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Touchstone Anti-Benchmark® US 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 U.S. equity securities.

Anti-Benchmark® US 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® US 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 U.S. equity securities 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 70 to 100 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.
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. 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 03/31/2019
Total Fund Net Assets as of 03/31/2019 $25,415,177
Asset Class US Equity
Morningstar Category Large Blend
Benchmark Russell 1000® 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® US Core Equity Fund -
HISTORICAL DAILY NAV
as of 05/31/2019
1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Anti-Benchmark® US Core Equity Fund -
Including Sales Charge
Touchstone Anti-Benchmark® US Core Equity Fund -
Excluding Sales Charge
Russell 1000® Index -6.37% -0.90% 11.05% 3.47% 11.68% 9.45% 14.02% --
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 03/31/2019
1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Anti-Benchmark® US Core Equity Fund -
Including Sales Charge
Touchstone Anti-Benchmark® US Core Equity Fund -
Excluding Sales Charge
Russell 1000® Index 9.30% 13.52% 10.63% 16.05% --
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® US Core Equity Fund for Your Portfolio

Touchstone Anti-Benchmark® US 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 03/31/2019
Number of Holdings
93
Active Share
93%

Active Share

Active Share measures the percentage of the Fund’s holdings that differ from those of the benchmark. It is calculated by taking the sum of the absolute difference between all of the holdings and weights in the portfolio and those of the benchmark holdings and weights and dividing the results by two.

Active
Closet Index
Passive
 100%-80%  80%-60%  60%-40% 40%-20%   20%-0%
Generally, a Fund with an active share of more than 60% is considered actively managed. Active Share is not a performance measurement. A high degree of Active Share does not assure outperformance of a fund relative to its benchmark index. 
 
Weighted Average Market Capitalization
$22.8 B
Median Market Capitalization
$14.4 B
Price To Earnings Ratio
(Weighted Harmonic Average)
21.5x
Price to Book Ratio
(Weighted Harmonic Average)
2.8x
as of 03/31/2019
Composition % of Portfolio
Equities 99.0
Cash Equivalents 1.0
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 03/31/2019
Sector % of Portfolio
Consumer Discretionary 22.1
Financials 14.6
Utilities 12.7
Consumer Staples 12.4
Healthcare 11.8
Real Estate 8.3
Industrials 5.7
Materials 4.7
Communication Services 4.2
Information Technology 2.5
Energy 0.9
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 05/31/2019
Security Description % of Portfolio
MARKETAXESS HOLDINGS INC 3.3
PUBLIC STORAGE 3.2
CBOE GLOBAL MARKETS INC 3.2
NEWMONT GOLDCORP CORP 3.2
EXTRA SPACE STORAGE INC 3.1
CONSOLIDATED EDISON INC 3.1
EVERSOURCE ENERGY 2.9
CAMPBELL SOUP CO 2.5
ANNALY CAPITAL MANAGEMENT IN 2.5
AUTOZONE INC 2.5
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 03/31/2019
Security Description
Country
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
ACTIVISION BLIZZARD INC US 706 45.53 32,144 0.13
ADVANCE AUTO PARTS INC US 1,122 170.53 191,335 0.75
AGNC INVESTMENT CORP US 34,880 18.00 627,840 2.47
ALNYLAM PHARMACEUTICALS INC US 2,082 93.45 194,563 0.77
AMERICAN TOWER CORP US 421 197.06 82,962 0.33
ANNALY CAPITAL MANAGEMENT IN US 67,096 9.99 670,289 2.64
AQUA AMERICA INC US 1,820 36.44 66,321 0.26
AUTOZONE INC US 459 1,024.12 470,071 1.85
AXALTA COATING SYSTEMS LTD US 18,834 25.21 474,805 1.87
BAKER HUGHES A GE CO US 7,734 27.72 214,386 0.84
BRISTOL-MYERS SQUIBB CO US 6,153 47.71 293,560 1.16
BUNGE LTD US 8,321 53.07 441,595 1.74
CAMPBELL SOUP CO US 16,875 38.13 643,444 2.54
CAPRI HOLDINGS LTD HK 9,811 45.75 448,853 1.77
CBOE GLOBAL MARKETS INC US 7,815 95.44 745,864 2.94
CHECK POINT SOFTWARE TECH IL 307 126.49 38,832 0.15
CHIPOTLE MEXICAN GRILL INC US 778 710.31 552,621 2.18
CLOROX COMPANY US 1,846 160.46 296,209 1.17
CME GROUP INC US 1,988 164.58 327,185 1.29
CMS ENERGY CORP US 2,000 55.54 111,080 0.44
COCA-COLA EUROPEAN PARTNERS GB 1,524 51.74 78,852 0.31
CONSOLIDATED EDISON INC US 8,737 84.81 740,985 2.92
CROWN CASTLE INTL CORP US 1,796 128.00 229,888 0.91
DENTSPLY SIRONA INC US 5,521 49.59 273,786 1.08
DEXCOM INC US 2,283 119.10 271,905 1.07
DISCOVERY INC-C US 2,524 25.42 64,160 0.25
DOLLAR TREE INC US 292 105.04 30,672 0.12
DOMINION ENERGY INC US 1,595 76.66 122,273 0.48
DOMINO'S PIZZA INC US 646 258.10 166,733 0.66
DREYFUS-GOV C-IN US 264,679 1.00 264,679 1.04
EDISON INTERNATIONAL US 9,197 61.92 569,478 2.24
EQUIFAX INC US 607 118.50 71,930 0.28
EQUINIX INC US 54 453.16 24,471 0.10
ETSY INC US 637 67.22 42,819 0.17
EVEREST RE GROUP LTD BM 2,339 215.96 505,130 1.99
EVERSOURCE ENERGY US 9,092 70.95 645,077 2.54
EXACT SCIENCES CORP US 2,008 86.62 173,933 0.69
EXELIXIS INC US 4,508 23.80 107,290 0.42
EXPEDIA GROUP INC US 2,786 119.00 331,534 1.31
EXTRA SPACE STORAGE INC US 7,315 101.91 745,472 2.94
FOOT LOCKER INC US 6,914 60.60 418,988 1.65
GAP INC/THE US 2,705 26.18 70,817 0.28
GENERAL ELECTRIC CO US 46,443 9.99 463,966 1.83
GENERAL MILLS INC US 6,457 51.75 334,150 1.32
GENERAL MOTORS CO US 1,857 37.10 68,895 0.27
GRUBHUB INC US 2,821 69.47 195,975 0.77
H&R BLOCK INC US 17,332 23.94 414,928 1.63
HASBRO INC US 1,139 85.02 96,838 0.38
HCP INC US 1,483 31.30 46,418 0.18
HERSHEY CO/THE US 1,806 114.83 207,383 0.82
HUMANA INC US 1,737 266.00 462,042 1.82
JAZZ PHARMACEUTI IE 1,978 142.95 282,755 1.11
JM SMUCKER CO/THE US 2,145 116.50 249,893 0.98
KELLOGG CO US 2,112 57.38 121,187 0.48
KIMBERLY-CLARK CORP US 246 123.90 30,479 0.12
KRAFT HEINZ CO/THE US 3,016 32.65 98,472 0.39
KROGER CO US 16,750 24.60 412,050 1.62
L BRANDS INC US 3,954 27.58 109,051 0.43
LAMB WESTON HOLDINGS INC US 2,456 74.94 184,053 0.73
LULULEMON ATHLETICA INC CA 1,147 163.87 187,959 0.74
MACY'S INC US 3,219 24.03 77,353 0.30
MARKETAXESS HOLDINGS INC US 3,163 246.08 778,351 3.07
MCDONALD'S CORP US 458 189.90 86,974 0.34
MIDDLEBY CORP US 517 130.03 67,226 0.26
MOLINA HEALTHCARE INC US 1,211 141.96 171,914 0.68
MOLSON COORS BREWING CO -B US 1,369 59.65 81,661 0.32
NATIONAL INSTRUMENTS CORP US 2,362 44.36 104,778 0.41
NEKTAR THERAPEUTICS US 7,402 33.60 248,707 0.98
NEUROCRINE BIOSCIENCES INC US 3,139 88.10 276,546 1.09
NEWELL BRANDS INC US 4,445 15.34 68,186 0.27
NEWMONT MINING CORP US 19,903 35.77 711,930 2.81
NEXTERA ENERGY INC US 1,681 193.32 324,971 1.28
NIELSEN HOLDINGS PLC US 12,611 23.67 298,502 1.18
NORDSTROM INC US 1,537 44.38 68,212 0.27
P G & E CORP US 8,157 17.80 145,195 0.57
PUBLIC SERVICE ENTERPRISE GP US 1,220 59.41 72,480 0.29
PUBLIC STORAGE US 3,114 217.78 678,167 2.67
REALTY INCOME CORP US 2,350 73.56 172,866 0.68
SAREPTA THERAPEUTICS INC US 246 119.19 29,321 0.12
SEMPRA ENERGY US 3,103 125.86 390,544 1.54
SNAP INC - A US 18,677 11.02 205,821 0.81
SYMANTEC CORP US 21,387 22.99 491,687 1.94
TESLA INC US 1,197 279.86 334,992 1.32
TIFFANY & CO US 692 105.55 73,041 0.29
TWITTER INC US 2,485 32.88 81,707 0.32
ULTA SALON COSMETICS & FRAGR US 1,697 348.73 591,795 2.33
UNIVERSAL HEALTH SERVICES-B US 1,193 133.77 159,588 0.63
VENTAS INC US 1,887 63.81 120,409 0.47
VERIZON COMMUNICATIONS INC US 2,401 59.13 141,971 0.56
VIACOM INC-CLASS B US 18,049 28.07 506,635 2.00
WW GRAINGER INC US 1,775 300.93 534,151 2.10
WYNN RESORTS LTD US 2,310 119.32 275,629 1.09
YUM CHINA HOLDINGS INC CN 3,692 44.91 165,808 0.65
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 0.54% for Class Y Shares and 0.44% 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® US Core Equity Fund for Your Portfolio

Touchstone Anti-Benchmark® US 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® US 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® US 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® US CORE EQUITY INDEX OR ANY DATA INCLUDED THEREIN.

Solactive AG is the third-party calculation agent of the TOBAM Anti-Benchmark® US 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® US 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® US 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

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