Global Dividend Yield Portfolio (Institutional)

Global Dividend Yield Portfolio (Institutional)

    Introduction
    Highlights
    Top Five Holdings
    Sector Diversification
    Geographical Exposure
    Portfolio Characteristics
    Historical Returns
    Performance Statistics

The KAR Global Dividend Yield Portfolio is a global large-cap portfolio of high quality, mature companies focused on providing a high level of current income while minimizing risk and preserving capital. It is a high-conviction strategy that utilizes a bottom-up fundamental research approach to identify what we believe are the best companies at the most attractive prices within the high-quality universe.

Highlights

Asset Class: Dividend Income
Primary Index: MSCI World High Dividend Yield Index
Inception Date: August 1, 2017

Holdings Range: 25-50

Sector Constraint: Seek broad diversification, but no sector constraints
Portfolio Turnover: 25% – 45%

Top Five Holdings

As of December 31, 2023

This report is based on the assumptions and analysis made and believed to be reasonable by Advisor. However, no assurance can be given that Advisor’s opinions or expectations will be correct. This report is intended for informational purposes only and should be not considered a recommendation or solicitation to purchase securities. Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. Data is obtained by FactSet Research Systems and is assumed to be reliable. Numbers may not always add up due to rounding. Past performance is no guarantee of future results.

Company

Percent of equity (%)

Country

International Business Machines 5.4 United States
Fortis 4.9 Canada
BCE 4.7 Canada
Deutsche Post 4.0 Germany
Amcor 4.0 Switzerland
Total 23.0

Sector Diversification

As of December 31, 2023
KAR Global Dividend Yield
MSCI® World High Dividend Yield Index

Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. The sector information represented above is based on GICS sector classifications. Data is obtained by FactSet Research Systems and is assumed to be reliable.

Geographical Exposure

As of December 31, 2023
KAR Global Dividend Yield
MSCI® World High Dividend Yield Index

* “Other” is comprised of securities held in countries within the benchmark which are not held in our representative portfolio. The countries include Austria, Belgium, Brazil, Chile, China, Denmark, Finland, Hong Kong, Ireland, Israel, Jordan, Netherlands, Norway, Portugal, South Africa, Spain and Sweden.

Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly.  Data is obtained by FactSet Research Systems and is assumed to be reliable.

Portfolio Characteristics

As of December 31, 2023

*Free cash flow data is as of [prior quarter end date]. Prices are as of [quarter end date]. Excludes financials.
This material is deemed supplemental and complements the performance and disclosure at the end of the Disclosure page of the KAR Global Dividend Yield fact sheet. Data is obtained from FactSet Research Systems and BNY Mellon and is assumed to be reliable. Other principal consultant firms may use different algorithms to calculate selected statistics. Estimates are based on certain assumptions and historical information. Past performance is no guarantee of future results. Returns could be reduced, or losses incurred, due to currency fluctuations.

Concept

KAR Global
Dividend
Yield

MSCI® World High
Dividend Yield Index

Quality
Return on Equity-Past 5 Years 20.3% 19.9%
Debt Coverage 5.0x 7.4x
Growth
Earnings Per Share Growth-Past 5 Years 5.4% 12.2%
Dividend Per Share Growth-Past 5 Years 4.3% 8.2%
Value
Dividend Yield 4.6% 3.7%
Market Characteristics
Dividend Payout Ratio-5 Year Average 71.2% 59.6%
$ Weighted Average Market Cap $66.4 B $140.1 B
Largest Market Cap $273.4 B $404.5 B

Historical Returns (Institutional)

*August 1, 2017

†All periods less than one year are total returns and are not annualized. Returns are final.

‡Net of all fees and expenses. Assumes a 0.70% annual fee. Fees presented on the Disclosure page of the KAR Global Dividend Yield fact sheet could vary from the assumed fee in the net-of-fee calculation, as actual fees paid by a particular client account differ depending on a variety of factors including, but not limited to, business unit and size of mandate. The fee used on the Disclosure page of the KAR Global Dividend Yield fact sheet utilizes an assumed maximum fee across the firm’s business units, which is further detailed on that page.

This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR Global Dividend Yield fact sheet. Returns of the Kayne Anderson Rudnick composite are final. For further details on the composite, please see the Disclosure page of the KAR Global Dividend Yield fact sheet. Data is obtained from FactSet Research Systems and is assumed to be reliable. Past performance is no guarantee of future results. Returns could be reduced, or losses incurred, due to currency fluctuations.

Period KAR Global
Dividend Yield

(gross)
KAR Global
Dividend Yield

(net)
MSCI® World
High Dividend
Yield Index
Annualized Returns (%) As of December 31, 2023
4th Quarter9.77 9.58 6.99
1 Year5.95 5.21 9.12
3 Year6.02 5.28 6.39
5 Year6.87 6.12 8.19
Inception*5.50 4.77 6.04
Annual Returns (%)
20235.95 5.21 9.12
2022(1.44)(2.13)(4.74)
202114.12 13.33 15.83
2020(5.26)(5.92)(0.03)
201923.45 22.60 23.15
2018(4.21)(4.88)(7.56)
2017§5.62 5.31 6.33

Performance Statistics (Institutional)

Inception*  to December 31, 2023

*August 1, 2017

This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR Global Dividend Yield fact sheet. Returns of the Kayne Anderson Rudnick composite are final. For further details on the composite, please see the Disclosure page of the KAR Global Dividend Yield fact sheet. Past performance is no guarantee of future results. Returns could be reduced, or losses incurred, due to currency fluctuations.

Concept

KAR Global
Dividend
Yield (gross)

KAR Global
Dividend
Yield (net)

MSCI® World High
Dividend Yield Index

Annualized Standard Deviation 14.72 14.72 14.32
Alpha (0.31) (1.01) 0.00
Beta 0.98 0.98 1.00
Sharpe Ratio 0.25 0.20 0.29
R-Squared 90.32 90.32 100.00