Investment Objective and Strategy

Is this fund a good choice for me?
The International Equity Fund may be appropriate if your goal is to grow your savings over the next several years by investing in companies based outside the U.S. You’re also comfortable with temporary — yet sometimes dramatic — fluctuations in your account balance based on the performance of the underlying stocks.

Investment objective and strategy
The fund seeks long-term capital appreciation through investments in equity securities of companies based in developed markets outside the United States as well as in established companies in emerging and frontier markets. Harding Loevner, the fund’s subadvisor, undertakes fundamental research to identify companies that it believes are well managed, financially sound, fast growing and strongly competitive and whose shares are underpriced relative to estimates of their value. To reduce volatility, the fund is diversified across dimensions of geography, industry, currency and market capitalization and normally holds investments across at least 10 countries.


Total Returns

As of 3/31/2024

Calendar-Year Total Returns

Growth of $10,000

The line chart compares the change in value of a $10,000 investment in the fund and MSCI EAFE Index over a 10-year period. The chart represents past performance, which is no guarantee of future results. Current performance may be higher or lower than that shown above. Returns and the principal value of your investment will fluctuate such that shares, when redeemed, may be worth more or less than their original cost. The fund’s average annual total returns are net of any fee waivers and reimbursements. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.

Industry Rankings

For the month ending 12/31/2023


Category Foreign Large Growth

*Overall, out of 394 funds, according to risk-adjusted return


Classification International Large-Cap Growth
consistent return1

1Overall, out of 342 funds, according to historical risk-adjusted returns adjusted for volatility

2Overall, out of 72 funds, according to expense minimization

Share Price History

As of 04/24/2024

The chart plots daily share prices for the last 10 years. The interactive calendar will retrieve the share price for any business day since the fund's inception.


Country Diversification

As of 3/31/2024

Top 10 Holdings

As of 3/31/2024

Allianz SE REG 3.8%
Manulife Financial Corp. 3.8%
Banco Bilboa Vizcaya Argentaria SA 3.7%
DBS Group Holdings Ltd. 3.7%
Chugai Pharmaceutical Co.,Ltd. 3.5%
Schneider Electric SE 3.4%
Infineon Technologies AG 3.4%
Shell PLC 3.3%
L’Oréal SA 3.2%
Total 34.9%

Portfolio holdings are subject to change without notice.

Portfolio Characteristics

As of 3/31/2024

Net Assets $87,700,666
Number of Holdings 50


Income and/or capital gains distributions for this fund, if any, are listed in the table below for the current and previous calendar year. Mutual funds are required to pass through to their shareholders substantially all of the interest income and capital gains earned by the fund during the year. These distributions are paid on a regular schedule as shown in the table below.

2023 Earnings Distribution

Distribution Type Record Date Declaration Date $/Per Share
Long-Term Capital Gains 6/29/23 6/30/23 $0.0561
Ordinary Income 6/29/23 6/30/23 $0.0193
Long-Term Capital Gains 12/13/23 12/14/23 $0.3527
Ordinary Income 12/13/23 12/14/23 $0.1294

The record date is the date on which you must be a shareholder in order to receive a portion of the fund’s distribution.

The declaration date, typically the business day after the record date, is the date the amount of the distribution is announced and deducted from fund assets. On this day, the amount of the distribution is deducted from fund assets and calculated as a per share amount to be passed through to shareholders. The fund’s share price will decline by the amount of the distribution (plus or minus any share price change related to market activity). The following business day, shareholders will see their portion of the distribution posted to their account as either a cash dividend or dividend reinvestment.

Portfolio Management

Harding Loevner LP (Effective January 15, 2016)

Harding Loevner LP is not affiliated with Homestead Funds, Homestead Advisers Corp., Homestead Financial Services Corp. or NRECA.

Equity securities generally have greater price volatility than fixed-income securities and are subject to issuer risk and market risk. International investing involves currency, economic and political risks, which may be greater for investments in emerging and frontier markets.