IVA International Fund

 

Fund Data

 
Total Net Assets (millions): $3,431.7 (12/31/13)
2013 Expense Ratio: Class A 1.26%
Inception Date: October 1, 2008
Availability: Closed to new investors
 
Class
Ticker
Cusip
A
IVIOX
45070A305
C
IVICX
45070A602
I
IVIQX
45070A404

Performance Information

 

Daily (as of 04/17/2014)

Class NAV $ Change % Change MTD YTD
A (NAV) $17.52 $0.04 0.23% -0.34% 1.57%
A (with load) $17.52 $0.04 -4.78% -5.35% -3.52%
C $17.32 $0.04 0.23% -0.40% 1.35%
I $17.54 $0.04 0.23% -0.40% 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: 1.26% (A Shares); 2.01% (C Shares); 1.01% (I Shares).

Month-End (as of 3/31/2014)

  Average Annual Total Returns
Class 1 Month 3 Months YTD 1 Year 3 Year 5 Year Since
Inception
A (NAV) 0.17% 1.91% 1.91% 11.72% 7.18% 13.81% 11.43%
A (with load) -4.82% -3.19% -3.19% 6.16% 5.36% 12.64% 10.40%
C 0.17% 1.76% 1.76% 10.90% 6.38% 12.94% 10.59%
I 0.28% 2.03% 2.03% 12.04% 7.46% 14.10% 11.72%
MSCI All Country World Index (ex-U.S.) (Net) 0.26% 0.51% 0.51% 12.31% 4.15% 15.52% 6.67%
 
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: 1.26% (A Shares); 2.01% (C Shares); 1.01% (I Shares). 

MSCI All Country World Index (ex-U.S.) (Net) is an unmanaged index comprised of 43 country indices comprising 22 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 3/31/2014)

  Average Annual Total Returns
Class 3 Months YTD 1 Year 3 Year 5 Year Since
Inception
A (NAV) 1.91% 1.91% 11.72% 7.18% 13.81% 11.43%
A (with load) -3.19% -3.19% 6.16% 5.36% 12.64% 10.40%
C 1.76% 1.76% 10.90% 6.38% 12.94% 10.59%
I 2.03% 2.03% 12.04% 7.46% 14.10% 11.72%
MSCI All Country World Index (ex-U.S.) (Net) 0.51% 0.51% 12.31% 4.15% 15.52% 6.67%

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: 1.26% (A Shares); 2.01% (C Shares); 1.01% (I Shares).

MSCI All Country World Index (ex-U.S.) (Net) is an unmanaged index comprised of 43 country indices comprising 22 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 12/31/2013)

 

Top 10 Positions (as of 02/28/2014)

SIGB (Singapore Government) 3.625% 2014; 2.875% 2015; 3.75% 2016 (Singapore) 6.1%
Nestle SA (Switzerland) 4.0%
Astellas Pharma Inc. (Japan) 4.0%
Wendel 4.875% 2016; 4.375% 2017; 6.75% 2018 (France) 3.4%
Gold bullion 3.2%
Genting Malaysia Berhad (Malaysia) 2.8%
Alten SA (France) 1.5%
Total SA (ADR) (France) 1.5%
Hongkong & Shanghai Hotels Ltd. (Hong Kong) 1.4%
GDF Suez SA (France) 1.3%
Total 29.2%
  • Top 10 Positions represent 29.2% 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  15.6%
Consumer Staples   10.4%
Energy 1.7%
Financials   4.3%
Gold 3.0%
Health Care 5.5%
Holding Company 4.4%
Industrials 9.5%
Materials 0.8%
Other1 0.1%
Sovereign Fixed Income 7.7%
Technology 5.5%
Telecommunication Services 2.8%
Utilities 1.2%
Cash and Cash Equivalents 27.5%
Total 100.0%
  • (1) Includes unrealized gains or losses on currency forwards.

Portfolio Characteristics

Number of Holdings 115
Median Market Cap (millions)   $1,788
Weighted Average Market Cap (millions) $31,435
P/E Ratio (weighted harmonic average) 15.7
Forward P/E Ratio (FY1) (weighted harmonic average) 16.3

Asset Allocation

Equity 55.3%
Fixed Income 14.1%
Gold 3.0%
Other1 0.1%
Cash and Cash Equivalents 27.5%
Total 100.0%

Regional Allocation

Europe (ex-UK) 27.6%
Asia (ex-Japan) 21.1%
Japan 17.0%
Gold 3.0%
Other Countries 1.7%
United Kingdom 1.7%
United States 0.3%
Other1 0.1%
Cash and Cash Equivalents 27.5%
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.