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Touchstone Anti-Benchmark® International Core Equity Fund

Overview

Overview

Actively Managed and Sub-Advised by TOBAM S.A.S.

Objective

The fund seeks capital appreciation by primarily investing in non-U.S. equity securities.

Anti-Benchmark® International Core Equity Fund Commentary

Investment Style

  • Pursues its objective by seeking to track the net total return, before fees and expenses, of the TOBAM Anti-Benchmark® International Core Equity Index1 (the “Index”).
  • The Index is a proprietary rules-based index created by the Fund’s sub–advisor, TOBAM S.A.S. (“TOBAM”) which is designed to create a more diversified portfolio of equity securities of non-U.S. issuers relative to traditional market capitalization weighted benchmarks.
    • The Index is based on TOBAM’s proprietary quantitative model, which selects and weights companies to maximize diversification. TOBAM quantitatively selects securities, subject to certain constraints, that maximize the portfolio’s Diversification Ratio®, a patented, proprietary mathematical metric based on the volatility of the Index constituents and their correlation to the other Index constituents. Constraints include a minimum and maximum weight for any given stock. TOBAM’s Anti-Benchmark® strategy seeks to avoid the concentration risk that exists in traditional market capitalization-weighted indices through its quantitative approach to diversification. The Index will typically hold approximately 100 to 150 securities. The Index typically is reconstituted (i.e. Index constituents are added or deleted and weights are reset) monthly. The Fund will be rebalanced following the same schedule as the Index.
  • The Fund intends to fully replicate the Index to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as the Index.
  • The equity securities that comprise the Index primarily include common and preferred stock of non-U.S. companies that trade on foreign exchanges. TOBAM may replace the common or preferred stock of a foreign issuer with a depositary receipt when it deems the depositary receipt to be more liquid than the corresponding stock. The Index is comprised of securities of issuers located in developed markets.
A WORD ABOUT RISK

The Fund invests in equities which are subject to market volatility and loss. The Fund invests in preferred stocks which are relegated below bonds for payment should the issuer be liquidated. The fixed dividend may be less attractive in a rising interest rate market. The Fund invests in foreign securities which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards including those of certain European countries that may have the potential to leave the European Union. Foreign receipts, which include American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts, are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of depositary receipts include many risks associated with investing directly in foreign securities. As the Fund is intended to track the Index, portfolio managers do not attempt to take defensive positions under any market conditions, including during declining markets. TOBAM uses proprietary statistical analyses and models to construct the Index, which the Fund seeks to track. A securities portfolio selected using TOBAM’s proprietary models can perform differently than the market as a whole as a result of the correlation factors used in the analysis to construct the models, the weight placed on each factor, and changes in the factors’ historical trends. As a result, the Fund may be more or less exposed to a risk factor than its individual holdings. The performance of the Fund and its Index may differ from each other for a variety of reasons. The Advisor engages a sub-advisor to make investment decisions for the Fund’s portfolio; it may be unable to identify and retain a sub-advisor who achieves superior investment returns relative to other similar sub-advisors.

Fund Facts

Fund Facts for Share Class
Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 06/30/2019
Total Fund Net Assets as of 06/30/2019 $36,519,945
Asset Class International / Global Equity
Morningstar Category Foreign Large Blend
Benchmark MSCI EAFE® Index
Distribution Frequency Annually
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date 01/30/2019

Performance

Daily Returns as of
NAV NAV $ Change
Touchstone Anti-Benchmark® International Core Equity Fund -
HISTORICAL DAILY NAV
as of 07/31/2019
1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Anti-Benchmark® International Core Equity Fund -
Including Sales Charge
Touchstone Anti-Benchmark® International Core Equity Fund -
Excluding Sales Charge
MSCI EAFE® Index -1.27% -0.44% 12.58% -2.60% 6.87% 2.39% 5.84% --
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class Y Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class INST Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.
as of 06/30/2019
1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Anti-Benchmark® International Core Equity Fund -
Including Sales Charge
Touchstone Anti-Benchmark® International Core Equity Fund -
Excluding Sales Charge
MSCI EAFE® Index 1.08% 9.11% 2.25% 6.90% --
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class Y Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class INST Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.

Consider Touchstone Anti-Benchmark® International Core Equity Fund for Your Portfolio

Touchstone Anti-Benchmark® International Core Equity Fund utilizes a quantitative approach to diversification of its portfolio holdings. It seeks to provide capital appreciation.
Contact Us Now

Portfolio

as of 06/30/2019
Number of Holdings
125
Active Share
94%
Weighted Average Market Capitalization
$15.2 B
Median Market Capitalization
$8.0 B
Price To Earnings Ratio
(Weighted Harmonic Average)
20.9x
Price to Book Ratio
(Weighted Harmonic Average)
1.9x
as of 06/30/2019
Composition % of Portfolio
Equities Non-U.S. Developed Markets 98.7
Cash Equivalents 1.3
Equities U.S. 0.0
Equities Emerging Markets 0.0
Data may not total due to rounding.
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 06/30/2019
Country % of Portfolio
Japan 24.5
Great Britain 10.1
Hong Kong 9.4
Australia 8.9
Denmark 7.6
Germany 6.2
France 4.4
Sweden 3.3
Ireland 3.3
Netherlands 2.9
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 06/30/2019
Sector % of Portfolio
Communication Services 22.5
Consumer Discretionary 19.3
Consumer Staples 12.2
Energy 11.1
Financials 9.8
Health Care 5.0
Industrials 4.8
Information Technology 4.7
Materials 4.6
Real Estate 3.0
Utilities 1.8
There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding. 
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 07/31/2019
Security Description % of Portfolio
COBHAM PLC 1.9
NEWCREST MINING LTD 1.7
NICE LTD 1.6
ICA GRUPPEN AB 1.6
SKYLARK HOLDINGS CO LTD 1.5
SPARK NEW ZEALAND LTD 1.5
KDDI CORP 1.5
ADIDAS AG 1.5
KONINKLIJKE AHOLD DELHAIZE NV 1.5
LAWSON INC 1.5
There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding. 
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 06/30/2019
Security Description
Country
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
A2 MILK CO LTD NZ 11,898 9.89 117,613 0.32
ABC-MART INC JP 8,300 65.22 541,299 1.49
ADIDAS AG DE 1,764 308.72 544,587 1.50
AIB GROUP PLC IE 83,201 4.09 340,210 0.94
AIN HOLDINGS INC JP 6,900 58.22 401,731 1.11
AMARIN CORP PLC GB 3,200 19.39 62,048 0.17
AMBU A/S DK 10,404 16.26 169,130 0.47
APA GROUP AU 65,574 7.58 497,268 1.37
ASCENDIS PHARMA A/S DK 1,364 115.15 157,065 0.43
ASM PACIFIC TECHNOLOGY LTD KY 22,800 10.25 233,755 0.64
ATLANTIA SPA IT 9,938 26.08 259,147 0.71
BANDAI NAMCO HOLDINGS INC JP 9,500 48.52 460,984 1.27
BANK LEUMI LE-ISRAEL BM IL 49,930 7.23 360,896 0.99
CARREFOUR SA FR 8,061 19.31 155,641 0.43
CENTRICA PLC GB 359,372 1.11 400,616 1.10
CHOCOLADEFABRIKEN LINDT & SPRU CH 49 7,278.22 356,633 0.98
CHOCOLADEFABRIKEN LINDT & SPRU CH 2 81,335.79 162,672 0.45
CINEWORLD GROUP PLC GB 82,600 3.22 265,811 0.73
COBHAM PLC GB 341,686 1.35 462,461 1.27
COCA-COLA BOTTLERS JAPAN HOLDI JP 4,000 25.36 101,457 0.28
COLOPLAST A/S DK 1,115 113.04 126,038 0.35
COLRUYT SA BE 7,382 57.99 428,098 1.18
COMPASS GROUP PLC GB 11,539 23.96 276,520 0.76
DAIRY FARM INTERNATIONAL HOLDI BM 51,300 7.15 366,795 1.01
DAITO TRUST CONSTRUCTION CO LT JP 500 127.53 63,766 0.18
DENA CO LTD JP 3,000 19.17 57,518 0.16
DEUTSCHE LUFTHANSA AG DE 3,762 17.14 64,466 0.18
DEUTSCHE WOHNEN SE DE 2,090 36.64 76,584 0.21
DOMINO'S PIZZA ENTERPRISES LTD AU 14,843 26.43 392,269 1.08
DREYFUS GOVERNMENT CASH MANAGE 12/01/2099 US 328,964 1.00 328,964 0.91
EASYJET PLC GB 24,439 12.11 295,895 0.82
ELEKTA AB SE 5,956 14.54 86,581 0.24
ELISA OYJ FI 2,645 48.79 129,057 0.36
ENDESA SA ES 4,480 25.72 115,228 0.32
EUTELSAT COMMUNICATIONS SA FR 22,196 18.69 414,930 1.14
EVOLUTION MINING LTD AU 134,686 3.06 412,786 1.14
EZAKI GLICO CO LTD JP 10,700 44.58 477,014 1.31
FAMILYMART UNY HOLDINGS CO LTD JP 15,700 23.87 374,830 1.03
FAST RETAILING CO LTD JP 300 605.30 181,590 0.50
FLUTTER ENTERTAINMENT PLC IE 780 75.28 58,720 0.16
FORTESCUE METALS GROUP LTD AU 20,355 6.36 129,449 0.36
FUJI MEDIA HOLDINGS INC JP 20,600 13.97 287,736 0.79
GENMAB A/S DK 1,222 183.88 224,698 0.62
GETLINK SE FR 8,661 16.02 138,764 0.38
GLANBIA PLC IE 12,512 16.26 203,452 0.56
GN STORE NORD A/S DK 2,485 46.75 116,168 0.32
H LUNDBECK A/S DK 9,737 39.61 385,675 1.06
HENNES & MAURITZ AB SE 15,450 17.81 275,121 0.76
HOSHIZAKI CORP JP 2,900 74.57 216,257 0.60
ICA GRUPPEN AB SE 12,739 42.99 547,634 1.51
IDEMITSU KOSAN CO LTD JP 5,700 30.25 172,397 0.47
IG GROUP HOLDINGS PLC GB 52,552 7.42 389,886 1.07
INGENICO GROUP SA FR 4,472 88.44 395,520 1.09
J SAINSBURY PLC GB 68,963 2.48 171,373 0.47
JAMES HARDIE INDUSTRIES PLC IE 7,422 13.16 97,705 0.27
JARDINE MATHESON HOLDINGS LTD BM 8,300 63.02 523,066 1.44
JARDINE STRATEGIC HOLDINGS LTD BM 10,200 38.16 389,204 1.07
KANSAI ELECTRIC POWER CO INC/T JP 10,200 11.46 116,926 0.32
KDDI CORP JP 21,200 25.45 539,470 1.49
KERRY GROUP PLC IE 4,491 119.40 536,205 1.48
KONINKLIJKE AHOLD DELHAIZE NV NL 23,206 22.45 520,968 1.44
K'S HOLDINGS CORP JP 37,600 9.44 355,036 0.98
LAWSON INC JP 11,300 48.04 542,873 1.50
LINK REIT HK 44,000 12.31 541,438 1.49
LION CORP JP 10,300 18.66 192,149 0.53
METCASH LTD AU 69,921 1.81 126,464 0.35
METRO AG DE 25,278 18.28 462,054 1.27
MICRO FOCUS INTERNATIONAL PLC GB 10,416 26.30 273,941 0.75
MOWI ASA NO 21,601 23.40 505,440 1.39
NESTE OYJ FI 10,513 34.00 357,415 0.98
NEWCREST MINING LTD AU 25,811 22.47 579,876 1.60
NEXT PLC GB 5,387 70.03 377,235 1.04
NH FOODS LTD JP 5,200 42.87 222,949 0.61
NIB HOLDINGS LTD/AUSTRALIA AU 33,496 5.39 180,625 0.50
NICE LTD IL 3,802 136.90 520,477 1.43
NIHON KOHDEN CORP JP 16,800 27.17 456,483 1.26
NIPPON TELEGRAPH & TELEPHONE C JP 6,400 46.59 298,174 0.82
NORTHERN STAR RESOURCES LTD AU 49,927 8.20 409,593 1.13
NOVO NORDISK A/S DK 9,571 51.08 488,860 1.35
NTT DOCOMO INC JP 15,000 23.33 349,979 0.96
OLYMPUS CORP JP 10,900 11.13 121,305 0.33
ORION OYJ FI 7,290 36.67 267,331 0.74
ORKLA ASA NO 18,700 8.87 165,961 0.46
ORSTED A/S DK 1,648 86.47 142,502 0.39
OSRAM LICHT AG DE 7,862 33.03 259,707 0.72
PAN PACIFIC INTERNATIONAL HOLD JP 6,400 63.58 406,909 1.12
PANDORA A/S DK 8,758 35.57 311,540 0.86
PCCW LTD HK 871,000 0.58 502,634 1.38
PEARSON PLC GB 34,769 10.40 361,739 1.00
PRADA SPA IT 81,800 3.09 252,935 0.70
PSP SWISS PROPERTY AG CH 1,096 116.88 128,102 0.35
PUMA SE DE 5,978 66.69 398,678 1.10
RED ELECTRICA CORP SA ES 20,260 20.83 421,978 1.16
RELIANCE WORLDWIDE CORP LTD AU 71,832 2.47 177,749 0.49
ROYAL MAIL PLC GB 78,243 2.69 210,554 0.58
ROYAL UNIBREW A/S DK 4,512 73.11 329,853 0.91
SARACEN MINERAL HOLDINGS LTD AU 18,704 2.59 48,421 0.13
SATS LTD SG 68,300 3.86 263,524 0.73
SBM OFFSHORE NV NL 6,753 19.30 130,363 0.36
SCOR SE FR 3,155 43.85 138,336 0.38
SES SA LU 23,088 15.64 360,984 0.99
SHIMAMURA CO LTD JP 3,600 74.87 269,518 0.74
SIGNIFY NV NL 13,347 29.56 394,599 1.09
SKYLARK HOLDINGS CO LTD JP 29,500 17.48 515,553 1.42
SPARK NEW ZEALAND LTD NZ 212,214 2.69 570,936 1.57
SUMITOMO DAINIPPON PHARMA CO L JP 14,100 19.04 268,431 0.74
SUN ART RETAIL GROUP LTD HK 338,000 0.95 320,317 0.88
SUNRISE COMMUNICATIONS GROUP A CH 1,727 74.69 128,987 0.36
SUZUKI MOTOR CORP JP 7,100 47.05 334,028 0.92
SWIRE PROPERTIES LTD HK 38,600 4.04 156,049 0.43
TELEFONAKTIEBOLAGET LM ERICSSO SE 30,999 9.49 294,234 0.81
TELSTRA CORP LTD AU 63,264 2.70 171,072 0.47
TEVA PHARMACEUTICAL INDUSTRIES IL 14,573 9.17 133,585 0.37
UCB SA BE 5,973 82.99 495,697 1.37
UNIONE DI BANCHE ITALIANE SPA IT 127,300 2.73 347,561 0.96
UNITED UTILITIES GROUP PLC GB 11,542 9.95 114,888 0.32
VESTAS WIND SYSTEMS A/S DK 3,810 86.63 330,074 0.91
VONOVIA SE DE 2,807 47.77 134,090 0.37
WH GROUP LTD KY 284,500 1.01 288,595 0.79
YAMADA DENKI CO LTD JP 76,100 4.43 336,794 0.93
YAMATO HOLDINGS CO LTD JP 2,600 20.38 52,997 0.15
YAMAZAKI BAKING CO LTD JP 6,800 15.14 102,957 0.28
YUE YUEN INDUSTRIAL HOLDINGS L BM 142,000 2.74 389,006 1.07
ZALANDO SE DE 6,855 44.37 304,154 0.84
ZOZO INC JP 2,700 18.77 50,671 0.14
There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding. 
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.

Management

Management

Actively Managed and Sub-Advised by TOBAM S.A.S.

Ayazz Allymun

Ayazz Allymun

Investment Experience since 2004

Career Summary 
TOBAM
Credit Agricole Asset Management (“CAAM”)
Credit Lyonnais Asset Management (“CLAM”)

Education 
DESS (equivalent to MSc) - Pierre & Marie Curie University (Paris VI)

Feriel Ben Amor

Feriel Ben Amor

Investment Experience since 2016

Career Summary 
TOBAM

Education 
MSc – ENSIMAG (Ecole Nationale Supérieure d'Informatique et Mathématiques Appliquées de Grenoble)

Mara Maccagnan

Mara Maccagnan

Investment Experience since 2011

Career Summary 
TOBAM
ANIMA Asset Management Ltd
Banca IMI

Education 
Post MSc – University of Bologna
BA - University of Udine

Guillaume Toison

Guillaume Toison

Investment Experience since 2006

Career Summary 
TOBAM
Credit Agricole Asset Management (“CAAM”)

Education 
BA - ENST Paris

Fees

Expense Fees for Share Class
Total Annual Fund Operating Expense Ratio
Net Annual Fund Operating Expense Ratio
Touchstone Advisors, Inc. has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain annual Fund operating expenses (excluding Acquired Fund Fees and Expenses “AFFE” and other expenses, if any) to 0.69% for Class Y Shares and 0.59% for Class INST Shares. These expense limitations will remain in effect until at least 1/29/20.

Distributions

Capital Gain and Income Distribution as of
Pay Date Income Distribution Short Term Capital Gains Per Share Long Term Capital Gains Per Share Total Capital Gains Per Share

Resources

Consider Touchstone Anti-Benchmark® International Core Equity Fund for Your Portfolio

Touchstone Anti-Benchmark® International Core Equity Fund utilizes a quantitative approach to diversification of its portfolio holdings. It seeks to provide capital appreciation.
Contact Us Now

1TOBAM Anti-Benchmark® International Core Equity Index data copyright ©2018, TOBAM S.A.S. All rights reserved. Anti-Benchmark® is a registered trademark and service mark of TOBAM S.A.S. or its affiliates (“TOBAM”) and is used under license for certain purposes by Touchstone Advisors, Inc. Reproduction of the TOBAM data and information in any form is prohibited except with the prior written permission of TOBAM S.A.S. Touchstone Anti-Benchmark® International Core Equity Fund is not sponsored, endorsed, sold or promoted by TOBAM and TOBAM makes no representation regarding the advisability of investing in such fund. TOBAM DOES NOT GUARANTEE THE RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OR PROSPECTIVE OWNERS OF SECURITIES OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE ANTI-BENCHMARK® INTERNATIONAL CORE EQUITY INDEX OR ANY DATA INCLUDED THEREIN.

Solactive AG is the third-party calculation agent of the TOBAM Anti-Benchmark® International Core Equity Index and received compensation in that capacity. Solactive AG does not sponsor, endorse, sell, or promote any investment vehicle that is offered by any third party that seeks to provide an investment return based on the performance of any index. It is not possible to invest directly in an index.

The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trademark or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trademark for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument.

TOBAM’s quantitative investment process is supported by extensive proprietary computer code. TOBAM’s researchers, software developers, and IT teams follow a structured design, development, testing, change control, and review processes during the development of its systems and the implementation within TOBAM’s investment process. These controls and their effectiveness are subject to regular internal reviews. However, despite these extensive controls it is possible that errors may occur in coding and within the investment process, as is the case with any complex software or data-driven model, and no guarantee or warranty can be provided that any quantitative investment model is completely free of errors. Any such errors could have a negative impact on investment results.

Touchstone Anti-Benchmark® International Core Equity Fund is distributed by Touchstone Securities, Inc., a registered broker-dealer and member FINRA and SIPC, and advised by Touchstone Advisors, Inc., a registered investment advisor. TOBAM S.A.S. is sub-advisor of the Fund and Solactive AG is a third party calculation agent of the TOBAM Anti-Benchmark® International Core Equity Index. Both TOBAM S.A.S. and Solactive AG are independent of Touchstone Securities, Inc. and Touchstone Advisors, Inc.

Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and the summary prospectus contain this and other information about the Fund. To obtain a prospectus or a summary prospectus, contact your financial advisor or download and/or request one on the resources section or call Touchstone at 800-638-8194. Please read the prospectus and/or summary prospectus carefully before investing.

Investment return and principal value of an investment in a Fund will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. All investing involves risk.

Touchstone Funds are distributed by Touchstone Securities, Inc.*
*A registered broker-dealer and member FINRA/SIPC.

Not FDIC Insured | No Bank Guarantee | May Lose Value

All Russell® Indices are trademarks/service marks of the Frank Russell Company. Russell is a trademark of the Frank Russell Company. The Frank Russell Company (FRC) is the source and owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a Touchstone Investments presentation of the data, and FRC is not responsible for the formatting or configuration of this material or for any inaccuracy in the presentation thereof.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.