International Advantage Portfolio
Actively managed developed international stock fund
As of its 2026 Q2 report, International Advantage Portfolio held 33 positions with $2.15B in net assets. Its ten largest holdings made up 63.1% of the fund. The MFAIX share class costs 1% a year. Over the 12 months to May 2026, MFAIX returned 2.7%, with dividends reinvested. In 2026 Q2 it added 4 new positions and exited 1.
The International Advantage Portfolio (the Fund) seeks long-term capital appreciation.
The fund invests primarily in established international companies outside the United States that trade within the market-capitalization range of the MSCI All Country World ex USA Index, using a bottom-up process to identify undervalued firms with sustainable competitive advantages and strong ESG characteristics. The fund typically concentrates a significant portion of its assets in a limited number of issuers, which may be in the same industry, sector, or geographic region, creating risk of divergence from broad international market performance. The fund may invest in China A-Shares through Stock Connect programs and in privately placed or restricted securities.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Taiwan Semiconductor Manufacturing Co Ltd | 10.32% | $221.76M | 2.8M | $78.89 |
ASML Holding NV | 8.96% | $192.66M | 97.3K | $1,980.18 |
Keyence Corp | 6.72% | $144.42M | 285.7K | $505.49 |
DSV A/S | 6.37% | $136.90M | 575.3K | $237.95 |
Hermes International SCA | 6.25% | $134.35M | 73.5K | $1,828.69 |
Moncler SpA | 5.58% | $119.92M | 2.1M | $58.20 |
Schneider Electric SE | 5.49% | $117.99M | 360.6K | $327.23 |
Spotify Technology SA | 5.23% | $112.43M | 244.9K | $459.13 |
L'Oreal SA | 4.84% | $104.07M | 237.4K | $438.36 |
MELIMercadoLibre Inc | 3.38% | $72.58M | 42.8K | $1,697.39 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 33 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 99.10% |
| Cash & short-term | 2.38% |
How it has done
MFAIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 16.36%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.00% | +2.66% | +27.67% | -0.62% | -18.89% | |
| 1.85% | +1.79% | +24.45% | -4.75% | -19.12% | |
| 1.30% | +2.38% | +26.60% | -1.96% | -18.93% | |
| 2.05% | +1.54% | +23.84% | -5.50% | -19.15% | |
| 0.90% | +2.77% | +28.06% | -0.04% | -18.85% |
These classes hold the same portfolio, so the 5.46pp spread over 5 years is the cost difference between them — roughly 1.09pp a year — not a difference in what they own.
Fees & fund details
International Advantage Portfolio is an actively managed developed international equity fund.
- Asset class
- Equity
- Region
- Developed international
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.90% – 2.05%· MFAIX 1.00%
- Portfolio turnover
- 13.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
4 new
1 exited
Understand how this fund fits with the rest.
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