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Schroder QEP International Value Schroder QEP International alueV 2Q 2021 Strategy Fact Sheet Key features 1. Value investing without compromising on Quality: Stock selection for this strategy is grounded in the analysis of company fundamentals indicating Value (dividends, cashflow, sales, assets and earnings). The team believes that Value outperforms over the long term, but to help minimize exposure to ‘value traps’, stocks which are cheap for good reason, investment decisions are also informed by the team’s analysis of business quality (profitability, stability, sales growth, financial strength and good governance). 2. Seeks high return without concentrated stock risk: Seeking higher returns can be associated with greater risk, as this is often achieved through a concentrated stock portfolio. We seek to reduce stock risk by building a highly diversified portfolio but with no less conviction. 3. Stock weights determined by fundamentals, not market cap: We weight stocks based upon their fundamentals and liquidity. This is more balanced and reduces stock selection ‘mega-cap’ drag which is particularly acute for other value investors. 4. Bottom-up, index unconstrained investing for more efficiency: We maximize our investment opportunities by systematically analyzing over 12,000 international stocks every day. The more attractively-priced stocks we find in a particular region or sector, the greater the subsequent portfolio allocation. This unconstrained bottom-up approach maximizes the potential return opportunity and avoids dead-money being allocated to expensive stocks to satisfy index constraints. Composite performance (%) 45 39.55 40 38.58 37.56 35.72 35 30 25 20 15 14.7514.35 11.69 11.08 10 9.16 9.38 9.59 8.83 8.55 7.36 6.62 6.20 6.37 5.70 5.52 5.48 5.22 5.46 5.45 5.63 4.64 5 4.33 3.48 3.11 0 QTD YTD 1 Year 3 Years 5 Years 10 Years Annual S.I.* Schroder QEP International Value (gross) Schroder QEP International Value (net) MSCI ACWI ex US MSCI ACWI ex US Value QTD YTD 1 Year 3 Years 5 Years 10 Years Annual S.I.* Difference (gross) +0.22 +5.59 +3.83 -2.02 -1.49 +0.75 +1.73 Difference (net) +0.04 +5.19 +2.86 -2.76 -2.25 +0.01 +0.99 Difference (gross) ex US Value +1.37 +3.06 +1.99 +2.14 +1.04 +2.72 +3.26 Difference (net) ex US Value +1.19 +2.66 +1.02 +1.40 +0.28 +1.98 +2.52 *Inception August 31, 2006 2020 2019 2018 2017 2016 The benchmark is defined as the MSCI ACWI ex US Index, Gross 1.54 19.57 -14.96 24.25 10.21 which captures large and mid cap representation across 22 of 23 Developed Markets countries (excluding the US) Net 0.84 18.74 -15.55 23.39 9.45 and 26 Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set MSCI ACWI ex US Index 10.65 21.51 -14.20 27.19 4.50 outside the US. Past performance is not a guide to future performance. The value of an investment can go down as MSCI ACWI ex US Value -0.77 15.71 -13.97 22.66 8.92 well as up and is not guaranteed. Please refer to the disclosures at the end of the document for important Difference (gross) -9.11 -1.94 -0.76 -2.94 +5.71 information about the composite. Performance for periods greater than 1 year is annualized. The secondary Difference (net) -9.81 -2.77 -1.35 -3.80 +4.95 benchmark is MSCI ACWI ex US Value index which captures large and mid cap securities exhibiting overall Difference (gross) ex US Value +2.31 +3.86 -0.99 +1.59 +1.29 value style characteristics across 22 Developed and 26 Difference (net) ex US Value +1.61 +3.03 -1.58 +0.73 +0.53 Emerging Markets countries. All data and statistics as of June 30, 2021. Sector breakdown (%) Regional breakdown (%) 12.48 Health Care 9.35 24.86 6.47 Continental Europe 31.25 11.70 28.84 Materials 8.19 8.77 23.96 11.58 Emerging Markets Asia 24.77 Industrials 11.12 24.42 8.49 11.35 16.18 Consumer Discretionary 13.46 10.53 Japan 14.30 14.80 11.00 Information Technology 13.40 7.53 14.43 United Kingdom 8.78 8.87 Banks 12.04 10.76 21.21 8.74 6.57 Communication Services 7.04 Canada 7.03 6.23 7.14 7.13 Consumer Staples 8.73 5.54 5.57 Pacific ex Japan 7.25 7.00 7.37 Energy 4.64 7.57 5.51 5.14 Insurers/Asset Mgt 6.66 Emerging Markets EMEA 4.08 8.51 4.15 1.99 Utilities 2.86 2.09 5.01 Emerging Markets LatAm 2.45 1.50 2.54 Real Estate 2.49 4.10 1.24 1.24 Cash Cash 0 5 10 15 20 25 0 10 20 30 40 Schroder QEP International Value MSCI ACWI ex US Index Schroder QEP International Value MSCI ACWI ex US Index MSCI ACWI ex US Value MSCI ACWI ex US Value Portfolio and risk statistics Size breakdown (%) Schroder 40.37 Mega (>$20bn) 74.08 QEP MSCI ACWI MSCI ACWI 70.96 International ex US Index ex US Value 30.95 Large ($5bn-$20bn) 23.51 Value 25.89 Active share1 77.1%/73.0% - - 22.84 Mid ($1bn-$5bn) 2.32 Total wgt of non-index stocks 33.6%/49.6% - - 3.06 4.44 2 Tracking error* (annualized S.I) 3.15%/2.20% - - Small ($250m-$1bn) Number of stocks 1,011 2,346 1,500 0.16 3 Micro (<$250m) 0.01 Wtd avg market cap ($ millions) 39,822 106,477 74,076 0.01 P/B ratio (trailing 12 months)4 1.50 2.11 1.39 1.24 Cash P/E ratio (trailing 12 months)5 13.25 19.59 14.22 Return on equity (5 years)6 18.21 15.76 12.45 0 25 50 75 100 Schroder QEP International Value MSCI ACWI ex US Index MSCI ACWI ex US Value Top ten holdings Source: Schroders, MSCI as of June 30, 2021. The portfolio characteristics shown % of Total for the strategy are based on a representative account (unless otherwise noted) Country Market Value and the percentage measurements are based on relative market values. These characteristics are subject to change, should not be viewed as an investment Astrazeneca United Kingdom 1.29 recommendation and may vary among individual accounts within the strategy. Data may not add to 100% due to rounding. Novartis Ag Switzerland 1.28 Sector/regional breakdown: Sectors/regions are mentioned for illustrative purposes and not as a recommendation to buy/sell. Sanofi France 1.28 Portfolio and risk statistics: *Based on the composite. 1Measures the percentage amount the portfolio differs from the benchmark. A reading of 0% Roche Hldgs AG Switzerland 1.28 suggests holdings are identical to the benchmark. Left number is primary benchmark (MSCI ACWI ex US Index), right number is secondary benchmark Unilever PLC United Kingdom 1.24 (MSCI ACWI ex US Value). 2The annualized standard deviation of the active returns of a portfolio relative to the benchmark. Tracking error shown is that of the Astellas Pharma Japan 1.20 composite, the inception date of which is August 31, 2006. 3An average that takes into account the proportional relevance of each component, rather than treating Reckitt Benck Grp United Kingdom 1.20 each component equally. Market cap is the market price of an entire company on Glaxosmithkline United Kingdom 1.17 any given day, calculated by multiplying the number of shares outstanding by the price per share. 4A ratio used to compare a stock’s market value to its book value. Royal Dutch Shell United Kingdom 0.94 It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. 5The sum of a company’s price-to-earnings, HSBC Holdings PLC United Kingdom 0.75 calculated by taking the current stock price and dividing it by the trailing earnings per share for the past 12 months. 6The amount of net income returned as a Total 11.63 percentage of shareholders equity. Return on equity measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested. Top ten holdings: Securities listed are shown for illustrative purposes and not to be considered a recommendation to buy/sell. The top ten holdings are based on a representative portfolio within the composite. Cash and cash equivalents are excluded from the calculations. These holdings are subject to change and should not be viewed as an investment recommendation. It should not be assumed that any of these holdings were or will be profitable. Schroder QEP International Value 2 Strategy Fact Sheet Schroder QEP - International alueV Composite Performance Calculation Composite disclosures as of: December 31, 2020 The portfolio returns are time-weighted rates of return that are adjusted for cash flows. Definition of the Firm Portfolio returns are combined using beginning of period asset weights to produce the composite return. Periodic returns are geometrically linked to produce annual returns. The Schroders GIPS Firm is defined as accounts managed by investment Dividends on equities are recognized net of irrecoverable withholding tax. Since January management entities that are wholly owned subsidiaries of Schroders plc and 1999, dividends have been recognized as of the ex-dividend date having previously been located in the US, UK, Switzerland, Singapore, Hong Kong, Japan, Germany and recognized on a cash basis.
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