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 the product spotlight

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

$21.37

Daily $ Change

$0.00

Daily % Change

0.00%

as of 06/23/2022

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 05/31/2022

As of
Month-End Quarter-End

YTD

-22.78%

1 Year

-19.01%

3 Year

11.48%

5 Year

8.53%

10 Year

12.17%

Inception
(03/28/2012)

11.35%

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 05/31/2022

As of
Month-End Quarter-End
TELEPERFORMANCE 2.44%
ALK-ABELLO A/S 2.28%
CANADIAN WESTERN BANK 2.17%
VARUN BEVERAGES ltd 2.13%
ERG SPA 2.10%
ELECTROCOMPONENTS PLC 2.07%
OZ MINERALS LTD 1.99%
INDIAN HOTELS CO LIMITED 1.98%
RINGKJOEBING LANDBOBANK 1.96%
LYNAS CORP LTD 1.94%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2022

As of
Month-End Quarter-End
Communication Services 2.43%
Consumer Discretionary 10.31%
Consumer Staples 4.54%
Energy 3.85%
Financials 12.80%
Health Care 11.59%
Industrials 27.99%
Information Technology 9.03%
Materials 10.93%
Real Estate 1.41%
Utilities 5.12%

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 05/31/2022

As of
Month-End Quarter-End
Canada 10.26%
Japan 10.20%
Denmark 9.35%
Sweden 8.91%
United Kingdom 7.97%
India 6.88%
Australia 6.82%
France 5.91%
Netherlands 5.03%
Italy 4.85%
Taiwan 4.24%
Germany 4.13%
Norway 2.28%
Malaysia 1.94%
Thailand 1.80%
South Korea 1.36%
Switzerland 1.30%
Mexico 1.24%
Finland 1.17%
Hong Kong 1.11%
Austria 1.03%
Spain 0.72%
Ireland 0.65%
South Africa 0.64%
Belgium 0.21%

May Fund Holdings

As of 05/31/2022

May April March February January December November October September August July June
Security Description Country Ticker Shares/Par Market Value (USD)
ELECTROCOMPONENTS PLC GB RS1 LN 1,060,717 $12,944,409.33
HALMA PLC GB HLMA LN 173,213 $4,867,338.02
HOWDEN JOINERY GROUP INC GB HWDN LN 891,423 $7,667,029.52
OXFORD INSTRUMENTS PLC GB OXIG LN 177,412 $4,957,351.49
DECHRA PHARMACEUTICALS PLC GB DPH LN 82,777 $3,794,286.64
BORALEX INC -A CA BLX CN 214,169 $6,537,585.56
DESCARTES SYSTEMS GRP/THE CA DSG CN 77,046 $4,571,532.04
CAE INC CA CAE CN 471,389 $11,773,078.63
CANADIAN WESTERN BANK CA CWB CN 566,313 $13,566,259.95
DREYFUS GVT CSH MANAGEMENT US 55,429,275.81 $55,429,275.81
GRUPO AEROPORT DEL SURESTE-B MX 354,127 $7,744,891.81
TOROMONT INDUSTRIES LTD CA TIH CN 108,442 $9,618,617.21
PAGEGROUP PLC GB PAGE LN 698,024 $4,031,551.61
INTERPUMP GROUP SPA IT IP IM 108,672 $4,966,919.67
SIXT SE DE SIX2 GR 75,568 $10,206,154.67
ERG SPA IT ERG IM 377,600 $13,132,548.21
WIENERBERGER AG AT WIE AV 233,826 $6,463,315.24
MLP SE DE MLP GR 630,706 $4,502,677.93
MELIA HOTELS INTERNATIONAL ES MEL SM 565,458 $4,523,367.83
TELEPERFORMANCE FR TEP FP 45,882 $15,233,827.06
SKC CO LTD KR 011790 KS 53,498 $6,911,457.13
LYNAS CORP LTD MY LYC AU 1,729,011 $12,118,289.03
KMC KUEI MENG INTERNATIONAL TW 5306 TT 500,000 $2,934,506.79
PRO MEDICUS LTD AU PME AU 87,868 $2,645,828.80
SINBON ELECTRONICS CO LTD TW 3023 TT 486,000 $4,322,946.19
OZ MINERALS LTD AU OZL AU 722,648 $12,409,364.53
KANEKA CORP JP 4118 JP 138,000 $3,541,667.42
WORLEY LTD AU WOR AU 652,763 $6,871,426.06
TAKEUCHI MFG CO LTD JP 6432 JP 121,500 $2,205,536.67
NABTESCO CORP JP 6268 JP 189,900 $4,498,295.82
E INK HOLDINGS INC TW 8069 TT 764,000 $5,313,617.03
THK CO LTD JP 6481 JP 346,300 $7,072,376.89
REVENIO GROUP OYJ FI REG1V FH 114,714 $5,958,795.66
MELEXIS NV BE MELE BB 14,964 $1,298,317.18
VIRBAC SA FR VIRP FP 22,480 $9,154,092.39
NORDIC SEMICONDUCTOR ASA NO NOD NO 214,885 $4,225,681.70
ASAHI INTECC CO LTD JP 7747 JP 264,700 $3,983,319.96
INTERNET INITIATIVE JAPAN JP 3774 JP 294,000 $10,788,882.95
SYDBANK A/S DK SYDB DC 328,658 $11,594,386.19
DOMINO'S PIZZA ENTERPRISES L AU DMP AU 27,424 $1,351,356.83
GENOVIS AB SE GENO SS 388,401 $2,281,267.61
WEST HOLDINGS CORP JP 1407 JP 169,500 $6,081,239.19
JAPAN HOTEL REIT INVESTMENT JP 8985 JP 9,070 $4,693,502.78
SSAB AB - B SHARES SE SSABB SS 1,475,869 $8,512,792.20
INDIAN HOTELS CO LIMITED IN IH IN 4,105,468 $12,375,749.55
CHEMOMETEC A/S DK CHEMM DC 56,839 $6,437,959.95
AALBERTS NV NL AALB NA 184,178 $9,125,636.87
PILBARA MINERALS LTD AU PLS AU 3,501,437 $7,342,316.88
INNERGEX RENEWABLE ENERGY CA INE CN 463,736 $6,254,762.35
EMEMORY TECHNOLOGY INC TW 3529 TT 84,000 $4,409,450.75
KOH YOUNG TECHNOLOGY INC KR 118,838 $1,579,560.72
L'OCCITANE INTERNATIONAL SA HK 973 HK 2,204,750 $6,921,239.35
SIAM GLOBAL HOUSE PCL TH GLOBAL TB 3,800,219.48 $2,344,067.43
SIAM GLOBAL HOUSE PCL FOREIG TH GLOBAL/F TB 5,636,482.78 $3,476,719.13
K+S AG-REG DE SDF GR 220,227 $6,194,384.96
V.I.P. INDUSTRIES LTD IN VIP IN 819,676 $6,051,896.66
BRUNELLO CUCINELLI SPA IT BC IM 62,176 $3,118,194.51
TRANSACTION CAPITAL ZA TCP SJ 1,449,481 $4,021,252.92
ASPEED TECHNOLOGY INC TW 5274 TT 67,000 $5,326,177.22
ALS LTD AU ALQ AU 1,312,632 $12,008,325.04
XVIVO PERFUSION AB SE XVIVO SS 155,437 $3,907,431.79
TOPDANMARK A/S DK TOP DC 106,805 $5,739,544.43
VOLTRONIC POWER TECHNOLOGY TW 6409 TT 82,498 $4,169,403.80
NEXTAGE CO LTD JP 3186 JP 297,600 $4,702,045.34
KEYWORDS STUDIOS PLC IE KWS LN 137,551 $4,064,317.67
VARUN BEVERAGES ltd IN VBL IN 981,903 $13,296,526.80
TFI INTERNATIONAL INC CA TFII CN 114,658 $9,415,761.92
KATITAS CO LTD JP 8919 JP 182,400 $4,119,949.73
ARJO AB- B SHARES SE ARJOB SS 545,891 $3,850,821.30
RINGKJOEBING LANDBOBANK DK RILBA DC 100,514 $12,244,171.77
MIPS AB SE MIPS SS 106,094 $7,079,071.43
ALFEN NV NL ALFEN NA 70,695 $7,619,257.42
INDIAN ENERGY EXCHANGE LTD IN IEX IN 1,975,768 $4,927,012.80
WATCHES OF SWITZERLAND GROUP GB WOSG LN 388,836 $4,610,658.41
AVANZA BANK HOLDING AB SE AZA SS 217,348 $5,236,408.68
GAZTRANSPORT ET TECHNIGA SA FR GTT FP 54,365 $7,129,863.21
AMVIS HOLDINGS INC JP 7071 JP 160,643 $5,257,566.15
SFS GROUP AG CH SFSN SW 18,693 $2,121,740.53
HEXATRONIC GORUP AB SE HTRO SS 153,168 $6,967,955.15
SURGICAL SCIENCE SWEDEN AB SE SUS SS 127,972 $2,153,723.41
FUGRO NV-CVA NL FUR NA 534,847 $7,990,871.16
ERGOMED PLC GB ERGO LN 180,164 $2,502,831.96
EURONEXT NV NL ENX FP 77,486 $6,713,053.99
DIXON TECHNOLOGIES INDIA LTD IN DIXON IN 30,612 $1,511,707.23
APL APOLLO TUBES LTD IN APAT IN 401,707 $4,828,098.34
FINECOBANK SPA IT FBK IM 640,456 $9,075,638.36
ALK-ABELLO A/S DK ALKB DC 715,630 $14,274,539.95
VIMIAN GROUP AB SE 468,675 $2,814,474.83
FORTNOX AB SE FNOX SS 790,845 $4,680,276.98
BIOGAIA AB-B SHS SE BIOGB SS 347,355 $3,429,433.98
AKER SOLUTIONS ASA NO AKSO NO 2,560,209 $10,050,916.47
INWIDO AB SE INWI SS 347,786 $4,741,943.98
TECHNOPRO HOLDINGS INC JP 6028 JP 295,100 $6,766,393.75
ROYAL UNIBREW DK RBREW DC 92,546 $8,120,510.97
GOEASY LTD CA GSY CN 26,042 $2,393,677.45
FUTURE PLC GB FUTR LN 176,723 $4,409,021.98
QT GROUP OYJ FI QTCOM FH 15,743 $1,364,532.81
VAT GROUP AG CH VACN SW 20,076 $5,976,545.56
COM7 PCL-NVDR TH COM7-R TB 4,914,300 $5,414,550.46
S.O.I.T.E.C. FR SOI FP 29,502 $5,429,788.57
HORNBACH HOLDING AG & CO KGA DE HBH GR 38,913 $4,913,069.81

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class I Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 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 the product spotlight

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

$21.37

Daily $ Change

$0.00

Daily % Change

0.00%

as of 06/23/2022

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 05/31/2022

As of
Month-End Quarter-End

YTD

-22.78%

1 Year

-19.01%

3 Year

11.48%

5 Year

8.53%

10 Year

12.17%

Inception
(03/28/2012)

11.35%

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 05/31/2022

As of
Month-End Quarter-End
TELEPERFORMANCE 2.44%
ALK-ABELLO A/S 2.28%
CANADIAN WESTERN BANK 2.17%
VARUN BEVERAGES ltd 2.13%
ERG SPA 2.10%
ELECTROCOMPONENTS PLC 2.07%
OZ MINERALS LTD 1.99%
INDIAN HOTELS CO LIMITED 1.98%
RINGKJOEBING LANDBOBANK 1.96%
LYNAS CORP LTD 1.94%

Top Ten Investments list is unaudited and excludes cash.

Sector Allocation

As of 05/31/2022

As of
Month-End Quarter-End
Communication Services
2.43%
Consumer Discretionary
10.31%
Consumer Staples
4.54%
Energy
3.85%
Financials
12.80%
Health Care
11.59%
Industrials
27.99%
Information Technology
9.03%
Materials
10.93%
Real Estate
1.41%
Utilities
5.12%

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 05/31/2022

As of
Month-End Quarter-End
Canada
10.26%
Japan
10.20%
Denmark
9.35%
Sweden
8.91%
United Kingdom
7.97%
India
6.88%
Australia
6.82%
France
5.91%
Netherlands
5.03%
Italy
4.85%
Taiwan
4.24%
Germany
4.13%
Norway
2.28%
Malaysia
1.94%
Thailand
1.80%
South Korea
1.36%
Switzerland
1.30%
Mexico
1.24%
Finland
1.17%
Hong Kong
1.11%
Austria
1.03%
Spain
0.72%
Ireland
0.65%
South Africa
0.64%
Belgium
0.21%

May Fund Holdings

As of 05/31/2022

May April March February January December November October September August July June
Security Description Country Ticker Shares/Par Market Value (USD)
ELECTROCOMPONENTS PLC GB RS1 LN 1,060,717 $12,944,409.33
HALMA PLC GB HLMA LN 173,213 $4,867,338.02
HOWDEN JOINERY GROUP INC GB HWDN LN 891,423 $7,667,029.52
OXFORD INSTRUMENTS PLC GB OXIG LN 177,412 $4,957,351.49
DECHRA PHARMACEUTICALS PLC GB DPH LN 82,777 $3,794,286.64
BORALEX INC -A CA BLX CN 214,169 $6,537,585.56
DESCARTES SYSTEMS GRP/THE CA DSG CN 77,046 $4,571,532.04
CAE INC CA CAE CN 471,389 $11,773,078.63
CANADIAN WESTERN BANK CA CWB CN 566,313 $13,566,259.95
DREYFUS GVT CSH MANAGEMENT US 55,429,275.81 $55,429,275.81
GRUPO AEROPORT DEL SURESTE-B MX 354,127 $7,744,891.81
TOROMONT INDUSTRIES LTD CA TIH CN 108,442 $9,618,617.21
PAGEGROUP PLC GB PAGE LN 698,024 $4,031,551.61
INTERPUMP GROUP SPA IT IP IM 108,672 $4,966,919.67
SIXT SE DE SIX2 GR 75,568 $10,206,154.67
ERG SPA IT ERG IM 377,600 $13,132,548.21
WIENERBERGER AG AT WIE AV 233,826 $6,463,315.24
MLP SE DE MLP GR 630,706 $4,502,677.93
MELIA HOTELS INTERNATIONAL ES MEL SM 565,458 $4,523,367.83
TELEPERFORMANCE FR TEP FP 45,882 $15,233,827.06
SKC CO LTD KR 011790 KS 53,498 $6,911,457.13
LYNAS CORP LTD MY LYC AU 1,729,011 $12,118,289.03
KMC KUEI MENG INTERNATIONAL TW 5306 TT 500,000 $2,934,506.79
PRO MEDICUS LTD AU PME AU 87,868 $2,645,828.80
SINBON ELECTRONICS CO LTD TW 3023 TT 486,000 $4,322,946.19
OZ MINERALS LTD AU OZL AU 722,648 $12,409,364.53
KANEKA CORP JP 4118 JP 138,000 $3,541,667.42
WORLEY LTD AU WOR AU 652,763 $6,871,426.06
TAKEUCHI MFG CO LTD JP 6432 JP 121,500 $2,205,536.67
NABTESCO CORP JP 6268 JP 189,900 $4,498,295.82
E INK HOLDINGS INC TW 8069 TT 764,000 $5,313,617.03
THK CO LTD JP 6481 JP 346,300 $7,072,376.89
REVENIO GROUP OYJ FI REG1V FH 114,714 $5,958,795.66
MELEXIS NV BE MELE BB 14,964 $1,298,317.18
VIRBAC SA FR VIRP FP 22,480 $9,154,092.39
NORDIC SEMICONDUCTOR ASA NO NOD NO 214,885 $4,225,681.70
ASAHI INTECC CO LTD JP 7747 JP 264,700 $3,983,319.96
INTERNET INITIATIVE JAPAN JP 3774 JP 294,000 $10,788,882.95
SYDBANK A/S DK SYDB DC 328,658 $11,594,386.19
DOMINO'S PIZZA ENTERPRISES L AU DMP AU 27,424 $1,351,356.83
GENOVIS AB SE GENO SS 388,401 $2,281,267.61
WEST HOLDINGS CORP JP 1407 JP 169,500 $6,081,239.19
JAPAN HOTEL REIT INVESTMENT JP 8985 JP 9,070 $4,693,502.78
SSAB AB - B SHARES SE SSABB SS 1,475,869 $8,512,792.20
INDIAN HOTELS CO LIMITED IN IH IN 4,105,468 $12,375,749.55
CHEMOMETEC A/S DK CHEMM DC 56,839 $6,437,959.95
AALBERTS NV NL AALB NA 184,178 $9,125,636.87
PILBARA MINERALS LTD AU PLS AU 3,501,437 $7,342,316.88
INNERGEX RENEWABLE ENERGY CA INE CN 463,736 $6,254,762.35
EMEMORY TECHNOLOGY INC TW 3529 TT 84,000 $4,409,450.75
KOH YOUNG TECHNOLOGY INC KR 118,838 $1,579,560.72
L'OCCITANE INTERNATIONAL SA HK 973 HK 2,204,750 $6,921,239.35
SIAM GLOBAL HOUSE PCL TH GLOBAL TB 3,800,219.48 $2,344,067.43
SIAM GLOBAL HOUSE PCL FOREIG TH GLOBAL/F TB 5,636,482.78 $3,476,719.13
K+S AG-REG DE SDF GR 220,227 $6,194,384.96
V.I.P. INDUSTRIES LTD IN VIP IN 819,676 $6,051,896.66
BRUNELLO CUCINELLI SPA IT BC IM 62,176 $3,118,194.51
TRANSACTION CAPITAL ZA TCP SJ 1,449,481 $4,021,252.92
ASPEED TECHNOLOGY INC TW 5274 TT 67,000 $5,326,177.22
ALS LTD AU ALQ AU 1,312,632 $12,008,325.04
XVIVO PERFUSION AB SE XVIVO SS 155,437 $3,907,431.79
TOPDANMARK A/S DK TOP DC 106,805 $5,739,544.43
VOLTRONIC POWER TECHNOLOGY TW 6409 TT 82,498 $4,169,403.80
NEXTAGE CO LTD JP 3186 JP 297,600 $4,702,045.34
KEYWORDS STUDIOS PLC IE KWS LN 137,551 $4,064,317.67
VARUN BEVERAGES ltd IN VBL IN 981,903 $13,296,526.80
TFI INTERNATIONAL INC CA TFII CN 114,658 $9,415,761.92
KATITAS CO LTD JP 8919 JP 182,400 $4,119,949.73
ARJO AB- B SHARES SE ARJOB SS 545,891 $3,850,821.30
RINGKJOEBING LANDBOBANK DK RILBA DC 100,514 $12,244,171.77
MIPS AB SE MIPS SS 106,094 $7,079,071.43
ALFEN NV NL ALFEN NA 70,695 $7,619,257.42
INDIAN ENERGY EXCHANGE LTD IN IEX IN 1,975,768 $4,927,012.80
WATCHES OF SWITZERLAND GROUP GB WOSG LN 388,836 $4,610,658.41
AVANZA BANK HOLDING AB SE AZA SS 217,348 $5,236,408.68
GAZTRANSPORT ET TECHNIGA SA FR GTT FP 54,365 $7,129,863.21
AMVIS HOLDINGS INC JP 7071 JP 160,643 $5,257,566.15
SFS GROUP AG CH SFSN SW 18,693 $2,121,740.53
HEXATRONIC GORUP AB SE HTRO SS 153,168 $6,967,955.15
SURGICAL SCIENCE SWEDEN AB SE SUS SS 127,972 $2,153,723.41
FUGRO NV-CVA NL FUR NA 534,847 $7,990,871.16
ERGOMED PLC GB ERGO LN 180,164 $2,502,831.96
EURONEXT NV NL ENX FP 77,486 $6,713,053.99
DIXON TECHNOLOGIES INDIA LTD IN DIXON IN 30,612 $1,511,707.23
APL APOLLO TUBES LTD IN APAT IN 401,707 $4,828,098.34
FINECOBANK SPA IT FBK IM 640,456 $9,075,638.36
ALK-ABELLO A/S DK ALKB DC 715,630 $14,274,539.95
VIMIAN GROUP AB SE 468,675 $2,814,474.83
FORTNOX AB SE FNOX SS 790,845 $4,680,276.98
BIOGAIA AB-B SHS SE BIOGB SS 347,355 $3,429,433.98
AKER SOLUTIONS ASA NO AKSO NO 2,560,209 $10,050,916.47
INWIDO AB SE INWI SS 347,786 $4,741,943.98
TECHNOPRO HOLDINGS INC JP 6028 JP 295,100 $6,766,393.75
ROYAL UNIBREW DK RBREW DC 92,546 $8,120,510.97
GOEASY LTD CA GSY CN 26,042 $2,393,677.45
FUTURE PLC GB FUTR LN 176,723 $4,409,021.98
QT GROUP OYJ FI QTCOM FH 15,743 $1,364,532.81
VAT GROUP AG CH VACN SW 20,076 $5,976,545.56
COM7 PCL-NVDR TH COM7-R TB 4,914,300 $5,414,550.46
S.O.I.T.E.C. FR SOI FP 29,502 $5,429,788.57
HORNBACH HOLDING AG & CO KGA DE HBH GR 38,913 $4,913,069.81

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class I Distribution History
  • 2022 Distribution Calendar
  • Fourth Quarter 2021 Distributions
  • Third Quarter 2021 Distributions
  • Second Quarter 2022 Distributions
  • First Quarter 2022 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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