Objective
The IVA International Fund will seek long-term growth of capital by investing in a range of securities and asset classes from markets around the world.
Performance Information
(as of July 31, 2010)
| Class | 1 Month | 3 Months | YTD | 1 Year* |
Since Inception (Annualized)* |
| A (NAV) | 3.73% | -1.34% | 3.66% | 12.74% | 12.17% |
| A (with load) | -1.47% | -6.29% | -1.53% | 7.12% | 8.94% |
| C | 3.68% | -1.55% | 3.17% | 11.88% | 11.28% |
| I | 3.72% | -1.34% | 3.72% | 13.06% | 12.44% |
| MSCI All-Country World Index (ex-U.S.) (Net) | 9.03% | -3.70% | -3.03% | 10.43% | -1.33% |
* As of June 30, 2010
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Returns are shown net of fees and expenses and assume reinvestment of dividends and other income. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-866-941-4482.
Maximum sales charge for the A shares is 5.00%. C shares include a 1% CDSC Fee for the first year only. The expense ratios for the fund are as follows: 1.46% gross/1.40% net (A Shares); 2.37%/2.15% (C Shares); 1.20%/1.15% (I Shares). The Net Expense Ratio reflects contractual waivers in effect from October 1, 2008 through January 31, 2011.
There are risks associated with investing in funds that invest in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. Value-based investments are subject ot the risk that the broad market may not recognize their intrinsic value.
Fund Data
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*Class A expense ratio reflects contractual waiver in effect from 10/1/08 - 1/31/11.
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Portfolio Managers
Charles de Vaulx
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Chuck de Lardemelle
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Portfolio Characteristics (as of 6/30/10)
| Number of Holdings: | 109 |
| Median Market Cap (millions): | $1,272 |
| Weighted Average Market Cap (millions): | $20,237 |
| P/E Ratio (weighted harmonic average): | 14.0 |
| 30-day sec Yield (A): | 1.13 |
| 30-day sec Yield (C): | 0.44 |
| 30-day sec Yield (I): | 1.44 |
Top 10 Positions (as of 6/30/10)
| Gold bullion (U.S.) | 6.7% |
| SIGB (Singapore Government) 2.25% 2013; 3.125% 2011 (Singapore) | 4.6% |
| Genting Malaysia Bhd. (Malaysia) | 3.2% |
| Astellas Pharma Inc. (Japan) | 2.9% |
| Secom Co. Ltd. (Japan) | 2.8% |
| Wendel 4.375% 09-aug-2017, 4.875% 26-may-2016 (France) | 2.6% |
| Sodexo S.A. (France) | 2.4% |
| Nestle S.A. (Switzerland) | 2.4% |
| Total S.A. (France) | 2.4% |
| Bureau Veritas S.A. (France) | 2.3% |
- Top 10 Positions represent 32.3% of total net assets.
- Portfolio is actively managed and holdings are subject to change.
- This is not a recommendation to buy or sell any of the securities shown.
Allocation (as of 6/30/10)
By Sector
| Consumer Discretionary | 11.7% |
| Consumer Staples | 13.4% |
| Energy | 2.4% |
| Financials | 2.1% |
| Gold | 6.7% |
| Health Care | 3.5% |
| Holding Company | 3.6% |
| Industrials | 19.2% |
| Materials | 0.8% |
| Metals | 0.5% |
| Other1 | -0.7% |
| Real Estate | 0.6% |
| Sovereign Fixed Income | 6.4% |
| Technology | 5.3% |
| Telecommunication Services | 9.2% |
| Utilities | 1.2% |
| Cash2 | 14.1% |
| Total | 100.0% |
1Includes commodities ex-gold, written option premiums and unrealized gains or losses on currency forwards and future contracts.
2 Includes 1.2% T-Bills and cash held as collateral.
MSCI All Country World Index (ex-U.S.) (Net) is an unmanaged index comprised of 47 country indices comprising 22 developed and 25 emerging market country indices and is calculated with dividends reinvested after deduction of withholding tax. The Index is a trademark of Morgan Stanley Capital International and is not available for direct investment.
An investor should consider the funds’ investment objectives, risks, and charges and expenses carefully before investing or sending any money. This and other important information about the investment company can be found in the funds’ prospectus. To obtain a prospectus, call 1-866-941 4482 or visit www.ivafunds.com. Please read the prospectus carefully before investing. The IVA Funds are offered by IVA Funds Distributors, LLC.
Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed.
