Issue link: https://info.seic.com/i/1445430
SEI Portfolio Update: First Quarter 2023 | SEI Institutional International Trust (SIT) SIT-4 Portfolio Manager: James Mashiter Benchmark performance prior to 12/31/05 is that of the Fund's prior benchmarks: the Salomon WGBI, Non-US from inception to 7/31/02 and the Lehman Brothers Global Aggregate ex-US Index from 8/1/02-12/30/05. 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 voluntary and may be discontinued at any time. Q. HOW DID THE FUND PERFORM AGAINST ITS INDEX FOR THE QUARTER, JAMES? A. The Fund returned 2.58% versus 2.86% for the Bloomberg Global Aggregate ex-USD Index, Hedged. Q. WHAT EFFECT DID YOUR POSITIONING AT THE END OF LAST QUARTER HAVE ON PERFORMANCE? A. The Fund marginally underperformed during the quarter. The primary detractors were duration underweights in Japan and the U.K. and an underweight to Italian long-term treasury bonds (BTPs). These losses were largely offset by overweights to Mexican and Colombian local currency bonds and a duration overweight in Australia. Wellington underperformed because of underweights to Japanese rates and Italian BTPs, and long currency positions in the Japanese yen. Colchester underperformed because of duration underweights in Europe and Japan, and an underweight to Italian BTPs. AllianceBernstein performed broadly in line with its customized benchmark. Q. WHAT IS YOUR OUTLOOK GOING FORWARD AND HOW IS THIS REFLECTED IN THE FUND POSITIONING? A. The duration underweight was reduced, owing to increased financial stability risks. Elsewhere, positioning did not change materially, with the Fund maintaining duration underweights in Japan, Europe and the U.K. The bearish position in Japanese government bonds reflects the reasonable probability, in our view, that the Bank of Japan (BoJ) is eventually forced to abandon its yield curve control policy against mounting inflation pressures. Away from the core markets, the Fund remains underweight to Chinese local rates, but has a more constructive rates stance in Australia and New Zealand. Mexico and Indonesia remain the most significant emerging-market local rates positions. The Fund's relative duration time spread is greater than that of the benchmark. At the sector level, the Fund is overweight to corporates, funded through an underweight to government, government-related, and covered bonds. Active currency positioning continues to be guided by valuation dislocations. INVESTMENT STRATEGY: The International Fixed Income Fund seeks capital appreciation and current income. The Fund will invest primarily in investment-grade foreign government and corporate fixed- income securities, as well as foreign asset- and mortgage-backed fixed income securities. Under normal circumstances, the Fund will hold securities from issuers in at least three countries other than the United States, and it is expected that at least 40% of the Fund's net assets will be invested in non-U.S. securities. International Fixed Income 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 end, please call 1-800-DIAL-SEI. 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 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 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 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 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)