UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________
FORM N-CSR
________
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05601
SEI Institutional International Trust
(Exact name of registrant as specified in charter)
________
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Address of principal executive offices) (Zip code)
Timothy D. Barto, Esq.
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Name and address of agent for service)
Registrant’s telephone number, including area
code: 610-676-1000
Date of fiscal year end: September 30, 2022
Date of reporting period: September 30, 2022
Item 1. Reports to Stockholders.

September 30, 2022
ANNUAL REPORT
SEI Institutional International Trust
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International Equity Fund
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Emerging Markets Equity Fund
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International Fixed Income Fund
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Emerging Markets Debt Fund
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Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.
seic.com
TABLE OF CONTENTS
Letter
to Shareholders |
1 |
Management’s
Discussion and Analysis of Fund Performance |
7 |
Schedule of Investments |
15 |
Statements of Assets
and Liabilities |
81 |
Statements of Operations |
83 |
Statements of Changes
in Net Assets |
84 |
Financial Highlights |
86 |
Notes to Financial
Statements |
88 |
Report of Independent Registered Public Accounting Firm |
107 |
Trustees and Officers
of the Trust |
108 |
Disclosure of Fund
Expenses |
111 |
Liquidity Risk
Management Program |
112 |
Board of Trustees
Considerations in Approving the Advisory Agreement |
113 |
Notice to Shareholders |
116 |
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.
LETTER TO SHAREHOLDERS
September 30, 2022 (Unaudited)
To Our Shareholders:
Asset class performance was negative during the reporting period ending September 30, 2022. While equity markets withstood high volatility and concerns over new COVID-19 variants in late 2021, a potential recession, higher interest rates, and surging inflation weakened the backdrop for risk assets during the second half of the fiscal year. Stocks and bonds simultaneously faced steep price declines amid extreme volatility.
Risk assets came under pressure during the final months of the fiscal year following the U.S. Federal Reserve’s (Fed) more aggressive talk and actions. We expect further up-and-down volatility across asset classes. Short-term gyrations notwithstanding, the primary trend in risk assets still appears to be negative.
Tightening supply-chain dynamics contributed to higher prices for both consumers and producers. Intermediate- and long-term interest rates increased from historically low levels due to evidence of rising global inflation.
The U.S. Treasury yield curve flattened, especially over the last few months of the fiscal year, as the Fed hiked its benchmark interest rate. U.S. Treasury yields on the shorter end of the curve rose in greater magnitude than those on the long end. The yield on two-year Treasurys jumped by 394 basis points over the reporting period, while the yields on 10- and 30-year Treasurys rose 231 and 171 basis points, respectively.
Geopolitical events
COVID-19 was an unavoidable and significant theme across the period, claiming its six-millionth victim globally in February 2022 (including more than 900,000 in the U.S.). The first quarter of the period was defined predominantly by markets digesting the potential impact of the Omicron variant discovered in South Africa. Case numbers soared as the new variant proved to be highly transmissible, yet generally less severe.
The U.S. Congress voted to raise the debt ceiling (that is, the federal government’s borrowing limit) twice during the period—first with an October 2021 stopgap hike of $480 billion, and then with a December increase of $2.5 trillion—which is expected to cover spending through early 2023. President Joe Biden signed the Infrastructure Investment and Jobs Act—a multi-year infrastructure funding bill—into law in November 2021. The initiative appropriated $1.2 trillion (including $550 billion above baseline spending), with nearly $300 billion of new spending to fund transportation projects over the next decade, another $65 billion apiece dedicated to broadband internet and power grid projects, and $55 billion reserved for water infrastructure.
In late February 2022, Russia invaded Ukraine. Western nations responded with an array of sanctions, bans, and other coordinated actions—largely focused on disrupting Russia’s financial, energy, technology and transportation activities, as well as state-owned enterprises and high-profile individuals in public and business positions. In addition to mounting fierce resistance to Russia’s invasion, Ukraine submitted a formal application for admission to the European Union (EU).
The imposition of coordinated sanctions effectively blocked Russian entities from trade in major foreign currencies. The Central Bank of the Russian Federation was forced to increase its benchmark rate by 10.5 percentage points to 20.0%; offer unlimited liquidity support to banks as they faced runs; raise capital controls on exporters and residents; and shutter its financial markets. By mid-March, the EU had instituted a broad ban on investments in Russia as well as exports to and imports from the country (although imports of Russian metals and energy were still permitted).
Energy took center stage as inflation drove prices higher. Russia began reducing natural gas pipeline supply to Europe in mid-June, limiting the ability of European nations to stockpile gas for winter, and driving prices in the region much higher.
The North Atlantic Treaty Organization (NATO) announced a plan in the final quarter of the reporting period to increase its high-readiness Response Force (NRF) from 40,000 to 300,000 after activating NRF troops for the first time in its history following Russia’s attack on Ukraine. Sweden and Finland’s paths to join NATO brightened at the end of June. Turkey unblocked their applications and signed a trilateral memorandum of support for their memberships in exchange for weapons sales, and prioritization by the Scandinavian countries of Turkish extradition requests for purported Kurdish militants.
The U.S. followed NATO’s planned increases with its own European expansion announcement. The buildout will include a permanent Army base in Poland, rotations through Romania and the Baltics, more Navy ships in Spain, air defenses in Italy, and fighter jets in the U.K.
SEI Institutional International Trust / Annual Report / September 30, 2022
LETTER TO SHAREHOLDERS (Continued)
September 30, 2022 (Unaudited)
Economic performance
U.S. gross domestic product (GDP) continued to slow in July after accelerating sharply from the beginning of the year. GDP contracted by an annualized rate of 1.6% during the first quarter of 2022, and retreated by a 0.6% annualized rate during the second quarter of 2022. The reading marked two consecutive quarters of negative GDP, which meets a widely cited—but unofficial—technical definition of a recession. Many economists view a recession as a significant and sustained decline in economic activity (accompanied by high unemployment) that lasts more than a few months.
Nevertheless, consumer spending, which drives nearly 70% of U.S. economic activity, advanced by 0.4% in August (as measured by the personal consumption expenditures–PCE–price index). This appears to be a combination of wage inflation (consumers have more money) and price inflation (goods cost more to purchase). Many economists and market watchers expect spending to fall if current economic conditions persist.
The U.S. labor market remained quite healthy during the fiscal year and the third quarter of 2022. The U.S. unemployment rate held at 3.5% in September, just above a 50-year low. New claims for unemployment benefits declined throughout the final quarter of the fiscal year, falling back below 200,000 per week in late September for the first time since the spring.
The Federal Open Market Committee (FOMC) increased the federal funds rate by 0.50% (the first hike of its size since 2000) at its early-May 2022 meeting, by 0.75% (the first of its size since 1994) at its mid-June meeting, and then by 0.75% again in July and September, raising the benchmark rate’s target range to 3.0%-3.25%. The central bank also began to accelerate its balance-sheet reduction in September, doubling the amount of monthly Treasury and mortgage holdings that mature without being replaced to maximum paces of $60 billion and $35 billion, respectively.
Market developments
The S&P 500 Index returned -15.47% during the fiscal year. Large-cap value stocks (as measured by the Russell 1000 Value Index) declined 11.36% and led large-cap growth stocks (as measured by the Russell 1000 Growth Index), which fell 22.59%. At the sector level, energy, utilities and consumer staples stocks were the strongest performers within the S&P 500 Index, while telecommunications, consumer discretionary and information technology lagged. Overall, U.S. equities outpaced major developed markets during the fiscal year.
Small-cap stocks, which tend to be sensitive to the success or decline in a local economy, underperformed large caps overall during the period. U.S. large-cap stocks (Russell 1000 Index) finished the reporting period down 17.22%, while small-cap stocks (Russell 2000 Index) fell 23.50%. There has been a significant amount of bad news priced into small-cap stocks. Small-cap earnings generally have held up well—especially for consumer and leisure stocks—but investors remained concerned about whether this trend can continue.
Developed markets, as measured by the MSCI World Index (Net), finished down 19.63% for the year, but outperformed emerging markets. The MSCI Emerging Markets Index (Net) finished the reporting period with a 28.11% loss in U.S.-dollar terms. Emerging-market stocks remained defensively positioned as emerging economies adopted aggressive monetary policies in an effort to combat high inflation and a rising U.S. dollar. Latin America was the only region to post positive equity performance for the 2022 year to date, while European emerging stock markets were the weakest performers. The MSCI Europe ex UK Index posted a 27.82% decline in U.S.-dollar terms.
The MSCI Europe Index (Net) tumbled 24.80% in U.S.-dollar terms over the reporting period. The MSCI ACWI Index (Net), a proxy for global equities in both developed and emerging markets, fell 20.66% in U.S.-dollar terms. The FTSE UK Series All-Share Index recorded a 20.52% drop in U.S.-dollar terms over the full reporting period.
U.S. investment-grade corporate debt, as represented by the Bloomberg US Corporate Investment Grade Index, returned -18.53%, while the U.S. high-yield market, as measured by the ICE BofA US High Yield Constrained Index, was down 14.06% during the reporting period. Within the high-yield market, energy remained the largest sector, and it easily outperformed the broader market. Lower-quality issues also outperformed, as CCC rated securities led the index, followed by B and BB rated issues. U.S. asset-backed securities managed a small gain as the health of U.S. consumers improved during the fiscal year; mortgage-backed securities were down slightly.
The global fixed income market, as measured by the Bloomberg Global Aggregate Bond Index, was down 20.43% for the reporting period. Emerging-market debt (EMD) fared similarly. The J.P. Morgan Global Bond Index-Emerging Markets (GBI-EM) Global Diversified Index, which tracks local-currency-denominated EM bonds, fell 20.63% in U.S.-dollar terms. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index, which tracks EMD-denominated in external currencies (such as the U.S. dollar), was down 24.28%.
SEI Institutional International Trust / Annual Report / September 30, 2022
Inflation-sensitive assets, such as commodities and Treasury Inflation-Protected Securities (TIPS), were mixed during the year. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) finished up 6.64% over the reporting period due to increased demand expectations, as well as constrained supply in certain markets.
The U.S. dollar pushed into new-high territory following a strong August 2022 reading of the U.S. Consumer-Price Index and after Fed Chair Jerome Powell indicated that further interest-rate increases were on the way. Fed rate hikes attract investment in U.S. dollar-denominated assets. The large rate differential in favor of the U.S., along with the perception that the country is better positioned economically, are two major reasons behind the U.S. dollar’s extraordinary appreciation thus far in 2022. Outside of the U.S., a declining currency may give a competitive boost to domestic firms that export goods and services to the U.S. market, but it also exacerbates the inflationary pressures stemming from imports that are priced in dollars—most importantly, oil and liquefied natural gas.
Our view
The conflict in Ukraine and Russia’s suspension of natural-gas exports, high global inflation and central banks’ aggressive response to it, and a severe COVID-related slowdown in China are not exactly new; they have simply increased in intensity. Most importantly, they have forced monetary policy-makers globally to admit that they have a major inflation problem on their hands—one that is neither transitory nor likely to be resolved easily.
In our opinion, investors should be prepared to see a federal funds rate that could exceed 5%. Other central banks are following the Fed’s lead, talking tough and following up with outsized policy-rate increases. In the U.K., the bond market has gone haywire and the country’s currency has come under intense downward pressure. To use a newly popular phrase among economists and financial-market participants, things are “starting to break.”
We think that Europe will continue to be the area most under the gun owing to Russia’s suspension of natural-gas exports. Although storage facilities within the EU are now 80%-to-90% full, the continent still needs to have a steady flow of natural gas to get through the high-usage winter months. European governments may be forced to impose disruptive energy-saving restrictions on businesses and citizens. Heavy users of electricity, from aluminum smelters to glassmakers, already have been shutting down.
The U.K. has rolled out a plan to cap the cost of residential electricity at £2,500 per year over the next 18 months. Along with other measures previously announced, funding totals £180 billion, or 6.5% of the nation’s GDP. Other countries that have allocated funds for energy-related relief in excess of 3% of GDP include Croatia, Greece, Italy and Latvia.
We would not be surprised to see more energy-related relief come down the pike. Fiscal deficits could balloon in the same way they did during the early months of the COVID crisis as policy-makers do what they must to protect their populations.
Central bankers are forced by their mandates to lean hard against the rising trend in prices, although they are essentially working at cross-purposes against their own governments’ stimulus efforts. Unfortunately, they’re running just to keep up with the Fed. Interest-rate differentials versus the U.S. are still wide, with only Canada on par with the U.S.
Several large U.S. multinational companies have warned that U.S-dollar strength is beginning to exert a negative impact on revenues, suggesting that the currency’s value has risen well beyond its purchasing power parity (PPP) level. But discrepancies can last for a long time between PPP and market-based exchange rates.
Nonetheless, we would not be surprised to see at least a temporary reversal in the dollar’s trend. Given a catalyst—coordinated government action to weaken the dollar or a surprisingly weak U.S. unemployment report, for example—traders might cover their long positions in a major way, causing the dollar to fall abruptly.
The rise in U.S. hourly compensation has been extensive, with annualized gains exceeding 6% even when measured over a three-year span. This is the sharpest increase in almost four decades. Similar to the 1970s experience, compensation gains have been accelerating even as productivity growth has slowed. We are concerned about this divergence. The difference between the change in compensation and the change in productivity equals the change in unit labor costs.
Although unit labor costs are more volatile than inflation, there is still a strong positive correlation between the two.
Unfortunately, history shows that it usually takes an outright recession to beat down inflation, especially when it gets this intense. It does not appear as though Fed Chair Powell’s hope for a soft landing will happen. Unit labor costs have run far ahead of inflation, and we see no reason to expect a major reversal in the near term, even if the economy stumbles into a bona fide recession.
SEI Institutional International Trust / Annual Report / September 30, 2022
LETTER TO SHAREHOLDERS (Continued)
September 30, 2022 (Unaudited)
U.S. companies have been able to push higher employment and supply costs onto the consumer. There hasn’t been much of a decline in profit margins yet—they’ve remained above all the previous cyclical peaks going back to 1947. But we suspect that margins are on the cusp of a substantial erosion. It’s typical for profit margins to decline well before an economic recession materializes.
If the economy does fall into recession and profits decline, analysts will probably be forced to mark down earnings estimates aggressively to catch up with reality. Investors aren’t waiting for those earnings revisions. They have been pushing equity prices lower in reaction to the Fed’s aggressive shift and in anticipation of a recession, both in the U.S. and globally.
A fed funds rate in the 4.4%-to-4.9% range in 2023, as projected by Fed policymakers, might still be lower than the actual out-turn. But unless the Fed is truly ready to engineer a severe recession, we think PCE price inflation could settle in a 3%-to-4% range instead of the sub-2% pace recorded over much of the past 25 years.
Several asset classes look sharply oversold again, including equities, bonds, currencies and commodities.
The dollar’s sharp climb has reversed most of this year’s appreciation in the commodities complex. If the dollar breaks to the downside, commodities should break to the upside.
We are still bullish on commodities despite the demand destruction that is occurring in Europe and other parts of the globe. Years of underinvestment in fossil fuels and metals mines will likely lead to periodic shortages over the next few years.
In recent weeks, the Chinese central government has allowed Hong Kong and Macau to open up. This might be a preview of what will happen on the Mainland once the Communist Party National Congress installs President Xi Jinping for an unprecedented third term as General Secretary of the party in October.
President Xi’s position may seem unassailable, but we suspect he’s looking for a way out of his zero-COVID policy. The loosening of restrictions and return to stronger economic growth is the only logical way out.
Other emerging economies would be big beneficiaries of a revival in Chinese economic activity, yet dollar strength is a central factor for investors in emerging-market (EM) equities. The relative performance of the MSCI Emerging Market Total Return Index versus the MSCI World Index peaked in 2010, more-or-less concurrent with the trough in the trade-weighted value of the dollar. EM equities now have surrendered nearly all of the relative gains versus advanced-country stock markets that they achieved between 2000 and 2010 as the dollar has grown stronger.
The rate-hiking cycle actually began far sooner in less-developed economies, during the latter months of 2020. Interest-rate hikes in EMs have accelerated significantly this year, in both frequency and magnitude. At the end of the reporting period, yields on three-month government bonds had reached double digits in Brazil (14.3%), Colombia (10.4%), Hungary (10.0%) and Turkey (17.8%). Among these four, only Brazil’s rate is comfortably above the inflation rate. Turkey, by contrast, is facing an inflation rate of close to 80%. There is little wonder that the Brazilian real has maintained its value against the dollar this year, while the Turkish lira has declined by almost 30%.
SEI Institutional International Trust / Annual Report / September 30, 2022
The bottom line is that a global recession is forming on the horizon, with Europe and the U.K. more vulnerable to a downturn than the U.S. in the near term.
Short-term gyrations notwithstanding, the primary trend in risk assets still appears negative. Inflation in the U.S. has probably peaked, but we do not expect it to fall as rapidly or as far as the Fed projects. The central bank may still be underestimating the extent to which it needs to tighten monetary policy in order to slow the economy and produce slack in the labor markets.
Sincerely,
James Smigiel
Head and Chief Investment Officer of Non-Traditional Asset Management
SEI Institutional International Trust / Annual Report / September 30, 2022
LETTER TO SHAREHOLDERS (Concluded)
September 30, 2022 (Unaudited)
Index Definitions
Bloomberg Global Aggregate ex-USD Index, Hedged: is a broad-based benchmark that measures the global investment-grade fixed income markets.
Bloomberg US Corporate Investment Grade Index: is a broad-based benchmark that measures the investment-grade, fixed-rate, taxable corporate bond market.
Bloomberg US Aggregate Bond Index: The Bloomberg Barclays U.S. Aggregate Bond Index is a benchmark index composed of U.S. securities in Treasury, government-related, corporate and securitized sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.
Dow Jones Industrial Average: The Index measures the stock performance of 30 large companies listed on stock exchanges in the United States.
FTSE UK Series All-Share Index: is a capitalization-weighted index, comprising around 600 of more than 2,000 companies traded on the London Stock Exchange.
ICE BofA US High Yield Constrained Index: tracks the performance of below-investment-grade, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market; exposure to individual issuers is capped at 2%.
JP Morgan EMBI Global Diversified Index: tracks the performance of external debt instruments (including U.S.-dollar-denominated and other external-currency-denominated Brady bonds, loans, eurobonds and local-market instruments) in emerging markets.
JP Morgan GBI Emerging Markets Global Diversified Index: tracks the performance of debt instruments issued in local currencies by emerging-market governments.
MSCI EAFE Index: is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.
MSCI Europe Index: is a free float-adjusted market-capitalization-weighted index designed to measure the performance of large- and mid-capitalization stocks across developed-market countries in Europe.
MSCI Emerging Markets Index: is a free float-adjusted market-capitalization-weighted index designed to measure the performance of global emerging-market equities.
MSCI World Index: is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity-market performance of developed markets.
Russell 1000® Index: includes 1,000 of the largest U.S. stocks based on market cap and current index membership; it is used to measure the activity of the U.S. large-cap equity market.
Russell 2000® Index: The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.
S&P 500 Index: is an unmanaged, market-weighted index that consists of approximately 500 of the largest publicly-traded U.S. companies and is considered representative of the broad U.S. stock market.
SEI Institutional International Trust / Annual Report / September 30, 2022
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2022 (Unaudited)
International Equity Fund
I. Objective
The International Equity Fund (the “Fund”) seeks long-term capital appreciation.
II. Multi-Manager Approach Statement
The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: Acadian Asset Management LLC (Acadian), Causeway Capital Management LLC (Causeway), Intech Investment Management LLC (INTECH), JOHCM (USA) Inc. (JO Hambro), Delaware Investments Fund Advisers, a series of Macquarie Asset Management Business Trust (Macquarie), Pzena Investment Management, LLC (Pzena) and WCM Investment Management LLC (WCM).
During the period, Lazard Asset Management LLC (Lazard) was removed from the Fund, while Pzena was added to the Fund.
III. Return vs. Benchmark
For the year ended September 30, 2022, the Fund’s Class F shares underperformed the MSCI EAFE Index (Net)—which tracks the performance of developed-market equities outside North America—returning -26.82% versus the Index return of -25.13%.
IV. Fund Attribution
Global equity markets fell precipitously over the 12-month reporting period, with much of it coming in the second and third quarters of 2022. There has been a confluence of factors and economic pressures affecting the global economy in various ways. First, we believe that global equities, particularly in the U.S., were expensively valued coming into the fall of 2021. This was especially prevalent in the mega-cap U.S. technology stocks that benefited heavily from the COVID-19 lockdown period. The lockdowns, coupled with fiscal stimulus, hampered supply (both labor and raw materials) and boosted consumer spending – all of which has led to a significant increase in inflation. Accordingly, interest rates have moved quickly higher, as the primary determinant of long bond yields is inflation expectations. In response, the U.S. Federal Reserve (Fed) has raised short-term interest rates significantly over the past 12 months. This has caused a de-rating in equities, especially growth stocks, as fears of excessive monetary policy tightening could cause a recession. As noted in the shareholder letter, the Ukraine-Russia war and skyrocketing
energy prices, especially in Europe, have led to a “perfect storm” for global financial markets.
This backdrop led to relative outperformance of inflation-sensitive pockets such as energy and materials. Technology, cyclical industrials and consumer cyclical stocks have underperformed. Within geographical regions, Europe underperformed over the reporting period due to rising energy prices and the Russia-Ukraine conflict. The UK outperformed due to more of its benchmark index comprising banks and energy. Canada and Australia, as well as resource-rich emerging markets such as Latin America, outperformed during the period.
Value was the best-performing alpha source over the 12-month period due to its overweights to the energy and financials sectors. We also believe that higher interest rates are relatively beneficial for undervalued stocks and detrimental to overpriced growth stocks. That is, value investing performed well across sectors during the reporting period. Momentum also performed fairly well as it has rotated into cheaply priced industries, which has been beneficial. Quality stocks underperformed as their long-duration nature made them more susceptible to the rising interest rates. Low-volatility stocks performed very well amid the risk-off environment over the period, which is consistent with expectations.
Stock selection within sectors had a broadly negative impact on Fund performance for the reporting period, particularly in health care. Regionally, the Fund holds approximately 4% of net assets in emerging Asia, which is not represented in the benchmark MSCI EAFE Index. This exposure had a negative impact on Fund performance as China has been a big underperformer due to its COVID-19 lockdowns. Currency was a strong contributor to Fund performance for the fiscal year due to the underweight to Japan, and the yen was very weak. The Fund’s out-of-benchmark position in the U.S. dollar has also enhanced performance as the greenback strengthened over the period. The Fund’s overweight to value stocks benefited performance, but this allocation preference also caused the Fund to overweight higher-volatility and small-cap stocks, and mega-cap stocks led the way as they are viewed as “safe havens.”
Causeway was the best-performing manager during the reporting period attributable to tailwinds to its value style, which resulted in strong gains from the energy and consumer discretionary sectors. We replaced Lazard (value) with Pzena in July 2022, which boosted the Fund’s value exposure as we still think that value is very attractive. WCM underperformed by a wide margin during the period as its quality, high-growth bias was heavily out of favor. The
SEI Institutional International Trust / Annual Report / September 30, 2022
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2022 (Unaudited)
International Equity Fund (Concluded)
manager was especially hurt by its technology holdings. The Fund’s largest manager, multifactor quantitative manager Acadian, outperformed over the period, bolstered by its value and momentum bias.
JO Hambro was the biggest detractor during the reporting period. JO Hambro is a momentum manager, and we have observed that it hasn’t rotated into value stocks such as energy and banks. The portfolio also had a very large weight in semiconductors, which detracted from performance for the period. Overall, JO Hambro’s high-growth, expensive portfolio did not perform well over the period. Macquarie was a detractor from performance as its overweight allocation to Europe and quality bias was out of favor during the period.
Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.
AVERAGE ANNUAL TOTAL RETURN1 |
|
1 Year
Return |
Annualized
3 Year
Return |
Annualized
5 Year
Return |
Annualized
10 Year
Return |
Annualized
Inception
to Date |
International Equity Fund, Class F |
-26.82% |
-1.52% |
-1.44% |
3.24% |
2.96% |
International Equity Fund, Class I |
-27.05% |
-1.77% |
-1.69% |
2.97% |
2.71% |
International Equity Fund, Class Y |
-26.70% |
-1.29% |
-1.21% |
3.43% |
3.02% |
MSCI EAFE Index (Net) |
-25.13% |
-1.83% |
-0.84% |
3.67% |
3.79% |
Comparison of Change in the Value of a $100,000 Investment in the International Equity Fund, Class F, Class I and Class Y, versus the
MSCI EAFE Index (Net)
1
|
For the year ended September 30, 2022. Past performance is no indication of future performance. Class F shares were offered beginning December 20, 1989. Class I shares were offered beginning January 4, 2002. The performance of Class I shares prior to January 4, 2002 is calculated using the performance of Class F shares adjusted for the higher expenses of the Class I shares. Returns for Class I shares are substantially similar to those of Class F shares and differ only to the extent that Class I shares have higher total annual fund operating expenses than Class F shares. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.
|
SEI Institutional International Trust / Annual Report / September 30, 2022
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2022 (Unaudited)
Emerging Market Equity Fund
I. Objective
The Emerging Markets Equity Fund (the “Fund”) seeks capital appreciation.
II. Multi-Manager Approach Statement
The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: JOHCM (USA) Inc. (JO Hambro), KBI Global Investors (North America) Ltd. (KBI), Neuberger Berman Investment Advisers LLC (Neuberger Berman), Qtron Investments LLC (Qtron), Robeco Institutional Asset Management US Inc. (Robeco), and RWC Asset Advisors (US) LLC (RWC).
No manager changes were made during the Fund’s fiscal year.
III. Return vs. Benchmark
For the year ended September 30, 2022, the Fund’s Class F shares underperformed the MSCI Emerging Markets Index (Net)—which tracks the performance of global emerging market equities—returning -29.26% versus the Index return of -28.11%.
IV. Fund Attribution
Emerging-market (EM) equities experienced negative returns during the fiscal year, with the majority of losses occurring in 2022. The Europe, the Middle East and Africa (EMEA) region was the worst performer during the period, marked by the sharp selloff in Russian assets and the expulsion of Russian equities from the MSCI Emerging Markets Index after Russia invaded Ukraine in February 2022, as noted in the shareholder letter. Eastern European stocks suffered from the fallout, with investors pricing in effects of the invasion into securities closer to Ukraine. Russia’s invasion sent shockwaves to the global commodity market, which was already experiencing rising commodity prices fueled by supply/demand imbalances. This was a tailwind to the Middle East, which escaped the global selloff and posted positive returns for the reporting period. Asia was the next-weakest-performing market, with Chinese equities weighing on the region. Regulatory pressure continued to broadly hamper investor sentiment, which was exacerbated by periods of COVID-19 resurgence that led to damaging shutdowns of major Chinese economic hubs, which dampened demand. As developed markets dealt with higher inflation, a series of sharp rate hikes from the U.S. Federal Reserve triggered fears of overtightening and a slowdown in global economic growth, and Asian
exporters such as Korea and Taiwan also experienced broad selloffs. India and Indonesia were the only major Asian countries that escaped the damage as their strong economies helped shield equity values against global selloffs. Latin America was the lone region that garnered a positive return in U.S. dollar terms during the period. Rising commodity prices boosted the equity returns from the market. Most notably, Brazil experienced strong gains in the first three quarters of 2022, benefiting from higher prices for commodities exports.
From a sector perspective, utilities was the best-performing sector within the MSCI Emerging Markets Index, as rising energy prices helped utilities post record profits. Cyclical sectors such as financials and energy also saw strong gains as rising rates in developed markets and higher commodity prices lifted both energy stocks and banks in commodity-exporting countries. Information technology (IT) and communication services were the biggest market laggards, as regulatory uncertainty in China continued to buffet Chinese internet stocks, while global IT stocks suffered from higher interest rates and lower demand forecasts.
Quality was the Fund’s best-performing alpha source over the fiscal year as defensive and profitable companies fared better during market selloffs. High-quality consumer staples and IT companies were among the top performers during the reporting period. Momentum was the next-best-performing alpha source as a trend formed around outperformers in cyclicals that momentum latched onto, while avoiding underperforming stocks in China and Korea. Value was the third-best-performing alpha source, but also was a positive performer due to strong gains within banks and energy.
Health care was the biggest sector contributor to Fund performance due to strong bottom-up results. Consumer discretionary was also a significant contributor due to favorable results within autos and an underweight to the underperforming retailing sector. Real estate also had a positive impact on performance due to the lack of exposure to underperforming Chinese real estate companies. Financials was the most notable laggard due to overexposure to strong banks in countries affected by slowing global growth concerns, as well as underexposure to banks in commodity-exporting countries. The Fund’s positioning in the energy sector weighed on performance, attributable in part to exposure to Russian energy producers that were sanctioned.
From a regional perspective, China was the biggest contributor to Fund performance for the reporting period due to an underweight to the country, especially from value investors with low exposure to ecommerce and real
SEI Institutional International Trust / Annual Report / September 30, 2022
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2022 (Unaudited)
Emerging Market Equity Fund (Concluded)
estate sectors. This was enough to bring the net results in EM Asia to a positive return, offsetting losses in India and Taiwan. India was a major detractor from performance due to the lack of exposure to expensive companies within the country, many of which underperformed to a lesser extent in the market selloff. Chile was the largest contributor within Latin America due to favorable exposure to its lithium miners. Brazil was the biggest detractor from Fund performance, though Latin America was a net contributor over the reporting period. The EMEA region was a net detractor from performance. Russia was the biggest overall country detractor due to sanctions hitting Russian assets after Russia’s invasion of Ukraine. An underweight to Saudi Arabia also weighed on Fund performance as rising oil prices lifted the country’s stock prices. Hungary was another notable detractor given the country’s proximity to the Ukraine conflict.
Among Fund managers, Qtron was a significant contributor to Fund performance for the fiscal year, with strong quantitative model-driven results in health care, consumer discretionary, and communication services. JO Hambro was also a big contributor due to the tailwinds to momentum stocks that saw strong returns from real estate and materials stocks in the manager’s portfolio. KBI was a detractor from performance despite tailwinds to value and dividend-yield stocks. The manager’s exposure to Russia had a detrimental effect on relative performance. Neuberger Berman was another detractor due to the lack of exposure to commodity stocks and weak results within industrials and real estate. RWC also detracted from performance due to weak bottom-up results within financials and IT. Robeco was the biggest detractor from Fund performance over the period despite tailwinds to value stocks. The manager’s exposure to Russia and export-sensitive Korea weighed on results.
In February 2022, the liquidity of Russian and Ukrainian securities was hindered as a result of the Russian invasion of Ukraine. Consequently, Russian security exchanges were closed and existing equity holdings cannot be liquidated. Additional impacts on liquidity include the exclusion of Russian-related securities from major equity and fixed-income indices, the restriction of foreign investors from selling assets in the country, and sanctions implemented by western countries on many securities.
Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.
AVERAGE ANNUAL TOTAL RETURN1 |
|
1 Year
Return |
Annualized
3 Year
Return |
Annualized
5 Year
Return |
Annualized
10 Year
Return |
Annualized
Inception
to Date |
Emerging Markets Equity Fund, Class F |
-29.26% |
-3.00% |
-3.28% |
0.55% |
3.36% |
Emerging Markets Equity Fund, Class Y |
-29.10% |
-2.77% |
-3.05% |
0.75% |
3.44% |
MSCI Emerging Markets Index (Net) |
-28.11% |
-2.07% |
-1.81% |
1.05% |
1.28% |
Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Equity Fund, Class F and Class Y, versus the MSCI Emerging Markets Index (Net)
1
|
For the year ended September 30, 2022. Past performance is no indication of future performance. Class F shares were offered beginning January 17, 1995. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.
|
SEI Institutional International Trust / Annual Report / September 30, 2022
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2022 (Unaudited)
International Fixed Income Fund
I. Objective
The International Fixed Income Fund (the “Fund”) seeks capital appreciation and current income.
II. Multi-Manager Approach Statement
The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: AllianceBernstein L.P. (AllianceBernstein), Colchester Global Investors Limited (Colchester) and Wellington Management Company LLP (Wellington).
No manager changes were made during the Fund’s fiscal year.
III. Return vs. Benchmark
For the year ended September 30, 2022, the Fund’s Class F shares underperformed the Bloomberg Global Aggregate ex-USD Index, Hedged (the Index)—which tracks the performance of the global investment-grade fixed-rate debt markets outside of the U.S.—returning -10.15% versus the Index return of -9.86%.
IV. Fund Attribution
Global fixed-income markets suffered during the reporting period against a backdrop of rising government bond yields and widening credit spreads. Virtually all benchmark indices registered significant losses, with only the Chinese local-currency bond market able to garner a positive return. As noted in the shareholder letter, the repricing of interest-rate risk was particularly severe as it became increasingly apparent that central banks had fallen well behind the curve in tackling inflation. However, what began as an inflation and interest-rate issue extended to a growth and credit story as the U.S. Federal Reserve indicated its willingness to accept some economic pain in order to restore its inflation-fighting credibility. At a regional level, sterling fixed income was the worst-performing developed market, while the Japanese bond market held up relatively well as the Bank of Japan persevered with its yield curve control policy in spite of currency weakness and elevated inflation. The U.S. dollar was the strongest-performing G10 currency during the period.
The Fund modestly underperformed its benchmark for the fiscal year due to an overweight to corporate credit and long-currency exposures to the Japanese yen, Swedish krona, UK sterling, Korean won, Colombian peso, and Malaysian ringgit. Fund performance benefited from the
duration underweight, led by positioning in core developed rates markets, including Europe and the UK. The Fund’s duration underweights to South Korea and Canada also bolstered relative performance. The most significant currency contributors to performance included short positions in the New Zealand and Australian dollars, Swiss franc, and Thai baht.
Among the Fund’s managers, Wellington notably outperformed its customized benchmark during the reporting period attributable to duration underweights to the UK, Europe and South Korea. A short position in U.S. rates in the front end of the yield curve also added to performance. Short currency positions in the Turkish lira, Swiss Franc, and New Zealand dollar also benefited relative performance.
Colchester’s outperformance of its customized benchmark was led by underweights to UK and European rates (including the core and peripheral markets). Performance also was bolstered by short currency positions in the New Zealand dollar, euro, Thai baht, Swiss franc, Australian dollar, and Israeli new shekel.
AllianceBernstein underperformed its customized benchmark over the period because of an overweight in corporate credit and overweight duration positions in Australia and the U.S.
The Fund used foreign exchange (FX) forwards, financial futures, interest-rate swaps and over-the-counter options during the reporting period to hedge existing exposures and gain exposure to particular areas of the market.
Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.
AVERAGE ANNUAL TOTAL RETURN1 |
|
1 Year
Return |
Annualized
3 Year
Return |
Annualized
5 Year
Return |
Annualized
10 Year
Return |
Annualized
Inception
to Date |
International Fixed Income Fund, Class F |
-10.15% |
-3.54% |
-0.11% |
1.41% |
3.51% |
International Fixed Income Fund, Class Y |
-10.00% |
-3.34% |
0.12% |
1.57% |
3.57% |
Bloomberg Global Aggregate ex-USD Index, Hedged |
-9.86% |
-2.99% |
0.71% |
2.21% |
4.79% |
SEI Institutional International Trust / Annual Report / September 30, 2022
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2022 (Unaudited)
International Fixed Income Fund (Concluded)
Comparison of Change in the Value of a $100,000 Investment in the International Fixed Income Fund, Class F and Class Y, versus the Bloomberg Global Aggregate ex-USD Index, Hedged
1
|
For the year ended September 30, 2022. Past performance is no indication of future performance. Class F shares were offered beginning September 1, 1993. The Fund’s Class Y shares commenced operations on October 30, 2015. For periods prior to October 30, 2015, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.
|
SEI Institutional International Trust / Annual Report / September 30, 2022
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2022 (Unaudited)
Emerging Markets Debt Fund
I. Objective
The Emerging Markets Debt Fund (the “Fund”) seeks to maximize total return.
II. Multi-Manager Approach
The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: Colchester Global Investors Limited (Colchester), Marathon Asset Management, L.P. (Marathon), Neuberger Berman Investment Advisers LLC (Neuberger Berman), Ninety One UK Ltd. (Ninety One) and Stone Harbor Investment Partners LP, a division of Virtus Fixed Income Advisers, LLC (Stone Harbor).
No manager changes were made during the Fund’s fiscal year.
III. Return vs. Benchmark
For the year ended September 30, 2022, the Fund’s Class F shares underperformed a hybrid of 50% JP Morgan EMBI Global Diversified Index (JPM EMBI GD) (which tracks the performance of external debt instruments in the emerging markets) and 50% JP Morgan GBI Emerging Markets Global Diversified Index (JPM GBI-EM GD) (which tracks the performance of debt instruments issued in domestic currencies by emerging-market governments), returning -24.04% versus the Index return of -22.45%.
IV. Fund Attribution
For the 12-month period ending September 30, 2022, the hard-currency market returned -24.28% and the local-currency market returned -20.63%, as measured by the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI Emerging Markets Global Diversified Index, respectively. Much of the downturn in both markets resulted from higher interest rates. For example, the 10-year U.S. Treasury note, which has a comparable duration to that of the hard-currency index, yielded 1.48% in September 2021, and ended this year at 3.83%. Markets were trending sideways until February 2022, which saw the first of four months in which absolute returns fell below -5% for the Fund and its blended benchmark. As noted in the shareholder letter, Russia launched an invasion of Ukraine in February, which had a negative impact on risk assets globally. The Fund covered much of its risk in the Russia-Belarus-Ukraine block. Russian exposure would ultimately contribute to Fund performance at the end of the fiscal year, while the overweight exposure to Ukraine was a detractor. There were
similar market declines in April, June and September 2022, with emerging-market (EM) foreign exchange (FX) lagging the U.S. dollar, EM central banks hiking interest rates aggressively—causing local interest rates to move higher—and yields on U.S. Treasurys continuing to march upward, weighing on the hard-currency return profile.
The Fund underperformed its blended benchmark during the fiscal year. An overweight to high-yield hard-currency exposure in Argentina, state-owned oil company Pemex in Mexico, and Ecuador detracted from performance. Overweight currency exposure in Russia and underweight currency exposure in China added to Fund performance, while overweights to Indonesia-based electric power company PLN and Malaysia-based greenhouse solutions provider GHS detracted from performance.
Among Fund managers, Colchester and Ninety One outperformed the blended index for the reporting period. Colchester had a bias to invest in higher real-yield currencies that outperformed, including Brazil and Mexico. The underweights to Eastern Europe and Asia also had a positive impact on Fund performance. Ninety One contributed to performance due to high-carry positions in local Zambian securities. The performance of both Colchester and Ninety One benefited from long positions in the Russian ruble.
Stone Harbor, Neuberger Berman and Marathon underperformed the blended benchmark as their hard currency-focused opportunity set lagged the mixed local and hard currency index. Stone Harbor and Neuberger Berman held overweights to high-yield hard-currency exposures, including Argentina, Ecuador and Angola, which drove underperformance. Marathon dialed into longer-dated investment-grade securities which have repriced lower and show attractive convexity characteristics, though the manager’s bias toward the sector caused the Fund to underperform over the period.
The Fund used currency forwards and swap contracts during the fiscal year ending September 30, 2022, to either hedge particular positions or gain exposure to additional areas of the market. Currency forwards had a material impact on Fund performance during the period as 50% of the blended benchmark is directly affected by foreign currencies. Positive and negative effects differed on a country-to-country basis, depending on whether the forward increased or decreased currency exposure and whether the currency strengthened or weakened relative to the U.S. dollar.
Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.
SEI Institutional International Trust / Annual Report / September 30, 2022
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE
September 30, 2022 (Unaudited)
Emerging Markets Debt Fund (Concluded)
AVERAGE ANNUAL TOTAL RETURN1 |
|
1 Year
Return |
Annualized
3 Year
Return |
Annualized
5 Year
Return |
Annualized
10 Year
Return |
Annualized
Inception
to Date |
Emerging Markets Debt Fund, Class F |
-24.04% |
-7.51% |
-4.37% |
-1.80% |
5.61% |
Emerging Markets Debt Fund, Class Y |
-23.87% |
-7.30% |
-4.13% |
-1.61% |
5.69% |
JP Morgan EMBI Global Diversified Index |
-24.28% |
-7.15% |
-2.62% |
1.08% |
6.40% |
JP Morgan GBI-EM Global Diversified Index |
-20.63% |
-7.06% |
-3.92% |
-2.43% |
X.XX% |
50/50 Hybrid of the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index |
-22.45% |
-7.07% |
-3.22% |
-0.63% |
X.XX% |
Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Debt Fund, Class F and Class Y, versus a 50/50 Hybrid of the Following Indexes: the JP Morgan EMBI Global Diversified Index and the JP Morgan GBI-EM Global Diversified Index
1
|
For the year ended September 30, 2022. Past performance is no indication of future performance. Class F shares were offered beginning June 26, 1997. The Fund’s Class Y shares commenced operations on December 31, 2014. For periods prior to December 31, 2014, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F shares and would have differed only to the extent that Class Y shares have lower total annual fund operating expenses than Class F shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.
|
SEI Institutional International Trust / Annual Report / September 30, 2022
SCHEDULE OF INVESTMENTS
September 30, 2022
International Equity Fund
†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK — 94.5% |
Australia — 4.2% |
Aristocrat Leisure Ltd |
|
|
20,451 |
|
|
$ |
434 |
|
ASX Ltd |
|
|
5,140 |
|
|
|
238 |
|
Australia & New Zealand Banking Group Ltd |
|
|
1,231,798 |
|
|
|
18,125 |
|
Australian Clinical Labs Ltd |
|
|
44,233 |
|
|
|
101 |
|
BHP Group Ltd |
|
|
709,062 |
|
|
|
17,717 |
|
BlueScope Steel Ltd |
|
|
925,872 |
|
|
|
9,038 |
|
Brambles Ltd |
|
|
18,233 |
|
|
|
134 |
|
Cogstate Ltd * |
|
|
1,526 |
|
|
|
2 |
|
Commonwealth Bank of Australia |
|
|
12,676 |
|
|
|
741 |
|
Computershare Ltd |
|
|
701,167 |
|
|
|
11,241 |
|
CSL Ltd |
|
|
31,886 |
|
|
|
5,829 |
|
CSR Ltd |
|
|
807,866 |
|
|
|
2,314 |
|
Endeavour Group Ltd/Australia |
|
|
45,838 |
|
|
|
207 |
|
Fortescue Metals Group Ltd |
|
|
545,913 |
|
|
|
5,891 |
|
Goodman Group ‡ |
|
|
88,261 |
|
|
|
897 |
|
GrainCorp Ltd, Cl A |
|
|
52,680 |
|
|
|
266 |
|
Grange Resources Ltd |
|
|
118,704 |
|
|
|
54 |
|
Iluka Resources Ltd |
|
|
548,642 |
|
|
|
3,193 |
|
Imdex Ltd |
|
|
106,532 |
|
|
|
122 |
|
Incitec Pivot Ltd |
|
|
2,387,950 |
|
|
|
5,458 |
|
Jumbo Interactive Ltd |
|
|
12,841 |
|
|
|
98 |
|
Macquarie Group Ltd |
|
|
22,557 |
|
|
|
2,212 |
|
Mineral Resources Ltd |
|
|
78,728 |
|
|
|
3,322 |
|
National Australia Bank Ltd |
|
|
60,901 |
|
|
|
1,133 |
|
OFX Group Ltd |
|
|
14,631 |
|
|
|
24 |
|
Orica Ltd |
|
|
119,277 |
|
|
|
1,021 |
|
Orora Ltd |
|
|
1,681,935 |
|
|
|
3,259 |
|
Pilbara Minerals Ltd * |
|
|
1,732,931 |
|
|
|
5,026 |
|
Ramsay Health Care Ltd |
|
|
13,832 |
|
|
|
510 |
|
Ridley Corp Ltd |
|
|
80,728 |
|
|
|
106 |
|
Shaver Shop Group Ltd |
|
|
30,839 |
|
|
|
21 |
|
Sierra Rutile Holdings Ltd * |
|
|
548,642 |
|
|
|
74 |
|
South32 Ltd |
|
|
7,289,268 |
|
|
|
17,393 |
|
Technology One Ltd |
|
|
48,696 |
|
|
|
330 |
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Telstra Corp Ltd |
|
|
775,517 |
|
|
$ |
1,925 |
|
Wesfarmers Ltd |
|
|
47,586 |
|
|
|
1,308 |
|
Whitehaven Coal Ltd |
|
|
4,061,718 |
|
|
|
23,687 |
|
Woolworths Group Ltd |
|
|
22,497 |
|
|
|
491 |
|
|
|
|
|
|
|
|
143,942 |
|
|
|
|
|
|
|
|
|
|
Austria — 0.4% |
ANDRITZ AG |
|
|
72,724 |
|
|
|
3,076 |
|
OMV AG |
|
|
230,693 |
|
|
|
8,346 |
|
Raiffeisen Bank International AG |
|
|
39,393 |
|
|
|
466 |
|
Verbund AG, Cl A |
|
|
8,382 |
|
|
|
715 |
|
Vienna Insurance Group AG Wiener Versicherung Gruppe |
|
|
15,025 |
|
|
|
306 |
|
|
|
|
|
|
|
|
12,909 |
|
|
|
|
|
|
|
|
|
|
Belgium — 0.2% |
Anheuser-Busch InBev SA/NV |
|
|
116,287 |
|
|
|
5,265 |
|
Elia Group SA/NV |
|
|
8,203 |
|
|
|
965 |
|
Groupe Bruxelles Lambert NV |
|
|
8,077 |
|
|
|
565 |
|
Sipef NV |
|
|
128 |
|
|
|
7 |
|
|
|
|
|
|
|
|
6,802 |
|
|
|
|
|
|
|
|
|
|
Brazil — 1.1% |
Ambev SA |
|
|
8,068,500 |
|
|
|
23,196 |
|
Gerdau SA ADR |
|
|
329,566 |
|
|
|
1,490 |
|
JBS SA |
|
|
1,867,800 |
|
|
|
8,716 |
|
Petroleo Brasileiro SA ADR |
|
|
308,960 |
|
|
|
3,812 |
|
|
|
|
|
|
|
|
37,214 |
|
|
|
|
|
|
|
|
|
|
Canada — 2.2% |
Advantage Energy Ltd * |
|
|
253,283 |
|
|
|
1,830 |
|
Algoma Steel Group Inc |
|
|
21,983 |
|
|
|
142 |
|
Alimentation Couche-Tard Inc |
|
|
165,065 |
|
|
|
6,681 |
|
Amerigo Resources Ltd |
|
|
25,300 |
|
|
|
18 |
|
Aritzia Inc * |
|
|
27,800 |
|
|
|
918 |
|
Atco Ltd/Canada, Cl I |
|
|
38,705 |
|
|
|
1,196 |
|
Athabasca Oil Corp * |
|
|
178,800 |
|
|
|
277 |
|
Birchcliff Energy Ltd |
|
|
269,560 |
|
|
|
1,925 |
|
Black Diamond Group Ltd |
|
|
4,100 |
|
|
|
11 |
|
Canadian National Railway Co |
|
|
121,608 |
|
|
|
13,203 |
|
Canadian Pacific Railway Ltd |
|
|
130,655 |
|
|
|
8,717 |
|
Canfor Corp * |
|
|
120,381 |
|
|
|
1,762 |
|
Celestica Inc * |
|
|
145,600 |
|
|
|
1,233 |
|
Crescent Point Energy Corp |
|
|
436,300 |
|
|
|
2,699 |
|
Dexterra Group Inc |
|
|
104 |
|
|
|
– |
|
Dundee Precious Metals Inc |
|
|
12,791 |
|
|
|
57 |
|
Empire Co Ltd, Cl A |
|
|
145,400 |
|
|
|
3,636 |
|
Enerplus Corp |
|
|
69,631 |
|
|
|
991 |
|
Enghouse Systems Ltd |
|
|
6,600 |
|
|
|
139 |
|
Ensign Energy Services Inc * |
|
|
37,800 |
|
|
|
62 |
|
Exco Technologies Ltd |
|
|
9,200 |
|
|
|
52 |
|
Fairfax Financial Holdings Ltd |
|
|
900 |
|
|
|
413 |
|
Finning International Inc |
|
|
17,500 |
|
|
|
309 |
|
Gear Energy Ltd |
|
|
115,938 |
|
|
|
96 |
|
SEI Institutional International Trust / Annual Report / September 30, 2022
SCHEDULE OF INVESTMENTS
September 30, 2022
International Equity Fund (Continued)
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
George Weston Ltd |
|
|
62,200 |
|
|
$ |
6,547 |
|
iA Financial Corp Inc |
|
|
33,297 |
|
|
|
1,701 |
|
Kelt Exploration Ltd * |
|
|
98,529 |
|
|
|
374 |
|
Leon's Furniture Ltd |
|
|
16,100 |
|
|
|
188 |
|
Linamar Corp |
|
|
2,600 |
|
|
|
102 |
|
Manulife Financial Corp |
|
|
129,400 |
|
|
|
2,042 |
|
Martinrea International Inc |
|
|
60,100 |
|
|
|
374 |
|
MEG Energy Corp * |
|
|
364,500 |
|
|
|
4,101 |
|
MTY Food Group Inc |
|
|
2,300 |
|
|
|
95 |
|
Mullen Group Ltd |
|
|
66,075 |
|
|
|
685 |
|
North West Co Inc/The (A) |
|
|
29,200 |
|
|
|
680 |
|
NuVista Energy Ltd * |
|
|
48,900 |
|
|
|
349 |
|
Parex Resources Inc |
|
|
28,100 |
|
|
|
413 |
|
Pason Systems Inc |
|
|
7,700 |
|
|
|
74 |
|
Peyto Exploration & Development Corp |
|
|
209,700 |
|
|
|
1,682 |
|
Pipestone Energy Corp * |
|
|
68,278 |
|
|
|
184 |
|
Power Corp of Canada |
|
|
52,800 |
|
|
|
1,196 |
|
Russel Metals Inc |
|
|
31,084 |
|
|
|
581 |
|
Stelco Holdings Inc |
|
|
53,100 |
|
|
|
1,330 |
|
Tidewater Midstream and Infrastructure Ltd |
|
|
59,900 |
|
|
|
43 |
|
TMX Group Ltd |
|
|
1,600 |
|
|
|
148 |
|
Tourmaline Oil Corp |
|
|
65,700 |
|
|
|
3,433 |
|
Uni-Select Inc * |
|
|
62,513 |
|
|
|
1,660 |
|
Viemed Healthcare Inc * |
|
|
32,726 |
|
|
|
198 |
|
Westshore Terminals Investment Corp |
|
|
2,900 |
|
|
|
56 |
|
Whitecap Resources Inc (A) |
|
|
88,200 |
|
|
|
561 |
|
|
|
|
|
|
|
|
75,164 |
|
|
|
|
|
|
|
|
|
|
China — 1.8% |
Alibaba Group Holding Ltd * |
|
|
2,314,394 |
|
|
|
23,095 |
|
Beijing Capital International Airport Co Ltd, Cl H |
|
|
8,022,000 |
|
|
|
4,328 |
|
Shenzhou International Group Holdings Ltd |
|
|
238,200 |
|
|
|
1,839 |
|
STMicroelectronics NV |
|
|
248,130 |
|
|
|
7,708 |
|
Tencent Holdings Ltd |
|
|
209,867 |
|
|
|
7,088 |
|
Trip.com Group Ltd ADR * |
|
|
566,627 |
|
|
|
15,475 |
|
|
|
|
|
|
|
|
59,533 |
|
|
|
|
|
|
|
|
|
|
Denmark — 3.5% |
AP Moller - Maersk A/S, Cl A |
|
|
530 |
|
|
|
936 |
|
AP Moller - Maersk A/S, Cl B |
|
|
11,813 |
|
|
|
21,457 |
|
Carlsberg AS, Cl B |
|
|
16,655 |
|
|
|
1,947 |
|
Coloplast A/S, Cl B |
|
|
6,371 |
|
|
|
647 |
|
Danske Bank A/S |
|
|
599,587 |
|
|
|
7,460 |
|
Demant A/S * |
|
|
6,373 |
|
|
|
157 |
|
DSV A/S |
|
|
36,449 |
|
|
|
4,268 |
|
Genmab A/S * |
|
|
34,007 |
|
|
|
10,935 |
|
Novo Nordisk A/S, Cl B |
|
|
613,339 |
|
|
|
61,072 |
|
Orsted AS |
|
|
68,664 |
|
|
|
5,470 |
|
Pandora A/S |
|
|
101,500 |
|
|
|
4,745 |
|
Solar A/S, Cl B |
|
|
624 |
|
|
|
41 |
|
|
|
|
|
|
|
|
119,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Finland — 1.1% |
Kesko Oyj, Cl B |
|
|
602,662 |
|
|
$ |
11,239 |
|
Marimekko Oyj |
|
|
4,590 |
|
|
|
39 |
|
Neste Oyj |
|
|
26,709 |
|
|
|
1,164 |
|
Nokia Oyj |
|
|
4,631,838 |
|
|
|
19,877 |
|
Orion Oyj, Cl B |
|
|
111,563 |
|
|
|
4,696 |
|
UPM-Kymmene Oyj |
|
|
24,182 |
|
|
|
767 |
|
Uponor Oyj |
|
|
9,306 |
|
|
|
122 |
|
Vaisala Oyj, Cl A |
|
|
564 |
|
|
|
20 |
|
|
|
|
|
|
|
|
37,924 |
|
|
|
|
|
|
|
|
|
|
France — 11.1% |
ABC arbitrage |
|
|
1,721 |
|
|
|
11 |
|
Accor SA |
|
|
576,624 |
|
|
|
12,067 |
|
Air Liquide SA |
|
|
333,318 |
|
|
|
38,082 |
|
AKWEL |
|
|
367 |
|
|
|
5 |
|
Alstom SA (A) |
|
|
803,945 |
|
|
|
12,999 |
|
Amundi SA |
|
|
418,848 |
|
|
|
17,430 |
|
Aubay |
|
|
449 |
|
|
|
19 |
|
AXA SA |
|
|
741,276 |
|
|
|
16,178 |
|
Beneteau SA |
|
|
30,414 |
|
|
|
312 |
|
BioMerieux |
|
|
3,830 |
|
|
|
303 |
|
BNP Paribas SA |
|
|
113,924 |
|
|
|
4,810 |
|
Bouygues SA |
|
|
270,219 |
|
|
|
7,066 |
|
Capgemini SE |
|
|
5,911 |
|
|
|
946 |
|
Carrefour SA |
|
|
465,141 |
|
|
|
6,448 |
|
Cie Generale des Etablissements Michelin SCA |
|
|
752,385 |
|
|
|
16,851 |
|
Credit Agricole SA |
|
|
40,554 |
|
|
|
329 |
|
Danone SA |
|
|
611,228 |
|
|
|
28,890 |
|
Dassault Aviation SA |
|
|
35,170 |
|
|
|
4,000 |
|
Derichebourg SA |
|
|
5,660 |
|
|
|
23 |
|
Engie SA |
|
|
556,286 |
|
|
|
6,400 |
|
Eurazeo SE |
|
|
3,611 |
|
|
|
188 |
|
Eurofins Scientific SE |
|
|
99,284 |
|
|
|
5,892 |
|
Fnac Darty SA |
|
|
8,726 |
|
|
|
241 |
|
Hermes International |
|
|
1,268 |
|
|
|
1,491 |
|
Ipsen SA |
|
|
68,954 |
|
|
|
6,379 |
|
IPSOS |
|
|
18,645 |
|
|
|
833 |
|
Jacquet Metals SACA |
|
|
5,998 |
|
|
|
75 |
|
Lectra |
|
|
1,656 |
|
|
|
46 |
|
Legrand SA |
|
|
8,935 |
|
|
|
577 |
|
L'Oreal SA |
|
|
20,470 |
|
|
|
6,542 |
|
LVMH Moet Hennessy Louis Vuitton SE |
|
|
10,964 |
|
|
|
6,462 |
|
Orange SA |
|
|
653,710 |
|
|
|
5,910 |
|
Pernod Ricard SA |
|
|
69,329 |
|
|
|
12,714 |
|
Publicis Groupe SA |
|
|
496,797 |
|
|
|
23,530 |
|
Rexel SA |
|
|
1,695,715 |
|
|
|
25,403 |
|
Sanofi |
|
|
528,016 |
|
|
|
40,190 |
|
Sartorius Stedim Biotech |
|
|
35,828 |
|
|
|
10,985 |
|
Savencia SA |
|
|
539 |
|
|
|
27 |
|
Schneider Electric SE |
|
|
91,319 |
|
|
|
10,310 |
|
SCOR SE |
|
|
269,863 |
|
|
|
3,900 |
|
SEI Institutional International Trust / Annual Report / September 30, 2022
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Societe BIC SA |
|
|
364 |
|
|
$ |
23 |
|
Societe Generale SA |
|
|
104,829 |
|
|
|
2,072 |
|
Sodexo SA |
|
|
197,610 |
|
|
|
14,835 |
|
Somfy SA |
|
|
1,942 |
|
|
|
180 |
|
SPIE SA |
|
|
21,148 |
|
|
|
443 |
|
Stef SA |
|
|
602 |
|
|
|
44 |
|
Thales SA |
|
|
55,998 |
|
|
|
6,168 |
|
TotalEnergies SE |
|
|
146,857 |
|
|
|
6,887 |
|
Trigano SA |
|
|
1,315 |
|
|
|
115 |
|
Valeo |
|
|
184,967 |
|
|
|
2,794 |
|
Veolia Environnement SA |
|
|
29,109 |
|
|
|
556 |
|
Vetoquinol SA |
|
|
50 |
|
|
|
4 |
|
Vilmorin & Cie SA |
|
|
1,420 |
|
|
|
56 |
|
Vinci SA |
|
|
126,058 |
|
|
|
10,189 |
|
Virbac SA |
|
|
69 |
|
|
|
18 |
|
Wavestone |
|
|
3,176 |
|
|
|
137 |
|
Wendel SE |
|
|
5,144 |
|
|
|
368 |
|
|
|
|
|
|
|
|
379,753 |
|
|
|
|
|
|
|
|
|
|
Germany — 7.7% |
adidas AG |
|
|
97,290 |
|
|
|
11,180 |
|
Allianz SE |
|
|
4,268 |
|
|
|
672 |
|
AT&S Austria Technologie & Systemtechnik AG |
|
|
744 |
|
|
|
24 |
|
BASF SE |
|
|
459,533 |
|
|
|
17,629 |
|
Bayer AG |
|
|
491,097 |
|
|
|
22,618 |
|
Bayerische Motoren Werke AG |
|
|
17,820 |
|
|
|
1,207 |
|
Brenntag SE |
|
|
9,093 |
|
|
|
549 |
|
Carl Zeiss Meditec AG |
|
|
34,097 |
|
|
|
3,540 |
|
Covestro AG |
|
|
765,370 |
|
|
|
21,874 |
|
Daimler Truck Holding AG * |
|
|
609,919 |
|
|
|
13,783 |
|
Deutsche Boerse AG |
|
|
115,874 |
|
|
|
18,987 |
|
Deutsche Post AG |
|
|
61,297 |
|
|
|
1,847 |
|
Deutsche Telekom AG |
|
|
658,315 |
|
|
|
11,201 |
|
Deutz AG |
|
|
21,725 |
|
|
|
67 |
|
Duerr AG |
|
|
18,372 |
|
|
|
382 |
|
E.ON SE |
|
|
123,380 |
|
|
|
948 |
|
Elmos Semiconductor SE |
|
|
636 |
|
|
|
24 |
|
Fresenius Medical Care AG & Co KGaA |
|
|
551,168 |
|
|
|
15,522 |
|
GEA Group AG |
|
|
14,875 |
|
|
|
481 |
|
Hannover Rueck SE |
|
|
3,061 |
|
|
|
459 |
|
HUGO BOSS AG |
|
|
130,138 |
|
|
|
6,057 |
|
Knorr-Bremse AG |
|
|
153,520 |
|
|
|
6,590 |
|
Krones AG |
|
|
5,055 |
|
|
|
444 |
|
Linde PLC |
|
|
21,604 |
|
|
|
5,847 |
|
Mercedes-Benz Group AG |
|
|
29,602 |
|
|
|
1,496 |
|
Merck KGaA |
|
|
145,981 |
|
|
|
23,622 |
|
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
|
|
2,197 |
|
|
|
529 |
|
Nemetschek SE |
|
|
9,534 |
|
|
|
452 |
|
PSI Software AG |
|
|
31 |
|
|
|
1 |
|
Rheinmetall AG |
|
|
8,779 |
|
|
|
1,351 |
|
RWE AG |
|
|
673,423 |
|
|
|
24,742 |
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
SAP SE |
|
|
418,712 |
|
|
$ |
34,109 |
|
Siemens AG |
|
|
117,022 |
|
|
|
11,433 |
|
Siemens Healthineers AG |
|
|
16,973 |
|
|
|
728 |
|
Stabilus SE |
|
|
1,707 |
|
|
|
75 |
|
Telefonica Deutschland Holding AG |
|
|
434,194 |
|
|
|
878 |
|
Vitesco Technologies Group AG * |
|
|
5,387 |
|
|
|
262 |
|
Wacker Chemie AG |
|
|
20,170 |
|
|
|
2,073 |
|
|
|
|
|
|
|
|
263,683 |
|
|
|
|
|
|
|
|
|
|
Hong Kong — 1.7% |
AIA Group Ltd |
|
|
706,000 |
|
|
|
5,878 |
|
Bank of East Asia Ltd/The |
|
|
96,200 |
|
|
|
105 |
|
Chaoda Modern Agriculture Holdings Ltd * |
|
|
2,440,000 |
|
|
|
11 |
|
First Pacific Co Ltd |
|
|
436,000 |
|
|
|
133 |
|
Galaxy Entertainment Group Ltd |
|
|
2,647,000 |
|
|
|
15,558 |
|
Hong Kong & China Gas Co Ltd |
|
|
695,000 |
|
|
|
612 |
|
Hong Kong Exchanges & Clearing Ltd |
|
|
196,728 |
|
|
|
6,724 |
|
Jardine Matheson Holdings Ltd |
|
|
8,600 |
|
|
|
435 |
|
Johnson Electric Holdings Ltd |
|
|
68,837 |
|
|
|
69 |
|
Li Ning Co Ltd |
|
|
463,000 |
|
|
|
3,513 |
|
Orient Overseas International Ltd |
|
|
252,500 |
|
|
|
4,394 |
|
PAX Global Technology Ltd |
|
|
125,000 |
|
|
|
94 |
|
Power Assets Holdings Ltd |
|
|
116,000 |
|
|
|
582 |
|
Sands China Ltd * |
|
|
6,014,800 |
|
|
|
14,978 |
|
SITC International Holdings Co Ltd |
|
|
1,207,000 |
|
|
|
2,214 |
|
Stella International Holdings Ltd |
|
|
6,500 |
|
|
|
6 |
|
Swire Pacific Ltd, Cl A |
|
|
69,000 |
|
|
|
516 |
|
WH Group Ltd |
|
|
1,356,000 |
|
|
|
853 |
|
|
|
|
|
|
|
|
56,675 |
|
|
|
|
|
|
|
|
|
|
Hungary — 0.0% |
MOL Hungarian Oil & Gas PLC |
|
|
49,088 |
|
|
|
273 |
|
|
|
|
|
|
|
|
|
|
India — 0.0% |
Kewal Kiran Clothing Ltd |
|
|
25,668 |
|
|
|
128 |
|
|
|
|
|
|
|
|
|
|
Indonesia — 0.3% |
ABM Investama Tbk PT |
|
|
303,500 |
|
|
|
79 |
|
Adaro Energy Indonesia Tbk PT |
|
|
12,532,400 |
|
|
|
3,232 |
|
Bank Rakyat Indonesia Persero Tbk PT |
|
|
13,839,518 |
|
|
|
4,050 |
|
Bukit Asam Tbk PT |
|
|
1,292,900 |
|
|
|
352 |
|
Delta Dunia Makmur Tbk PT * |
|
|
6,958,800 |
|
|
|
172 |
|
Indika Energy Tbk PT |
|
|
683,100 |
|
|
|
134 |
|
Medco Energi Internasional Tbk PT |
|
|
5,232,400 |
|
|
|
314 |
|
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT |
|
|
2,616,700 |
|
|
|
185 |
|
Sumber Tani Agung Resources Tbk PT |
|
|
1,577,400 |
|
|
|
121 |
|
Triputra Agro Persada PT |
|
|
677,010 |
|
|
|
29 |
|
United Tractors Tbk PT |
|
|
702,300 |
|
|
|
1,508 |
|
|
|
|
|
|
|
|
10,176 |
|
|
|
|
|
|
|
|
|
|
Ireland — 1.5% |
Accenture PLC, Cl A |
|
|
49,138 |
|
|
|
12,643 |
|
Bank of Ireland Group PLC |
|
|
1,267,412 |
|
|
|
8,126 |
|
Experian PLC |
|
|
198,471 |
|
|
|
5,808 |
|
SEI Institutional International Trust / Annual Report / September 30, 2022
SCHEDULE OF INVESTMENTS
September 30, 2022
International Equity Fund (Continued)
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
ICON PLC * |
|
|
60,288 |
|
|
$ |
11,080 |
|
Ryanair Holdings PLC ADR * |
|
|
207,182 |
|
|
|
12,104 |
|
|
|
|
|
|
|
|
49,761 |
|
|
|
|
|
|
|
|
|
|
Israel — 1.4% |
Bank Hapoalim BM |
|
|
2,013,017 |
|
|
|
17,037 |
|
Bank Leumi Le-Israel BM |
|
|
2,062,818 |
|
|
|
17,663 |
|
Check Point Software Technologies Ltd * |
|
|
64,149 |
|
|
|
7,186 |
|
FIBI Holdings Ltd |
|
|
17,608 |
|
|
|
793 |
|
First International Bank Of Israel Ltd/The |
|
|
641 |
|
|
|
26 |
|
ICL Group Ltd |
|
|
65,372 |
|
|
|
525 |
|
Israel Discount Bank Ltd, Cl A |
|
|
553,130 |
|
|
|
2,793 |
|
Mizrahi Tefahot Bank Ltd |
|
|
62,337 |
|
|
|
2,188 |
|
YH Dimri Construction & Development Ltd |
|
|
33 |
|
|
|
2 |
|
|
|
|
|
|
|
|
48,213 |
|
|
|
|
|
|
|
|
|
|
Italy — 2.9% |
Assicurazioni Generali SpA |
|
|
107,542 |
|
|
|
1,468 |
|
Azimut Holding SpA |
|
|
122,503 |
|
|
|
1,747 |
|
Banca IFIS SpA |
|
|
4,498 |
|
|
|
50 |
|
CNH Industrial NV |
|
|
915,638 |
|
|
|
10,244 |
|
Danieli & C Officine Meccaniche SpA |
|
|
3,674 |
|
|
|
44 |
|
Davide Campari-Milano NV |
|
|
30,641 |
|
|
|
271 |
|
Enel SpA |
|
|
7,916,255 |
|
|
|
32,453 |
|
EXOR NV |
|
|
41,964 |
|
|
|
2,553 |
|
Ferrari NV |
|
|
36,076 |
|
|
|
6,678 |
|
FinecoBank Banca Fineco SpA |
|
|
40,607 |
|
|
|
501 |
|
Intesa Sanpaolo SpA |
|
|
317,884 |
|
|
|
526 |
|
Iren SpA |
|
|
14,926 |
|
|
|
20 |
|
Leonardo SpA |
|
|
343,912 |
|
|
|
2,434 |
|
Moncler SpA |
|
|
4,664 |
|
|
|
190 |
|
Recordati Industria Chimica e Farmaceutica SpA |
|
|
18,809 |
|
|
|
688 |
|
Snam SpA |
|
|
124,499 |
|
|
|
503 |
|
Stellantis NV |
|
|
112,513 |
|
|
|
1,328 |
|
Tenaris SA |
|
|
624,732 |
|
|
|
8,080 |
|
Terna - Rete Elettrica Nazionale |
|
|
138,019 |
|
|
|
840 |
|
UniCredit SpA |
|
|
2,652,764 |
|
|
|
26,846 |
|
|
|
|
|
|
|
|
97,464 |
|
|
|
|
|
|
|
|
|
|
Japan — 13.1% |
77 Bank Ltd/The |
|
|
73,664 |
|
|
|
910 |
|
A&D HOLON Holdings Co Ltd |
|
|
3,900 |
|
|
|
22 |
|
Adastria Co Ltd |
|
|
5,700 |
|
|
|
85 |
|
Advantest Corp (A) |
|
|
127,720 |
|
|
|
5,898 |
|
AEON Financial Service Co Ltd |
|
|
172,700 |
|
|
|
1,714 |
|
Ai Holdings Corp |
|
|
1,700 |
|
|
|
24 |
|
Aisan Industry Co Ltd |
|
|
12,100 |
|
|
|
57 |
|
Alps Alpine Co Ltd |
|
|
40,800 |
|
|
|
295 |
|
Anest Iwata Corp |
|
|
4,800 |
|
|
|
28 |
|
Anritsu Corp (A) |
|
|
33,900 |
|
|
|
368 |
|
AOKI Holdings Inc |
|
|
5,200 |
|
|
|
25 |
|
Arcland Service Holdings Co Ltd |
|
|
1,800 |
|
|
|
27 |
|
Arcs Co Ltd |
|
|
28,200 |
|
|
|
402 |
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
ARTERIA Networks Corp |
|
|
9,000 |
|
|
$ |
74 |
|
Asahi Group Holdings Ltd |
|
|
122,100 |
|
|
|
3,806 |
|
ASAHI YUKIZAI CORP |
|
|
1,600 |
|
|
|
24 |
|
Astellas Pharma Inc |
|
|
53,100 |
|
|
|
703 |
|
Awa Bank Ltd/The |
|
|
7,800 |
|
|
|
102 |
|
Axial Retailing Inc |
|
|
3,200 |
|
|
|
72 |
|
Bandai Namco Holdings Inc |
|
|
16,600 |
|
|
|
1,082 |
|
Bank of Iwate Ltd/The |
|
|
2,000 |
|
|
|
25 |
|
Belc Co Ltd |
|
|
1,100 |
|
|
|
41 |
|
Benefit One Inc |
|
|
4,900 |
|
|
|
69 |
|
BIPROGY Inc |
|
|
171,500 |
|
|
|
3,716 |
|
Bridgestone Corp |
|
|
114,100 |
|
|
|
3,690 |
|
Brother Industries Ltd (A) |
|
|
91,000 |
|
|
|
1,572 |
|
Business Brain Showa-Ota Inc |
|
|
2,600 |
|
|
|
25 |
|
Canon Inc |
|
|
304,400 |
|
|
|
6,648 |
|
Canon Marketing Japan Inc |
|
|
94,900 |
|
|
|
2,101 |
|
Capcom Co Ltd |
|
|
63,530 |
|
|
|
1,599 |
|
Central Glass Co Ltd |
|
|
2,100 |
|
|
|
48 |
|
Chiba Kogyo Bank Ltd/The |
|
|
13,000 |
|
|
|
25 |
|
Chori Co Ltd |
|
|
3,400 |
|
|
|
45 |
|
Chubu Shiryo Co Ltd |
|
|
2,800 |
|
|
|
20 |
|
COLOPL Inc |
|
|
9,800 |
|
|
|
46 |
|
Comture Corp |
|
|
5,100 |
|
|
|
80 |
|
Cosel Co Ltd |
|
|
2,600 |
|
|
|
15 |
|
Daihen Corp |
|
|
1,400 |
|
|
|
36 |
|
Dai-ichi Life Holdings Inc |
|
|
389,800 |
|
|
|
6,197 |
|
Daito Trust Construction Co Ltd |
|
|
78,600 |
|
|
|
7,352 |
|
Daiwa House Industry Co Ltd |
|
|
68,900 |
|
|
|
1,401 |
|
Daiwa Industries Ltd |
|
|
3,300 |
|
|
|
26 |
|
DeNA Co Ltd |
|
|
19,500 |
|
|
|
247 |
|
Dentsu Group Inc |
|
|
26,700 |
|
|
|
759 |
|
Digital Arts Inc |
|
|
3,000 |
|
|
|
130 |
|
Disco Corp |
|
|
2,100 |
|
|
|
463 |
|
Doshisha Co Ltd |
|
|
2,300 |
|
|
|
23 |
|
Drecom Co Ltd |
|
|
7,100 |
|
|
|
42 |
|
Earth Corp |
|
|
3,600 |
|
|
|
129 |
|
Eco's Co Ltd/Japan |
|
|
1,800 |
|
|
|
22 |
|
EDION Corp (A) |
|
|
25,700 |
|
|
|
209 |
|
Eiken Chemical Co Ltd |
|
|
3,800 |
|
|
|
47 |
|
Eizo Corp |
|
|
3,400 |
|
|
|
86 |
|
en Japan Inc |
|
|
26,300 |
|
|
|
406 |
|
Enigmo Inc |
|
|
20,500 |
|
|
|
70 |
|
Exedy Corp |
|
|
8,300 |
|
|
|
95 |
|
FANUC Corp |
|
|
156,842 |
|
|
|
22,021 |
|
FJ Next Holdings Co Ltd |
|
|
5,100 |
|
|
|
36 |
|
Forum Engineering Inc |
|
|
5,100 |
|
|
|
32 |
|
Fuji Corp/Aichi |
|
|
5,300 |
|
|
|
69 |
|
Fujitsu Ltd |
|
|
93,500 |
|
|
|
10,251 |
|
Fukuoka Financial Group Inc |
|
|
345,300 |
|
|
|
6,149 |
|
Funai Soken Holdings Inc |
|
|
8,800 |
|
|
|
150 |
|
Furyu Corp |
|
|
14,600 |
|
|
|
102 |
|
Futaba Industrial Co Ltd |
|
|
10,000 |
|
|
|
22 |
|
SEI Institutional International Trust / Annual Report / September 30, 2022
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
G-7 Holdings Inc, Cl 7 |
|
|
2,600 |
|
|
$ |
26 |
|
Gakujo Co Ltd |
|
|
4,000 |
|
|
|
39 |
|
Glory Ltd |
|
|
93,100 |
|
|
|
1,366 |
|
GungHo Online Entertainment Inc |
|
|
60,200 |
|
|
|
925 |
|
Gunze Ltd |
|
|
1,600 |
|
|
|
43 |
|
H.U. Group Holdings Inc (A) |
|
|
21,100 |
|
|
|
384 |
|
Heiwa Corp |
|
|
21,700 |
|
|
|
336 |
|
Heiwado Co Ltd |
|
|
19,800 |
|
|
|
273 |
|
Himaraya Co Ltd |
|
|
3,000 |
|
|
|
19 |
|
Hino Motors Ltd |
|
|
43,400 |
|
|
|
179 |
|
Hirose Electric Co Ltd |
|
|
3,100 |
|
|
|
406 |
|
Hito Communications Holdings Inc |
|
|
2,200 |
|
|
|
25 |
|
Hodogaya Chemical Co Ltd |
|
|
700 |
|
|
|
14 |
|
Honda Motor Co Ltd |
|
|
153,800 |
|
|
|
3,338 |
|
Hoosiers Holdings Co Ltd |
|
|
12,200 |
|
|
|
65 |
|
Horiba Ltd |
|
|
1,900 |
|
|
|
74 |
|
Hoya Corp |
|
|
4,400 |
|
|
|
424 |
|
Ichikoh Industries Ltd |
|
|
7,800 |
|
|
|
21 |
|
Ichimasa Kamaboko Co Ltd |
|
|
1,400 |
|
|
|
7 |
|
Iida Group Holdings Co Ltd |
|
|
240,900 |
|
|
|
3,261 |
|
Inaba Seisakusho Co Ltd |
|
|
2,500 |
|
|
|
23 |
|
Infocom Corp |
|
|
2,600 |
|
|
|
34 |
|
Insource Co Ltd |
|
|
2,900 |
|
|
|
53 |
|
I-PEX Inc |
|
|
12,800 |
|
|
|
110 |
|
Isuzu Motors Ltd |
|
|
1,289,300 |
|
|
|
14,255 |
|
ITOCHU Corp (A) |
|
|
44,300 |
|
|
|
1,069 |
|
JAC Recruitment Co Ltd |
|
|
20,300 |
|
|
|
311 |
|
Japan Aviation Electronics Industry Ltd |
|
|
8,500 |
|
|
|
125 |
|
Japan Exchange Group Inc |
|
|
373,995 |
|
|
|
5,054 |
|
Japan Post Insurance Co Ltd (A) |
|
|
392,100 |
|
|
|
5,491 |
|
Japan Tobacco Inc |
|
|
88,500 |
|
|
|
1,454 |
|
JFE Holdings Inc (A) |
|
|
31,100 |
|
|
|
289 |
|
JP-Holdings Inc |
|
|
36,900 |
|
|
|
69 |
|
Justsystems Corp |
|
|
8,200 |
|
|
|
189 |
|
JVCKenwood Corp |
|
|
26,100 |
|
|
|
35 |
|
Kakiyasu Honten Co Ltd |
|
|
1,300 |
|
|
|
20 |
|
Kanematsu Corp |
|
|
7,200 |
|
|
|
71 |
|
Kao Corp |
|
|
370,700 |
|
|
|
15,082 |
|
KAWADA TECHNOLOGIES Inc |
|
|
1,000 |
|
|
|
25 |
|
KDDI Corp |
|
|
244,000 |
|
|
|
7,133 |
|
Kenko Mayonnaise Co Ltd |
|
|
3,000 |
|
|
|
32 |
|
Keyence Corp |
|
|
31,508 |
|
|
|
10,414 |
|
Kimura Unity Co Ltd |
|
|
6,200 |
|
|
|
32 |
|
Kirin Holdings Co Ltd |
|
|
42,100 |
|
|
|
648 |
|
Kitz Corp |
|
|
6,600 |
|
|
|
37 |
|
Kobe Bussan Co Ltd |
|
|
22,000 |
|
|
|
529 |
|
Kokuyo Co Ltd |
|
|
224,500 |
|
|
|
2,845 |
|
Komatsu Ltd |
|
|
1,074,400 |
|
|
|
19,561 |
|
Komeri Co Ltd |
|
|
3,900 |
|
|
|
74 |
|
Komori Corp |
|
|
12,000 |
|
|
|
58 |
|
Konica Minolta Inc (A) |
|
|
610,400 |
|
|
|
1,881 |
|
Kubota Corp |
|
|
98,000 |
|
|
|
1,362 |
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Kumagai Gumi Co Ltd |
|
|
2,300 |
|
|
$ |
40 |
|
Lasertec Corp |
|
|
44,700 |
|
|
|
4,496 |
|
Lawson Inc |
|
|
76,300 |
|
|
|
2,496 |
|
Lifedrink Co Inc |
|
|
2,100 |
|
|
|
25 |
|
Lixil Corp (A) |
|
|
24,300 |
|
|
|
356 |
|
Locondo Inc |
|
|
2,700 |
|
|
|
21 |
|
Maezawa Kasei Industries Co Ltd |
|
|
3,700 |
|
|
|
33 |
|
Makita Corp (A) |
|
|
392,900 |
|
|
|
7,624 |
|
Mandom Corp |
|
|
6,200 |
|
|
|
65 |
|
Marubeni Corp |
|
|
138,200 |
|
|
|
1,206 |
|
Maruzen Showa Unyu Co Ltd |
|
|
3,400 |
|
|
|
72 |
|
Mazda Motor Corp |
|
|
710,100 |
|
|
|
4,715 |
|
Medical System Network Co Ltd, Cl A |
|
|
12,800 |
|
|
|
35 |
|
Megmilk Snow Brand Co Ltd |
|
|
25,400 |
|
|
|
300 |
|
MEIJI Holdings Co Ltd (A) |
|
|
10,300 |
|
|
|
457 |
|
Meitec Corp |
|
|
3,000 |
|
|
|
47 |
|
METAWATER Co Ltd |
|
|
11,500 |
|
|
|
150 |
|
Mitsubishi Corp (A) |
|
|
12,000 |
|
|
|
328 |
|
Mitsubishi Electric Corp |
|
|
1,447,900 |
|
|
|
13,099 |
|
Mitsubishi Shokuhin Co Ltd |
|
|
21,900 |
|
|
|
493 |
|
Mitsui & Co Ltd |
|
|
181,100 |
|
|
|
3,853 |
|
Mitsui OSK Lines Ltd (A) |
|
|
17,100 |
|
|
|
306 |
|
MIXI Inc (A) |
|
|
70,200 |
|
|
|
1,114 |
|
Mizuno Corp |
|
|
48,400 |
|
|
|
861 |
|
Morinaga Milk Industry Co Ltd |
|
|
5,500 |
|
|
|
161 |
|
Morita Holdings Corp |
|
|
2,600 |
|
|
|
23 |
|
Morito Co Ltd |
|
|
4,300 |
|
|
|
21 |
|
MS&AD Insurance Group Holdings Inc |
|
|
171,900 |
|
|
|
4,552 |
|
Murata Manufacturing Co Ltd |
|
|
220,500 |
|
|
|
10,148 |
|
Musashino Bank Ltd/The |
|
|
3,300 |
|
|
|
39 |
|
Nachi-Fujikoshi Corp |
|
|
1,100 |
|
|
|
27 |
|
Nagaileben Co Ltd |
|
|
5,200 |
|
|
|
70 |
|
Naigai Trans Line Ltd |
|
|
1,400 |
|
|
|
20 |
|
NEC Corp |
|
|
5,200 |
|
|
|
166 |
|
NEC Networks & System Integration Corp |
|
|
7,700 |
|
|
|
84 |
|
New Art Holdings Co Ltd |
|
|
2,300 |
|
|
|
22 |
|
Nihon Chouzai Co Ltd |
|
|
16,300 |
|
|
|
143 |
|
Nikon Corp (A) |
|
|
692,900 |
|
|
|
6,566 |
|
Nippon Concept Corp |
|
|
4,100 |
|
|
|
44 |
|
NIPPON EXPRESS HOLDINGS INC |
|
|
4,100 |
|
|
|
208 |
|
Nippon Shinyaku Co Ltd |
|
|
1,000 |
|
|
|
51 |
|
Nippon Steel Corp (A) |
|
|
103,400 |
|
|
|
1,435 |
|
Nippon Telegraph & Telephone Corp |
|
|
574,900 |
|
|
|
15,505 |
|
Nippon Yusen KK (A) |
|
|
88,200 |
|
|
|
1,497 |
|
Nishio Rent All Co Ltd |
|
|
1,200 |
|
|
|
24 |
|
Nissan Chemical Corp |
|
|
14,900 |
|
|
|
666 |
|
Nisshinbo Holdings Inc |
|
|
113,500 |
|
|
|
824 |
|
Nitto Denko Corp |
|
|
4,900 |
|
|
|
265 |
|
Nitto Kohki Co Ltd |
|
|
2,200 |
|
|
|
24 |
|
Nittoc Construction Co Ltd |
|
|
8,600 |
|
|
|
53 |
|
Nojima Corp |
|
|
4,000 |
|
|
|
37 |
|
OBIC Business Consultants Co Ltd |
|
|
2,900 |
|
|
|
90 |
|
SEI Institutional International Trust / Annual Report / September 30, 2022
SCHEDULE OF INVESTMENTS
September 30, 2022
International Equity Fund (Continued)
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Ohsho Food Service Corp |
|
|
4,900 |
|
|
$ |
217 |
|
Okabe Co Ltd |
|
|
8,200 |
|
|
|
37 |
|
OKUMA Corp |
|
|
1,800 |
|
|
|
62 |
|
Okuwa Co Ltd (A) |
|
|
81,900 |
|
|
|
511 |
|
Omron Corp |
|
|
5,200 |
|
|
|
238 |
|
Ono Pharmaceutical Co Ltd |
|
|
283,215 |
|
|
|
6,615 |
|
Oracle Corp Japan |
|
|
8,200 |
|
|
|
435 |
|
Oriental Land Co Ltd/Japan |
|
|
3,300 |
|
|
|
448 |
|
ORIX Corp (A) |
|
|
506,032 |
|
|
|
7,088 |
|
Otsuka Holdings Co Ltd |
|
|
14,700 |
|
|
|
465 |
|
Panasonic Holdings Corp |
|
|
494,600 |
|
|
|
3,473 |
|
Persol Holdings Co Ltd |
|
|
179,900 |
|
|
|
3,328 |
|
Pickles Holdings Co Ltd |
|
|
6,100 |
|
|
|
41 |
|
Plenus Co Ltd |
|
|
5,800 |
|
|
|
77 |
|
Pola Orbis Holdings Inc |
|
|
15,100 |
|
|
|
171 |
|
Proto Corp |
|
|
4,400 |
|
|
|
31 |
|
QB Net Holdings Co Ltd |
|
|
2,400 |
|
|
|
22 |
|
Qol Holdings Co Ltd |
|
|
14,100 |
|
|
|
118 |
|
Raccoon Holdings Inc |
|
|
5,000 |
|
|
|
36 |
|
Recruit Holdings Co Ltd |
|
|
414,500 |
|
|
|
11,939 |
|
Resona Holdings Inc |
|
|
2,607,500 |
|
|
|
9,541 |
|
Ride On Express Holdings Co Ltd |
|
|
6,000 |
|
|
|
44 |
|
Riken Corp |
|
|
3,200 |
|
|
|
50 |
|
Riken Technos Corp |
|
|
7,100 |
|
|
|
25 |
|
Riken Vitamin Co Ltd |
|
|
7,000 |
|
|
|
85 |
|
Rinnai Corp |
|
|
1,300 |
|
|
|
93 |
|
Riso Kagaku Corp |
|
|
1,400 |
|
|
|
23 |
|
Sakai Heavy Industries Ltd |
|
|
1,000 |
|
|
|
20 |
|
Sakai Moving Service Co Ltd |
|
|
2,400 |
|
|
|
78 |
|
Sangetsu Corp |
|
|
17,800 |
|
|
|
197 |
|
Sanken Electric Co Ltd |
|
|
1,400 |
|
|
|
43 |
|
Sankyo Co Ltd |
|
|
147,600 |
|
|
|
4,468 |
|
Sanshin Electronics Co Ltd |
|
|
3,900 |
|
|
|
45 |
|
Sanwa Holdings Corp (A) |
|
|
202,900 |
|
|
|
1,742 |
|
SCREEN Holdings Co Ltd |
|
|
4,400 |
|
|
|
239 |
|
Scroll Corp |
|
|
23,400 |
|
|
|
113 |
|
Secom Co Ltd |
|
|
7,300 |
|
|
|
416 |
|
Seiko Epson Corp (A) |
|
|
260,300 |
|
|
|
3,554 |
|
Seino Holdings Co Ltd |
|
|
25,400 |
|
|
|
204 |
|
SERAKU Co Ltd |
|
|
3,000 |
|
|
|
20 |
|
Seria Co Ltd |
|
|
8,400 |
|
|
|
147 |
|
Seven & i Holdings Co Ltd |
|
|
131,800 |
|
|
|
5,294 |
|
Shimadzu Corp |
|
|
17,900 |
|
|
|
470 |
|
Shimamura Co Ltd |
|
|
67,900 |
|
|
|
5,746 |
|
Shindengen Electric Manufacturing Co Ltd |
|
|
7,500 |
|
|
|
181 |
|
Shinnihon Corp |
|
|
3,900 |
|
|
|
19 |
|
Shofu Inc |
|
|
1,600 |
|
|
|
26 |
|
SIGMAXYZ Holdings Inc |
|
|
15,200 |
|
|
|
118 |
|
Sinfonia Technology Co Ltd |
|
|
4,200 |
|
|
|
39 |
|
SMK Corp |
|
|
1,300 |
|
|
|
21 |
|
SMS Co Ltd |
|
|
7,600 |
|
|
|
153 |
|
SoftBank Corp (A) |
|
|
222,600 |
|
|
|
2,223 |
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Soliton Systems KK |
|
|
5,500 |
|
|
$ |
39 |
|
Sompo Holdings Inc |
|
|
76,900 |
|
|
|
3,077 |
|
Sony Group Corp |
|
|
92,374 |
|
|
|
5,950 |
|
Sprix Ltd |
|
|
1,500 |
|
|
|
10 |
|
Step Co Ltd |
|
|
1,900 |
|
|
|
23 |
|
Studio Alice Co Ltd |
|
|
1,700 |
|
|
|
25 |
|
Subaru Corp |
|
|
676,600 |
|
|
|
10,224 |
|
Sumitomo Mitsui Financial Group Inc |
|
|
460,600 |
|
|
|
12,767 |
|
Sumitomo Pharma Co Ltd |
|
|
16,800 |
|
|
|
119 |
|
Sumitomo Rubber Industries Ltd |
|
|
21,100 |
|
|
|
168 |
|
Sun Corp |
|
|
1,900 |
|
|
|
25 |
|
Sun-Wa Technos Corp |
|
|
2,600 |
|
|
|
23 |
|
Suzuki Motor Corp |
|
|
13,500 |
|
|
|
420 |
|
T&D Holdings Inc |
|
|
839,700 |
|
|
|
7,981 |
|
Taiho Kogyo Co Ltd, Cl A |
|
|
4,600 |
|
|
|
21 |
|
Takeda Pharmaceutical Co Ltd |
|
|
1,049,100 |
|
|
|
27,240 |
|
Takuma Co Ltd |
|
|
4,300 |
|
|
|
37 |
|
Temairazu Inc |
|
|
1,900 |
|
|
|
69 |
|
TIS Inc |
|
|
103,900 |
|
|
|
2,758 |
|
Tobishima Corp |
|
|
4,100 |
|
|
|
30 |
|
Toho Co Ltd/Kobe |
|
|
2,700 |
|
|
|
30 |
|
Tokio Marine Holdings Inc |
|
|
315,600 |
|
|
|
5,609 |
|
Tokyo Electron Ltd (A) |
|
|
28,400 |
|
|
|
6,997 |
|
Tokyo Gas Co Ltd |
|
|
27,500 |
|
|
|
464 |
|
Tokyo Seimitsu Co Ltd |
|
|
16,100 |
|
|
|
474 |
|
Tokyotokeiba Co Ltd |
|
|
7,500 |
|
|
|
214 |
|
Tomy Co Ltd |
|
|
124,000 |
|
|
|
1,061 |
|
Tonami Holdings Co Ltd |
|
|
800 |
|
|
|
19 |
|
Topcon Corp |
|
|
4,400 |
|
|
|
49 |
|
Toray Industries Inc |
|
|
1,859,000 |
|
|
|
9,149 |
|
Toshiba Corp |
|
|
60,300 |
|
|
|
2,148 |
|
Tosho Co Ltd |
|
|
5,000 |
|
|
|
42 |
|
Totetsu Kogyo Co Ltd |
|
|
2,500 |
|
|
|
40 |
|
Trend Micro Inc/Japan |
|
|
9,300 |
|
|
|
501 |
|
Trusco Nakayama Corp |
|
|
9,000 |
|
|
|
124 |
|
Tsubakimoto Chain Co |
|
|
8,600 |
|
|
|
182 |
|
Tsukuba Bank Ltd |
|
|
19,500 |
|
|
|
25 |
|
Tsuruha Holdings Inc |
|
|
2,700 |
|
|
|
158 |
|
United Arrows Ltd |
|
|
13,700 |
|
|
|
173 |
|
Ushio Inc |
|
|
9,900 |
|
|
|
103 |
|
Valor Holdings Co Ltd |
|
|
20,700 |
|
|
|
255 |
|
ValueCommerce Co Ltd |
|
|
4,700 |
|
|
|
72 |
|
VINX Corp |
|
|
2,300 |
|
|
|
23 |
|
Warabeya Nichiyo Holdings Co Ltd |
|
|
26,700 |
|
|
|
410 |
|
Workman Co Ltd |
|
|
15,100 |
|
|
|
478 |
|
Xebio Holdings Co Ltd |
|
|
7,200 |
|
|
|
48 |
|
Yamae Group Holdings Co Ltd |
|
|
2,100 |
|
|
|
23 |
|
Yamaha Motor Co Ltd |
|
|
30,300 |
|
|
|
568 |
|
Yamaichi Electronics Co Ltd |
|
|
3,700 |
|
|
|
46 |
|
Yonex Co Ltd |
|
|
4,200 |
|
|
|
39 |
|
Yossix Holdings Co Ltd |
|
|
4,600 |
|
|
|
64 |
|
SEI Institutional International Trust / Annual Report / September 30, 2022
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Zuken Inc |
|
|
5,000 |
|
|
$ |
121 |
|
|
|
|
|
|
|
|
448,106 |
|
|
|
|
|
|
|
|
|
|
Jordan — 0.1% |
Hikma Pharmaceuticals PLC |
|
|
109,525 |
|
|
|
1,651 |
|
|
|
|
|
|
|
|
|
|
Malaysia — 0.0% |
Genting Plantations Bhd |
|
|
31,100 |
|
|
|
38 |
|
Heineken Malaysia Bhd |
|
|
22,200 |
|
|
|
114 |
|
Sime Darby Plantation Bhd |
|
|
206,500 |
|
|
|
182 |
|
Taliworks Corp Bhd |
|
|
151,400 |
|
|
|
30 |
|
|
|
|
|
|
|
|
364 |
|
|
|
|
|
|
|
|
|
|
Malta — 0.0% |
BGP Holdings *(B) |
|
|
198,683 |
|
|
|
– |
|
|
|
|
|
|
|
|
|
|
Mexico — 0.0% |
Grupo Herdez SAB de CV |
|
|
27,929 |
|
|
|
52 |
|
|
|
|
|
|
|
|
|
|
Netherlands — 5.8% |
Aalberts NV |
|
|
476 |
|
|
|
16 |
|
ABN AMRO Bank NV |
|
|
42,905 |
|
|
|
384 |
|
Adyen NV * |
|
|
3,799 |
|
|
|
4,736 |
|
Aegon NV |
|
|
300,977 |
|
|
|
1,196 |
|
Akzo Nobel NV |
|
|
270,227 |
|
|
|
15,308 |
|
ArcelorMittal SA |
|
|
567,576 |
|
|
|
11,289 |
|
ASM International NV |
|
|
17,152 |
|
|
|
3,839 |
|
ASML Holding NV, Cl G |
|
|
13,397 |
|
|
|
5,564 |
|
ASR Nederland NV |
|
|
9,156 |
|
|
|
352 |
|
Heineken Holding NV |
|
|
52,932 |
|
|
|
3,622 |
|
Heineken NV |
|
|
26,701 |
|
|
|
2,331 |
|
IMCD NV |
|
|
1,259 |
|
|
|
149 |
|
ING Groep NV |
|
|
3,322,208 |
|
|
|
28,455 |
|
James Hardie Industries PLC |
|
|
38,368 |
|
|
|
758 |
|
Koninklijke Ahold Delhaize NV |
|
|
1,023,478 |
|
|
|
26,059 |
|
Koninklijke DSM NV |
|
|
6,991 |
|
|
|
795 |
|
Koninklijke Philips NV |
|
|
644,520 |
|
|
|
9,919 |
|
NN Group NV |
|
|
62,428 |
|
|
|
2,427 |
|
Pharming Group NV * |
|
|
52,412 |
|
|
|
54 |
|
Prosus NV |
|
|
96,037 |
|
|
|
4,994 |
|
Randstad NV (A) |
|
|
624,910 |
|
|
|
26,961 |
|
RELX PLC |
|
|
325,525 |
|
|
|
7,931 |
|
Shell PLC |
|
|
791,779 |
|
|
|
19,741 |
|
Unibail-Rodamco-Westfield *‡ |
|
|
10,445 |
|
|
|
432 |
|
Wolters Kluwer NV |
|
|
220,784 |
|
|
|
21,490 |
|
|
|
|
|
|
|
|
198,802 |
|
|
|
|
|
|
|
|
|
|
New Zealand — 0.0% |
EBOS Group Ltd |
|
|
3,681 |
|
|
|
78 |
|
Mainfreight Ltd |
|
|
10,177 |
|
|
|
388 |
|
Spark New Zealand Ltd |
|
|
128,745 |
|
|
|
364 |
|
|
|
|
|
|
|
|
830 |
|
|
|
|
|
|
|
|
|
|
Norway — 0.5% |
Aker BP ASA |
|
|
39,638 |
|
|
|
1,137 |
|
Bouvet ASA |
|
|
9,949 |
|
|
|
50 |
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
DNB Bank ASA |
|
|
64,933 |
|
|
$ |
1,030 |
|
Equinor ASA |
|
|
407,146 |
|
|
|
13,416 |
|
Grieg Seafood ASA |
|
|
46,610 |
|
|
|
315 |
|
Kongsberg Gruppen ASA |
|
|
4,689 |
|
|
|
142 |
|
Mowi ASA |
|
|
17,602 |
|
|
|
224 |
|
Norsk Hydro ASA |
|
|
139,318 |
|
|
|
747 |
|
Sparebanken Vest |
|
|
1,610 |
|
|
|
12 |
|
Stolt-Nielsen Ltd |
|
|
1,480 |
|
|
|
29 |
|
Wallenius Wilhelmsen ASA, Cl B |
|
|
6,051 |
|
|
|
30 |
|
Yara International ASA |
|
|
23,052 |
|
|
|
808 |
|
|
|
|
|
|
|
|
17,940 |
|
|
|
|
|
|
|
|
|
|
Poland — 0.0% |
Enea SA * |
|
|
63,733 |
|
|
|
79 |
|
PGE Polska Grupa Energetyczna SA * |
|
|
16,182 |
|
|
|
20 |
|
Polski Koncern Naftowy ORLEN SA |
|
|
36,350 |
|
|
|
392 |
|
Tim SA/Siechnice |
|
|
5,020 |
|
|
|
26 |
|
|
|
|
|
|
|
|
517 |
|
|
|
|
|
|
|
|
|
|
Portugal — 0.3% |
Jeronimo Martins SGPS SA |
|
|
499,340 |
|
|
|
9,296 |
|
Navigator Co SA/The |
|
|
59,154 |
|
|
|
201 |
|
Sonae SGPS SA |
|
|
158,771 |
|
|
|
128 |
|
|
|
|
|
|
|
|
9,625 |
|
|
|
|
|
|
|
|
|
|
Qatar — 0.0% |
Mekdam Holding Group |
|
|
22,573 |
|
|
|
46 |
|
Ooredoo QPSC |
|
|
171,417 |
|
|
|
418 |
|
Qatar Electricity & Water Co QSC |
|
|
19,105 |
|
|
|
92 |
|
|
|
|
|
|
|
|
556 |
|
|
|
|
|
|
|
|
|
|
Saudi Arabia — 0.8% |
Arab National Bank |
|
|
12,123 |
|
|
|
99 |
|
Dar Al Arkan Real Estate Development Co * |
|
|
1,507,436 |
|
|
|
6,351 |
|
Etihad Etisalat Co |
|
|
284,481 |
|
|
|
2,681 |
|
Sahara International Petrochemical Co |
|
|
46,809 |
|
|
|
512 |
|
Saudi Basic Industries Corp |
|
|
490,830 |
|
|
|
11,486 |
|
Saudi Electricity Co |
|
|
969,527 |
|
|
|
6,277 |
|
Saudi Investment Bank/The |
|
|
196,996 |
|
|
|
889 |
|
Savola Group/The |
|
|
55,341 |
|
|
|
414 |
|
|
|
|
|
|
|
|
28,709 |
|
|
|
|
|
|
|
|
|
|
Singapore — 0.4% |
DBS Group Holdings Ltd |
|
|
469,900 |
|
|
|
10,881 |
|
First Resources Ltd |
|
|
130,100 |
|
|
|
125 |
|
Golden Agri-Resources Ltd |
|
|
3,452,400 |
|
|
|
634 |
|
Jardine Cycle & Carriage Ltd |
|
|
19,000 |
|
|
|
445 |
|
Keppel Corp Ltd |
|
|
52,700 |
|
|
|
254 |
|
Oversea-Chinese Banking Corp Ltd |
|
|
41,300 |
|
|
|
339 |
|
Singapore Exchange Ltd |
|
|
73,800 |
|
|
|
484 |
|
|
|
|
|
|
|
|
13,162 |
|
|
|
|
|
|
|
|
|
|
South Africa — 0.1% |
DataTec Ltd |
|
|
100,188 |
|
|
|
245 |
|
Investec PLC |
|
|
634,672 |
|
|
|
2,546 |
|
SEI Institutional International Trust / Annual Report / September 30, 2022
SCHEDULE OF INVESTMENTS
September 30, 2022
International Equity Fund (Continued)
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Ninety One Ltd |
|
|
18,651 |
|
|
$ |
36 |
|
|
|
|
|
|
|
|
2,827 |
|
|
|
|
|
|
|
|
|
|
South Korea — 1.4% |
BNK Financial Group Inc |
|
|
691,155 |
|
|
|
2,886 |
|
JLS Co Ltd |
|
|
3,880 |
|
|
|
20 |
|
KT Corp ADR |
|
|
17,478 |
|
|
|
213 |
|
LG Electronics Inc |
|
|
361 |
|
|
|
20 |
|
POSCO Holdings Inc |
|
|
49,351 |
|
|
|
7,199 |
|
Samsung Electronics Co Ltd |
|
|
537,198 |
|
|
|
19,725 |
|
Shinhan Financial Group Co Ltd |
|
|
353,824 |
|
|
|
8,219 |
|
SK Hynix Inc |
|
|
137,292 |
|
|
|
7,853 |
|
|
|
|
|
|
|
|
46,135 |
|
|
|
|
|
|
|
|
|
|
Spain — 2.9% |
Acciona SA |
|
|
1,790 |
|
|
|
314 |
|
Aena SME SA * |
|
|
103,315 |
|
|
|
10,718 |
|
Amadeus IT Group SA, Cl A * |
|
|
874,889 |
|
|
|
40,546 |
|
CaixaBank SA (A) |
|
|
5,122,555 |
|
|
|
16,492 |
|
Corp ACCIONA Energias Renovables SA |
|
|
89,604 |
|
|
|
3,343 |
|
Iberdrola SA |
|
|
742,842 |
|
|
|
6,924 |
|
Industria de Diseno Textil SA |
|
|
929,238 |
|
|
|
19,169 |
|
Laboratorios Farmaceuticos Rovi SA |
|
|
11,284 |
|
|
|
485 |
|
Naturgy Energy Group SA |
|
|
7,438 |
|
|
|
172 |
|
Telefonica SA * |
|
|
197,081 |
|
|
|
651 |
|
|
|
|
|
|
|
|
98,814 |
|
|
|
|
|
|
|
|
|
|
Sweden — 1.9% |
Atlas Copco AB, Cl A |
|
|
267,438 |
|
|
|
2,486 |
|
Betsson AB, Cl B |
|
|
41,781 |
|
|
|
244 |
|
Bilia AB, Cl A |
|
|
23,007 |
|
|
|
262 |
|
Bjorn Borg AB |
|
|
5,112 |
|
|
|
11 |
|
Clas Ohlson AB, Cl B |
|
|
10,229 |
|
|
|
61 |
|
Electrolux AB, Cl B (A) |
|
|
174,478 |
|
|
|
1,813 |
|
Epiroc AB, Cl A |
|
|
21,574 |
|
|
|
309 |
|
EQT AB |
|
|
250,493 |
|
|
|
4,840 |
|
Essity AB, Cl B |
|
|
582,231 |
|
|
|
11,503 |
|
Evolution AB |
|
|
72,468 |
|
|
|
5,728 |
|
Fenix Outdoor International AG |
|
|
374 |
|
|
|
27 |
|
H & M Hennes & Mauritz AB, Cl B (A) |
|
|
644,610 |
|
|
|
5,960 |
|
International Petroleum Corp * |
|
|
146,371 |
|
|
|
1,172 |
|
Investor AB, Cl B |
|
|
17,794 |
|
|
|
260 |
|
Inwido AB |
|
|
12,107 |
|
|
|
95 |
|
New Wave Group AB, Cl B |
|
|
30,426 |
|
|
|
401 |
|
Nibe Industrier AB, Cl B |
|
|
33,267 |
|
|
|
297 |
|
Nordea Bank Abp |
|
|
83,080 |
|
|
|
711 |
|
Securitas AB, Cl B (A) |
|
|
1,382,910 |
|
|
|
9,600 |
|
SkiStar AB |
|
|
16,502 |
|
|
|
164 |
|
Swedbank AB, Cl A |
|
|
722,623 |
|
|
|
9,485 |
|
Telefonaktiebolaget LM Ericsson, Cl B (A) |
|
|
1,672,872 |
|
|
|
9,779 |
|
|
|
|
|
|
|
|
65,208 |
|
|
|
|
|
|
|
|
|
|
Switzerland — 8.1% |
ABB Ltd |
|
|
76,791 |
|
|
|
1,988 |
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Alcon Inc |
|
|
201,550 |
|
|
$ |
11,736 |
|
Burckhardt Compression Holding AG |
|
|
598 |
|
|
|
224 |
|
Cie Financiere Richemont SA, Cl A |
|
|
28,800 |
|
|
|
2,725 |
|
Coca-Cola HBC AG |
|
|
15,849 |
|
|
|
331 |
|
Comet Holding AG |
|
|
2,258 |
|
|
|
326 |
|
Credit Suisse Group AG |
|
|
1,004,802 |
|
|
|
3,985 |
|
dormakaba Holding AG |
|
|
3,839 |
|
|
|
1,299 |
|
Geberit AG |
|
|
4,905 |
|
|
|
2,108 |
|
Georg Fischer AG |
|
|
1,517 |
|
|
|
72 |
|
Julius Baer Group Ltd |
|
|
82,087 |
|
|
|
3,591 |
|
Kuehne + Nagel International AG |
|
|
65,665 |
|
|
|
13,405 |
|
Lonza Group AG |
|
|
20,983 |
|
|
|
10,242 |
|
Mobilezone Holding AG |
|
|
16,721 |
|
|
|
251 |
|
Nestle SA |
|
|
282,986 |
|
|
|
30,683 |
|
Novartis AG |
|
|
379,587 |
|
|
|
29,010 |
|
Partners Group Holding AG |
|
|
3,426 |
|
|
|
2,764 |
|
Roche Holding AG |
|
|
306,799 |
|
|
|
100,122 |
|
Sika AG |
|
|
24,376 |
|
|
|
4,912 |
|
Sonova Holding AG |
|
|
17,398 |
|
|
|
3,838 |
|
Straumann Holding AG |
|
|
30,978 |
|
|
|
2,840 |
|
Swatch Group AG/The |
|
|
126,056 |
|
|
|
28,383 |
|
Swiss Life Holding AG |
|
|
746 |
|
|
|
330 |
|
u-blox Holding AG |
|
|
871 |
|
|
|
106 |
|
UBS Group AG |
|
|
972,292 |
|
|
|
14,141 |
|
Zurich Insurance Group AG |
|
|
17,308 |
|
|
|
6,917 |
|
|
|
|
|
|
|
|
276,329 |
|
|
|
|
|
|
|
|
|
|
Taiwan — 0.7% |
Asustek Computer Inc |
|
|
163,000 |
|
|
|
1,195 |
|
Evergreen Marine Corp Taiwan Ltd |
|
|
781,600 |
|
|
|
3,564 |
|
Global Mixed Mode Technology Inc |
|
|
72,000 |
|
|
|
273 |
|
Hon Hai Precision Industry Co Ltd |
|
|
6,231,000 |
|
|
|
19,952 |
|
Taiwan FU Hsing Industrial Co Ltd |
|
|
21,000 |
|
|
|
27 |
|
|
|
|
|
|
|
|
25,011 |
|
|
|
|
|
|
|
|
|
|
Thailand — 0.2% |
Bangchak Corp PCL NVDR |
|
|
210,500 |
|
|
|
164 |
|
Banpu PCL NVDR (A) |
|
|
13,565,300 |
|
|
|
4,398 |
|
Esso Thailand PCL NVDR |
|
|
2,110,300 |
|
|
|
714 |
|
Lanna Resources PCL NVDR |
|
|
259,800 |
|
|
|
135 |
|
PTT Exploration & Production PCL NVDR |
|
|
144,200 |
|
|
|
615 |
|
Sabina PCL NVDR |
|
|
37,100 |
|
|
|
24 |
|
Star Petroleum Refining PCL NVDR |
|
|
1,527,400 |
|
|
|
428 |
|
Thai Oil PCL NVDR |
|
|
783,700 |
|
|
|
1,062 |
|
|
|
|
|
|
|
|
7,540 |
|
|
|
|
|
|
|
|
|
|
United Arab Emirates — 0.0% |
Emaar Properties PJSC |
|
|
450,043 |
|
|
|
706 |
|
|
|
|
|
|
|
|
|
|
United Kingdom — 15.9% |
4imprint Group PLC |
|
|
103 |
|
|
|
4 |
|
Admiral Group PLC |
|
|
26,083 |
|
|
|
554 |
|
AG Barr PLC |
|
|
22,151 |
|
|
|
112 |
|
Anglo American PLC |
|
|
597,549 |
|
|
|
17,938 |
|
SEI Institutional International Trust / Annual Report / September 30, 2022
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Aon PLC, Cl A |
|
|
25,606 |
|
|
$ |
6,859 |
|
Aptiv PLC * |
|
|
69,296 |
|
|
|
5,420 |
|
Ashtead Group PLC |
|
|
149,174 |
|
|
|
6,698 |
|
AstraZeneca PLC |
|
|
248,186 |
|
|
|
27,277 |
|
Atlassian Corp PLC, Cl A * |
|
|
74,842 |
|
|
|
15,761 |
|
Aviva PLC |
|
|
1,530,127 |
|
|
|
6,561 |
|
B&M European Value Retail SA |
|
|
1,247,120 |
|
|
|
4,241 |
|
BAE Systems PLC |
|
|
853,609 |
|
|
|
7,498 |
|
Balfour Beatty PLC |
|
|
406,180 |
|
|
|
1,389 |
|
Barclays PLC |
|
|
11,889,362 |
|
|
|
18,913 |
|
Berkeley Group Holdings PLC |
|
|
54,492 |
|
|
|
1,990 |
|
BP PLC |
|
|
1,438,179 |
|
|
|
6,871 |
|
British American Tobacco PLC |
|
|
229,757 |
|
|
|
8,237 |
|
BT Group PLC, Cl A |
|
|
254,447 |
|
|
|
342 |
|
Burberry Group PLC |
|
|
23,586 |
|
|
|
471 |
|
Cairn Homes PLC |
|
|
52,973 |
|
|
|
43 |
|
Centrica PLC |
|
|
4,118,423 |
|
|
|
3,231 |
|
Chemring Group PLC |
|
|
58,142 |
|
|
|
182 |
|
Clarkson PLC |
|
|
734 |
|
|
|
21 |
|
Coca-Cola Europacific Partners PLC |
|
|
58,868 |
|
|
|
2,509 |
|
Compass Group PLC |
|
|
943,459 |
|
|
|
18,782 |
|
Computacenter PLC |
|
|
62,379 |
|
|
|
1,340 |
|
Crest Nicholson Holdings plc |
|
|
46,254 |
|
|
|
94 |
|
Croda International PLC |
|
|
10,092 |
|
|
|
721 |
|
Devro PLC |
|
|
11,083 |
|
|
|
21 |
|
Diageo PLC |
|
|
520,143 |
|
|
|
21,890 |
|
FDM Group Holdings PLC |
|
|
4,079 |
|
|
|
28 |
|
Ferguson PLC |
|
|
125,026 |
|
|
|
12,966 |
|
Ferrexpo PLC |
|
|
524,939 |
|
|
|
701 |
|
Firstgroup PLC |
|
|
273,980 |
|
|
|
319 |
|
Frasers Group PLC * |
|
|
75,852 |
|
|
|
568 |
|
Glencore PLC |
|
|
2,689,862 |
|
|
|
14,132 |
|
Greggs PLC |
|
|
85,192 |
|
|
|
1,609 |
|
GSK PLC |
|
|
1,505,724 |
|
|
|
21,742 |
|
GSK PLC ADR |
|
|
173,417 |
|
|
|
5,104 |
|
Gulf Keystone Petroleum Ltd |
|
|
18,572 |
|
|
|
41 |
|
Haleon PLC * |
|
|
952,192 |
|
|
|
2,968 |
|
Hays PLC |
|
|
537,309 |
|
|
|
605 |
|
Howden Joinery Group PLC |
|
|
271,166 |
|
|
|
1,515 |
|
HSBC Holdings PLC |
|
|
2,535,154 |
|
|
|
13,124 |
|
IG Group Holdings PLC |
|
|
322,479 |
|
|
|
2,732 |
|
Imperial Brands PLC |
|
|
103,829 |
|
|
|
2,134 |
|
Inchcape PLC |
|
|
217,715 |
|
|
|
1,648 |
|
Indivior PLC * |
|
|
204,652 |
|
|
|
649 |
|
International Distributions Services PLC |
|
|
97,790 |
|
|
|
199 |
|
Intertek Group PLC |
|
|
217,960 |
|
|
|
8,941 |
|
Investec PLC |
|
|
779,649 |
|
|
|
3,160 |
|
J Sainsbury PLC |
|
|
7,358,763 |
|
|
|
14,248 |
|
Just Group PLC |
|
|
553,597 |
|
|
|
344 |
|
London Stock Exchange Group PLC |
|
|
76,631 |
|
|
|
6,470 |
|
M&G PLC |
|
|
293,999 |
|
|
|
541 |
|
Man Group PLC/Jersey |
|
|
834,115 |
|
|
|
2,065 |
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
MP Evans Group PLC |
|
|
3,072 |
|
|
$ |
28 |
|
National Grid PLC |
|
|
30,116 |
|
|
|
310 |
|
NatWest Group PLC |
|
|
4,961,495 |
|
|
|
12,355 |
|
Next PLC |
|
|
6,252 |
|
|
|
332 |
|
Ninety One PLC |
|
|
500,336 |
|
|
|
1,017 |
|
Numis Corp PLC |
|
|
1,540 |
|
|
|
4 |
|
Pagegroup PLC |
|
|
279,050 |
|
|
|
1,146 |
|
Pearson PLC |
|
|
90,542 |
|
|
|
864 |
|
Playtech Plc * |
|
|
7,860 |
|
|
|
38 |
|
Plus500 Ltd |
|
|
130,443 |
|
|
|
2,386 |
|
Polar Capital Holdings PLC |
|
|
163 |
|
|
|
1 |
|
Prudential PLC |
|
|
2,279,693 |
|
|
|
22,308 |
|
QinetiQ Group PLC |
|
|
90,352 |
|
|
|
330 |
|
Reckitt Benckiser Group PLC |
|
|
393,616 |
|
|
|
26,083 |
|
RELX PLC |
|
|
460,415 |
|
|
|
11,248 |
|
Rio Tinto PLC |
|
|
254,215 |
|
|
|
13,751 |
|
Rolls-Royce Holdings PLC * |
|
|
30,861,711 |
|
|
|
23,630 |
|
Sage Group PLC/The |
|
|
205,619 |
|
|
|
1,584 |
|
Schroders PLC |
|
|
40,970 |
|
|
|
176 |
|
Segro PLC ‡ |
|
|
173,823 |
|
|
|
1,450 |
|
Severn Trent PLC |
|
|
19,268 |
|
|
|
504 |
|
Smith & Nephew PLC |
|
|
1,555,030 |
|
|
|
17,945 |
|
Smurfit Kappa Group PLC |
|
|
14,485 |
|
|
|
414 |
|
Speedy Hire PLC |
|
|
272,398 |
|
|
|
112 |
|
Spirax-Sarco Engineering PLC |
|
|
5,319 |
|
|
|
611 |
|
SSE PLC |
|
|
45,906 |
|
|
|
775 |
|
Standard Chartered PLC |
|
|
1,560,746 |
|
|
|
9,759 |
|
STERIS PLC |
|
|
27,447 |
|
|
|
4,564 |
|
TechnipFMC PLC * |
|
|
1,751,083 |
|
|
|
14,814 |
|
Telecom Plus PLC |
|
|
4,583 |
|
|
|
88 |
|
Tesco PLC |
|
|
5,816,237 |
|
|
|
13,346 |
|
Thungela Resources Ltd |
|
|
3,967 |
|
|
|
74 |
|
Travis Perkins PLC |
|
|
1,574,408 |
|
|
|
13,512 |
|
Unilever PLC |
|
|
692,923 |
|
|
|
30,440 |
|
United Utilities Group PLC |
|
|
18,986 |
|
|
|
187 |
|
Vodafone Group PLC |
|
|
4,943,242 |
|
|
|
5,531 |
|
WH Smith PLC * |
|
|
542,813 |
|
|
|
7,155 |
|
WPP PLC |
|
|
77,164 |
|
|
|
637 |
|
|
|
|
|
|
|
|
544,032 |
|
|
|
|
|
|
|
|
|
|
United States — 1.2% |
EPAM Systems Inc * |
|
|
16,886 |
|
|
|
6,116 |
|
Globant SA * |
|
|
29,374 |
|
|
|
5,495 |
|
Lululemon Athletica Inc * |
|
|
19,577 |
|
|
|
5,473 |
|
Mettler-Toledo International Inc * |
|
|
3,260 |
|
|
|
3,534 |
|
QIAGEN NV * |
|
|
189,037 |
|
|
|
7,804 |
|
ResMed Inc |
|
|
28,151 |
|
|
|
6,145 |
|
Waste Connections Inc |
|
|
28,557 |
|
|
|
3,859 |
|
ZIM Integrated Shipping Services Ltd |
|
|
51,061 |
|
|
|
1,200 |
|
|
|
|
|
|
|
|
39,626 |
|
|
|
|
|
|
|
|
|
|
SEI Institutional International Trust / Annual Report / September 30, 2022
SCHEDULE OF INVESTMENTS
September 30, 2022
International Equity Fund (Concluded)
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Total Common Stock |
|
|
|
|
|
|
|
|
(Cost $3,782,601) ($ Thousands) |
|
|
|
|
|
$ |
3,225,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCK — 1.0% |
Brazil — 0.4% |
Itau Unibanco Holding ADR (C) |
|
|
993,703 |
|
|
|
5,138 |
|
Petroleo Brasileiro SA (C) |
|
|
1,334,900 |
|
|
|
7,394 |
|
|
|
|
|
|
|
|
12,532 |
|
|
|
|
|
|
|
|
|
|
Germany — 0.6% |
Bayerische Motoren Werke AG (C) |
|
|
9,223 |
|
|
|
599 |
|
Sartorius AG (C) |
|
|
16,650 |
|
|
|
5,757 |
|
Schaeffler AG, 3.600% |
|
|
228,253 |
|
|
|
1,023 |
|
Volkswagen AG, 2.590% |
|
|
111,173 |
|
|
|
13,579 |
|
|
|
|
|
|
|
|
20,958 |
|
|
|
|
|
|
|
|
|
|
Total Preferred Stock |
|
|
|
|
|
|
|
|
(Cost $39,512) ($ Thousands) |
|
|
|
|
|
|
33,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUND — 0.2% |
United States — 0.2% |
iShares Trust iShares ESG Aware MSCI EAFE ETF |
|
|
103,730 |
|
|
|
5,822 |
|
|
|
|
|
|
|
|
|
|
Total Exchange Traded Fund |
|
|
|
|
|
|
|
|
(Cost $6,713) ($ Thousands) |
|
|
|
|
|
|
5,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Rights |
|
|
|
|
|
RIGHTS — 0.1% |
Sweden — 0.1% |
|
|
|
|
Securitas AB, Cl B, Expires 10/18/2022 *(A) |
|
|
5,531,640 |
|
|
|
2,250 |
|
Total Rights |
|
|
|
|
|
|
|
|
(Cost $3,716) ($ Thousands) |
|
|
|
|
|
|
2,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
AFFILIATED PARTNERSHIP — 3.3% |
SEI Liquidity Fund, LP |
|
|
|
|
|
|
|
|
2.930% **†(D) |
|
|
113,798,625 |
|
|
|
113,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Affiliated Partnership |
|
|
|
|
|
|
|
|
(Cost $113,813) ($ Thousands) |
|
|
113,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
CASH EQUIVALENT — 2.0% |
SEI Daily Income Trust, Government Fund, Cl F |
|
|
|
|
|
|
|
|
2.600%**† |
|
|
68,912,893 |
|
|
$ |
68,913 |
|
|
|
|
|
|
|
|
|
|
Total Cash Equivalent |
|
|
|
|
|
|
|
|
(Cost $68,913) ($ Thousands) |
|
|
|
|
|
|
68,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities — 101.1% |
|
|
|
|
|
|
|
|
(Cost $4,015,268) ($ Thousands) |
|
$ |
3,449,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEI Institutional International Trust / Annual Report / September 30, 2022
A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:
Type of Contract |
|
Number of
Contracts |
|
|
Expiration Date |
|
|
Notional Amount (Thousands) |
|
|
Value (Thousands) |
|
|
Unrealized Appreciation/ (Depreciation) (Thousands) |
|
Long Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro STOXX 50 |
|
|
863 |
|
|
|
Dec-2022 |
|
|
$ |
30,569 |
|
|
$ |
28,026 |
|
|
$ |
(1,938 |
) |
FTSE 100 Index |
|
|
220 |
|
|
|
Dec-2022 |
|
|
|
18,437 |
|
|
|
16,981 |
|
|
|
(1,026 |
) |
Hang Seng Index |
|
|
20 |
|
|
|
Oct-2022 |
|
|
|
2,274 |
|
|
|
2,193 |
|
|
|
(81 |
) |
SPI 200 Index |
|
|
87 |
|
|
|
Dec-2022 |
|
|
|
9,962 |
|
|
|
9,042 |
|
|
|
(557 |
) |
TOPIX Index |
|
|
162 |
|
|
|
Dec-2022 |
|
|
|
21,178 |
|
|
|
20,549 |
|
|
|
(604 |
) |
|
|
|
|
|
|
|
|
|
|
$ |
82,420 |
|
|
$ |
76,791 |
|
|
$ |
(4,206 |
) |
|
Percentages are based on Net Assets of $3,412,855 ($ Thousands). |
* |
Non-income producing security. |
** |
The rate reported is the 7-day effective yield as of September 30, 2022. |
† |
Investment in Affiliated Security (see Note 5). |
‡ |
Real Estate Investment Trust. |
(A) |
Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 9). |
(B) |
Level 3 security in accordance with fair value hierarchy. |
(C) |
No interest rate available. |
(D) |
This security was purchased with cash collateral held from securities on loan (see Note 9). The total market value of such securities as of September 30, 2022 was $113,836 ($ Thousands). |
The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):
Investments in Securities |
|
Level 1
($) |
|
|
Level 2
($) |
|
|
Level 3
($)(1) |
|
|
Total
($) |
|
Common Stock |
|
|
3,225,291 |
|
|
|
– |
|
|
|
– |
^ |
|
|
3,225,291 |
|
Preferred Stock |
|
|
33,490 |
|
|
|
– |
|
|
|
– |
|
|
|
33,490 |
|
Exchange Traded Fund |
|
|
5,822 |
|
|
|
– |
|
|
|
– |
|
|
|
5,822 |
|
Rights |
|
|
2,250 |
|
|
|
– |
|
|
|
– |
|
|
|
2,250 |
|
Affiliated Partnership |
|
|
– |
|
|
|
113,836 |
|
|
|
– |
|
|
|
113,836 |
|
Cash Equivalent |
|
|
68,913 |
|
|
|
– |
|
|
|
– |
|
|
|
68,913 |
|
Total Investments in Securities |
|
|
3,335,766 |
|
|
|
113,836 |
|
|
|
– |
|
|
|
3,449,602 |
|
Other Financial Instruments |
|
Level 1
($) |
|
|
Level 2
($) |
|
|
Level 3
($) |
|
|
Total
($) |
|
Futures Contracts* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized Depreciation |
|
|
(4,206 |
) |
|
|
– |
|
|
|
– |
|
|
|
(4,206 |
) |
Total Other Financial Instruments |
|
|
(4,206 |
) |
|
|
– |
|
|
|
– |
|
|
|
(4,206 |
) |
^One security with a market value of $0.
(1) A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
*
|
Futures contracts are valued at the unrealized depreciation on the instrument.
|
For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.
The following is a summary of the transactions with affiliates for the year ended September 30, 2022 ($ Thousands):
Security Description |
|
Value 9/30/2021 |
|
|
Purchases at Cost |
|
|
Proceeds from Sales |
|
|
Realized Loss |
|
|
Change in Unrealized Appreciation |
|
|
Value 9/30/2022 |
|
|
Shares |
|
|
Income |
|
|
Capital Gains |
|
SEI Liquidity Fund, LP |
|
$ |
161,647 |
|
|
$ |
948,689 |
|
|
$ |
(996,504 |
) |
|
$ |
(6 |
) |
|
$ |
10 |
|
|
$ |
113,836 |
|
|
|
113,798,625 |
|
|
$ |
1,219 |
|
|
$ |
— |
|
SEI Daily Income Trust, Government Fund, Cl F |
|
|
48,039 |
|
|
|
316,037 |
|
|
|
(295,164 |
) |
|
|
1 |
|
|
|
— |
|
|
|
68,913 |
|
|
|
68,912,893 |
|
|
|
373 |
|
|
|
— |
|
Totals |
|
$ |
209,686 |
|
|
$ |
1,264,726 |
|
|
$ |
(1,291,668 |
) |
|
$ |
(5 |
) |
|
$ |
10 |
|
|
$ |
182,749 |
|
|
|
|
|
|
$ |
1,592 |
|
|
$ |
— |
|
Amounts designated as “—” are $0 or have been rounded to $0.
See “Glossary” for abbreviations.
The accompanying notes are an integral part of the financial statements.
SEI Institutional International Trust / Annual Report / September 30, 2022
SCHEDULE OF INVESTMENTS
September 30, 2022
Emerging Market Equity Fund
†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK — 94.5% |
Austria — 0.1% |
Erste Group Bank AG |
|
|
83,077 |
|
|
$ |
1,820 |
|
|
|
|
|
|
|
|
|
|
Brazil — 5.6% |
Ambev SA |
|
|
542,200 |
|
|
|
1,559 |
|
Ambev SA ADR |
|
|
352,410 |
|
|
|
997 |
|
Arcos Dorados Holdings Inc, Cl A |
|
|
275,303 |
|
|
|
2,007 |
|
Arezzo Industria e Comercio SA |
|
|
129,300 |
|
|
|
2,361 |
|
Atacadao SA |
|
|
372,200 |
|
|
|
1,327 |
|
B3 SA - Brasil Bolsa Balcao |
|
|
1,766,747 |
|
|
|
4,295 |
|
Banco Bradesco SA ADR |
|
|
1,092,036 |
|
|
|
4,019 |
|
Banco do Brasil SA |
|
|
817,348 |
|
|
|
5,810 |
|
Banco Santander Brasil SA |
|
|
788,600 |
|
|
|
4,429 |
|
BB Seguridade Participacoes SA |
|
|
629,175 |
|
|
|
3,091 |
|
Centrais Eletricas Brasileiras SA |
|
|
91,500 |
|
|
|
729 |
|
Cia Brasileira de Aluminio |
|
|
234,974 |
|
|
|
500 |
|
Cia Energetica de Minas Gerais ADR |
|
|
394,546 |
|
|
|
797 |
|
Cosan SA |
|
|
1,936,200 |
|
|
|
6,211 |
|
CPFL Energia SA |
|
|
616,295 |
|
|
|
3,847 |
|
CSN Mineracao SA |
|
|
466,300 |
|
|
|
284 |
|
Gerdau SA ADR |
|
|
195,560 |
|
|
|
884 |
|
Hapvida Participacoes e Investimentos S/A |
|
|
1,006,107 |
|
|
|
1,414 |
|
Hypera SA |
|
|
122,898 |
|
|
|
1,011 |
|
JBS SA |
|
|
198,158 |
|
|
|
925 |
|
Klabin SA |
|
|
607,850 |
|
|
|
2,043 |
|
MercadoLibre Inc * |
|
|
2,798 |
|
|
|
2,316 |
|
MRV Engenharia e Participacoes SA |
|
|
284,200 |
|
|
|
653 |
|
Multiplan Empreendimentos Imobiliarios SA |
|
|
452,000 |
|
|
|
2,021 |
|
Pagseguro Digital Ltd, Cl A * |
|
|
117,270 |
|
|
|
1,552 |
|
Petro Rio SA * |
|
|
338,600 |
|
|
|
1,725 |
|
Petroleo Brasileiro SA ADR |
|
|
316,911 |
|
|
|
3,911 |
|
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
Rumo SA |
|
|
127,400 |
|
|
$ |
437 |
|
Sendas Distribuidora SA |
|
|
1,468,600 |
|
|
|
4,765 |
|
SLC Agricola SA |
|
|
92,806 |
|
|
|
742 |
|
TIM SA/Brazil |
|
|
871,300 |
|
|
|
1,948 |
|
TIM SA/Brazil ADR |
|
|
46,719 |
|
|
|
522 |
|
TOTVS SA |
|
|
68,775 |
|
|
|
375 |
|
Vale SA ADR, Cl B |
|
|
290,498 |
|
|
|
3,869 |
|
Vibra Energia SA |
|
|
676,097 |
|
|
|
2,160 |
|
WEG SA |
|
|
93,153 |
|
|
|
552 |
|
|
|
|
|
|
|
|
76,088 |
|
|
|
|
|
|
|
|
|
|
Canada — 0.5% |
First Quantum Minerals Ltd |
|
|
145,230 |
|
|
|
2,478 |
|
Ivanhoe Mines Ltd, Cl A * |
|
|
196,226 |
|
|
|
1,270 |
|
Parex Resources Inc |
|
|
163,882 |
|
|
|
2,406 |
|
|
|
|
|
|
|
|
6,154 |
|
|
|
|
|
|
|
|
|
|
Chile — 0.7% |
Banco de Chile |
|
|
6,309,255 |
|
|
|
561 |
|
Banco Santander Chile ADR |
|
|
31,166 |
|
|
|
437 |
|
Cencosud SA |
|
|
434,194 |
|
|
|
555 |
|
Empresas CMPC SA |
|
|
767,067 |
|
|
|
1,180 |
|
Enel Chile SA |
|
|
30,162,900 |
|
|
|
881 |
|
Sociedad Quimica y Minera de Chile SA ADR |
|
|
62,814 |
|
|
|
5,700 |
|
|
|
|
|
|
|
|
9,314 |
|
|
|
|
|
|
|
|
|
|
China — 18.9% |
37 Interactive Entertainment Network Technology Group Co Ltd, Cl A |
|
|
822,400 |
|
|
|
2,013 |
|
Agricultural Bank of China Ltd, Cl H |
|
|
11,503,000 |
|
|
|
3,443 |
|
Alibaba Group Holding Ltd * |
|
|
3,340,252 |
|
|
|
33,332 |
|
Alibaba Group Holding Ltd ADR * |
|
|
7,473 |
|
|
|
598 |
|
Aluminum Corp of China Ltd, Cl A |
|
|
551,082 |
|
|
|
319 |
|
Aluminum Corp of China Ltd, Cl H |
|
|
946,000 |
|
|
|
306 |
|
Anhui Conch Cement Co Ltd, Cl H |
|
|
768,389 |
|
|
|
2,429 |
|
ANTA Sports Products Ltd |
|
|
55,000 |
|
|
|
577 |
|
Autohome Inc ADR |
|
|
104,517 |
|
|
|
3,006 |
|
Baidu Inc ADR * |
|
|
31,660 |
|
|
|
3,720 |
|
Bank of Chengdu Co Ltd, Cl A |
|
|
316,700 |
|
|
|
729 |
|
Bank of China Ltd, Cl H |
|
|
17,606,923 |
|
|
|
5,750 |
|
Bank of Communications Co Ltd, Cl H |
|
|
4,675,707 |
|
|
|
2,465 |
|
Bank of Jiangsu Co Ltd, Cl A |
|
|
734,392 |
|
|
|
768 |
|
Bank of Nanjing Co Ltd, Cl A |
|
|
602,834 |
|
|
|
893 |
|
BeiGene Ltd ADR * |
|
|
2,680 |
|
|
|
361 |
|
Bosideng International Holdings Ltd |
|
|
5,150,317 |
|
|
|
2,540 |
|
BYD Co Ltd, Cl H |
|
|
60,645 |
|
|
|
1,494 |
|
China CITIC Bank Corp Ltd, Cl H |
|
|
2,597,449 |
|
|
|
1,031 |
|
China Construction Bank Corp, Cl H |
|
|
15,295,721 |
|
|
|
8,828 |
|
China Jushi Co Ltd, Cl A |
|
|
357,977 |
|
|
|
663 |
|
China Lesso Group Holdings Ltd |
|
|
1,844,000 |
|
|
|
1,707 |
|
China Longyuan Power Group Corp Ltd, Cl H |
|
|
220,336 |
|
|
|
275 |
|
China Merchants Bank Co Ltd, Cl H |
|
|
403,878 |
|
|
|
1,869 |
|
China National Building Material Co Ltd, Cl H |
|
|
866,263 |
|
|
|
660 |
|
SEI Institutional International Trust / Annual Report / September 30, 2022
|
|
|
|
|
|
|
Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
COMMON STOCK (continued) |
China Pacific Insurance Group Co Ltd, Cl H |
|
|
165,337 |
|
|
$ |
304 |
|
China Petroleum & Chemical Corp, Cl H |
|
|
8,984,000 |
|
|
|
3,836 |
|
China Shenhua Energy Co Ltd, Cl H |
|
|
439,014 |
|
|
|
1,306 |
|
China Tourism Group Duty Free Corp Ltd, Cl A |
|
|
82,400 |
|
|
|
2,276 |
|
China Yangtze Power Co Ltd, Cl A |
|
|
253,476 |
|
|
|
811 |
|
Contemporary Amperex Technology Co Ltd, Cl A |
|
|
8,084 |
|
|
|
455 |
|
Daqin Railway Co Ltd, Cl A |
|
|
12,400 |
|
|
|
12 |
|
Daqo New Energy Corp ADR * |
|
|
13,276 |
|
|
|
705 |
|
Dongfeng Motor Group Co Ltd, Cl H |
|
|
3,584,000 |
|
|
|
1,916 |
|
ENN Energy Holdings Ltd |
|
|
124,483 |
|
|
|
1,660 |
|
Full Truck Alliance Co Ltd ADR * |
|
|
77,019 |
|
|
|
505 |
|
G-bits Network Technology Xiamen Co Ltd, Cl A |
|
|
56,883 |
|
|
|
1,984 |
|
GigaDevice Semiconductor Inc, Cl A |
|
|
145,632 |
|
|
|
1,910 |
|
Great Wall Motor Co Ltd, Cl H |
|
|
884,000 |
|
|
|
1,008 |
|
Greentown China Holdings Ltd |
|
|
403,687 |
<