Issue link: https://info.seic.com/i/1445430
SEI Portfolio Update: First Quarter 2023 | SEI Institutional International Trust (SIT) SIT-2 Portfolio Manager: John Lau Benchmark performance prior to 1/1/99 is that of the prior benchmark, the IFI Investible Composite Index. The performance data shown is past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. Fee waivers are contractual and in effect until 12/31/2023. Q. HOW DID THE FUND PERFORM AGAINST ITS INDEX FOR THE QUARTER, JOHN? A. The Fund returned 4.94% versus 3.96% for the MSCI Emerging Markets Index (Net). Q. WHAT EFFECT DID YOUR POSITIONING AT THE END OF LAST QUARTER HAVE ON PERFORMANCE? A. The Fund outperformed its benchmark for the quarter in part due to generally positive performance of value stocks. Among Fund managers, Robeco was the biggest contributor performance, benefiting from value tailwinds. The manager's exposure to Chinese e-commerce and Korean auto stocks helped drive gains. Similarly, KBI Global Investors garnered positive performance across most sectors due to value tailwinds, despite lower exposure to Chinese e-commerce industry. J O Hambro performed in line with the benchmark despite weak performance from momentum stocks. Gains from utilities, materials, and IT were offset by losses from energy, consumer staples, and real estate. Neuberger Berman underperformed the benchmark. Exposure to the Indian banking sector weighed on performance. Poor stock selection within consumer discretionary also detracted from returns. Q. WHAT IS YOUR OUTLOOK GOING FORWARD AND HOW IS THIS REFLECTED IN THE FUND POSITIONING? A. The Fund had a bias toward value as the dispersion for value stocks remained high and valuations continued to be attractive. There were also exposures to momentum and quality, both of which were reasonably priced. From a sector perspective, the Fund had overweight to consumer discretionary, IT, and financials. Overweights to consumer discretionary and financials were primarily driven by exposure to Chinese e-commerce, Korean and Chinese automobiles, and banks in India and Korea. Within IT, the overweight exposure was mainly driven by stocks related to technology supply chain in Asia. Communication services remained the biggest underweight, largely in China. INVESTMENT STRATEGY: The Emerging Markets Equity Fund seeks capital appreciation. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks and other equity securities of foreign companies located in emerging market countries in such regions as Asia, Eastern Europe, Latin America and the Middle East and Africa. The Fund normally maintains investments in at least six emerging market countries, and does not invest more than 35% of its total assets in any one emerging market country. Emerging Markets Equity Fund (SIT) Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 Equity Funds SIT Emerging Markets Equity Fund 1/17/95 2.87 4.94 4.94 4.94 -10.09 8.40 -1.87 1.43 3.84 -21.49 -1.83 MSCI Emerging Markets Index (Net) (USD) 3.03 3.96 3.96 3.96 -10.70 7.83 -0.91 2.00 5.46 -20.09 -2.54 Expenses before waivers (%) = 1.81 Expenses after waivers (%) = 1.71 SIT International Equity Fund 12/20/89 2.14 9.38 9.38 9.38 -0.36 14.62 3.07 4.95 3.70 -15.96 9.96 MSCI EAFE Index (Net) (USD) 2.48 8.47 8.47 8.47 -1.38 12.99 3.52 5.00 4.42 -14.45 11.26 Expenses after waivers (%) = 1.09 Expenses after waivers (%) = 1.09 Bond Funds SIT Emerging Markets Debt Portfolio 6/26/97 2.33 3.34 3.34 3.34 -4.23 0.92 -2.60 -0.86 5.99 -15.44 -5.83 50/50 JPM EMBI Global Div & JPM GBI EM Global Div 2.54 3.51 3.51 3.51 -3.83 0.46 -1.44 0.29 5.86 -14.75 -5.32 Expenses before waivers (%) = 1.62 Expenses after waivers (%) = 1.36 SIT International Fixed Income Fund 9/1/93 1.83 2.58 2.58 2.58 -3.32 -1.86 0.21 1.53 3.56 -9.20 -2.20 2.01 2.86 2.86 2.86 -3.27 -1.82 0.90 2.28 4.30 -9.76 -1.40 Bloomberg Global Aggregate ex-USD Index (USD Hedged) as of 03/31/2023 as of 03/31/2023 Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Institutional International Trust - Class F (Formerly Class A) Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 Equity Funds SIT Emerging Markets Equity Fund 1/17/95 2.87 4.94 4.94 4.94 -10.09 8.40 -1.87 1.43 3.84 -21.49 -1.83 MSCI Emerging Markets Index (Net) (USD) 3.03 3.96 3.96 3.96 -10.70 7.83 -0.91 2.00 5.46 -20.09 -2.54 Expenses before waivers (%) = 1.81 Expenses after waivers (%) = 1.71 SIT International Equity Fund 12/20/89 2.14 9.38 9.38 9.38 -0.36 14.62 3.07 4.95 3.70 -15.96 9.96 MSCI EAFE Index (Net) (USD) 2.48 8.47 8.47 8.47 -1.38 12.99 3.52 5.00 4.42 -14.45 11.26 Expenses after waivers (%) = 1.09 Expenses after waivers (%) = 1.09 Bond Funds SIT Emerging Markets Debt Portfolio 6/26/97 2.33 3.34 3.34 3.34 -4.23 0.92 -2.60 -0.86 5.99 -15.44 -5.83 50/50 JPM EMBI Global Div & JPM GBI EM Global Div 2.54 3.51 3.51 3.51 -3.83 0.46 -1.44 0.29 5.86 -14.75 -5.32 Expenses before waivers (%) = 1.62 Expenses after waivers (%) = 1.36 as of 03/31/2023 as of 03/31/2023 Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Institutional International Trust - Class F (Formerly Class A) Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 Equity Funds SIT Emerging Markets Equity Fund 1/17/95 2.87 4.94 4.94 4.94 -10.09 8.40 -1.87 1.43 3.84 -21.49 -1.83 MSCI Emerging Markets Index (Net) (USD) 3.03 3.96 3.96 3.96 -10.70 7.83 -0.91 2.00 5.46 -20.09 -2.54 Expenses before waivers (%) = 1.81 Expenses after waivers (%) = 1.71 SIT International Equity Fund 12/20/89 2.14 9.38 9.38 9.38 -0.36 14.62 3.07 4.95 3.70 -15.96 9.96 MSCI EAFE Index (Net) (USD) 2.48 8.47 8.47 8.47 -1.38 12.99 3.52 5.00 4.42 -14.45 11.26 Expenses after waivers (%) = 1.09 Expenses after waivers (%) = 1.09 Bond Funds SIT Emerging Markets Debt Portfolio 6/26/97 2.33 3.34 3.34 3.34 -4.23 0.92 -2.60 -0.86 5.99 -15.44 -5.83 50/50 JPM EMBI Global Div & JPM GBI EM Global Div 2.54 3.51 3.51 3.51 -3.83 0.46 -1.44 0.29 5.86 -14.75 -5.32 Expenses before waivers (%) = 1.62 Expenses after waivers (%) = 1.36 SIT International Fixed Income Fund 9/1/93 1.83 2.58 2.58 2.58 -3.32 -1.86 0.21 1.53 3.56 -9.20 -2.20 as of 03/31/2023 as of 03/31/2023 Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Institutional International Trust - Class F (Formerly Class A)