Quantitative

International ADR Equity

Mutual Fund

GIM believes that a benchmark-agnostic portfolio of international American Depository Receipts (ADRs), constructed with a disciplined blend of proprietary multi-factor models and downside risk screens, may achieve long-term performance.

The competitive advantage of our International ADR strategy is derived from the following key attributes:

Quantitative discipline; fundamental insight
Models based on intuitive fundamentals that drive performance

Proprietary, diversified models for each country and sector
Unique models for buying and selling

Initial equal weighting vs. weighting by market cap
Minimizes single-stock risk; avoids bias toward expensive ADRs

Discipline emphasizes high quality and valuation
Potential for superior upside and downside capture

Summary Investment Guidelines

  • Universe: MSCI ACWI-ex US
  • Benchmark: MSCI EAFE
  • 70-120 holdings
  • Initial position maximum: 1%
  • Existing position maximum: 3% for any security
  • Sector: +/–5% vs. MSCI EAFE

Portfolio Managers

  • Vladimir de Vassal, CFA

    Portfolio Manager, Quantitative Equity
  • Paul T. Sullivan, CFA

    Portfolio Manager, Quantitative Equity
  • Alexander R. Atanasiu, CFA

    Portfolio Manager, Quantitative Equity
 
As of 6/30/2020 QTD YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR Since Inception Inception Date
Quantitative International ADR Equity (Gross) 13.1% -14.3% -8.5% -2.2% 0.3% 4.2% 6.4% 11/30/1988
Quantitative International ADR Equity (Net) 12.9% -14.6% -9.2% -2.9% -0.5% 3.3% 5.8%  
MSCI ACWxUS 16.1% -11.0% -4.8% 1.1% 2.3% 5.0% 4.7%  
MSCI EAFE 14.9% -11.3% -5.1% 0.8% 2.1% 5.7% 4.3%  

 

The MSCI ACWI Ex-U.S. is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI All Country World Index Ex-U.S. includes both developed and emerging markets. The MSCI EAFE Index is a group of unmanaged securities widely regarded by investors to be representative of the stock markets of Europe, Australia, and the Far East. The Index is a total return index net of foreign withholding taxes on dividends. MSCI EAFE Index is an equity index which captures large and mid-cap representation across Developed Markets countries* around the world, excluding the US and Canada. *Developed Markets countries in the MSCI EAFE Index include: 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 UK. One cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Calendar Year Returns

  Glenmede Gross Glenmede Net MSCI EAFE Gross +/-
2019 19.2% 18.3% 22.0% -2.8%
2018 -15.4% -16.0% -13.8% -1.6%
2017 23.5% 22.6% 25.0% -1.5%
2016 -1.3% -2.1% 1.0% -2.3%
2015 3.2% 2.5% -0.8% 4.0%
2014 -8.1% -9.1% -4.9% -3.2%
2013 20.7% 19.3% 22.8% -2.1%
2012 15.6% 14.3% 17.3% -1.8%
2011 -13.3% -14.3% -12.1% -1.1%
2010 7.8% 6.6% 7.8% 0.0%
2009 42.6% 41.0% 31.8% 10.8%
2008 -46.1% -46.7% -43.4% -2.7%
2007 7.6% 6.5% 11.2% -3.6%
2006 28.2% 26.8% 23.3% 1.9%
2005 14.2% 13.8% 13.5% 0.6%
2004 22.3% 21.1% 20.2% 2.0%
2003 35.7% 35.6% 38.6% -2.8%