Mutual Fund

Rainier International Discovery Series

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

$22.61

Daily $ Change

-$0.11

Daily % Change

-0.49%

as of 06/07/2023

Ticker

RAIRX

CUSIP

56382R662

Inception Date

08/21/2017

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor. Prior to 07/12/2018, the Class Z shares of the Rainier International Discovery Series were designated as the Class R6 shares.

Important Documents

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

Performance

As of 05/31/2023

YTD

2.11%

1 Year

-7.90%

3 Year

4.67%

5 Year

2.96%

10 Year

7.63%

Inception
(08/21/2017)

9.54%

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.

For periods prior to 08/21/2017, performance for Class Z 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 Z shares will differ to the extent that the Predecessor Fund’s Institutional Shares had a higher expense ratio.

Expense Ratio

Gross 1.02%
Net 1.00%*

*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 05/31/2023

VARUN BEVERAGES ltd 3.83%
INDIAN HOTELS CO LIMITED 2.66%
SAAB AB-B 2.06%
JAPAN HOTEL REIT INVESTMENT 1.95%
INTERNET INITIATIVE JAPAN 1.88%
RS GROUP PLC 1.75%
FUGRO NV-CVA 1.75%
SINBON ELECTRONICS CO LTD 1.73%
TFI INTERNATIONAL INC 1.68%
RHEINMETALL AG 1.64%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 05/31/2023

Japan
19.14%
India
11.36%
United Kingdom
8.30%
Canada
6.90%
Sweden
6.43%
Australia
6.09%
Denmark
6.04%
Taiwan
4.85%
Netherlands
4.41%
France
3.66%
Mexico
2.88%
Italy
2.83%
Finland
2.52%
Thailand
2.48%
Germany
2.32%
Norway
1.87%
Indonesia
1.74%
Philippines
1.26%
Austria
1.23%
Switzerland
1.16%
Belgium
1.04%
Hong Kong
0.63%
Ireland
0.51%
South Korea
0.35%

Sector Allocation

As of 05/31/2023

Communication Services
3.65%
Consumer Discretionary
12.18%
Consumer Staples
7.21%
Energy
3.98%
Financials
6.14%
Health Care
8.26%
Industrials
32.71%
Information Technology
12.92%
Materials
5.95%
Real Estate
4.26%
Utilities
2.74%

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.

Security Description Country Ticker Shares/Par Market Value (USD)
AALBERTS NV NL AALB NA 152,724 $6,464,071.26
AKER SOLUTIONS ASA NO AKSO NO 2,826,573 $9,270,240.18
ALFEN NV NL ALFEN NA 50,081 $3,584,186.44
ALK-ABELLO A/S DK ALKB DC 398,299 $4,724,048.37
ALS LTD AU ALQ AU 1,222,915 $9,186,090.71
ALTEN SA FR ATE FP 56,634 $9,081,320.73
AMVIS HOLDINGS INC JP 7071 JP 336,686 $7,289,473.55
APL APOLLO TUBES LTD IN APAT IN 375,472 $5,151,280.11
ASAHI INTECC CO LTD JP 7747 JP 368,200 $7,016,259.84
AUTO TRADER GROUP PLC GB AUTO LN 582,327 $4,570,115.88
BARCO N.V. BE BAR BB 235,336 $6,109,958.02
BIOGAIA AB-B SHS SE BIOGB SS 472,413 $4,557,920.45
BORALEX INC -A CA BLX CN 197,960 $5,469,966.56
BRUNELLO CUCINELLI SPA IT BC IM 63,269 $5,486,072.41
BUYSELL TECHNOLOGIES CO LTD JP 7685 JP 73,500 $2,718,246.26
CAE INC CA CAE CN 399,395 $8,167,370.31
COM7 PCL-NVDR TH COM7-R TB 6,285,600 $5,232,039.16
CORP INMOBILIARIA MX VESTA MM 2,505,200 $7,932,401.61
CREDITACCESS GRAMEEN LTD IN CREDAG IN 383,888 $5,721,750.63
DAIFUKU CO LTD JP 6383 JP 204,900 $4,139,731.00
DESCARTES SYSTEMS GRP/THE CA DSG CN 72,407 $5,598,407.90
DREYFUS GVT CSH MANAGEMENT US 52,614,631.25 $52,614,631.25
E INK HOLDINGS INC TW 8069 TT 404,000 $2,715,900.51
ELEMENT FLEET MANAGEMENT COR CA EFN CN 457,571 $6,940,248.17
EMEMORY TECHNOLOGY INC TW 3529 TT 121,000 $7,214,027.25
ERG SPA IT ERG IM 185,883 $5,115,083.68
EURONEXT NV NL ENX FP 83,803 $5,591,771.99
FORTNOX AB SE FNOX SS 807,516 $5,222,279.00
FUGRO NV-CVA NL FUR NA 714,347 $10,279,538.83
GAZTRANSPORT ET TECHNIGA SA FR GTT FP 45,749 $4,575,535.66
GRUPO AEROPORT DEL SURESTE-B MX 321,646 $9,024,780.53
HALMA PLC GB HLMA LN 151,248 $4,539,359.65
HEXATRONIC GORUP AB SE HTRO SS 352,962 $2,203,587.74
HOWDEN JOINERY GROUP INC GB HWDN LN 579,046 $4,733,684.09
HUHTAMAKI OYJ FI HUH1V FH 198,433 $6,492,637.32
ILUKA RESOURCES LTD AU ILU AU 649,522 $4,749,549.81
INDIAN HOTELS CO LIMITED IN IH IN 3,323,640 $15,637,416.60
INTERNET INITIATIVE JAPAN JP 3774 JP 562,800 $11,077,302.47
INTERPUMP GROUP SPA IT IP IM 112,118 $6,051,334.66
ISS A/S DK ISS DC 476,268 $9,057,785.17
JAPAN AIRPORT TERMINAL CO JP 9706 JP 106,300 $4,957,577.16
JAPAN HOTEL REIT INVESTMENT JP 8985 JP 20,253 $11,492,626.39
KALBE FARMA TBK PT ID KLBF IJ 39,309,500 $5,323,746.58
KANEKA CORP JP 4118 JP 212,200 $5,676,777.65
KEYWORDS STUDIOS PLC IE KWS LN 124,580 $3,014,191.61
L'OCCITANE INTERNATIONAL SA HK 973 HK 1,386,500 $3,716,789.79
MAX HEALTHCARE INSTITUTE LTD IN MAXHEALT IN 746,500 $4,950,789.55
MINOR INTERNATIONAL PCL-NVDR TH MINT-R TB 3,622,500 $3,510,094.03
MIPS AB SE MIPS SS 44,227 $2,218,531.56
NABTESCO CORP JP 6268 JP 294,000 $6,535,502.16
NEXTAGE CO LTD JP 3186 JP 327,700 $5,743,255.09
NHPC LTD IN NHPC IN 6,696,368 $3,510,304.02
NIKON CORP JP 7731 JP 476,300 $5,276,692.85
NORDIC SEMICONDUCTOR ASA NO NOD NO 165,961 $1,738,437.72
OX2 AB SE OX2 SS 241,016 $1,489,826.15
OXFORD INSTRUMENTS PLC GB OXIG LN 198,156 $6,815,618.72
PARK24 CO LTD JP 4666 JP 561,000 $8,363,282.54
PHARMAESSENTIA CORP TW 6446 TT 152,552 $1,735,500.64
PHOENIX MILLS LTD IN PHNX IN 318,578 $5,645,279.34
PILBARA MINERALS LTD AU PLS AU 1,256,091 $3,600,903.46
PRO MEDICUS LTD AU PME AU 100,913 $3,890,623.82
QT GROUP OYJ FI QTCOM FH 61,022 $5,480,459.97
REVENIO GROUP OYJ FI REG1V FH 86,693 $2,838,097.13
RHEINMETALL AG DE RHM GR 37,957 $9,615,644.50
RIGHTMOVE PLC GB RMV LN 894,172 $5,839,836.20
ROYAL UNIBREW DK RBREW DC 45,483 $3,880,862.72
RS GROUP PLC GB RS1 LN 1,039,052 $10,294,146.06
S.O.I.T.E.C. FR SOI FP 24,271 $3,411,219.99
SAAB AB-B SE SAABB SS 222,257 $12,118,654.03
SEIKO GROUP CORP JP 8050 JP 229,300 $4,320,546.83
SIAM GLOBAL HOUSE PCL TH GLOBAL TB 3,958,561.97 $2,125,993.71
SIAM GLOBAL HOUSE PCL FOREIG TH GLOBAL-R TB 6,926,948.75 $3,720,201.82
SINBON ELECTRONICS CO LTD TW 3023 TT 871,000 $10,195,246.63
SIXT SE DE SIX2 GR 36,845 $4,053,592.06
SKC CO LTD KR 011790 KS 28,978 $2,070,875.73
SOJITZ CORP JP 2768 JP 267,300 $5,344,473.06
SSP GROUP PLC GB SSPG LN 1,115,903 $3,736,839.33
SUMBER ALFARIA TRIJAYA ID AMRT IJ 27,850,484 $4,902,948.05
SYDBANK A/S DK SYDB DC 201,021 $8,426,415.37
TAKEUCHI MFG CO LTD JP 6432 JP 186,000 $4,988,302.85
TECHNOLOGY ONE LTD AU TNE AU 452,445 $4,812,795.53
TECHNOPRO HOLDINGS INC JP 6028 JP 329,900 $7,147,804.08
TFI INTERNATIONAL INC CA TFII CN 93,645 $9,864,629.83
THK CO LTD JP 6481 JP 398,600 $8,390,728.25
TOPDANMARK A/S DK TOP DC 181,612 $9,436,264.03
TOROMONT INDUSTRIES LTD CA TIH CN 58,711 $4,541,182.32
TRAINLINE PLC GB TRN LN 439,689 $1,338,936.37
TRELLEBORG AB-B SHS SE TRELB SS 328,942 $8,192,627.00
UNIVERSAL ROBINA CORP PH URC PM 2,962,040 $7,405,073.84
V.I.P. INDUSTRIES LTD IN VIP IN 499,074 $3,654,331.97
VARUN BEVERAGES ltd IN VBL IN 1,100,304 $22,509,178.13
VAT GROUP AG CH VACN SW 16,499 $6,820,568.76
VIRBAC SA FR VIRP FP 14,602 $4,458,793.50
VOLTRONIC POWER TECHNOLOGY TW 6409 TT 105,498 $6,638,858.72
WEST HOLDINGS CORP JP 1407 JP 99,000 $2,011,008.31
WHITBREAD PLC GB WTB LN 168,622 $6,916,494.59
WIENERBERGER AG AT WIE AV 255,702 $7,239,882.79
WORLEY LTD AU WOR AU 902,941 $9,556,619.58
XVIVO PERFUSION AB SE XVIVO SS 68,658 $1,810,530.93

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class Z Distribution History
  • 2023 Distribution Calendar
  • 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

$22.61

Daily $ Change

-$0.11

Daily % Change

-$0.49

as of 06/07/2023

Ticker

RAIRX

CUSIP

56382R662

Inception Date

08/21/2017

Investment Minimum

$1,000,000.00

Investment minimum may be waived for certain qualified retirement plans and discretionary investment accounts of the Advisor. Prior to 07/12/2018, the Class Z shares of the Rainier International Discovery Series were designated as the Class R6 shares.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Applications & Forms
Fact Sheet
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 05/31/2023

YTD

2.11%

1 Year

-7.90%

3 Year

4.67%

5 Year

2.96%

10 Year

7.63%

Inception
(08/21/2017)

9.54%

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.

For periods prior to 08/21/2017, performance for Class Z 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 Z shares will differ to the extent that the Predecessor Fund’s Institutional Shares had a higher expense ratio.

Expense Ratio

Gross 1.02%
Net 1.00%*

*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 05/31/2023

VARUN BEVERAGES ltd 3.83%
INDIAN HOTELS CO LIMITED 2.66%
SAAB AB-B 2.06%
JAPAN HOTEL REIT INVESTMENT 1.95%
INTERNET INITIATIVE JAPAN 1.88%
RS GROUP PLC 1.75%
FUGRO NV-CVA 1.75%
SINBON ELECTRONICS CO LTD 1.73%
TFI INTERNATIONAL INC 1.68%
RHEINMETALL AG 1.64%

Top Ten Investments list is unaudited and excludes cash.

Country Allocation

As of 05/31/2023

Japan
19.14%
India
11.36%
United Kingdom
8.30%
Canada
6.90%
Sweden
6.43%
Australia
6.09%
Denmark
6.04%
Taiwan
4.85%
Netherlands
4.41%
France
3.66%
Mexico
2.88%
Italy
2.83%
Finland
2.52%
Thailand
2.48%
Germany
2.32%
Norway
1.87%
Indonesia
1.74%
Philippines
1.26%
Austria
1.23%
Switzerland
1.16%
Belgium
1.04%
Hong Kong
0.63%
Ireland
0.51%
South Korea
0.35%

Sector Allocation

As of 05/31/2023

Communication Services
3.65%
Consumer Discretionary
12.18%
Consumer Staples
7.21%
Energy
3.98%
Financials
6.14%
Health Care
8.26%
Industrials
32.71%
Information Technology
12.92%
Materials
5.95%
Real Estate
4.26%
Utilities
2.74%

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.

Security Description Country Ticker Shares/Par Market Value (USD)
AALBERTS NV NL AALB NA 152,724 $6,464,071.26
AKER SOLUTIONS ASA NO AKSO NO 2,826,573 $9,270,240.18
ALFEN NV NL ALFEN NA 50,081 $3,584,186.44
ALK-ABELLO A/S DK ALKB DC 398,299 $4,724,048.37
ALS LTD AU ALQ AU 1,222,915 $9,186,090.71
ALTEN SA FR ATE FP 56,634 $9,081,320.73
AMVIS HOLDINGS INC JP 7071 JP 336,686 $7,289,473.55
APL APOLLO TUBES LTD IN APAT IN 375,472 $5,151,280.11
ASAHI INTECC CO LTD JP 7747 JP 368,200 $7,016,259.84
AUTO TRADER GROUP PLC GB AUTO LN 582,327 $4,570,115.88
BARCO N.V. BE BAR BB 235,336 $6,109,958.02
BIOGAIA AB-B SHS SE BIOGB SS 472,413 $4,557,920.45
BORALEX INC -A CA BLX CN 197,960 $5,469,966.56
BRUNELLO CUCINELLI SPA IT BC IM 63,269 $5,486,072.41
BUYSELL TECHNOLOGIES CO LTD JP 7685 JP 73,500 $2,718,246.26
CAE INC CA CAE CN 399,395 $8,167,370.31
COM7 PCL-NVDR TH COM7-R TB 6,285,600 $5,232,039.16
CORP INMOBILIARIA MX VESTA MM 2,505,200 $7,932,401.61
CREDITACCESS GRAMEEN LTD IN CREDAG IN 383,888 $5,721,750.63
DAIFUKU CO LTD JP 6383 JP 204,900 $4,139,731.00
DESCARTES SYSTEMS GRP/THE CA DSG CN 72,407 $5,598,407.90
DREYFUS GVT CSH MANAGEMENT US 52,614,631.25 $52,614,631.25
E INK HOLDINGS INC TW 8069 TT 404,000 $2,715,900.51
ELEMENT FLEET MANAGEMENT COR CA EFN CN 457,571 $6,940,248.17
EMEMORY TECHNOLOGY INC TW 3529 TT 121,000 $7,214,027.25
ERG SPA IT ERG IM 185,883 $5,115,083.68
EURONEXT NV NL ENX FP 83,803 $5,591,771.99
FORTNOX AB SE FNOX SS 807,516 $5,222,279.00
FUGRO NV-CVA NL FUR NA 714,347 $10,279,538.83
GAZTRANSPORT ET TECHNIGA SA FR GTT FP 45,749 $4,575,535.66
GRUPO AEROPORT DEL SURESTE-B MX 321,646 $9,024,780.53
HALMA PLC GB HLMA LN 151,248 $4,539,359.65
HEXATRONIC GORUP AB SE HTRO SS 352,962 $2,203,587.74
HOWDEN JOINERY GROUP INC GB HWDN LN 579,046 $4,733,684.09
HUHTAMAKI OYJ FI HUH1V FH 198,433 $6,492,637.32
ILUKA RESOURCES LTD AU ILU AU 649,522 $4,749,549.81
INDIAN HOTELS CO LIMITED IN IH IN 3,323,640 $15,637,416.60
INTERNET INITIATIVE JAPAN JP 3774 JP 562,800 $11,077,302.47
INTERPUMP GROUP SPA IT IP IM 112,118 $6,051,334.66
ISS A/S DK ISS DC 476,268 $9,057,785.17
JAPAN AIRPORT TERMINAL CO JP 9706 JP 106,300 $4,957,577.16
JAPAN HOTEL REIT INVESTMENT JP 8985 JP 20,253 $11,492,626.39
KALBE FARMA TBK PT ID KLBF IJ 39,309,500 $5,323,746.58
KANEKA CORP JP 4118 JP 212,200 $5,676,777.65
KEYWORDS STUDIOS PLC IE KWS LN 124,580 $3,014,191.61
L'OCCITANE INTERNATIONAL SA HK 973 HK 1,386,500 $3,716,789.79
MAX HEALTHCARE INSTITUTE LTD IN MAXHEALT IN 746,500 $4,950,789.55
MINOR INTERNATIONAL PCL-NVDR TH MINT-R TB 3,622,500 $3,510,094.03
MIPS AB SE MIPS SS 44,227 $2,218,531.56
NABTESCO CORP JP 6268 JP 294,000 $6,535,502.16
NEXTAGE CO LTD JP 3186 JP 327,700 $5,743,255.09
NHPC LTD IN NHPC IN 6,696,368 $3,510,304.02
NIKON CORP JP 7731 JP 476,300 $5,276,692.85
NORDIC SEMICONDUCTOR ASA NO NOD NO 165,961 $1,738,437.72
OX2 AB SE OX2 SS 241,016 $1,489,826.15
OXFORD INSTRUMENTS PLC GB OXIG LN 198,156 $6,815,618.72
PARK24 CO LTD JP 4666 JP 561,000 $8,363,282.54
PHARMAESSENTIA CORP TW 6446 TT 152,552 $1,735,500.64
PHOENIX MILLS LTD IN PHNX IN 318,578 $5,645,279.34
PILBARA MINERALS LTD AU PLS AU 1,256,091 $3,600,903.46
PRO MEDICUS LTD AU PME AU 100,913 $3,890,623.82
QT GROUP OYJ FI QTCOM FH 61,022 $5,480,459.97
REVENIO GROUP OYJ FI REG1V FH 86,693 $2,838,097.13
RHEINMETALL AG DE RHM GR 37,957 $9,615,644.50
RIGHTMOVE PLC GB RMV LN 894,172 $5,839,836.20
ROYAL UNIBREW DK RBREW DC 45,483 $3,880,862.72
RS GROUP PLC GB RS1 LN 1,039,052 $10,294,146.06
S.O.I.T.E.C. FR SOI FP 24,271 $3,411,219.99
SAAB AB-B SE SAABB SS 222,257 $12,118,654.03
SEIKO GROUP CORP JP 8050 JP 229,300 $4,320,546.83
SIAM GLOBAL HOUSE PCL TH GLOBAL TB 3,958,561.97 $2,125,993.71
SIAM GLOBAL HOUSE PCL FOREIG TH GLOBAL-R TB 6,926,948.75 $3,720,201.82
SINBON ELECTRONICS CO LTD TW 3023 TT 871,000 $10,195,246.63
SIXT SE DE SIX2 GR 36,845 $4,053,592.06
SKC CO LTD KR 011790 KS 28,978 $2,070,875.73
SOJITZ CORP JP 2768 JP 267,300 $5,344,473.06
SSP GROUP PLC GB SSPG LN 1,115,903 $3,736,839.33
SUMBER ALFARIA TRIJAYA ID AMRT IJ 27,850,484 $4,902,948.05
SYDBANK A/S DK SYDB DC 201,021 $8,426,415.37
TAKEUCHI MFG CO LTD JP 6432 JP 186,000 $4,988,302.85
TECHNOLOGY ONE LTD AU TNE AU 452,445 $4,812,795.53
TECHNOPRO HOLDINGS INC JP 6028 JP 329,900 $7,147,804.08
TFI INTERNATIONAL INC CA TFII CN 93,645 $9,864,629.83
THK CO LTD JP 6481 JP 398,600 $8,390,728.25
TOPDANMARK A/S DK TOP DC 181,612 $9,436,264.03
TOROMONT INDUSTRIES LTD CA TIH CN 58,711 $4,541,182.32
TRAINLINE PLC GB TRN LN 439,689 $1,338,936.37
TRELLEBORG AB-B SHS SE TRELB SS 328,942 $8,192,627.00
UNIVERSAL ROBINA CORP PH URC PM 2,962,040 $7,405,073.84
V.I.P. INDUSTRIES LTD IN VIP IN 499,074 $3,654,331.97
VARUN BEVERAGES ltd IN VBL IN 1,100,304 $22,509,178.13
VAT GROUP AG CH VACN SW 16,499 $6,820,568.76
VIRBAC SA FR VIRP FP 14,602 $4,458,793.50
VOLTRONIC POWER TECHNOLOGY TW 6409 TT 105,498 $6,638,858.72
WEST HOLDINGS CORP JP 1407 JP 99,000 $2,011,008.31
WHITBREAD PLC GB WTB LN 168,622 $6,916,494.59
WIENERBERGER AG AT WIE AV 255,702 $7,239,882.79
WORLEY LTD AU WOR AU 902,941 $9,556,619.58
XVIVO PERFUSION AB SE XVIVO SS 68,658 $1,810,530.93

Investments will change over time.

Distributions

  • Rainier International Discovery Series Class Z Distribution History
  • 2023 Distribution Calendar
  • 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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