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International Equity FundPIUIXShare Class
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investment strategy / process

The PNC International Equity Fund seeks long-term capital appreciation by investing in common stocks of foreign issues.  Using a unique multi-manager approach, the Fund’s assets are allocated between value, core and growth strategies, and are managed by the Fund’s adviser (PNC Capital Advisors, LLC) and sub-advisers (GE Asset Management and Polaris Capital Management).  The Fund invests in equity securities tied economically to a number of countries throughout the world.  It limits investments in securities of issuers in countries with developing markets to no more than 25% of the Fund’s total assets.  More than 25% of the Fund’s assets may be invested in the equity securities of issuers located in the same country.

Value Process
  • Employs a proprietary five-factor global model to rank countries and industries on attractiveness.
  • Identifies companies with undervalued streams of sustainable cash flows.
  • Performs fundamental analysis to determine future cash flows and risk of investment.
  • Diversified portfolio with exposure to 15 or more countries and industries.   
 Core Process
  • The international equity universe is refined through initial screens including fundamental and valuation factors, investement themes and liquidity.
  • Valuation analysis is driven by analysts estimates of price/cash earnings, cash earnings growth and yield.
  • Qualitative analysis is based on a blend of factors rolled in one comparable score.
  • Diversified portfolio of the best names with risk controls at the region, sector and individual stock levels, as well as risk statistic ranges.   
  Growth Process
  • Begins by using a proprietary 12-factor model to determine companies with strong sustainable earnings and accelerating revenue growth.
  • Country allocation framework guides portfolio towards stocks in countries exhibiting reasonable valuations, low risk and strong economic growth.
  • Fundamental review confirms outputs at security and country levels.
  • Portfolio managed within pre-defined risk guidelines which ensure diversification across countries, sectors and securities. 



Investment Risk

International investments are subject to special risks not ordinarily associated with domestic investments, including currency fluctuations, economic and political change, and differing accounting standards that may adversely affect portfolio securities. These risks may be heightened in emerging markets.

*Sector weightings and top ten holdings are subject to change, for illustrative purposes only and are not a permanent reflection of the fund.