Fund Evaluator:
PACE International Equity A (PWGAX)
Follow This Fund
Best Performing in Foreign Large Blend Over the Last Year
| 35.2% | AB International Strat Eqs Z (STEZX) |
| 32.9% | NYLI WMC International Research Eq Cl I (MYIIX) |
| 31.4% | Nationwide Bailard Intl Eqs M (NWHLX) |
| 31.2% | Goldman Sachs Intl Eq Insghts Inv (GCITX) |
| 31.2% | Vanguard International Core Stock Adm (VZICX) |
Fund Details
PACE International Equity A Overview
PACE International Equity A (PWGAX) is an actively managed International Equity Foreign Large Blend fund. UBS Asset Management launched the fund in 2000.
The investment seeks capital appreciation. The fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities. It invests primarily in stocks of companies that are domiciled in developed foreign countries and principally traded in Japanese, European, Pacific and Australian securities markets or traded in U.S. securities markets. Such investments may include common stocks, which may or may not pay dividends, and securities convertible into common stocks, of companies domiciled outside the U.S.
About PACE International Equity A (PWGAX)
There are 13 members of the management team with an average tenure of 7.93 years: Nigel Bliss (2014), Nathaniel Velarde (2020), Steven Dutaut (2014), Daniel Allen (2013), Aileen Gan (2025), Fred Lee (2009), Mayoor Joshi (2019), Jesse Flores (2020), Haicheng Li (2020), Laina Draeger (2020), Shu-Han Hsu (2022), Shreya Rajbhandary (2026), Hal Reynolds (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI EAFE NR USD index with a weighting of 100%. PACE International Equity A has 83 securities in its portfolio. The top 10 holdings constitute 20.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
PACE International Equity A is part of the Equity global asset class and is within the International Equity fund group. PACE International Equity A has 94.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 4.4%. There is 94.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). PACE International Equity A has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $27 million in total assets, which is below the $2 billion average for the Foreign Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PWGAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PACE International Equity A expense ratio is high compared to funds in the Foreign Large Blend category. PACE International Equity A has an expense ratio of 1.91%, which is 103% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PACE International Equity A has a portfolio turnover rate of 44%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Blend category.
Recently, in the month of July 2026, PACE International Equity A returned 2.4%, which earned it a grade of A, as the Foreign Large Blend category had an average return of 0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
PACE International Equity A has a trailing yield of 2.61%, which is above the 2.17% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PACE International Equity A Grades
Year to date, the fund has returned 10.4%, 1.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 24.3% over the past year (grade of C), 17.5% over the past three years (grade of B) and 10.5% per year over the past five years (grade of A) and 9.9% per year over the past 10 years (grade of B).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about PACE International Equity A, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PWGAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PWGAX Return (NAV) | 2.4% | 5.3% | 24.3% | 17.5% | 10.5% | 9.9% |
| PWGAX Grade | A | B | C | B | A | B |
| +/- Category | 1.7% | 0.8% | 0.1% | 1.6% | 2.1% | 0.8% |
| Foreign Large Blend Avg | 0.7% | 4.4% | 24.2% | 15.9% | 8.4% | 9.1% |
| PWGAX Tax Cost Ratio | na | na | 3.1% | 2.6% | 2.1% | 1.6% |
PWGAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PWGAX Return (NAV) | 10.4% | 34.8% | 5.8% | 20.1% | -14.3% | 12.2% | 10.9% | 18.8% | -13.8% | 25.2% | 1.9% |
| PWGAX Grade | D | B | B | A | B | B | C | F | B | D | B |
| +/- Category | -1.2% | 4.3% | 1.0% | 3.9% | 2.0% | 2.0% | -0.9% | -4.1% | 1.4% | -1.2% | 0.9% |
| Foreign Large Blend Avg | 11.6% | 30.5% | 4.9% | 16.2% | -16.4% | 10.2% | 11.8% | 22.9% | -15.2% | 26.4% | 1.0% |
| Risk Measures | |
| Standard Deviation: | 12.0% |
| Total Risk Index: | 0.98 - Average |
| Category Risk Index: | 0.93 - Low |
| Category Risk Grade: | A (12% Rank) |
| Beta: | 0.81 |
| R-Squared: | 87% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $747 Mil |
| Fund Total Assets: | $ 27 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 44% |
Management Team
| Number of Managers: 13 | |||
| Longest Tenure: 16.6 years | |||
| Average Tenure: 7.9 years | |||
| Managers (Year): Lee Fred (2009), Allen Daniel (2013), Reynolds Hal (2013), Dutaut Steven (2014), Bliss Nigel (2014), Joshi Mayoor (2019), Flores Jesse (2020), Li Haicheng (2020), Velarde Nathaniel (2020), Draeger Laina (2020), Hsu Shu-Han (2022), Gan Aileen (2025), Rajbhandary Shreya (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 83 |
| % in Top 10 Holdings: | 20.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 94.0% |
Portfolio Allocation |
|
| Domestic Stock: | 4.4% |
| Foreign Stock: | 94.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.6% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | UBS Asset Management |
| Phone Number: | 800-647-1568 |
| Website: | www.ubs.com |
| Status: | Open |
| Inception Date: | November 27, 2000 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 5.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.91% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | PACE International Equity P |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
