Rainier International Discovery Series

Disciplined Value Series Equity Series Overseas Series Rainier International Discovery Series Real Estate Series
Class I Class S Class Z Class W

An Underutilized and Misunderstood Asset Class

We believe that adding international small cap stocks to a broader portfolio may help dampen volatility and boost long-term performance.

 

See below for most recent performance.

Request more information

Our team is here to answer any questions you may have. Contact us if you would like to learn more about this underutilized, but opportunistic solution.

Investment Objective

To provide investors with long-term capital appreciation by investing primarily in the common stock of small- to mid-capitalization companies located outside the U.S.

Investment Strategy

The Series is primarily invested in the common stock of small- and mid-capitalization companies traded outside the U.S. Rainier typically selects investments that fall within the market capitalization range of the MSCI ACWI ex USA Small Cap Index at the time of purchase. The Team will invest in any type of company whether it is in the index or not, as long as it is within the market cap range and fits the investment objectives. To control risk, extreme overweighting or underweighting of the Series relative to the Index is normally avoided.

Investment decisions are based on fundamental analysis, which emphasizes bottom-up stock selection of companies that exhibit strong growth, clear key earnings drivers and attractive valuations. The investment team evaluates companies across all sectors and regions using this growth and valuation criteria.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept the risk of investing in foreign equity securities
  • Seeking to diversify a portfolio by adding a foreign equity component

Daily Price

$23.57

Daily $ Change

$0.07

Daily % Change

0.30%

as of 02/02/2023

Ticker

RAIIX

CUSIP

56382R688

Inception Date

03/28/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
N-Port Part F Reports

Performance

As of 12/31/2022

As of
Month-End Quarter-End

YTD

---

1 Year

-30.41%

3 Year

3.99%

5 Year

2.87%

10 Year

8.95%

Inception
(03/28/2012)

9.63%

For periods prior to 08/21/2017, performance for Class I is based on the historical performance of the Institutional Shares of the Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class I on 08/21/2017. Performance for the Class I shares will differ to the extent that the Predecessor Fund’s Institutional Shares had a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. 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. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 1.13%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund's Board of Directors.

Top Ten Investments

As of 12/31/2022

As of
Month-End Quarter-End
VARUN BEVERAGES ltd 2.60%
TFI INTERNATIONAL INC 2.37%
INDIAN HOTELS CO LIMITED 2.18%
ELECTROCOMPONENTS PLC 2.15%
SYDBANK A/S 2.06%
JAPAN HOTEL REIT INVESTMENT 1.95%
ALS LTD 1.82%
TECHNOPRO HOLDINGS INC 1.78%
ERG SPA 1.78%
AKER SOLUTIONS ASA 1.72%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2022

As of
Month-End Quarter-End
Communication Services 1.98%
Consumer Discretionary 11.98%
Consumer Staples 6.54%
Energy 4.29%
Financials 7.91%
Health Care 8.40%
Industrials 29.95%
Information Technology 9.21%
Materials 10.44%
Real Estate 3.62%
Utilities 5.68%

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

Country Allocation

As of 12/31/2022

As of
Month-End Quarter-End
Japan 17.50%
Denmark 9.07%
Canada 8.60%
India 8.59%
United Kingdom 6.44%
Sweden 6.19%
Australia 5.88%
Netherlands 4.95%
France 4.03%
Taiwan 3.82%
Italy 3.50%
Norway 2.77%
Germany 2.66%
Thailand 2.31%
Mexico 2.12%
Indonesia 1.77%
Finland 1.76%
Malaysia 1.32%
Philippines 1.19%
Hong Kong 1.19%
Ireland 0.91%
Austria 0.90%
Belgium 0.75%
Switzerland 0.70%
South Korea 0.49%
Spain 0.48%
South Africa 0.11%

December Fund Holdings

As of 12/31/2022

December November October September August July June May April March February January
Security Description Country Ticker Shares/Par Market Value (USD)
ELECTROCOMPONENTS PLC GB RS1 LN 1,078,274 $11,609,942.34
HALMA PLC GB HLMA LN 285,061 $6,788,713.83
OXFORD INSTRUMENTS PLC GB OXIG LN 191,735 $5,238,635.44
BORALEX INC -A CA BLX CN 218,747 $6,465,476.32
DESCARTES SYSTEMS GRP/THE CA DSG CN 26,853 $1,871,975.38
CAE INC CA CAE CN 353,782 $6,843,094.96
DREYFUS GVT CSH MANAGEMENT US 35,835,617.05 $35,835,617.05
GRUPO AEROPORT DEL SURESTE-B MX 299,761 $6,984,039.80
TOROMONT INDUSTRIES LTD CA TIH CN 62,000 $4,474,165.44
HUHTAMAKI OYJ FI HUH1V FH 176,490 $6,046,014.93
TRELLEBORG AB-B SHS SE TRELB SS 174,898 $4,039,903.70
INTERPUMP GROUP SPA IT IP IM 88,236 $3,983,599.90
SIXT SE DE SIX2 GR 12,153 $1,112,638.80
RHEINMETALL AG DE RHM GR 39,909 $7,944,933.87
ERG SPA IT ERG IM 310,167 $9,613,173.18
SAAB AB-B SE SAABB SS 200,837 $7,914,497.74
WIENERBERGER AG AT WIE AV 200,585 $4,834,885.21
MLP SE DE MLP GR 244,869 $1,347,296.91
TELEPERFORMANCE FR TEP FP 21,285 $5,088,508.18
SKC CO LTD KR 011790 KS 37,613 $2,654,279.57
LYNAS CORP LTD MY LYC AU 1,352,119 $7,127,716.74
KMC KUEI MENG INTERNATIONAL TW 5306 TT 3,208 $14,581.78
PRO MEDICUS LTD AU PME AU 65,653 $2,453,822.53
SINBON ELECTRONICS CO LTD TW 3023 TT 581,000 $5,190,107.81
OZ MINERALS LTD AU OZL AU 254,479 $4,796,716.25
SEIKO GROUP CORP JP 8050 JP 221,900 $5,192,573.02
KANEKA CORP JP 4118 JP 289,600 $7,201,367.83
WORLEY LTD AU WOR AU 820,139 $8,365,797.84
TAKEUCHI MFG CO LTD JP 6432 JP 215,400 $4,729,451.95
SOJITZ CORP JP 2768 JP 258,600 $4,927,264.65
NIKON CORP JP 7731 JP 498,200 $4,405,447.47
NABTESCO CORP JP 6268 JP 203,300 $5,156,576.33
E INK HOLDINGS INC TW 8069 TT 711,000 $3,723,304.71
SEMEN INDONESIA PERSERO TBK ID SMGR IJ 11,707,976 $4,944,303.38
THK CO LTD JP 6481 JP 341,400 $6,455,246.01
UNIVERSAL ROBINA CORP PH URC PM 2,611,130 $6,406,450.22
ILUKA RESOURCES LTD AU ILU AU 628,471 $4,042,640.50
REVENIO GROUP OYJ FI REG1V FH 83,884 $3,468,485.94
VIRBAC SA FR VIRP FP 20,144 $4,919,353.24
NORDIC SEMICONDUCTOR ASA NO NOD NO 339,305 $5,687,499.83
ASAHI INTECC CO LTD JP 7747 JP 276,600 $4,511,974.68
INTERNET INITIATIVE JAPAN JP 3774 JP 442,900 $8,204,988.72
SYDBANK A/S DK SYDB DC 264,313 $11,118,698.95
PHOENIX MILLS LTD IN PHNX IN 265,932 $4,567,229.80
WEST HOLDINGS CORP JP 1407 JP 192,000 $6,388,845.43
JAPAN HOTEL REIT INVESTMENT JP 8985 JP 17,860 $10,503,536.42
SSAB AB - B SHARES SE SSABB SS 809,011 $4,214,186.47
INDIAN HOTELS CO LIMITED IN IH IN 3,057,960 $11,763,685.47
CHEMOMETEC A/S DK CHEMM DC 48,551 $4,840,939.00
PAGE INDUSTRIES LTD IN PAG IN 6,643 $3,433,947.25
AALBERTS NV NL AALB NA 147,775 $5,756,182.14
SOLARIA ENERGIA Y MEDIO AMBI ES SLR SM 140,897 $2,582,924.71
PILBARA MINERALS LTD AU PLS AU 896,370 $2,269,832.32
INNERGEX RENEWABLE ENERGY CA INE CN 468,628 $5,606,922.90
EMEMORY TECHNOLOGY INC TW 3529 TT 105,000 $4,534,375.18
L'OCCITANE INTERNATIONAL SA HK 973 HK 2,071,000 $6,440,517.74
REDDE NORTHGATE PLC GB REDD LN 342,166 $1,704,285.73
SIAM GLOBAL HOUSE PCL TH GLOBAL TB 3,800,219.48 $2,455,597.59
SIAM GLOBAL HOUSE PCL FOREIG TH GLOBAL/F TB 6,311,182.78 $4,078,113.20
K+S AG-REG DE SDF GR 201,149 $3,965,433.56
V.I.P. INDUSTRIES LTD IN VIP IN 689,818 $5,554,750.88
ELEMENT FLEET MANAGEMENT COR CA EFN CN 579,345 $7,894,324.41
BRUNELLO CUCINELLI SPA IT BC IM 71,365 $5,280,365.84
TRANSACTION CAPITAL ZA TCP SJ 294,226 $573,170.34
ALS LTD AU ALQ AU 1,183,280 $9,810,475.16
XVIVO PERFUSION AB SE XVIVO SS 66,434 $1,165,039.95
CORP INMOBILIARIA MX VESTA MM 1,880,100 $4,455,547.07
TOPDANMARK A/S DK TOP DC 165,215 $8,694,377.80
VOLTRONIC POWER TECHNOLOGY TW 6409 TT 72,498 $3,637,348.66
NEXTAGE CO LTD JP 3186 JP 317,100 $6,083,487.07
KEYWORDS STUDIOS PLC IE KWS LN 150,349 $4,933,914.21
SUMBER ALFARIA TRIJAYA ID AMRT IJ 26,947,884 $4,592,679.44
VARUN BEVERAGES ltd IN VBL IN 880,602 $14,053,324.31
TFI INTERNATIONAL INC CA TFII CN 127,511 $12,770,876.45
RINGKJOEBING LANDBOBANK DK RILBA DC 28,259 $3,859,295.71
MIPS AB SE MIPS SS 14,686 $607,056.87
ALFEN NV NL ALFEN NA 73,872 $6,688,223.57
WATCHES OF SWITZERLAND GROUP GB WOSG LN 381,599 $3,728,398.02
PHARMAESSENTIA CORP TW 6446 TT 226,552 $3,510,923.26
GAZTRANSPORT ET TECHNIGA SA FR GTT FP 51,700 $5,525,256.29
TRAINLINE PLC GB TRN LN 976,853 $3,242,933.83
ISS A/S DK ISS DC 393,194 $8,322,483.23
AMVIS HOLDINGS INC JP 7071 JP 325,886 $8,242,869.31
BUYSELL TECHNOLOGIES CO LTD JP 7685 JP 71,200 $2,875,955.37
HEXATRONIC GORUP AB SE HTRO SS 643,269 $8,763,402.18
BARCO N.V. BE BAR BB 162,446 $4,024,407.68
OX2 AB SE OX2 SS 156,796 $1,323,582.99
SURGICAL SCIENCE SWEDEN AB SE SUS SS 81,913 $1,292,947.37
FUGRO NV-CVA NL FUR NA 691,195 $8,298,541.33
EURONEXT NV NL ENX FP 81,088 $6,003,047.69
APL APOLLO TUBES LTD IN APAT IN 324,116 $4,265,565.65
ALK-ABELLO A/S DK ALKB DC 597,747 $8,338,009.54
FORTNOX AB SE FNOX SS 331,267 $1,504,246.12
BIOGAIA AB-B SHS SE BIOGB SS 324,931 $2,601,700.53
AKER SOLUTIONS ASA NO AKSO NO 2,409,602 $9,280,528.43
TECHNOPRO HOLDINGS INC JP 6028 JP 361,100 $9,613,661.43
AUTO TRADER GROUP PLC GB AUTO LN 396,927 $2,471,805.20
ROYAL UNIBREW DK RBREW DC 53,661 $3,813,708.47
GOEASY LTD CA GSY CN 6,566 $516,211.74
CREDITACCESS GRAMEEN LTD IN CREDAG IN 246,560 $2,724,754.22
VAT GROUP AG CH VACN SW 13,770 $3,780,105.69
COM7 PCL-NVDR TH COM7-R TB 6,081,900 $5,962,572.37
S.O.I.T.E.C. FR SOI FP 37,990 $6,235,547.27

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class I Distribution History
  • 2023 Distribution Calendar
  • Fourth Quarter 2022 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2023 Distributions
  • Tax Letter

A Word About Risk

All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Funds whose investments are concentrated in foreign and emerging market countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability. The value of the Series may be affected by changes in exchange rates between foreign currencies and the U.S. dollar. Investments in emerging markets may be more volatile than investments in more developed markets. Additionally, the Series is subject to portfolio turnover risk as it may buy and sell investments frequently, which may result in higher expenses and an increase in realized capital gains and potential tax implications for shareholders.

An Underutilized and Misunderstood Asset Class

We believe that adding international small cap stocks to a broader portfolio may help dampen volatility and boost long-term performance.

 

See below for most recent performance.

Request more information

Our team is here to answer any questions you may have. Contact us if you would like to learn more about this underutilized, but opportunistic solution.

Daily Price

$23.57

Daily $ Change

$0.07

Daily % Change

0.30%

as of 02/02/2023

Ticker

RAIIX

CUSIP

56382R688

Inception Date

03/28/2012

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Fact Sheet
Applications & Forms
N-Port Part F Reports

Investment Objective

To provide investors with long-term capital appreciation by investing primarily in the common stock of small- to mid-capitalization companies located outside the U.S.

Investment Strategy

The Series is primarily invested in the common stock of small- and mid-capitalization companies traded outside the U.S. Rainier typically selects investments that fall within the market capitalization range of the MSCI ACWI ex USA Small Cap Index at the time of purchase. The Team will invest in any type of company whether it is in the index or not, as long as it is within the market cap range and fits the investment objectives. To control risk, extreme overweighting or underweighting of the Series relative to the Index is normally avoided.

Investment decisions are based on fundamental analysis, which emphasizes bottom-up stock selection of companies that exhibit strong growth, clear key earnings drivers and attractive valuations. The investment team evaluates companies across all sectors and regions using this growth and valuation criteria.

May be Appropriate for Investors

  • Seeking a long-term (15 years or more) investment and who are willing to accept the risk of investing in foreign equity securities
  • Seeking to diversify a portfolio by adding a foreign equity component

Performance

As of 12/31/2022

As of
Month-End Quarter-End

YTD

---

1 Year

-30.41%

3 Year

3.99%

5 Year

2.87%

10 Year

8.95%

Inception
(03/28/2012)

9.63%

For periods prior to 08/21/2017, performance for Class I is based on the historical performance of the Institutional Shares of the Rainier International Discovery Fund (Predecessor Fund), which was managed by Rainier Investment Management, LLC and reorganized into the Manning & Napier Fund, Inc. Rainier International Discovery Series Class I on 08/21/2017. Performance for the Class I shares will differ to the extent that the Predecessor Fund’s Institutional Shares had a higher expense ratio. Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. 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. Current performance may be higher or lower than that quoted.

Expense Ratio

Gross 1.13%*

*Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated without the prior approval of the Fund's Board of Directors.

Top Ten Investments

As of 12/31/2022

As of
Month-End Quarter-End
VARUN BEVERAGES ltd 2.60%
TFI INTERNATIONAL INC 2.37%
INDIAN HOTELS CO LIMITED 2.18%
ELECTROCOMPONENTS PLC 2.15%
SYDBANK A/S 2.06%
JAPAN HOTEL REIT INVESTMENT 1.95%
ALS LTD 1.82%
TECHNOPRO HOLDINGS INC 1.78%
ERG SPA 1.78%
AKER SOLUTIONS ASA 1.72%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 12/31/2022

As of
Month-End Quarter-End
Communication Services
1.98%
Consumer Discretionary
11.98%
Consumer Staples
6.54%
Energy
4.29%
Financials
7.91%
Health Care
8.40%
Industrials
29.95%
Information Technology
9.21%
Materials
10.44%
Real Estate
3.62%
Utilities
5.68%

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor’s, a division of S&P Global Inc. (S&P), and is licensed for use by Manning & Napier when referencing GICS sectors. Neither MSCI, S&P, nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification, nor shall any such party have any liability therefrom.

Country Allocation

As of 12/31/2022

As of
Month-End Quarter-End
Japan
17.50%
Denmark
9.07%
Canada
8.60%
India
8.59%
United Kingdom
6.44%
Sweden
6.19%
Australia
5.88%
Netherlands
4.95%
France
4.03%
Taiwan
3.82%
Italy
3.50%
Norway
2.77%
Germany
2.66%
Thailand
2.31%
Mexico
2.12%
Indonesia
1.77%
Finland
1.76%
Malaysia
1.32%
Philippines
1.19%
Hong Kong
1.19%
Ireland
0.91%
Austria
0.90%
Belgium
0.75%
Switzerland
0.70%
South Korea
0.49%
Spain
0.48%
South Africa
0.11%

December Fund Holdings

As of 12/31/2022

December November October September August July June May April March February January
Security Description Country Ticker Shares/Par Market Value (USD)
ELECTROCOMPONENTS PLC GB RS1 LN 1,078,274 $11,609,942.34
HALMA PLC GB HLMA LN 285,061 $6,788,713.83
OXFORD INSTRUMENTS PLC GB OXIG LN 191,735 $5,238,635.44
BORALEX INC -A CA BLX CN 218,747 $6,465,476.32
DESCARTES SYSTEMS GRP/THE CA DSG CN 26,853 $1,871,975.38
CAE INC CA CAE CN 353,782 $6,843,094.96
DREYFUS GVT CSH MANAGEMENT US 35,835,617.05 $35,835,617.05
GRUPO AEROPORT DEL SURESTE-B MX 299,761 $6,984,039.80
TOROMONT INDUSTRIES LTD CA TIH CN 62,000 $4,474,165.44
HUHTAMAKI OYJ FI HUH1V FH 176,490 $6,046,014.93
TRELLEBORG AB-B SHS SE TRELB SS 174,898 $4,039,903.70
INTERPUMP GROUP SPA IT IP IM 88,236 $3,983,599.90
SIXT SE DE SIX2 GR 12,153 $1,112,638.80
RHEINMETALL AG DE RHM GR 39,909 $7,944,933.87
ERG SPA IT ERG IM 310,167 $9,613,173.18
SAAB AB-B SE SAABB SS 200,837 $7,914,497.74
WIENERBERGER AG AT WIE AV 200,585 $4,834,885.21
MLP SE DE MLP GR 244,869 $1,347,296.91
TELEPERFORMANCE FR TEP FP 21,285 $5,088,508.18
SKC CO LTD KR 011790 KS 37,613 $2,654,279.57
LYNAS CORP LTD MY LYC AU 1,352,119 $7,127,716.74
KMC KUEI MENG INTERNATIONAL TW 5306 TT 3,208 $14,581.78
PRO MEDICUS LTD AU PME AU 65,653 $2,453,822.53
SINBON ELECTRONICS CO LTD TW 3023 TT 581,000 $5,190,107.81
OZ MINERALS LTD AU OZL AU 254,479 $4,796,716.25
SEIKO GROUP CORP JP 8050 JP 221,900 $5,192,573.02
KANEKA CORP JP 4118 JP 289,600 $7,201,367.83
WORLEY LTD AU WOR AU 820,139 $8,365,797.84
TAKEUCHI MFG CO LTD JP 6432 JP 215,400 $4,729,451.95
SOJITZ CORP JP 2768 JP 258,600 $4,927,264.65
NIKON CORP JP 7731 JP 498,200 $4,405,447.47
NABTESCO CORP JP 6268 JP 203,300 $5,156,576.33
E INK HOLDINGS INC TW 8069 TT 711,000 $3,723,304.71
SEMEN INDONESIA PERSERO TBK ID SMGR IJ 11,707,976 $4,944,303.38
THK CO LTD JP 6481 JP 341,400 $6,455,246.01
UNIVERSAL ROBINA CORP PH URC PM 2,611,130 $6,406,450.22
ILUKA RESOURCES LTD AU ILU AU 628,471 $4,042,640.50
REVENIO GROUP OYJ FI REG1V FH 83,884 $3,468,485.94
VIRBAC SA FR VIRP FP 20,144 $4,919,353.24
NORDIC SEMICONDUCTOR ASA NO NOD NO 339,305 $5,687,499.83
ASAHI INTECC CO LTD JP 7747 JP 276,600 $4,511,974.68
INTERNET INITIATIVE JAPAN JP 3774 JP 442,900 $8,204,988.72
SYDBANK A/S DK SYDB DC 264,313 $11,118,698.95
PHOENIX MILLS LTD IN PHNX IN 265,932 $4,567,229.80
WEST HOLDINGS CORP JP 1407 JP 192,000 $6,388,845.43
JAPAN HOTEL REIT INVESTMENT JP 8985 JP 17,860 $10,503,536.42
SSAB AB - B SHARES SE SSABB SS 809,011 $4,214,186.47
INDIAN HOTELS CO LIMITED IN IH IN 3,057,960 $11,763,685.47
CHEMOMETEC A/S DK CHEMM DC 48,551 $4,840,939.00
PAGE INDUSTRIES LTD IN PAG IN 6,643 $3,433,947.25
AALBERTS NV NL AALB NA 147,775 $5,756,182.14
SOLARIA ENERGIA Y MEDIO AMBI ES SLR SM 140,897 $2,582,924.71
PILBARA MINERALS LTD AU PLS AU 896,370 $2,269,832.32
INNERGEX RENEWABLE ENERGY CA INE CN 468,628 $5,606,922.90
EMEMORY TECHNOLOGY INC TW 3529 TT 105,000 $4,534,375.18
L'OCCITANE INTERNATIONAL SA HK 973 HK 2,071,000 $6,440,517.74
REDDE NORTHGATE PLC GB REDD LN 342,166 $1,704,285.73
SIAM GLOBAL HOUSE PCL TH GLOBAL TB 3,800,219.48 $2,455,597.59
SIAM GLOBAL HOUSE PCL FOREIG TH GLOBAL/F TB 6,311,182.78 $4,078,113.20
K+S AG-REG DE SDF GR 201,149 $3,965,433.56
V.I.P. INDUSTRIES LTD IN VIP IN 689,818 $5,554,750.88
ELEMENT FLEET MANAGEMENT COR CA EFN CN 579,345 $7,894,324.41
BRUNELLO CUCINELLI SPA IT BC IM 71,365 $5,280,365.84
TRANSACTION CAPITAL ZA TCP SJ 294,226 $573,170.34
ALS LTD AU ALQ AU 1,183,280 $9,810,475.16
XVIVO PERFUSION AB SE XVIVO SS 66,434 $1,165,039.95
CORP INMOBILIARIA MX VESTA MM 1,880,100 $4,455,547.07
TOPDANMARK A/S DK TOP DC 165,215 $8,694,377.80
VOLTRONIC POWER TECHNOLOGY TW 6409 TT 72,498 $3,637,348.66
NEXTAGE CO LTD JP 3186 JP 317,100 $6,083,487.07
KEYWORDS STUDIOS PLC IE KWS LN 150,349 $4,933,914.21
SUMBER ALFARIA TRIJAYA ID AMRT IJ 26,947,884 $4,592,679.44
VARUN BEVERAGES ltd IN VBL IN 880,602 $14,053,324.31
TFI INTERNATIONAL INC CA TFII CN 127,511 $12,770,876.45
RINGKJOEBING LANDBOBANK DK RILBA DC 28,259 $3,859,295.71
MIPS AB SE MIPS SS 14,686 $607,056.87
ALFEN NV NL ALFEN NA 73,872 $6,688,223.57
WATCHES OF SWITZERLAND GROUP GB WOSG LN 381,599 $3,728,398.02
PHARMAESSENTIA CORP TW 6446 TT 226,552 $3,510,923.26
GAZTRANSPORT ET TECHNIGA SA FR GTT FP 51,700 $5,525,256.29
TRAINLINE PLC GB TRN LN 976,853 $3,242,933.83
ISS A/S DK ISS DC 393,194 $8,322,483.23
AMVIS HOLDINGS INC JP 7071 JP 325,886 $8,242,869.31
BUYSELL TECHNOLOGIES CO LTD JP 7685 JP 71,200 $2,875,955.37
HEXATRONIC GORUP AB SE HTRO SS 643,269 $8,763,402.18
BARCO N.V. BE BAR BB 162,446 $4,024,407.68
OX2 AB SE OX2 SS 156,796 $1,323,582.99
SURGICAL SCIENCE SWEDEN AB SE SUS SS 81,913 $1,292,947.37
FUGRO NV-CVA NL FUR NA 691,195 $8,298,541.33
EURONEXT NV NL ENX FP 81,088 $6,003,047.69
APL APOLLO TUBES LTD IN APAT IN 324,116 $4,265,565.65
ALK-ABELLO A/S DK ALKB DC 597,747 $8,338,009.54
FORTNOX AB SE FNOX SS 331,267 $1,504,246.12
BIOGAIA AB-B SHS SE BIOGB SS 324,931 $2,601,700.53
AKER SOLUTIONS ASA NO AKSO NO 2,409,602 $9,280,528.43
TECHNOPRO HOLDINGS INC JP 6028 JP 361,100 $9,613,661.43
AUTO TRADER GROUP PLC GB AUTO LN 396,927 $2,471,805.20
ROYAL UNIBREW DK RBREW DC 53,661 $3,813,708.47
GOEASY LTD CA GSY CN 6,566 $516,211.74
CREDITACCESS GRAMEEN LTD IN CREDAG IN 246,560 $2,724,754.22
VAT GROUP AG CH VACN SW 13,770 $3,780,105.69
COM7 PCL-NVDR TH COM7-R TB 6,081,900 $5,962,572.37
S.O.I.T.E.C. FR SOI FP 37,990 $6,235,547.27

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class I Distribution History
  • 2023 Distribution Calendar
  • Fourth Quarter 2022 Distributions
  • Third Quarter 2022 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2023 Distributions
  • Tax Letter

A Word About Risk

All investments involve risks, including possible loss of principal. As with any stock fund, the value of your investment will fluctuate in response to stock market movements. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Funds whose investments are concentrated in foreign and emerging market countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability. The value of the Series may be affected by changes in exchange rates between foreign currencies and the U.S. dollar. Investments in emerging markets may be more volatile than investments in more developed markets. Additionally, the Series is subject to portfolio turnover risk as it may buy and sell investments frequently, which may result in higher expenses and an increase in realized capital gains and potential tax implications for shareholders.


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