EPFR Global 1 Equity Fund Sector Weightings Reports How to read EPFR Equity Fund Sector Weightings Reports

EPFR Global 2 Equity Fund Sector Weightings Reports ………………………………………………………………………………….……… The data tracks the actual sector/industry by individual fund and fund category Individual equity funds grouped by fund category (GEMs, Asia ex-Japan, Latin America, EMEA, Europe, Global & Global ex-US, Country Funds) The sector weightings are calculated into Global Industry Classification System (GICS) Level II industry group categories Each fund category is detailed on a separate tab and includes a listing of individual funds and their sector/industry weightings in % terms, plus cash. Average weightings of all individual funds and by investment manager (with multiple funds) Historical data available from November 2001

EPFR Global 3 Equity Fund Sector Weightings Reports Definitions

EPFR Global 4 Equity Fund Sector Weightings Data Definitions ……………………………………………………………………………………...……………………. Fund Category: GEM: Global Emerging Market Funds (invest in all emerging market regions of the world) Global & Global ex-US: Global funds that invest in both developed and emerging markets (main benchmarks MSCI World and MSCI EAFE) Asia: Asia ex-Japan Regional funds EMEA: Emerging Europe/Middle East/Africa Regional funds Europe: Europe Regional funds LatAm: Latin America Regional funds Country Funds: Asia Ex-Japan, Emerging Europe/Middle East/Africa, Latin America Country funds Fund Weighted Average: Fund weighted average involves calculating the $ amounts invested in each country for all funds individually, and then adding up the $ amounts for each sector and dividing by the total assets of all funds combined. Fund Simple Average: Fund simple average is calculated by adding up all of the % weights in a sector for all funds tracked and then dividing by the total number of funds tracked. Manager Simple Average: (% weighting for all Managers in fund category for specified sector) / (total number of Managers in fund category). [An average is first calculated for Managers with more than one fund in a fund category for each sector. These averages are then combined to come up with the numerator in the above formula].

EPFR Global 5 GEM: Global Emerging Market Funds (invest in all emerging market regions of the world) Asia Ex-Japan : Asia ex-Japan Regional Funds EMEA: Emerging Europe/Middle East/Africa Regional funds LatAm: Latin America Regional funds Fund Category Country Funds: Asia Ex-Japan, Emerging Europe/Middle East/Africa, Latin America Country funds Global & Global ex-US: Global funds that both invest in developed and emerging markets (main benchmarks MSCI World and MSCI EAFE) Europe: Europe Regional funds

EPFR Global 6 Fund Weighted Average = Fund weighted average involves calculating the $ amounts invested in each sector for all funds individually, and then adding up the $ amounts for each sector and dividing by the total assets of all funds combined

EPFR Global 7 Fund Simple Average = Fund simple average is calculated by adding up all of the % weights in a sector for all funds tracked and then dividing by the total number of funds tracked

EPFR Global 8 Manager Simple Average = (% weighting for all Managers in fund category for specified sector) / (total number of Managers in fund category)

EPFR Global 9 Equity Fund Sector Weightings Reports FAQ & Contact Us

EPFR Global 10 Q: What is the GICS level 2 industry classification system used in the Sector Weightings report? A: Yes, GICS Level 2 is the MSCI Global Industry Classification System - for more information, go to and click on GICS on the tabs across the top of the page. Frequently Asked Questions ………………………………………………………..………

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