Mercer Non-US Core Equity Fund Class I · NASDAQ:MNCSX
Mercer Non-US Core Equity Fund Class I — Investor Presentation (March 2026)
31 slides from Mercer Non-US Core Equity Fund Class I's investor presentation, Mar 31, 2026
Slide 1: Mercer Non-US Core Equity Fund
As of March 31, 2026 Mercer Non-US Core Equity Fund Investment management and advisory services to be provided by Mercer Investments LLC. Mercer Investments LLC is one of several associated legal entities that provide investments services to clients as part of a global investment advisory and invest
Slide 2: Agenda
1. Mercer U.S. Investments Update 2. Non-US Core Equity Fund Design Process & Performance 3. Sub-Advisor Fund Performance and Positioning 4. Sub-Advisor Investment Summary 5. Investment Team Biographies 6. Appendix
Slide 3: Mercer U.S. Investments Update
Mercer U.S. Investments Update
Slide 4: Office Of The CIO
Office Of The CIO Advisory & OCIO Kam Chang Acting US Chief Investment Officer Equity Portfolio Management Fix Income Portfolio Management Manager Research Senior Portfolio Manager Senior Portfolio Manager Portfolio Manager Portfolio Manager Global Research Team 200+ Research Specialists Larry Vasqu
Slide 5: Design Process & Performance
Non-US Core Equity Fund Design Process & Performance
Slide 6: Multi-Manager Equity Fund Investment Process
Multi-Manager Equity Fund Investment Process Understanding the Market Evidence Based Investing Assess Manager Potential Construction and Monitoring Each market is unique with various We apply this understanding to Our team leverages Mercer’s 200+ The markets are not stable, and drivers of returns. A
Slide 7: Understanding the Market
>$80T Global Market Cap US Equity (c.65% ACWI IMI) Understanding the c.8,500 US Large Cap US Small Cap • Highly concentrated, by sector (IT c.30%) • Diversified by sector (no sector >20%) Market Constituents and stock (top 5 >30%) • Highly efficient in price discovery and • Inefficient market, lower
Slide 8: Evidence Based Investing: Understanding Factor Related Performance Drivers
Evidence Based Investing: Understanding Factor Related Performance Drivers Guiding principles: We believe the most effective way to capture consistent alpha in custom multi-manager portfolios is to build them with diverse alpha sources, purposeful attention to factor exposures that lead to better di
Slide 9: Assess Manager Potential: Manager Research Process
Assess Manager Potential: Manager Research Process • 6,967 managers Global sourcing / gather data (MercerInsight ) • 32,090 strategies Manager / product reviews | Formal meetings • 11,368 strategies are rated | Internal pipeline / watch list • 58% of rated strategies are A, B+, or B Prioritise candi
Slide 10: Construction and Monitoring
Construction and Monitoring Performance Characteristics Style analytics Barra risk analytics Monitoring • Trading, compliance and performance updates • Quarterly manager calls/meetings with direct access to investment team • Mercer manager research onsite review schedule • Market cycle informs on ri
Slide 11: Mercer Non-US Core Equity Fund Overview and Performance
Mercer Non-US Core Equity Fund Overview and Performance Investment Objective: The investment objective of the Fund Periodic Performance (%) As of March 31, 2026 is to provide long-term total return, which includes capital 3 Month Year-to-Date 1 Year 3 Year 5 Year 10 Year Inception appreciation and i
Slide 12: Portfolio Characteristics and Exposures
Mercer Non-US Core Equity Fund Portfolio Characteristics and Exposures Portfolio Fund Benchmark Region Allocations Sector Allocations Characteristics Wtd Avg Mkt Cap ($M) $81,414 $89,258 Utilities Europe Communication… P/E 13.9 15.1 Information… P/B 1.97 2.14 Real Estate Pacific Financials ROE 15.9%
Slide 13: Fund and Subadvisor Performance and Positioning
Fund and Subadvisor Performance and Positioning
Slide 14: Mercer Non-US Core Equity Fund & Subadvisor Performance
Mercer Non-US Core Equity Fund & Subadvisor Performance As of March 31, 2026 Market Value ($M) QTD YTD 1 yr 3 yr 5 yr 10 yr SI SI Date Non-US Equity Class Y3 – Gross 0.59% 0.59% 26.63% 17.66% 9.70% 10.75% 6.60% Class Y3 Non-US Equity Class Y3 – Net 3,975 0.49% 0.49% 26.15% 17.22% 9.29% 10.04% 5.90%
Slide 15: Mercer Non-US Core Equity Fund Fundamentals
Mercer Non-US Core Equity Fund Fundamentals As of March 31, 2026 Fundamentals Regional Exposure Top 10 Active Weight Holdings MSCI World Active MSCI World Mercer MSCI World Security Name Mercer Fund Mercer Fund Active ex USA IMI Weight ex USA IMI Fund ex USA IMI FRANCO NEVADA CORP 1.3% 0.2% 1.1% P/E
Slide 16: Non-U.S. Core Equity Fund - Historical Manager Allocations
Non-U.S. Core Equity Fund - Historical Manager Allocations Non-U.S. Equity - Historical Manager Allocations 100% EM American Century 90% MSIM/Invesco/Echo Point 80% EM (Lazard & WB) 70% ArrowStreet 60% 50% GMO 40% MFS Lingohr 30% 20% Bernstein 10% LSV 0% Mar-09 Sep-09 Mar-15 Sep-15 Mar-16 Sep-16 Mar
Slide 17: Sub-Advisor Investment Summary
Sub-Advisor Investment Summary
Slide 18: Manager Allocations and Style Bias
Manager Allocations and Style Bias 8.9% Parametric 4.8% Mercer Non-US Core Equity Fund American Century Subadvisor detail as of 3/31/26 36.8% Arrowstreet Investment Objective: The investment objective of the Fund is to provide long-term total return, which includes capital appreciation and 27.4% MFS
Slide 19: Manager Implementation Expectations
Manager Implementation Expectations Manager Summary Guidelines 400 to 800 stocks with turnover range of 100-150%. Active sector and country constraints are around Arrowstreet +/- 10% and country/sector (basket) constraints at +/-5% around the index. Max stock positions range +/- 3% around the index.
Slide 20: Investment Team Biographies
Investment Team Biographies
Slide 21: Larry Vasquez
Larry Vasquez Larry Vasquez is a Senior Portfolio Manager and Partner at Mercer Investment Management overseeing equities and DC multi-asset solutions. His primary responsibilities include asset allocation, manager selection, portfolio construction, and ongoing oversight of Defined Contribution cust
Slide 22: Matthew Parlengas
Matthew Parlengas Matthew is a Portfolio Manager within Mercer’s US Investments group, focusing on Equities. As a member of the Portfolio Management team Matthew helps lead manager selection and portfolio construction for Mercer's OCIO clients across the defined benefit segment. Matthew is a lead po
Slide 23: Appendix
Appendix
Slide 24: Mercer Non-US Core Equity Fund - Attribution
Mercer Non-US Core Equity Fund - Attribution Non-US Equity Y3 vs. MSCI World ex U.S. IMI Index (Net) Quarter ended March 31, 2026 Source: Investment Metrics. Attribution and associated allocations are based on monthly holdings using beginning-of-period weights. Allocation Effect measures the impact
Slide 25: Mercer Non-US Core Equity Fund - Attribution
Mercer Non-US Core Equity Fund - Attribution Non-US Equity Y3 vs. MSCI World ex U.S. IMI Index (Net) Quarter ended March 31, 2026 Source: Investment Metrics. Attribution and associated allocations are based on monthly holdings using beginning-of-period weights. Allocation Effect measures the impact
Slide 26: Mercer Non-US Core Equity Fund - Attribution
Mercer Non-US Core Equity Fund - Attribution Non-US Equity Y3 vs. MSCI World ex U.S. IMI Index (Net) Quarter ended March 31, 2026 Source: Investment Metrics. Attribution and associated allocations are based on monthly holdings using beginning-of-period weights. Allocation Effect measures the impact
Slide 27: Important Notices
Important Notices Must be preceded or accompanied by fund's prospectus. Investors should carefully consider the fund's investment objectives, risks, charges and expenses before investing. To obtain a prospectus that contains this and other information, please visit https://www.delegated-solutions.me
Slide 28: Important Notices
Important Notices Risks Factors The Fund invests in both growth stocks and value stocks. Growth stocks may be particularly sensitive to market conditions. Investing in value stocks involves the risk that an investment made in undervalued securities may not appreciate in value as anticipated or remai
Slide 29: Important Notices
Important Notices Mercer universes Mercer’s universes are intended to provide collective samples of strategies that best allow for robust peer group comparisons over a chosen timeframe. Mercer does not assert that the peer groups are wholly representative of and applicable to all strategies availabl
Slide 30: Important Notices
Important Notices Measurement methodology For most investment strategies that we research, we arrive at a rating on a four tier scale in which the possible ratings are A, B+, B and C. When we formulate short lists of candidates for clients to consider in manager searches, these are generally drawn f
Slide 31: Important Notices
Important Notices Some important caveats All of the value added figures have been calculated by Mercer, but are based upon performance data provided to Mercer by the investment managers concerned. Mercer generally does not independently verify the performance information provided by investment manag
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