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Name

As of 10/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Fisher Investments Institutional Group U.S. Large Cap Equity Environmental and Social Values Fund

ILESX | Fund

$17.86

$292 K

1.06%

$0.19

-

Vitals

YTD Return

22.8%

1 yr return

37.6%

3 Yr Avg Return

10.5%

5 Yr Avg Return

N/A

Net Assets

$292 K

Holdings in Top 10

41.3%

52 WEEK LOW AND HIGH

$17.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio N/A

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 9.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 10/04/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Fisher Investments Institutional Group U.S. Large Cap Equity Environmental and Social Values Fund

ILESX | Fund

$17.86

$292 K

1.06%

$0.19

-

ILESX - Profile

Distributions

  • YTD Total Return 22.8%
  • 3 Yr Annualized Total Return 10.5%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.60%
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Fisher Investments Institutional Group U.S. Large Cap Equity Environmental and Social Values Fund
  • Fund Family Name
    Fisher Investments
  • Inception Date
    Jul 17, 2020
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    William Glaser

Fund Description

The Fund is available only to participants in employer sponsored retirement plans. If you do not qualify to be an investor and an account was established for you despite the fact that you do not qualify, your account may be liquidated at the Adviser’s discretion. If you are an individual, you may buy or sell shares only as permitted by your retirement plan. Please refer to your plan materials or contact your plan sponsor directly.

The Fund seeks to achieve its objective by investing primarily in a portfolio of equity securities of large cap issuers located in the United States. Under normal circumstances, the Fund invests at least 80% of its assets in common stocks of U.S. large cap companies that are subject to and meet the Fund’s environmental, social and governance (“ESG”) guidelines at the time of investment.

The Fund’s investment adviser, Fisher Asset Management, LLC (the “Adviser”) considers large cap companies to be companies that, at the time of investment, have market capitalizations within the range of market capitalizations of the companies appearing in the Benchmark. As of August 31, 2023, the market capitalization of the companies appearing in the Benchmark ranged from approximately $4.4 billion to $3 trillion. Although the Fund generally purchases equity securities that at the time of purchase are large capitalization companies as described above, the Fund may retain or augment positions in such companies even if they subsequently fall outside of the range of the Benchmark. In addition, the range of the Benchmark will change over time.

The Adviser utilizes a top-down investment process based on applying proprietary research tools to the Adviser’s analysis of a wide range of economic, political and sentiment drivers to formulate forecasts and develop portfolio themes. The Adviser attempts to exploit the structure of global markets and capitalize on style and sector cycles as they come into and out of favor. The buy and sell disciplines are determined by the outputs of the Adviser’s top-down investment process.

The Adviser considers ESG factors throughout the investment and portfolio construction process. ESG factors are among the many drivers considered by the Adviser when developing country, sector and thematic preferences. Governmental influence on public companies, environmental regulation, social policy, market reforms impacting private property, labor, and human rights are among the ESG factors considered when determining country and

sector/industry allocations and shaping an initial prospect list of portfolio positions. The Adviser performs fundamental research on prospective investments to identify securities with strategic attributes consistent with the firm’s top-down views and with competitive advantages relative to their defined peer group. The fundamental research process involves reviewing and evaluating a range of ESG factors prior to purchasing a security, seeking to identify securities benefiting from ESG trends and avoid those with underappreciated risks. These factors include, but are not limited to, shareholder concentration, corporate stewardship, environmental opportunities and liabilities, and human or labor rights controversies.

Also, the Fund seeks to narrow the security selection universe by applying comprehensive and robust ESG screens that are applied to issuers of equity securities without compromising the Adviser’s broader market outlook and themes. The Adviser utilizes external third party ESG research and data which may include environmental, human and labor rights, and controversy data. The Adviser uses this information to create business involvement screens to exclude companies with ties to categories such as, but not limited to, cluster munitions or landmines, or those that derive any revenue from nuclear or bio-chemical weapons. Additionally, the Adviser screens companies with significant revenue (generally 5% or greater, though the Adviser may determine in its discretion what it believes is significant depending upon the factor and the company) from adult entertainment, alcohol, weapons or firearms, gambling, genetic engineering and tobacco.

Once the Adviser determines portfolio weights for sectors and industries, the Adviser applies a series of risk-factor screens based on the desired style characteristics (e.g. market capitalization and relative valuation) for each category requiring a weight. Securities passing these screens are then subjected to further quantitative analysis to eliminate companies with excessive risk profiles relative to their peer group, companies with excessive leverage or balance sheet risk, and securities lacking sufficient liquidity for investment.

The Adviser applies fundamental research to ascertain particular stocks with a given category expected to accomplish two goals:

● Finding companies possessing strategic attributes (i.e. competitive and comparative advantages) consistent with higher level themes in the portfolio derived from economic, political and sentiment drivers.
● Maximizing the likelihood of beating the selected category of stocks. By avoiding stocks likely to be extreme outliers versus the peer group, the Adviser believes it can reduce portfolio risk while adding value at the security selection level.

Based on this analysis, the Adviser selects securities for purchase. The Adviser attempts to manage risk by, among other things, analyzing prospective stocks to assess their correlation to the country and sector in order to maximize the possibility of leveraging top level themes and to identify unintended risk concentrations in the security selection process. The Adviser analyzes the components of portfolio performance from a country, sector and stock factors perspective to confirm that risk and return are derived from intended sources.

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ILESX - Performance

Return Ranking - Trailing

Period ILESX Return Category Return Low Category Return High Rank in Category (%)
YTD 22.8% -0.5% 40.4% 52.25%
1 Yr 37.6% 8.1% 62.1% 54.59%
3 Yr 10.5%* -28.1% 24.8% 19.50%
5 Yr N/A* -12.8% 29.7% N/A
10 Yr N/A* -4.5% 19.5% N/A

* Annualized

Return Ranking - Calendar

Period ILESX Return Category Return Low Category Return High Rank in Category (%)
2023 32.9% -74.1% 72.4% 49.01%
2022 -29.6% -85.9% 4.7% 25.74%
2021 31.2% -52.4% 60.5% 1.30%
2020 N/A -34.3% 145.0% N/A
2019 N/A -6.9% 49.4% N/A

Total Return Ranking - Trailing

Period ILESX Return Category Return Low Category Return High Rank in Category (%)
YTD 22.8% -0.5% 40.4% 52.25%
1 Yr 37.6% 8.1% 62.1% 54.59%
3 Yr 10.5%* -28.1% 24.8% 19.50%
5 Yr N/A* -12.8% 29.7% N/A
10 Yr N/A* -4.5% 19.5% N/A

* Annualized

Total Return Ranking - Calendar

Period ILESX Return Category Return Low Category Return High Rank in Category (%)
2023 39.6% -4.6% 72.4% 42.86%
2022 -27.4% -61.7% 5.6% 30.24%
2021 33.9% -39.8% 118.1% 1.11%
2020 N/A 2.8% 149.2% N/A
2019 N/A -5.2% 49.4% N/A

NAV & Total Return History

ILESX - Holdings

Concentration Analysis

ILESX Category Low Category High ILESX % Rank
Net Assets 292 K 292 K 287 B 100.00%
Number of Holdings 66 2 3143 43.36%
Net Assets in Top 10 109 K 109 K 151 B 100.00%
Weighting of Top 10 41.25% 0.7% 205.0% 84.07%

Top 10 Holdings

  1. NVIDIA Corp. 7.78%
  2. Microsoft Corp. 6.57%
  3. Apple, Inc. 6.36%
  4. Amazon.com, Inc. 3.88%
  5. Home Depot, Inc./The 3.60%
  6. Alphabet, Inc. 3.04%
  7. salesforce.com, Inc. 3.04%
  8. Advanced Micro Devices, Inc. 2.48%
  9. MSCI, Inc. 2.33%
  10. Intuitive Surgical, Inc. 2.19%

Asset Allocation

Weighting Return Low Return High ILESX % Rank
Stocks 		98.02% 0.00% 115.30% 69.48%
Cash 		1.98% 0.00% 173.52% 28.28%
Preferred Stocks 		0.00% 0.00% 10.69% 79.71%
Other 		0.00% -31.50% 50.35% 78.55%
Convertible Bonds 		0.00% 0.00% 1.94% 76.35%
Bonds 		0.00% 0.00% 103.97% 77.29%

Stock Sector Breakdown

Weighting Return Low Return High ILESX % Rank
Technology 		41.87% 0.00% 65.70% 19.87%
Financial Services 		15.26% 0.00% 43.06% 13.31%
Healthcare 		10.23% 0.00% 39.76% 73.29%
Consumer Cyclical 		8.10% 0.00% 62.57% 92.09%
Communication Services 		7.16% 0.00% 66.40% 79.77%
Energy 		6.96% 0.00% 41.09% 5.40%
Industrials 		5.07% 0.00% 30.65% 62.41%
Basic Materials 		3.14% 0.00% 18.91% 16.28%
Consumer Defense 		2.20% 0.00% 25.50% 69.24%
Utilities 		0.00% 0.00% 16.07% 83.09%
Real Estate 		0.00% 0.00% 16.05% 92.00%

Stock Geographic Breakdown

Weighting Return Low Return High ILESX % Rank
US 		98.02% 0.00% 115.30% 55.75%
Non US 		0.00% 0.00% 75.51% 83.30%

ILESX - Expenses

Operational Fees

ILESX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio N/A 0.01% 28.71% 89.33%
Management Fee 0.40% 0.00% 1.50% 14.92%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 1.02% N/A

Sales Fees

ILESX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 8.50% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ILESX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ILESX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 9.00% 0.00% 316.74% 7.93%

ILESX - Distributions

Dividend Yield Analysis

ILESX Category Low Category High ILESX % Rank
Dividend Yield 1.06% 0.00% 27.58% 10.33%

Dividend Distribution Analysis

ILESX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Annual

Net Income Ratio Analysis

ILESX Category Low Category High ILESX % Rank
Net Income Ratio 0.60% -6.13% 3.48% 4.04%

Capital Gain Distribution Analysis

ILESX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

View More +

ILESX - Fund Manager Analysis

Managers

William Glaser

Start Date

Tenure

Tenure Rank

Jul 17, 2020

1.87

1.9%

William (Bill) Glaser is the Executive Vice President of Portfolio Management and a member of the Investment Policy Committee (IPC). In those roles, he oversees the firm’s Portfolio Management Department, which includes the Research, Investment Operations, Investment Solutions and Portfolio Evaluation Groups. He is also a member of the Technology Transformation Committee. Bill speaks regularly at client seminars and meets with institutional clients globally, providing information regarding global economic factors, our market outlook and portfolio positioning. Bill joined Fisher Investments in 1999 and has served on the firm’s five-member IPC since 2011. Prior to his current responsibilities, Bill held several different positions at the firm, including Capital Markets Research Team Leader, Securities Research Team Leader and Securities Research Analyst. Bill has a degree in Finance from the University of Arizona.

Kenneth Fisher

Start Date

Tenure

Tenure Rank

Jul 17, 2020

1.87

1.9%

Ken Fisher founded Fisher Investments in 1979, which is now a $169+ billion investment adviser and money management firm serving large institutions and high net worth individuals globally. By most standards, it is the world’s largest pure ‘40 Act Investment Adviser firm. He was CEO for 37 years and currently serves as Executive Chairman and Co-Chief Investment Officer. Ken’s prestigious Forbes “Portfolio Strategy” column ran monthly for 32 1/2 years until 12/31/2016, making Ken the longest continuously running columnist in the magazine’s history. He writes monthly, native language columns in major media organs spanning Western Europe and Asia, including Germany’s Focus Money; Denmark’s leading business newspaper, Børsen; the Netherland’s largest newspaper, De Telegraaf; Switzerland’s leading business paper, Handelszeitung; Spain’s largest business website and newspaper, elEconomista; Italy’s third largest newspaper and number one business paper, Il Sole 24 Ore; France’s L’Opinion; Belgium’s La Libre; Austria’s Trend; Caixin—often referred to as the Bloomberg of China; the Hong Kong Economic Journal; Taiwan’s Business Weekly; South Korea’s largest business paper, Chosun Mint; and Japan’s Diamond Weekly. Ken has written 11 books, including 4 New York Times bestsellers. His 1970’s theoretical work pioneered an investment analysis tool called the Price-to-Sales Ratio, now a core part of financial curriculum. His credits span a multitude of professional and scholarly journals. He is a recipient of the Fabozzi/Jacobs Levy Award for outstanding research in the Journal of Portfolio Management.

Aaron Anderson

Start Date

Tenure

Tenure Rank

Jul 17, 2020

1.87

1.9%

Aaron Anderson is a Senior Vice President of Research and a member of the Investment Policy Committee (IPC). In those roles, Aaron oversees the firm’s global macroeconomic and capital markets research. Aaron joined Fisher Investments in 2005 and has served on the firm’s five-member IPC since 2011. His previous roles at the firm include Capital Markets Research Team Leader, Capital Markets Research Analyst and Innovation Manager. Prior to joining Fisher Investments, Aaron worked at Deutsche Bank Alex Brown as an Assistant Vice President. Aaron regularly meets with private and institutional clients globally, sharing the firm’s market outlook, current portfolio positioning and answering questions. Aaron’s views on global market conditions and geopolitical events are featured in publications globally, including The Wall Street Journal, Financial Times, Reuters, MarketWatch, CNN.com, The Telegraph, Forbes and Investing.com—among many others. He also appears regularly in the financial media, programs on CNBC, Yahoo Finance and the Cheddar TV Network. Aaron has written two books, including Own the World: How Smart Investors Create Global Portfolios. He holds undergraduate degrees in Geophysics from the University of California, Santa Barbara and Applied Economics from the University of San Francisco.

Michael Hanson

Start Date

Tenure

Tenure Rank

Jul 17, 2020

1.87

1.9%

Michael joined Fisher Investments in 2002. Prior to his current role, he held a variety of positions, including Vice President of Portfolio Management Communications, Capital Markets Team Leader and Institutional Client Services Manager. Before joining the firm, he worked at Bear Stearns as a Corporate Finance Analyst in the Global Technology Group. Michael regularly meets with clients globally, sharing the firm’s market outlook, current portfolio positioning and answering questions. Michael appears regularly on various financial media programs, including those on Yahoo Finance, Reuters TV and the Cheddar TV Network. He is the author of six books, including 20/20 Money: See the Markets Clearly, Gain Focus and Invest Better than the Pros. He speaks regularly around the US on a variety of topics ranging from economics to psychology. He was also a lecturer at the Haas School of Business at the University of California, Berkeley, where he taught Investment Management Topics. Michael received his undergraduate degree from Claremont McKenna College and his doctorate in Depth Field Psychology and Mythology from Pacifica Institute.

Jeffery Silk

Start Date

Tenure

Tenure Rank

Jul 17, 2020

1.87

1.9%

Jeffery (Jeff) Silk is a Vice Chairman and Co-Chief Investment Officer of Fisher Investments. Jeff oversees all portfolio management functions across a wide range of investment strategies at the firm. Jeff joined the firm in 1983 as one of the firm’s first employees. Prior to his current role, Jeff was President and Chief Operating Officer. He has also served as Director of Trading and Operations, where he was instrumental in developing the firm’s first portfolio management, research and trading technologies. Jeff received his undergraduate degree from the University of San Francisco.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 54.45 8.24 3.08

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