Fund Information

Inception Date October 1, 2008
Total Net Assets (millions) $1,530.8
Availability Open
Style Long Only, Foreign Value
Approach Bottom-up, Fundamental
Capitalization All capitalizations
Average # of Holdings Typically 100 - 150 Positions
Asset Classes Typically equities

Classes

Class Ticker CUSIP
A IVIOX 45070A305
C IVICX 45070A602
I IVIQX 45070A404

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 Manager

Charles de Vaulx

Charles de Vaulx Chief Investment Officer and Portfolio Manager

Portfolio Characteristics

Top 10 Positions as of 07/31/2020

Position Percentage
1 Newmont Corporation 4.2%
2 Bayerische Motoren Werke AG 3.7%
3 Astellas Pharma, Inc. 3.6%
4 H.U.Group Holdings, Inc. 2.7%
5 Bureau Veritas SA 2.6%
6 Compagnie Financiere Richemont SA 2.5%
7 Rohto Pharmaceutical Co., Ltd. 2.2%
8 Sodexo SA 2.2%
9 Haw Par Corporation Limited 1.7%
10 Bollore SA 1.7%
Total 27.1%

Top 10 Positions represent 24.8% 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.

Portfolio Overview as of 06/30/2020

Number of Holdings 92
Median Market Cap (millions) $1,805
Weighted Average Market Cap (millions) $19,355
Turnover 1 25.3%
Active Share 2 97.0%
Upside Capture (since inception) 3 59.5%
Downside Capture (since inception) 4 47.4%

Asset Allocation as of 06/30/2020

Equity 64.3%
Fixed Income 1.7%
Gold and Gold Related 5.8%
Cash and Cash Equivalents 1 28.2%
Total 100.0%

Sector Allocation as of 06/30/2020

Communication Services 5.7%
Consumer Discretionary 15.1%
Consumer Staples 11.2%
Energy 1.1%
Financials 5.9%
Gold and Gold Related 7.0%
Health Care 10.0%
Holding Company 1.3%
Industrials 11.4%
Materials 2.2%
Real Estate 0.6%
Technology 0.3%
Cash and Cash Equivalents 1 28.2%
Total 100.0%

Regional Allocation as of 06/30/2020

Equity
Fixed Income
Gold and Gold Related
Cash and Cash Equivalents 1
Percentage 26.2% 15.4% 13.4% 9.3% 1.7% 5.8% 28.2%
Region Europe Ex-UK Asia Ex-Japan Japan Other Countries United Kingdom Gold and Gold Related Cash and Cash Equivalents 1
Region Percentage
Asia Ex-Japan 15.4%
Europe Ex-UK 26.2%
Gold and Gold Related 5.8%
Japan 13.4%
Other Countries 9.3%
United Kingdom 1.7%
Cash and Cash Equivalents 1 28.2%
Total 100.0%

Performance Information

Average Annual Total Returns
Class 3 Months YTD 1 Year 3 Year 5 Year 10 Year Since
Inception*
A (NAV) 9.90% -15.37% -11.86% -3.78% -0.64% 4.14% 5.30%
A (with load) 4.43% -19.63% -16.26% -5.42% -1.66% 3.61% 4.84%
C 9.68% -15.66% -12.49% -4.50% -1.38% 3.36% 4.51%
I 9.97% -15.29% -11.62% -3.55% -0.39% 4.40% 5.56%
MSCI All Country World Index (ex-U.S.) (Net) 16.12% -11.00% -4.80% 1.13% 2.26% 4.97% 4.01%
Swipe table for full data

Past performance does not guarantee future results. All returns are expressed in U.S. dollars. 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.

The fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic.

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: 1.17% (A Shares); 1.92% (C Shares); 0.92% (I Shares). Amounts redeemed within 30 days of purchase are subject to a 2.00% fee.

*

Inception date is 10/1/2008.

MSCI All Country World Index (ex-U.S.) (Net) is an unmanaged index consisting of 48 country indices comprised of 22 developed and 26 emerging market country indices and is calculated with dividends reinvested after deduction of withholding tax. The Index is a trademark of MSCI Inc. and is not available for direct investment.

Average Annual Total Returns
Class 1 Month 3 Months YTD 1 Year 3 Year 5 Year 10 Year Since
Inception*
A (NAV) 2.79% 6.47% -11.91% -3.37% -3.22% 0.91% 4.20% 5.57%
A (with load) -2.37% 1.16% -16.34% -8.19% -4.86% -0.13% 3.67% 5.12%
C 2.71% 6.30% -12.32% -4.07% -3.95% 0.16% 3.43% 4.78%
I 2.86% 6.62% -11.77% -3.11% -2.96% 1.17% 4.47% 5.84%
MSCI All Country World Index (ex-U.S.) (Net) 4.28% 13.85% -3.05% 8.31% 2.63% 5.75% 5.26% 4.70%
Swipe table for full data

Past performance does not guarantee future results. All returns are expressed in U.S. dollars. 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.

The fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic.

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: 1.17% (A Shares); 1.92% (C Shares); 0.92% (I Shares). Amounts redeemed within 30 days of purchase are subject to a 2.00% fee.

*

Inception date is 10/1/2008.

MSCI All Country World Index (ex-U.S.) (Net) is an unmanaged index consisting of 48 country indices comprised of 22 developed and 26 emerging market country indices and is calculated with dividends reinvested after deduction of withholding tax. The Index is a trademark of MSCI Inc. and is not available for direct investment.

Class NAV $ Change % Change MTD YTD
A (NAV) $14.10 $-0.12 -0.84% 0.86% -11.15%
A (with load) $14.10 $-0.12 -5.81% -4.21% -15.62%
C $13.77 $-0.12 -0.86% 0.81% -11.62%
I $14.14 $-0.12 -0.84% 0.86% -11.01%
Swipe table for full data

Past performance does not guarantee future results. All returns are expressed in U.S. dollars. 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.

The fund recently experienced significant negative short-term performance due to market volatility associated with the COVID-19 pandemic.

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: 1.17% (A Shares); 1.92% (C Shares); 0.92% (I Shares). Amounts redeemed within 30 days of purchase are subject to a 2.00% fee.

Risk vs. Return Since Inception as of 06/30/2020

Annualized Return Annualized Standard Deviation5
IVIOX 5.30% 10.50%
MSCI All Country World Index (ex-U.S.) 4.01% 17.93%

Fees

Class A 1.17%
Class C 1.92%
Class I 0.92%

How to Invest

By Telephone:

  • (877) 874-2999 (Mutual Fund Sales Desk)
  • (866) 941-4482 (Investor Services)

By Mail:

Click here to download an application from our website and mail to:

Regular Mail:

IVA Funds
PO Box 219061
Kansas City, MO 64121-9061

Express, Certified or Registered Mail:

IVA Funds
430 w 7th Street STE 219061
Kansas City, MO 64105-1407

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