This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized fund performance, portfolio holdings and other important information. Access “Slides” to view.

This investor update represents the views and opinions of the managers as of 24 May 2022, which are based on current market conditions, will fluctuate, and are subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

EFA tracks a market-cap-weighted index of developed-market securities based in Europe, Australia and the Far East. It excludes the US and Canada, and small-caps. Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity. Fast-Moving Consumer Goods (FMCG) are products that are highly in-demand, sold quickly, and affordable. 

This discussion is not intended to be a recommendation of any individual security. Securities mentioned, but not listed here or in the investor update presentation are not held in the Fund as of the date of this report.

Past performance does not guarantee future results. Current and future portfolio holdings are subject to risk.