holdings
Concentration Analysis
| SSHQX | Category Low | Category High | SSHQX % Rank | |
|---|---|---|---|---|
| Net Assets | 3.6 B | 3.3 M | 425 B | 24.04% |
| Number of Holdings | 37 | 1 | 10481 | 91.37% |
| Net Assets in Top 10 | 3.52 B | 1.01 M | 47.5 B | 12.33% |
| Weighting of Top 10 | 99.86% | 4.6% | 147.7% | 2.48% |
Top 10 Holdings
- State Street International Developed Equity Index Portfolio 94.43%
- State Street Institutional Liquid Reserves Fund 4.16%
- PURCHASED USD / SOLD JPY 0.60%
- PURCHASED USD / SOLD EUR 0.23%
- PURCHASED USD / SOLD EUR 0.23%
- PURCHASED USD / SOLD GBP 0.11%
- PURCHASED USD / SOLD DKK 0.05%
- PURCHASED USD / SOLD SEK 0.03%
- PURCHASED USD / SOLD NOK 0.01%
- PURCHASED USD / SOLD JPY 0.01%
Asset Allocation
| Weighting | Return Low | Return High | SSHQX % Rank | |
|---|---|---|---|---|
| Stocks | 94.43% | 0.00% | 102.63% | 83.51% |
| Cash | 4.31% | 0.00% | 44.84% | 15.10% |
| Other | 1.25% | -2.12% | 69.93% | 14.18% |
| Preferred Stocks | 0.00% | -0.05% | 6.57% | 73.50% |
| Convertible Bonds | 0.00% | 0.00% | 4.18% | 44.51% |
| Bonds | 0.00% | 0.00% | 79.43% | 47.30% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | SSHQX % Rank | |
|---|---|---|---|---|
| Financial Services | 17.55% | 0.00% | 47.75% | 54.98% |
| Industrials | 14.75% | 5.17% | 99.49% | 51.66% |
| Healthcare | 13.85% | 0.00% | 20.35% | 20.06% |
| Consumer Defense | 10.69% | 0.00% | 32.29% | 29.70% |
| Consumer Cyclical | 10.43% | 0.00% | 36.36% | 45.50% |
| Technology | 8.41% | 0.00% | 36.32% | 80.25% |
| Basic Materials | 8.24% | 0.00% | 23.86% | 47.24% |
| Communication Services | 5.30% | 0.00% | 21.69% | 66.51% |
| Energy | 4.46% | 0.00% | 16.89% | 58.93% |
| Utilities | 3.34% | 0.00% | 13.68% | 31.91% |
| Real Estate | 2.97% | 0.00% | 14.59% | 21.96% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | SSHQX % Rank | |
|---|---|---|---|---|
| US | 94.43% | 0.00% | 102.01% | 4.01% |
| Non US | 0.00% | 0.00% | 99.44% | 96.92% |
SSHQX - Expenses
Operational Fees
| SSHQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.36% | 0.01% | 19.62% | 85.80% |
| Management Fee | 0.14% | 0.00% | 1.65% | 10.08% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 9.25% |
| Administrative Fee | 0.05% | 0.01% | 1.00% | 22.27% |
Sales Fees
| SSHQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| SSHQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| SSHQX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 7.00% | 2.00% | 247.00% | 9.03% |
SSHQX - Distributions
Dividend Yield Analysis
| SSHQX | Category Low | Category High | SSHQX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.36% | 0.00% | 17.49% | 11.09% |
Dividend Distribution Analysis
| SSHQX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| SSHQX | Category Low | Category High | SSHQX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.50% | -0.93% | 6.38% | 17.38% |
Capital Gain Distribution Analysis
| SSHQX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 26, 2023 | $4.119 | OrdinaryDividend |
| Dec 27, 2022 | $21.111 | OrdinaryDividend |
| Dec 28, 2021 | $3.559 | OrdinaryDividend |
| Dec 29, 2020 | $2.126 | OrdinaryDividend |
| Dec 27, 2019 | $0.322 | OrdinaryDividend |
| Dec 27, 2019 | $0.115 | CapitalGainShortTerm |
| Dec 27, 2019 | $0.099 | CapitalGainLongTerm |
| Dec 27, 2018 | $0.025 | CapitalGainShortTerm |
| Dec 27, 2018 | $0.118 | CapitalGainLongTerm |
| Dec 27, 2018 | $0.500 | OrdinaryDividend |
| Dec 15, 2017 | $0.188 | CapitalGainLongTerm |
| Dec 15, 2017 | $0.137 | CapitalGainShortTerm |
| Dec 16, 2016 | $0.069 | CapitalGainShortTerm |
| Dec 16, 2016 | $0.128 | CapitalGainLongTerm |
| Dec 16, 2016 | $0.198 | OrdinaryDividend |
| Dec 18, 2015 | $0.057 | OrdinaryDividend |
| Dec 18, 2015 | $0.014 | CapitalGainShortTerm |
| Dec 18, 2015 | $0.017 | CapitalGainLongTerm |
SSHQX - Fund Manager Analysis
Managers
Michael Feehily
Start Date
Tenure
Tenure Rank
May 29, 2015
7.01
7.0%
Mr. Feehily, CFA, is a Managing Director of SSGA and the Adviser and Co-Head of Passive Equity Strategies in North America in the Global Equity Beta Solutions Group. In this capacity, Mr. Feehily has oversight of the North American Passive Equity teams in Boston and Montreal. In addition, Mr. Feehily is a member of the Senior Management Group. Mr. Feehily rejoined SSgA in 2010 after spending the previous four years at State Street Global Markets LLC where he helped to build the Exposure Solutions business.
Karl Schneider
Start Date
Tenure
Tenure Rank
May 29, 2015
7.01
7.0%
Karl Schneider, CAIA, is a Vice President of SSGA and SSGA FM, and Head of U.S. Equity Strategies for GEBS, where in addition to overseeing the management of the U.S. equity index strategies, he also serves as a portfolio manager for a number of the group's passive equity portfolios. Previously within GEBS, he served as a portfolio manager and product specialist for synthetic beta strategies, including commodities, buy/write, and hedge fund replication. Prior to joining GEBS, Mr. Schneider worked as a portfolio manager in SSGA's Currency Management Group, managing both active currency selection and traditional passive hedging overlay portfolios. He joined SSGA in 1996. Mr. Schneider holds a BS in finance and investments from Babson College and an MS in finance from Boston College. He has earned the Chartered Alternative Investment Analyst designation. Mr. Schneider is a member of the CAIA Association.
David Chin
Start Date
Tenure
Tenure Rank
May 29, 2015
7.01
7.0%
David Chin is a Vice President of SSGA and a Senior Portfolio Manager in the Global Equity Beta Solutions Group at SSGA. Prior to joining SSGA in 1999, Mr. Chin was a product analyst in the Analytical Services Group at Frank Russell Company. Before this, he worked at OneSource Information Systems developing investment software. Preceding this, he was affiliated with PanAgora Asset Management in the Research and Development group creating quantitative investment models for international equities. Mr. Chin has been working in the investment management field since 1992. Mr. Chin holds a Bachelor of Science in Management Information Systems from the University of Massachusetts/Boston and a Master of Business Administration from the University of Arizona.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 30.35 | 6.34 | 3.25 |