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Name

As of 04/24/2024

Price

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

Vontobel U.S. Equity Institutional Fund

VTUIX | Fund

$16.82

$36.9 M

0.51%

$0.09

2.74%

Vitals

YTD Return

4.4%

1 yr return

23.3%

3 Yr Avg Return

8.4%

5 Yr Avg Return

13.2%

Net Assets

$36.9 M

Holdings in Top 10

42.8%

52 WEEK LOW AND HIGH

$16.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.74%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/24/2024

Price

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

Vontobel U.S. Equity Institutional Fund

VTUIX | Fund

$16.82

$36.9 M

0.51%

$0.09

2.74%

VTUIX - Profile

Distributions

  • YTD Total Return 4.4%
  • 3 Yr Annualized Total Return 8.4%
  • 5 Yr Annualized Total Return 13.2%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.34%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Vontobel U.S. Equity Institutional Fund
  • Fund Family Name
    State Farm Investment Management Corp.
  • Inception Date
    Mar 27, 2018
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Edwin Walczak

Fund Description

Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of borrowings for investment purposes) in equity securities of U.S. issuers of any capitalization. Shareholders will be given 60 days’ advance notice of any change to this policy. Equity securities include common and preferred stocks, securities convertible or exchangeable into common stocks, warrants, rights to purchase common stocks, and real estate investment trusts (“REITs”).
The Fund seeks to provide investors with access to high-quality U.S. companies. The securities selected for inclusion in the Fund are those that, in the opinion of the Adviser, are well-managed businesses with consistent operating histories and financial performance that have favorable long-term economic prospects and, in most cases, generate free cash flow. Free cash flow is the difference between operating cash flow and capital expenditures and represents the cash available to develop new products, make acquisitions, pay dividends and reduce debt. Over full market cycles, the investment style is designed with the objective of capturing part of the up market cycles and may offer protection in down market cycles, although there is no guarantee that it will do so. The Adviser implements a bottom-up stock selection process and generally does not look for special circumstances or cyclical market timing events. The Adviser anticipates that stocks held by the Fund will perform well as long as the general economic environment is favorable. However, Fund holdings are also expected to have defensive qualities and are selected with the expectation that they outperform the growth of the weighted average earnings per share of the indices when economies or markets fail to perform well. The Fund’s holdings tend to underperform during late stage boom markets or during a market bounce following a collapse; times when more cyclical and higher levered companies tend to outperform.
Additionally, the Fund may invest up to 20% of its assets in securities of companies located in Canada or in sponsored or unsponsored American Depositary Receipts (“ADRs”) of foreign companies located in developing or emerging markets countries. Emerging markets generally will include countries of every nation in the world except the U.S., Canada, Japan, Australia, New Zealand, and most nations located in Western Europe. The Adviser primarily relies on the country where the company is incorporated, is headquartered or has its principal place of business in determining the “location” of an issuer. The Adviser will also consider as companies of an emerging markets country or countries certain companies that are not actually domiciled in or do not have their principal place of business in an emerging markets country or countries, but that have at least 50% of their assets in, or expect to derive at least 50% of their total revenues or profits from, goods or services produced in or sales made in an emerging markets country or countries. This evaluation is conducted so as to determine that the company’s assets are exposed to the economic fortunes and risks of a designated country or countries.
The Fund also considers environmental social and governance (“ESG”) characteristics and invests in companies that the Adviser believes are well-prepared to handle financially material ESG challenges. The Adviser utilizes an ESG framework in selecting investments. The ESG framework assesses a company’s ESG practices and excludes companies that violate certain international norms and standards or that are involved in severe controversies, unless the Adviser identifies positive steps taken by the company to resolve the violations or controversies. The Adviser uses the following sustainability indicators to determine if the Fund has attained the ESG characteristics in the ESG framework:
•
The Fund excludes securities of companies with any revenue exposure to controversial weapons (e.g., anti-personnel mines, cluster munitions, chemical weapons and biological weapons).
•
The Fund considers the percentage of investments in securities of companies that are in violation with certain international norms and standards promoted by the Fund or that are exposed to severe controversies as assessed on a case-by-case basis by the Adviser and/or a third party ESG data provider (unless a positive outlook has been identified).
The Fund follows an active ownership approach, which takes into account relevant ESG matters. The Adviser engages directly with companies through meetings and dialogue with management and by voting on resolutions, and indirectly by working collaboratively with other institutional shareholders or coordinating bodies to amplify our impact. The Adviser sees these activities as a way to support the attainment of the ESG characteristics of the Fund.
In determining which portfolio securities to sell, the Adviser focuses on the operating results of the portfolio companies, not price quotations, to measure the success of an investment. In making sell decisions, the Adviser considers, among other
things, whether a security’s price target has been met, whether there has been an overvaluation of the issuer by the market, whether there has been a clear deterioration of future earnings power, and whether, in the Adviser’s opinion, there has been a loss of a long-term competitive advantage. In addition, the information used for the implementation of the ESG framework, and consequently the attainment of the ESG characteristics, are reviewed on a regular basis. If a security no longer complies with the criteria, the Adviser may, but is not required to, sell the security within a reasonable time period as determined by the Adviser considering prevailing market conditions and the best interests of the shareholders.
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VTUIX - Performance

Return Ranking - Trailing

Period VTUIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% -39.2% 19.3% 84.09%
1 Yr 23.3% -24.8% 65.1% 89.04%
3 Yr 8.4%* -30.8% 22.0% 9.17%
5 Yr 13.2%* -16.0% 28.0% 50.28%
10 Yr N/A* -5.5% 18.8% N/A

* Annualized

Return Ranking - Calendar

Period VTUIX Return Category Return Low Category Return High Rank in Category (%)
2023 24.4% -74.1% 72.4% 76.64%
2022 -19.3% -85.9% 4.7% 2.90%
2021 8.2% -52.4% 60.5% 50.98%
2020 14.2% -34.3% 145.0% 87.40%
2019 29.7% -21.8% 49.4% 20.46%

Total Return Ranking - Trailing

Period VTUIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% -39.2% 19.3% 84.09%
1 Yr 23.3% -24.8% 65.1% 89.04%
3 Yr 8.4%* -30.8% 22.0% 9.17%
5 Yr 13.2%* -16.0% 28.0% 50.28%
10 Yr N/A* -5.5% 18.8% N/A

* Annualized

Total Return Ranking - Calendar

Period VTUIX Return Category Return Low Category Return High Rank in Category (%)
2023 25.7% -4.6% 72.4% 84.60%
2022 -15.4% -61.7% 5.6% 2.81%
2021 25.4% -39.8% 118.1% 25.84%
2020 17.3% 2.8% 149.2% 95.86%
2019 32.0% -5.2% 49.4% 59.65%

NAV & Total Return History

VTUIX - Holdings

Concentration Analysis

VTUIX Category Low Category High VTUIX % Rank
Net Assets 36.9 M 242 K 269 B 94.50%
Number of Holdings 41 1 3217 76.66%
Net Assets in Top 10 15.8 M 104 K 111 B 94.99%
Weighting of Top 10 42.82% 0.7% 205.0% 76.51%

Top 10 Holdings

  1. Microsoft Corporation COM USD0.00000625 5.97%
  2. Amazon.com, Inc. COM USD0.01 5.16%
  3. Intercontinental Exchange Inc COM USD0.01 4.44%
  4. Mondelez International, Inc. COM NPV 4.31%
  5. The Coca-Cola Company COM USD0.25 4.20%
  6. MasterCard Incorporated COM USD0.0001 CLASS A 4.03%
  7. UnitedHealth Group Inc. COM USD0.01 3.86%
  8. CME Group Inc. COM USD0.01 3.79%
  9. Adobe Inc COM USD0.0001 3.55%
  10. Alphabet Inc. CAP USD0.001 CL C 3.51%

Asset Allocation

Weighting Return Low Return High VTUIX % Rank
Stocks 		97.98% 0.00% 130.05% 66.30%
Cash 		2.17% -1.50% 173.52% 27.16%
Preferred Stocks 		0.00% 0.00% 7.84% 48.56%
Other 		0.00% -43.49% 50.04% 51.78%
Convertible Bonds 		0.00% 0.00% 1.94% 40.39%
Bonds 		0.00% 0.00% 104.15% 43.04%

Stock Sector Breakdown

Weighting Return Low Return High VTUIX % Rank
Consumer Defense 		18.54% 0.00% 25.50% 0.85%
Financial Services 		18.43% 0.00% 43.06% 7.06%
Consumer Cyclical 		16.73% 0.00% 62.57% 41.92%
Healthcare 		16.41% 0.00% 39.76% 19.13%
Technology 		13.24% 0.00% 65.70% 97.62%
Communication Services 		8.01% 0.00% 66.40% 73.81%
Industrials 		5.42% 0.00% 30.65% 59.69%
Basic Materials 		3.22% 0.00% 18.91% 14.97%
Utilities 		0.00% 0.00% 16.07% 58.08%
Real Estate 		0.00% 0.00% 16.05% 80.95%
Energy 		0.00% 0.00% 41.09% 71.68%

Stock Geographic Breakdown

Weighting Return Low Return High VTUIX % Rank
US 		97.98% 0.00% 130.05% 51.53%
Non US 		0.00% 0.00% 78.10% 58.91%

VTUIX - Expenses

Operational Fees

VTUIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.74% 0.01% 19.54% 2.30%
Management Fee 0.50% 0.00% 1.50% 27.88%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 1.02% N/A

Sales Fees

VTUIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 8.50% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

VTUIX 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.

VTUIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 316.74% 36.46%

VTUIX - Distributions

Dividend Yield Analysis

VTUIX Category Low Category High VTUIX % Rank
Dividend Yield 0.51% 0.00% 27.99% 23.81%

Dividend Distribution Analysis

VTUIX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Annual

Net Income Ratio Analysis

VTUIX Category Low Category High VTUIX % Rank
Net Income Ratio 0.34% -6.13% 3.48% 10.75%

Capital Gain Distribution Analysis

VTUIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

VTUIX - Fund Manager Analysis

Managers

Edwin Walczak

Start Date

Tenure

Tenure Rank

Mar 27, 2018

4.18

4.2%

Edwin Walczak has been a Portfolio Manager and Senior Research Analyst for Vontobel’s Quality Growth Boutique since July 1988. He has held a management position on the firm’s U.S. Equity strategy since its inception. In addition to his portfolio management responsibilities, he continues to conduct research analysis on individual stocks which may be included in the firm’s other strategies, primarily focusing on companies in the Industrials, Financials, Consumer Discretionary, and Consumer Staples sectors. Prior to joining Vontobel Asset Management, from 1984 to 1988, Edwin Walczak worked as an Institutional Portfolio Manager at Lazard Frères Asset Management. From 1982 to 1984, he was an Institutional Relationship Manager at Sanford C. Bernstein & Co. He began his financial career in 1978 at the Ford Motor Company in Dearborn, Michigan and General Motors Corporation, New York, where he held successive positions as a Financial Analyst until 1982. Edwin Walczak received a Master of Business Administration in Finance and a Master of Arts in International Politics and Economics from Columbia University, and was an International Fellow in Columbia Graduate School in New York. In addition, he received a Bachelor of Arts (Phi Beta Kappa) in Government from Colby College in Maine.

Matthew Benkendorf

Start Date

Tenure

Tenure Rank

Mar 27, 2018

4.18

4.2%

Mr. Benkendorf ,Managing Director,Chief Investment Officer,Portfolio Manager, Senior Research Analyst - Mr. Benkendorf joined Vontobel Asset Management, Inc. in October 1999 in trade support. After being promoted to trader in 2000, Mr. Benkendorf became a research analyst in 2002 and moved into portfolio management in 2006 as deputy portfolio manager of Vontobel’s European Equity Strategy.Mr. Benkendorf has held various positions with Vontobel, including Deputy Portfolio Manager from 2013 to 2016, Executive Director from 2012 to 2013;Director from 2009 to 2012;Vice President from 2007 to 2009.

Chul Chang

Start Date

Tenure

Tenure Rank

Jun 30, 2020

1.92

1.9%

Chul Chang has been a Quantitative Risk Analyst for the Quality Growth Boutique since April 2009 and a Portfolio Manager since June 2020. He joined Vontobel Asset Management in 2009 as a Senior Quantitative Analyst. In addition to his quantitative analysis responsibilities, he is also on the Risk Management Team and works as a Senior Research Analyst. He continues to conduct research analysis on individual stocks which may be included in the firm’s other strategies, primarily focusing on the Materials, Information Technology, Industrials, and Energy sectors. He expanded his role in June 2020, becoming a Portfolio Manager on the firm’s U.S. Equity strategy. Prior to joining Vontobel Asset Management, from 2003 to 2009 Chul Chang was a Director in Investment Services at AG Asset Management. He began his financial career in 2000 at Alliance Bernstein where he worked in relationship management until 2003. He received a Master of Business Administration from Columbia University and a Bachelor of Science in Applied Economics from Cornell University in New York. Chul Chang is a CFA® charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 54.45 8.22 3.08

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