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Touchstone Anti-Benchmark® US Core Equity Fund

Daily NAV
$
as of
Contact Us
Fact Sheet
Summary Prospectus

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.

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–adviser, 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. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing their price to decline. 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. Quantitative models are subject to technical issues including programming and data inaccuracies, are based on assumptions, and rely on data that is subject to limitations (e.g., inaccuracies, staleness), any of which could adversely affect their effectiveness or predictive value. The performance of the Fund and its Index may differ from each other for a variety of reasons. Events in the U.S. and global financial markets, including actions taken to stimulate or stabilize economic growth may at times result in unusually high market volatility, which could negatively impact Fund performance and cause it to experience illiquidity, shareholder redemptions, or other potentially adverse effects. Financial institutions could suffer losses if interest rates rise or economic conditions deteriorate. The Fund may experience higher portfolio turnover which may lead to increased fund expenses, lower investment returns and higher short-term capital gains taxable to shareholders. Current and future portfolio holdings are subject to change. The Adviser engages a sub-adviser to make investment decisions for the Fund’s portfolio; it may be unable to identify and retain a sub-adviser who achieves superior investment returns relative to other similar sub-advisers.

Fund Facts

Fund Facts
Fund Facts for Share Class
Symbol
CUSIP
Inception Date
Total Share Class Net Assets as of 12/31/2022
Total Fund Net Assets as of 12/31/2022 $22,786,539
Asset Class US Equity
Morningstar Category Mid-Cap Blend
Benchmark Russell 1000® Index
Distribution Frequency Annually
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date 04/29/2022

Performance

Performance
HISTORICAL DAILY NAV
Historical Daily NAV on
NAV POP
Touchstone Anti-Benchmark® US Core Equity Fund -
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 adviser 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. The maximum front-end sales charge for Class A Shares of Touchstone U.S. Equity, International Equity, and Multi-Asset Funds is 5.00%.
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 adviser 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. Performance for Class C Shares is adjusted for the contingent deferred sales charges (CDSC) in effect at the end of the specified period. The CDSC for Class C Shares is 1.00% the first year you hold the shares and declines to 0% after the first year.
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 adviser 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 adviser 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.
The performance presented for Class A and C shares combines the performance of an older class of shares (Y Shares) from the Fund’s inception, 11/18/18, with the performance since the inception of each share class.
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 adviser 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. The maximum front-end sales charge for Class A Shares of Touchstone U.S. Equity, International Equity, and Multi-Asset Funds is 5.00%.
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 adviser 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. Performance for Class C Shares is adjusted for the contingent deferred sales charges (CDSC) in effect at the end of the specified period. The CDSC for Class C Shares is 1.00% the first year you hold the shares and declines to 0% after the first year.
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 adviser 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 adviser 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.
The performance presented for Class A and C shares combines the performance of an older class of shares (Y Shares) from the Fund’s inception, 11/18/18, with the performance since the inception of each share class.

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

Portfolio

Portfolio
as of 12/31/2022
Number of Holdings
81
Benchmark Holdings 1010
Active Share
89%
Weighted Average Market Capitalization
$65.7 B
Median Market Capitalization
$24.9 B
Price To Earnings Ratio
(Weighted Harmonic Average)
14.9x
Price to Book Ratio
(Weighted Harmonic Average)
2.7x
as of 12/31/2022
Composition % of Portfolio
Equities 98.8
Cash Equivalents 1.2
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 Equity Funds and Multi-Asset Funds, the fund’s sub-adviser is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 12/31/2022
Sector % of Portfolio
Health Care 28.3
Consumer Staples 27.1
Information Technology 10.3
Energy 8.4
Consumer Discretionary 7.8
Communication Services 5.7
Utilities 4.7
Materials 3.8
Industrials 2.0
Financials 1.6
Real Estate 0.4
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 details regarding country code abbreviations, please visit this page.
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds, International Equity Funds and Multi-Asset Funds, the fund’s sub-adviser is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 02/28/2023
Security Description % of Portfolio
CLOROX CO/THE 3.2
GENERAL MILLS INC 3.2
MERCK & CO INC 3.0
KELLOGG CO 3.0
KROGER CO/THE 3.0
J M SMUCKER CO/THE 3.0
HORMEL FOODS CORP 3.0
PFIZER INC 2.9
ELI LILLY & CO 2.8
UNITED THERAPEUTICS CORP 2.7
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 details regarding country code abbreviations, please visit this page.
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds, International Equity Funds and Multi-Asset Funds, the fund’s sub-adviser is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 12/31/2022
Security Description
Country
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
{name} {country} {sharesParValue} {currentPriceBase} {marketBaseValue} {percentOfPortfolio}
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 details regarding country code abbreviations, please visit this page.
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds, International Equity Funds and Multi-Asset Funds, the fund’s sub-adviser 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)

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

sub-advisor-tobam-tarik

Tarik Allouache

Investment Experience since 2016

Career Summary 
TOBAM
Société Générale

Education
Master of Quantitative Finance - UTS Sydney
BA - ESILV Paris

Fees

Fees
Expense Fees for Share Class
Total Annual Fund Operating Expense Ratio
Net Annual Fund Operating Expense Ratio
Touchstone Advisors 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 0.79% for Class A Shares, 1.54% for Class C Shares, 0.54% for Class Y Shares and 0.44% for Class INST Shares. These expense limitations will remain in effect until at least 04/29/2023.

Distributions

Distributions

Resources

Resources
Annual Report
Fact Sheet
Commentary

Semi-Annual Report

Statement of Additional Information (SAI)

Statutory Prospectus

Summary Prospectus

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

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 adviser. TOBAM S.A.S. is sub-adviser 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 professional 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.

©2023 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.