U.S. Investors

IVA International Fund

 

Fund Data

 
Total Net Assets (millions): $2,330.1 (12/31/11)
2011 Expense Ratio: 1.30%
Inception Date: October 1, 2008
Availability: Closed to new investors
 
Portfolio Managers
Class
Ticker
Cusip
A
IVIOX
45070A305
C
IVICX
45070A602
I
IVIQX
45070A404

Performance Information

 

Daily (as of 02/03/2012)

Class NAV $ Change % Change MTD YTD
A (NAV) $15.56 $0.08 0.52% 1.77% 5.21%
A (with load) $15.56 $0.08 -4.48% -3.29% -0.06%
C $15.42 $0.07 0.46% 1.72% 5.11%
I $15.57 $0.08 0.52% 1.76% 5.27%

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 (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: 1.39 (A Shares); 2.17% gross /2.15% net (C Shares); 1.13% (I Shares).  The net expense ratio reflects contractual waivers in effect from October 1, 2008 through January 31, 2012.

Month-End (as of 12/31/2011)

        Average Annual Total Returns
Class 1 Month 3 Months YTD 1 Year 3 Year Since
Inception
A (NAV) -1.47% 1.57% -1.96% -1.96% 10.88% 10.83%
A (with load) -6.37% -3.52% -6.87% -6.87% 8.98% 9.10%
C -1.52% 1.36% -2.69% -2.69% 10.04% 9.97%
I -1.46% 1.57% -1.77% -1.77% 11.14% 11.09%
MSCI All Country World Index (ex-U.S.) (Net) -1.12% 3.72% -13.71% -13.71% 10.70% 1.62%
 
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 (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: 1.30% (A Shares); 2.06% (C Shares); 1.05% (I Shares). 

MSCI All Country World Index (ex-U.S.) (Net) is an unmanaged index comprised of 44 country indices comprising 23 developed and 21 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.

Quarter-End (as of 12/31/2011)

      Average Annual Total Returns
Class 3 Months YTD 1 Year 3 Year Since
Inception
A (NAV) 1.57% -1.96% -1.96% 10.88% 10.83%
A (with load) -3.52% -6.87% -6.87% 8.98% 9.10%
C 1.36% -2.69% -2.69% 10.04% 9.97%
I 1.57% -1.77% -1.77% 11.14% 11.09%
MSCI All Country World Index (ex-U.S.) (Net) 3.72% -13.71% -13.71% 10.70% 1.62%

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 (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: 1.39% (A Shares); 2.17% gross /2.15% net (C Shares); 1.13% (I Shares).  The net expense ratio reflects contractual waivers in effect from October 1, 2008 through January 31, 2012.

MSCI All Country World Index (ex-U.S.) (Net) is an unmanaged index comprised of 44 country indices comprising 23 developed and 21 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.

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.

Investment Approach

 
  • The fund employs a flexible approach to value investing. This approach may include securities across all asset classes (stocks, bonds, gold and cash) and securities throughout the capitalization spectrum (small, mid, large caps).
  • The portfolio management team attempts to mitigate risk by focusing on what can go wrong and striving to avoid bubbles, with an eye towards capital preservation.
  • The fund strives to be well-diversified, and never seeks to replicate a benchmark.
  • The investment team utilizes in-house, fundamental research conducted by experienced analysts.

Portfolio Breakdown and Characteristics (as of 12/31/2011)

 

Top 10 Positions (as of 12/31/2011)

SIGB (Singapore Government) 2.25% 2013; 3.625% 2014 (Singapore) 6.0%
Gold bullion 3.6%
Wendel 4.375% 2017; 4.875% 2016; 6.75% 2018 (France) 3.4%
Astellas Pharma Inc. (Japan) 3.4%
Secom Co. Ltd. (Japan) 2.8%
Total SA (ADR) (France) 2.7%
Genting Malaysia Berhad (Malaysia) 2.7%
GDF Suez SA (France) 2.4%
Vivendi SA (France) 2.4%
Sodexo SA (France) 2.4%
Total 31.8%
  • Top 10 Positions represent 31.8% 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.

Sector Allocation

Consumer Discretionary  14.2%
Consumer Staples   11.6%
Energy 3.5%
Financials   4.1%
Gold and Gold Mining 4.7%
Health Care 4.1%
Holding Company 5.2%
Industrials 16.5%
Materials 0.7%
Other1 -0.2%
Real Estate 0.3%
Sovereign Fixed Income 9.3%
Technology 6.5%
Telecommunication Services 6.6%
Utilities 2.4%
Cash2 10.5%
Total 100.0%
  • (1) Includes unrealized gains or losses on currency forwards and future contracts.
  • (2) Includes 0.9% T-bills and cash held as collateral.

Portfolio Characteristics

Number of Holdings 131
Median Market Cap (millions)   $1,573
Weighted Average Market Cap (millions) $19,813
P/E Ratio (weighted harmonic average) 11.9

Asset Allocation

Equity 69.4%
Fixed Income 15.6%
Gold and Gold Mining 4.7%
Other1 -0.2%
Cash2 10.5%
Total 100.0%

Regional Allocation

Europe (ex-UK) 34.9%
Japan 26.5%
Asia (ex-Japan) 19.1%
Gold and Gold Mining 4.7%
United Kingdom 2.1%
Other Countries 2.0%
United States 0.4%
Other1 -0.2%
Cash2 10.5%
Total 100.0%

Investment Risks

 

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 to the risk that the broad market may not recognize their intrinsic value.

An investor should read and consider the funds’ investment objectives, risks, charges and expenses carefully before investing. This and other important information are detailed in our prospectus and summary prospectus, which can be obtained by calling (866) 941-4482 or visiting www.ivafunds.com. 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.