(PUB) Morningstar FundInvestor
6
Data through December 31, 2013 USAA International
Ticker
Status Yield Total Assets
Mstar Category
USIFX Open
0.8% $3,383 mil
Foreign Large Growth
Morningstar Analyst Rating 12-16-13
Investment Style Equity Stock %
Historical Profile Return Risk Rating Above Avg Average Above Avg
95% 95% 99% 97% 98% 99% 99% 99% 98%
´
Manager Change Partial Manager Change
14.0 18.0 22.8
Morningstar Pillars Process Performance
Growth of $10,000
Positive Positive Positive Neutral Negative
∞ ∞ ∞
Investment Values of Fund Investment Values of MSCI WexUS
10.0
People Parent Price
¶ §
7.0
Performance Quartile (within Category) History
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 12-13
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
16.78 -14.58
15.13 -9.08
19.80 31.90 10.99 15.17
21.85 18.50
23.34 12.65
27.00 27.35 10.70
27.44
17.05
22.34 32.43 21.28 17.98
24.32
21.62 -9.81
30.51 18.02
NAV
-35.24 8.83 -76.69 54.36 -73.91 54.44
9.87
Total Return % +/-MSCI WexUS
-49.91 0.37 -43.50 0.41
-14.00 1.88 -10.96 1.79
-26.64 23.58 -26.48 24.08
2.73 2.53 0.91
6.32 2.60
+/-MSCI AC World exUSA Gr ND
0.91
0.75 -9.83 0.13 0.00 1.42 0.79 148 435 4
0.69
0.74
0.98
1.61
1.62
1.39
0.99
1.23
Income Return % Capital Return %
-15.49
31.21
17.76
11.67
24.75
-36.86 7.22
31.04
-11.04 8.88
17.11
8
59
26
73
15
93
1
69
89
31
12
Total Rtn % Rank Cat
Pillar Spectrum Positive ∞
0.18 0.00 1.32 0.78
0.10 0.05 1.31 0.91 . 587
0.14 1.44 1.23 1.02
0.21 1.07 1.20 3.29
0.56 2.14 1.20 1.21
0.41 1.55 1.14 1.94
0.44 0.25 1.31 1.89
0.24 0.00 1.23 1.09
0.22 0.00 1.21 1.37
0.30 0.00 1.21 1.56
0.24 0.00 1.21 1.27
Income $
§ Negative
¶ Neutral
Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil
Performance 12-31-13 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
36
41
44
32
22
20
25
17
20
.
2009 2010 2011 2012 2013
-13.08 19.77 20.90 5.22 -35.24 0.76 -12.48 16.09 7.32 32.43 3.04 3.59 -20.30 6.02 9.87 13.97 -6.98 6.20 8.43 -9.81 3.07 -1.56 10.25 5.51 22.07
321
805
1,267
1,542
929
1,349
1,601
1,571
1,395
1,740
Portfolio Analysis 08-31-13 Share change since 05-13 Total Stocks:68 Sector
Rating and Risk Time Load-Adj
Country
% Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
Period Return % Rtn vs Cat
Bayer AG Nestle SA
Hlth care Germany
3.77 3.36 3.02 2.55 2.40 2.39 2.38 2.37 2.31 2.30 2.30 2.23 2.19 2.16 2.15 2.10 2.09 2.07 2.01 1.84
1 Yr 3 Yr 5 Yr
18.02
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
Cnsmr Def
Switzerland
Return% WexUS AC World exUSA Gr ND
Cat
$10,000
9.12
+Avg
Avg
HSBC Holdings PLC
Finan Svs U.K.
3 Mo 6 Mo 1 Yr
5.51 0.74 16.33 0.99 18.02 2.73 9.12 3.98 13.59 0.78 8.52 0.95 6.75 1.34
0.85 2.43 2.53 4.17 0.69 1.16
53 10,551 42 11,633 54 11,802 26 12,993 51 18,910 23 22,652 27 26,639
13.59
Avg
+Avg -Avg
Linde AG
Basic Mat
Germany
10 Yr Incept
8.52 8.01
+Avg
Honda Motor Co Ltd Compass Group PLC
Cnsmr Cyc Japan Cnsmr Cyc U.K. Cnsmr Cyc U.K. Finan Svs U.K.
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
WPP PLC
Other Measures
Standard Index Best Fit Index MSCI WexUS MSCI EAFE Growth
Standard Chartered PLC
Heineken N.V. ING Groep N.V.
Cnsmr Def
Netherlands
Alpha
3.9
1.1
Finan Svs Netherlands
.
Beta
0.97
1.01
Danone Randstad
Cnsmr Def
France
R-Squared
95
96
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 8.65 21 0.43 63 13.14 47 0.40 54 7.55 28 0.89 77 Potential Capital Gain Exposure: 27% of assets Morningstar’s Take by William Samuel Rocco 12-16-13 USAA International Fund has several positive attributes. This foreign large-growth fund has a personnel edge over most of its rivals. It is subadvised by MFS, which is a good money manager with a strong suite of international-stock funds. Manager Marcus Smith is a skilled MFS veteran who has earned good long-term risk-adjusted returns at a few of that firm’s foreign-stock and Asian-equity mutual funds and separate accounts. Comanager Daniel Ling has a good resume as well. And the two managers have an excellent support team, which includes the MFS managers that run Silver-rated USAA World Growth USAWX as well as the analysts that run Silver-rated MFS International Research MRSAX. The fund’s strategy is another factor in its favor. This fund takes on less risk than most foreign large-growth funds, because Smith and Ling are much more quality-oriented and price-conscious than most of their peers, and they invest less in emerging-markets names as well. But the fund has ample upside
Industrl Industrl
Netherlands
Schneider Electric Air Liquide SA
France France
Standard Deviation
16.45
Basic Mat
Mean
9.12 0.61
LVMH Moet Hennessy Louis
Cnsmr Cyc France
Sharpe Ratio
UBS AG
Finan Svs Switzerland Cnsmr Cyc Japan
Denso Corporation
Canadian National Railwa
Industrl
Canada France Japan
Pernod Ricard NV
Cnsmr Def Basic Mat
potential, because Smith and Ling readily allow their stock selection to lead to distinctive country and sector weights, and their portfolios are more concentrated by issue than the group norm. The fact that this strategy has worked well at several other international-stock funds from USAA and MFS adds to is appeal. Smith and Ling have executed the fund’s moderate growth strategy skillfully over time. Granted, the fund has posted mediocre results in 2013’s generally favorable conditions. But it earned superior gains in the quality-driven rally of 2012 and in some of the surges that occurred earlier in the 2000s. And it has consistently outperformed in sell-offs. As a result, it has handily outpaced--and suffered less volatility than--the average foreign large-growth fund and the typical foreign large-blend offering since Smith came on board in mid-2002. All in all, this fund is well worth a look from risk-conscious investors who are seeking a core foreign holding.
Shin-Etsu Chemical Co Lt
Current Investment Style
Sector Weightings
% of Stocks
Rel MSCI
3 Year Low
WexUS High
Market Cap % Giant 66.1 Large 28.9 Mid 5.1 Small 0.0 Micro 0.0 Avg $mil: 37,624
Value Blnd Growth
Cyclical 45.31 BasicMat 10.00 CnsmrCyc14.81 FinanSvs 20.50 Real Est 0.00 Sensitive 28.46 CommSrvs 1.51 Energy 3.56 Industrl 11.73 Technlgy 11.66 Defensive26.22 CnsmrDef16.25 Hlthcare 9.10 Utilities 0.87
.
h r t y u j i o p a k s d f
Large Mid Small
. 10 5 . 15 9 . 22 19 . . .
. . .
3 2 6 3
Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales
Rel Category
11.11 3.43 0.62 -0.15 3.86 15.25 1.77 1.37 6.39 2.27
0.88 1.60 0.89 NMF 0.05 1.00 0.81 0.96 0.83 1.03
. 22 12 . 13 8
.
. 20 16
9 5 1 0
. .
% Rel Category
Regional Exposure UK/W. Europe 70 Japan 13 Asia X Japan 10
% Stock
N. America 4 Latn America 1 Other 2
Address:
9800 Fredericksburg Road San Antonio, TX 78288 800-531-8722
Minimum Purchase: Min Auto Inv Plan:
$3000
Add: $50 IRA: $3000
$0
Add: .
Sales Fees:
No-load
Composition - Net
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
www.usaa.com
Management Fee:
0.75%, 0.15%A
Country Exposure
% Stock
Cash
0.9
Bonds Other
0.0 1.3
07-11-88
Actual Fees:
Mgt:0.79% Dist: .
U.K.
22 14 13
Germany 12 Switzerland 11
USAA Asset Management Company MFS Investment Management
Expense Projections: Income Distribution:
3Yr:$384 Annually
5Yr:$665 10Yr:$1466
Stocks
97.8
France Japan
Foreign
99.1
(% of Stock)
Vanguard NTF
Mutual Funds ß ®
© 2013Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.
EQ
Made with FlippingBook