A multi-manager Fund seeking long-term capital appreciation primarily through investments in equity securities of issuers based outside the U.S.
TEAM OF MANAGERS
The Fund is sub-advised by three complementary asset managers:
VALUE-DRIVEN APPROACH
The Fund looks for undervalued securities in developed countries. Using bottom-up, fundamental analysis, the sub-advisors select securities that are attractively valued with improving growth prospects.
| Fund Details as of 09/30/2025 | |
|---|---|
| Ticker | AAIEX |
| Inception Date | 8/7/1991 |
| Fund Share Class NAV | $19.21 |
|
Total Fund Assets ($M) as of 8/31/2025 |
585,120 |
|
Share Class Assets ($M) as of 8/31/2025 |
293,498 |
| Sub-Advisor % as of 6/30/2025 | |
|
American Century Investment Management, Inc.33.5% Causeway Capital Management LLC33.4% Lazard Asset Management LLC33.2%
|
|
| Benchmark(s) | MSCI® EAFE Index (Net) MSCI® EAFE Value Index (Net) |
| CUSIP | 02368A406 |
| Gross Expense Ratio (%) | 0.78% |
| Net Expense Ratio (%) | 0.78% |
Total Return
| Name/Class | QTR* | YTD* | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| International Equity (R5) | 5.86% | 25.77% | 14.58% | 19.93% | 12.19% | 6.59% | 7.16% |
| MSCI® EAFE Index (Net) | 5.38% | 17.77% | 12.77% | 13.57% | 10.34% | 6.14% | 5.83% |
| MSCI® EAFE Value Index (Net) | 6.09% | 23.16% | 18.98% | 17.67% | 14.31% | 5.90% | 6.47% |
| Name/Class | QTR* | YTD* | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| International Equity (R5) | 12.32% | 22.69% | 20.25% | 17.42% | 13.38% | 5.71% | 7.12% |
| MSCI® EAFE Index (Net) | 11.78% | 19.45% | 17.73% | 15.97% | 11.16% | 6.51% | 5.89% |
| MSCI® EAFE Value Index (Net) | 10.11% | 22.84% | 24.24% | 18.38% | 14.29% | 6.05% | 6.48% |
Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, click here.
*Not Annualized.
Important Information: All investing involves risk, including possible loss of principal. Indexes are unmanaged and one cannot invest directly in an index. Please note that the recent performance of the securities market has helped produce short-term returns that are not typical and may not continue in the future.
For any Class of the Fund that began operating within the 10-year/since inception period shown, the performance shown prior to the inception date of the Class is that of a class (or series of classes) previously in operation. The combined returns have not been adjusted for any difference between the fees and expenses of the Class and the historical fees and expenses of the included previous class (or classes). If the previous class(es) had lower expenses, the resulting performance would be better than the Class would have realized during the same period. If the previous class(es) had higher expenses, the resulting performance would be lower than the Class would have realized during the same period. A portion of fees charged to the R5 Class of International Equity Fund was waived from 2013 through 2015. Performance prior to waiving fees was lower than actual returns shown for 2013 through 2015. A portion of fees charged to the R6 Class of International Equity Fund has been waived since Class inception. Performance prior to waiving fees was lower than actual returns shown since inception. Specific information about any Fund may be found in Performance Disclaimers or in the prospectus.
The MSCI® EAFE Index is a market capitalization weighted index of international stock performance composed of equities from developed markets excluding the U.S. and Canada.
Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates (“MSCI”), or information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information is for internal use only and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI Party warrants or guarantees the originality, accuracy and/or completeness of the Information and each expressly disclaims all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
as of 6/30/2025
| Industrials | 20.2% |
| Financials | 18.3% |
| Consumer Discretionary | 14.4% |
| Information Technology | 11.5% |
| Health Care | 10.4% |
| Consumer Staples | 8.6% |
| Materials | 7.1% |
| Energy | 3.7% |
| Communication Services | 2.8% |
| Utilities | 2.4% |
| Real Estate | 0.6% |
as of 6/30/2025
| United Kingdom | 26.6% |
| France | 16.0% |
| Japan | 11.5% |
| Germany | 9.8% |
| Netherlands | 7.5% |
| Korea | 5.9% |
| Switzerland | 4.8% |
| Canada | 3.3% |
| Italy | 2.5% |
| Spain | 2.5% |
Excludes cash.
as of 6/30/2025
| Forward Price-to-Earnings Ratio (P/E) | 11.8 |
| Price-to-Book Ratio (P/B) | 1.41 |
| 1-Year ROE | 13.81 |
| Weighted Avg. Market Cap ($ bil) | 65.74 |
as of 6/30/2025
| Alpha | 0.22 |
| Beta | 1.11 |
| R2 | 0.95 |
| Sharpe Ratio | 0.74 |
| Standard Deviation | 17.43 |
as of 6/30/2025
| Holding | ||
|---|---|---|
| Samsung Electronics Co. Ltd. | 2.8% | |
| Alstom SA | 2.4% | |
| Reckitt Benckiser Group PLC | 2.2% | |
| Barclays PLC | 2.1% | |
| GSK PLC | 2.1% | |
| Prudential PLC | 1.9% | |
| ING Groep NV | 1.8% | |
| Roche Holding AG | 1.7% | |
| Societe Generale SA | 1.6% | |
| British American Tobacco PLC | 1.5% | |
| Total Fund Holdings | 160 | |
as of 6/30/2025
| Equity | 97.4% |
| Cash | 2.7% |
The Fund may purchase and sell futures contracts to gain market exposure on cash balances.
as of 6/30/2025
| $0.75 billion – $1.5 billion | 0.4% |
| $1.5 billion – $7.5 billion | 12.8% |
| $7.5 billion – $15 billion | 10.7% |
| $15 billion – $50 billion | 26.1% |
| $50 billion – $100 billion | 18.0% |
| $100 billion – $300 billion | 12.6% |
| Greater than $300 billion | 19.4% |
Investing in foreign markets may involve heightened risk due to currency fluctuations and economic and political risks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. To the extent the Fund invests more heavily in particular sectors, its performance will be sensitive to factors affecting those sectors. Financial sector companies are heavily regulated and particularly sensitive to interest rate fluctuations. The Fund’s incorporation of environmental, social and/or governance (ESG) considerations in its investment strategy may cause it to underperform funds that do not incorporate these considerations. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund participates in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.
The P/E Ratio of a stock is calculated by dividing the current price by forecasted 12-month earnings per share. The P/B Ratio of a stock is calculated by dividing the current price by book value per share. R-squared (R2) is the percentage of the Fund’s three-year return that is explained by movements in its benchmark index. Alpha is a measure of the Fund’s expected performance versus the benchmark, adjusted for relative risk. Beta is a measure of the Fund’s volatility versus the benchmark. Sharpe Ratio is a measure of the Fund’s return per unit of total risk. Standard Deviation is a measure of the historical volatility of the Fund’s returns. Return on Equity (ROE) is net income divided by net worth.
For general inquiries, contact us during business hours and we’ll get back to you quickly. Reach out today!