KPIEX — KP International Equity Fund

KPIEX Fund Overview

KPIEX — KP International Equity Fund is a US mutual fund managed by Kp Funds, categorised as Japan Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Kp Funds
• Category: Japan Blend / Core Equity
• Assets under management: $2.24B
• 1-year return: 2.5%
• Ticker: KPIEX
• SEC CIK: 0001573386
• SEC series ID: S000041508
• Share class ID: C000129000

KPIEX Investment Objective and Strategy

KP International Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Kp Funds.

Investment objective

"The KP International Equity Fund (the ""Fund"") seeks long-term capital appreciation primarily through investments in a diversified portfolio of non-U.S. equity securities."

Principal investment strategy

"Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. For purposes of the Fund's 80% policy, equity securities consist of common stocks, bonds, notes and debentures convertible into common stocks (i.e., convertible securities), depositary receipts, and derivatives with economic characteristics similar to equity securities. The Fund currently intends to invest primarily in the equity markets listed in the MSCI All Country World ex-US IMI Index, and may invest more than 25% of the Fund's net assets in each of Europe (including the United Kingdom) and Asia (including Japan). The Fund may invest in companies of any size. The Fund may change its 80% policy at any time and will notify shareholders 60 days in advance of the change.

For purposes of the Fund's investment objective, Callan LLC (the ""Adviser"") considers ""long-term capital appreciation"" to be capital appreciation over a period of greater than five years. The Fund principally invests in securities issued by foreign issuers. The Fund uses a ""multi-manager"" approach, whereby the Adviser allocates the Fund's assets among a number of sub-advisers with differing Sub-strategies. The Adviser determines the target Sub-strategy allocation for the Fund, identifies sub-advisers to manage the Fund's assets according to those Sub-strategies, and allocates Fund assets among sub-advisers to maintain the Fund's target Sub-strategy allocation. Sub-advisers generally are selected and retained based on: the Adviser's view regarding their expected contribution to excess return; their performance in managing the Fund's assets pursuant to their respective Sub-strategies; the Adviser's confidence in their investment process, personnel, investment resources, and organizational stability; the Adviser's belief in their ability to take on additional assets without undermining future Fund performance; and the Adviser's confidence in the robustness of their operational, back-office, trading, and compliance platforms.

Each sub-adviser invests the portion of the Fund's assets allocated to it under the general supervision of the Adviser. Each of the seven Sub-strategies is described below: Passive International Equity : SSGA Funds Management, Inc. (""SSGA FM"") manages the portion of the Fund's assets allocated to the Passive International Equity Sub-strategy. The primary objective for the Sub-strategy is to seek to replicate, before fees and expenses, the performance of the MSCI World ex-US Index. The MSCI World ex-US Index is a free float-adjusted market capitalization-weighted index comprised of equity securities issued by companies from 22 developed market countries. It is designed to measure the equity market performance of developed markets, excluding the U.S. Under normal circumstances, SSGA FM will seek to invest a substantial portion of the Sub-strategy's assets in securities of companies included in the MSCI World ex-US Index, including depositary receipts of such companies, and futures contracts that are designed to track the MSCI World ex-US Index.

SSGA FM seeks to replicate the performance of the MSCI World ex-US Index by investing in the constituent securities of the MSCI World ex-US Index in approximately their MSCI World ex-US Index weight. However, under various circumstances, it may not be possible or practicable to purchase all of those securities in those weightings. In those circumstances, SSGA FM may purchase a sample of stocks in the MSCI World ex-US Index in proportions expected to replicate generally the performance of the MSCI World ex-US Index as a whole. In addition, from time to time, stocks are added to or removed from the MSCI World ex-US Index. SSGA FM may sell stocks that are represented in the MSCI World ex-US Index, or purchase stocks that are not yet represented in the MSCI World ex-US Index, in anticipation of their removal from or addition to the MSCI World ex-US Index.

SSGA FM may at times purchase or sell futures contracts in lieu of investment directly in the stocks making up the MSCI World ex-US Index. SSGA FM might do so in order to increase the Fund's investment exposure pending investment of cash in the stocks comprising the MSCI World ex-US Index. Alternatively, SSGA FM might use futures to reduce its investment exposure to the MSCI World ex-US Index in situations where it intends to sell a portion of the stocks in the Fund's portfolio but the sale has not yet been completed. SSGA FM may also enter into forward foreign currency exchange contracts in an attempt to match the MSCI World ex-US Index's currency exposures. Passive International Small Cap Equity : SSGA FM manages the portion of the Fund's assets allocated to the Passive International Small Cap Equity Sub-strategy.

The primary objective for the Sub-strategy is to seek to replicate, before fees and expenses, the performance of the MSCI World ex-US Small Cap Index. The MSCI World ex-US Small Cap Index is a free float-adjusted equity index which captures small cap representation across 22 developed market countries around the world, excluding the U.S. Under normal circumstances, SSGA FM will seek to invest a substantial portion of the Sub-strategy's assets in securities of companies included in the MSCI World ex-US Small Cap Index, including depositary receipts or U.S. listed shares of such companies, and futures contracts that are designed to track indices similar to the MSCI World ex-US Small Cap Index. SSGA FM seeks to replicate the performance of the MSCI World ex-US Small Cap Index by investing in the constituent securities of the MSCI World ex-US Small Cap Index in approximately their MSCI World ex-US Small Cap Index weight.

However, under various circumstances, it may not be possible or practicable to purchase all of those securities in those weightings. In those circumstances, SSGA FM may purchase a sample of stocks in the MSCI World ex-US Small Cap Index in proportions expected to replicate generally the performance of the MSCI World ex-US Small Cap Index as a whole. In addition, from time to time, stocks are added to or removed from the MSCI World ex-US Small Cap Index. SSGA FM may sell stocks that are represented in the MSCI World ex-US Small Cap Index, or purchase stocks that are not yet represented in the MSCI World ex-US Small Cap Index, in anticipation of their removal from or addition to the MSCI World ex-US Small Cap Index. SSGA FM may at times purchase or sell futures contracts in lieu of investment directly in the stocks making up the MSCI World ex-US Small Cap Index.

SSGA FM might do so in order to increase the Fund's investment exposure pending investment of cash in the stocks comprising the MSCI World ex-US Small Cap Index. Alternatively, SSGA FM might use futures to reduce its investment exposure to the MSCI World ex-US Small Cap Index in situations where it intends to sell a portion of the stocks in the Fund's portfolio but the sale has not yet been completed. SSGA FM may also enter into forward foreign currency exchange contracts in an attempt to match the MSCI World ex-US Small Cap Index's currency exposures. Active International Equity #1 : Massachusetts Financial Services Company, doing business as MFS Investment Management (""MFS""), manages the portion of the Fund's assets allocated to the Active International Equity #1 Sub-strategy. The primary objective for the Sub-strategy is to out-perform the MSCI EAFE Index over a full market cycle.

No assurances can be given that this objective will be achieved. The MSCI EAFE Index is a free float-adjusted market capitalization-weighted index comprised of equity securities issued by companies from 21 developed market countries. It is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Under normal circumstances, MFS will seek to invest a substantial portion of the Sub-strategy's assets in common stocks issued by companies in the MSCI All Country World ex-US Index (the ""MSCI ACWI ex-US Index"") and depositary receipts comprised of such common stock, including companies in emerging markets. MFS may invest a significant percentage of the Sub-strategy's assets in issuers in a single country, a small number of countries, or a particular geographic region.

In selecting investments for the Sub-strategy, MFS is not constrained to any particular investment style. MFS may invest the Sub-strategy's assets in the securities of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the securities of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies. MFS uses an active bottom-up approach to buying and selling investments for the Sub-strategy. Investments are selected primarily based on fundamental analysis of individual issuers. Quantitative models that systematically evaluate issuers may also be considered. MFS may sell securities for a variety of reasons, such as to secure gains or redeploy assets into opportunities believed to be more promising, among others.

Active International Equity #2 : Marathon Asset Management LLP (""Marathon-London"") manages the portion of the Fund's assets allocated to the Active International Equity #2 Sub-strategy. The primary objective for the Sub-strategy is to generate a rate of return that exceeds that of the MSCI ACWI ex-US Index (net of dividends and withholding taxes) over a full market cycle (net of all fees and expenses). No assurances can be given that this objective will be achieved. The MSCI ACWI ex-US Index is a free float-adjusted market capitalization-weighted index comprised of equity securities issued by companies from 46 developed market and emerging market countries. It is designed to be a broad measure of the performance of world equity markets excluding the U.S. Under normal circumstances, Marathon-London will seek to invest the Sub-strategy's assets in the common stocks of foreign companies in the MSCI ACWI ex-US Index, including companies in emerging markets.

Marathon-London's investment philosophy is based on its ""capital cycle"" approach to investment, which guides Marathon-London to invest in stocks in industries where consolidation has occurred and return on investment is expected to rise and/or where barriers to entry exist that may allow elevated return on investment to persist for longer than the market expects. In addition, Marathon-London believes that the assessment of management and how management responds to incentives and the forces of the capital cycle is critical to the performance of the company's stock. Given the long-term nature of the capital cycle, Marathon-London's investment ideas generally require, by industry standards, long stock holding periods. Marathon-London may sell a security when it has reached its estimated target price (based on Marathon-London's valuation work) or when there is a material shift in the capital cycle, deterioration in anticipated return on invested capital, a shift in management's attitude toward shareholders, outperformance relative to a sector or market, or if further information or analysis reveals the original rationale to be flawed.

Active International Equity #3 : Sprucegrove Investment Management Ltd. (""Sprucegrove"") manages the portion of the Fund's assets allocated to the Active International Equity #3 Sub-strategy. The primary objective for the Sub-strategy is to generate a rate of return that exceeds that of the MSCI EAFE Index over a full market cycle. No assurances can be given that this objective will be achieved. The MSCI EAFE Index is a free float-adjusted market capitalization-weighted index comprised of equity securities issued by companies from 21 developed market countries.

KPIEX Performance

Total returns for KPIEX (as of 2026-10-01), from SEC filings.

KPIEX Risk Information

Risk metrics for KPIEX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 23.0%

KPIEX Costs and Fees

KPIEX costs about $47 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.47%
• Gross expense ratio: 0.47%
• Portfolio turnover: 41%
• Brokerage commissions: 3.13 bps of average net assets (SEC N-CEN)

KPIEX Cashflows

Over the 12 months to 2020-09, KP International Equity Fund had net inflows of $769.05M, from monthly SEC N-PORT filings.

KPIEX Debt Constituents

No individual debt constituents are reported in KP International Equity Fund's latest SEC N-PORT filing.

KPIEX Prospectus and SEC Filings

Official KP International Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-05-14
• Prospectus (485BPOS) — filed 2019-05-14
• Prospectus supplement (497) — filed 2020-06-01
• Portfolio holdings (N-PORT) — filed 2020-11-25
• Portfolio holdings (N-PORT) — filed 2020-08-26
• Portfolio holdings (N-PORT) — filed 2020-05-29
• Annual census (N-CEN) — filed 2020-03-16
• Annual census (N-CEN) — filed 2019-03-14

Related Funds

Other Japan Blend / Core Equity funds tracked on ABC INVEST:

• Matthews Japan Fund (MJFOX)
• Hennessy Japan Fund (HJPIX)
• Fidelity Japan Smaller Companies Fund (FJSCX)
• T. Rowe Price Japan Fund (PRJPX)
• WisdomTree Japan Opportunities Fund (OPPJ)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.