Mercer Non-US Core Equity Fund
Actively managed developed international stock fund
As of its 2026 Q2 report, Mercer Non-US Core Equity Fund held 1,022 positions with $4.78B in net assets. Its ten largest holdings made up 12.2% of the fund. The MNCDX share class costs 0.87% a year. Over the 12 months to May 2026, MNCDX returned 25.2%, with dividends reinvested. In 2026 Q2 it added 144 new positions and exited 134.
The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and income.
The fund invests at least 80% of assets in equity securities of non-U.S. companies across developed and emerging markets, using a core strategy that blends growth and value approaches. Day-to-day management is delegated to subadvisers, some of whom employ quantitative processes that may result in higher portfolio turnover. The fund may also use derivatives such as forward contracts and equity futures to adjust market or currency exposure.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
ASML Holding NV | 2.51% | $120.29M | 60.6K | $1,984.42 |
Kioxia Holdings Corp | 1.40% | $66.97M | 117.9K | $567.99 |
State Street Global Advisors | 1.34% | $63.92M | — | — |
UniCredit SpA | 1.12% | $53.61M | 598.8K | $89.52 |
TSMTaiwan Semiconductor Manufacturing Co Ltd | 1.10% | $52.54M | 110.0K | $477.57 |
TotalEnergies SE | 1.05% | $50.06M | 644.0K | $77.73 |
Roche Holding AG | 0.98% | $47.10M | 114.2K | $412.31 |
Sandoz Group AG | 0.93% | $44.41M | 490.6K | $90.52 |
UBS Group AG | 0.91% | $43.38M | 874.2K | $49.62 |
Legrand SA | 0.89% | $42.32M | 250.6K | $168.90 |
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.
The 200 largest of 1,022 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 | 96.90% |
| Cash & short-term | 1.34% |
| Other | 0.00% |
Look-through blends 2 underlying funds; 0.101% of NAV was not looked through and stays direct-classified.
How it has done
MNCSX share class · total returns with dividends reinvested
Volatility over the last 12 months: 13.97%. 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 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.62% | +25.19% | +77.92% | — | -9.37% | |
| 0.37% | +25.60% | +79.41% | +60.03% | -9.33% |
These classes hold the same portfolio, so the 1.49pp spread over 3 years is the cost difference between them — roughly 0.50pp a year — not a difference in what they own.
Fees & fund details
Mercer Non-US Core Equity Fund 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
- 0.37% – 0.87%· MNCDX 0.87%
- Portfolio turnover
- 57.00% a year · as of 2025 Q3
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.
144 new· the largest 8
134 exited· the largest 8
Understand how this fund fits with the rest.
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