Issue link: https://info.seic.com/i/1445430
SEI Portfolio Update: First Quarter 2023 | SEI Institutional International Trust (SIT) SIT-3 Portfolio Manager: Jason Collins 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. Q. HOW DID THE FUND PERFORM AGAINST ITS INDEX FOR THE QUARTER, JASON? A. The Fund returned 9.38% versus 8.47% for the MSCI EAFE Index (Net). Q. WHAT EFFECT DID YOUR POSITIONING AT THE END OF LAST QUARTER HAVE ON PERFORMANCE? A. The Fund is overweight to value. Even though value underperformed, the Fund managers fared well. Quality was the best performing alpha source, as its preference for technology and luxury goods was beneficial. Momentum's relative returns were negative, as its preference for many of the European and Japanese banks reversed course and underperformed. Overall, even though the alpha source environment was mixed, our manager performance was generally good which led to the positive return. The sector allocation was also additive (underweight financials and energy, overweight information technology). Low-volatility stocks started off the quarter underperforming but did well during the March selloff. Nevertheless they still ended the quarter with a negative relative return. Q. WHAT IS YOUR OUTLOOK GOING FORWARD AND HOW IS THIS REFLECTED IN THE FUND POSITIONING? A. The Fund remains overweight to the value, quality and momentum alpha sources. We terminated Intech during the quarter and replaced it with Lazard Asset Management LLC's ("Lazard") EAFE 130/30 Momentum strategy. Over the long run we expect this to pay off, and due to the shorts, the manager tends to run over 100% active share. Overall, we still find value as the most attractive alpha source. Quality has become more attractive over the last year, and we are looking to selectively add to the fund's quality managers, though value will still remain our largest allocation. The fund's momentum allocation should increase as a result of the aforementioned manager change. Momentum looks attractive, but we have observed a high correlation with value as of late. From a sector perspective, the Fund is underweight financials and energy. However, it is slightly overweight European and U.K. banks at the expense of Australian and Japanese banks where we have little exposure. The largest overweights are information technology, industrials, consumer discretionary and staples. INVESTMENT STRATEGY: The International Equity Fund seeks to provide long-term capital appreciation. Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities. The Fund will invest in common stocks and other equity securities of issuers of all capitalization ranges. The Fund will invest primarily in companies located in developed countries outside of the U.S., but may also invest in companies located in emerging markets. Generally, the Fund will invest less than 20% of its assets in emerging markets. International 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 Expenses before waivers (%) = 1.07 Expenses after waivers (%) = 1.02 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 Theperformance data shown is pastperformance. Pastperformance is noguarantee offutureresults. The investment return andprincipal value ofan investmentwillfluctuate sothat 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 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) 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)