Why invest in this fund?
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An opportunistic investing approach with a flexible methodology on stock capitalization and growth/value orientation
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A growth-at-a-reasonable-price philosophy
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Bottom up stock selection, with country and sector allocation decisions driven by the stock selection process
Portfolio Management
Stephen Peak
Head of Pan European Specialist Equities
Top Ten Holdings
(as of 2/28/10) %
|
European Goldfields
|
3.7
|
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Centamin Egypt
|
3.6
|
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Fresenius
|
3.1
|
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Tullow Oil
|
3.0
|
|
Kingdom Hotel
|
2.9
|
|
Gartmore Group
|
2.8
|
|
KazMunaiGas
|
2.7
|
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Sanofi-Aventis
|
2.7
|
|
Zhaikmunai
|
2.6
|
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Vallourec
|
2.6
|
Fund Facts (as of 12/31/09)
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Inception date:
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8/31/01
|
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Minimum initial investment:
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$500
|
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Benchmark:
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MSCI Europe Index
|
|
Median market cap ($billions):
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3.2
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Total number of holdings:
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66
|
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Forward 12-month P/E ratio:
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17.1
|
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P/B ratio:
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1.4
|
|
Beta:
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1.0
|
|
% of holdings in top 10:
|
29.6
|
|
Class A expense ratio2:
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1.63
|
2 This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is presented as a percentage of average net assets. The expense ratio is unaudited and is based on annualized fiscal year-to-date results from 8/01/09 to 11/30/09. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous fiscal year.
Performance
| Ticker Symbol | Fund | | 1 Mth | YTD | 3 Mths | 1 Yr | 5 Yrs | Since
Inception
(8/31/01) |
Net Fund Operating Expenses
| Gross Annual Operating Expenses |
|---|
2/28/2010 | 12/31/2009 |
|---|
| HFEAX | Class A | At NAV | -2.35% | -6.55% | 5.44% | 108.52% | 10.58% | 20.13% | 1.73% | 1.73% |
| | With Sales Charge | -7.98% | -11.93% | -0.60% | 96.46% | 9.28% | 19.28% | 1.73% | 1.73% |
| HFEBX | Class B | At NAV | -2.43% | -6.67% | 5.23% | 106.98% | 9.77% | 19.29% | 2.48% | 2.48% |
| | With Sales Charge | -7.43% | -11.67% | 0.23% | 102.98% | 9.63% | 19.29% | 2.48% | 2.48% |
| HFECX | Class C | At NAV | -2.43% | -6.67% | 5.23% | 106.98% | 9.78% | 19.25% | 2.48% | 2.48% |
| | With Sales Charge | -3.43% | -7.67% | 4.23% | 106.98% | 9.78% | 19.25% | 2.48% | 2.48% |
| HFEWX | Class W | At NAV | -2.35% | -6.51% | 5.48% | 108.94% | 10.63% | 20.16% | 1.48% | 1.48% |
| MSCI Europe Index | -1.98% | -7.76% | 3.30% | 36.81% | 4.50% | 6.64% | | |
|---|
Inception date 8/31/01, inception of Class W shares 3/31/09
The performance for Class W shares for the period prior to 3/31/09 is based on the performance of Class A shares. Performance for Class W shares would be similar because the shares are invested in the same portfolio of securities and have the same portfolio management. Class W shares are not subject to a front-end sales charge or a distribution fee.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Performance results with sales charges reflect the deduction of the maximum front end sales charge and/or the deduction of the applicable contingent deferred sales charge (CDSC). Class A shares are subject to a maximum front end sales charge of 5.75%. Class B shares are subject to a CDSC, which declines from 5% the first year to 0% at the beginning of the seventh year. Class C shares may be subject to a CDSC of up to 1% on certain redemptions made within 12 months of purchase. Performance presented at NAV which does not include these sales charges would be lower if these charges were reflected. The Fund’s annual operating expenses will likely vary from year to year. It is important for you to understand that a decline in the Fund’s average net assets during the current fiscal year due to recent market volatility or other factors could cause the Fund’s expense ratios for the Fund’s current fiscal year to be higher than the expense information presented. Shares redeemed within 30 days of purchase may be subject to a 2.0% redemption fee. Returns greater than one year are annualized. Index returns provided by Lipper, Inc. Net Asset Value (NAV) is the value of one share of the Fund excluding any sales charge.
The recent growth rate in the stock market has helped to produce short term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, Fund performance may be subject to substantial short term changes.
Returns included the reinvestment of dividends and capital gains. Performance results reflect expense subsidies and waivers in effect during the periods shown. Absent these waivers, results would have been less favorable for certain periods.
Forward 12-month P/E ratio is calculated using the closing price of portfolio holdings divided by the sum of the 12-month forward earnings per share. P/B ratio is calculated using the closing price of portfolio holdings divided by the most recent fiscal year end book value. Both calculations take into account the respective weightings of portfolio holdings. Beta is a quantitative measure of the volatility of a given stock, mutual fund, or portfolio, relative to the overall market.