Fund Information
| Inception Date | October 1, 2008 |
|---|---|
| Total Net Assets (millions) | $2,111.5 |
| Availability | Open |
| Style | Long Only, Global Value |
| Approach | Bottom-up, Fundamental |
| Capitalization | All capitalizations |
| Average # of Holdings | Typically 100 - 150 Positions |
| Asset Classes | Typically equities, fixed income, commodities, gold, cash |
Classes
| Class | Ticker | CUSIP |
|---|---|---|
| A | IVWAX | 45070A107 |
| C | IVWCX | 45070A503 |
| I | IVWIX | 45070A206 |
Objective
The IVA Worldwide Fund will seek long-term growth of capital by investing in a range of securities and asset classes from markets around the world, including the U.S. market.
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
Top 10 Positions as of 01/31/2021
| Position | Percentage |
|---|---|
| 1 Berkshire Hathaway Inc. Class A; Class B | 6.2% |
| 2 Astellas Pharma, Inc. | 4.1% |
| 3 Bayerische Motoren Werke AG | 3.9% |
| 4 Compagnie Financiere Richemont SA | 3.8% |
| 5 Newmont Corporation | 3.3% |
| 6 LKQ Corp. | 3.3% |
| 7 Western Union Company | 2.5% |
| 8 Publicis Groupe SA | 2.2% |
| 9 Danone SA | 2.2% |
| 10 Wells Fargo & Company | 2.0% |
| Total | 33.5% |
Top 10 Positions represent 33.5% 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 12/31/2020
| Number of Holdings | 55 |
|---|---|
| Median Market Cap (millions) | $11,307 |
| Weighted Average Market Cap (millions) | $105,196 |
| Turnover 1 | 48.8% |
| Active Share 2 | 96.9% |
| Upside Capture (since inception) 3 | 58.8% |
| Downside Capture (since inception) 4 | 50.2% |
Asset Allocation as of 12/31/2020
| Equity | 60.1% | |
| Gold and Gold Related | 3.9% | |
| Cash and Cash Equivalents 1 | 36.0% | |
| Total | 100.0% |
Sector Allocation as of 12/31/2020
| Communication Services | 4.3% | |
| Consumer Discretionary | 17.1% | |
| Consumer Staples | 7.2% | |
| Financials | 6.2% | |
| Gold and Gold Related | 3.9% | |
| Health Care | 6.5% | |
| Holding Company | 7.3% | |
| Industrials | 5.7% | |
| Materials | 1.8% | |
| Technology | 4.0% | |
| Cash and Cash Equivalents 1 | 36.0% | |
| Total | 100.0% |
Regional Allocation as of 12/31/2020
| Percentage | 19.5% | 25.5% | 5.3% | 6.7% | 0.5% | 2.6% | 3.9% | 36.0% |
|---|---|---|---|---|---|---|---|---|
| Region | United States | Europe Ex-UK | Asia Ex-Japan | Japan | United Kingdom | Other Countries | Gold and Gold Related | Cash and Cash Equivalents 1 |
| Average Annual Total Returns | ||||||||
|---|---|---|---|---|---|---|---|---|
| Class | 3 Months | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception* |
|
| A (NAV) | 10.65% | -0.71% | -0.71% | 1.06% | 4.48% | 4.33% | 6.90% | |
| A (with load) | 5.09% | -5.69% | -5.69% | -0.65% | 3.41% | 3.79% | 6.46% | |
| C | 10.41% | -1.46% | -1.46% | 0.29% | 3.69% | 3.54% | 6.10% | |
| I | 10.68% | -0.44% | -0.44% | 1.31% | 4.74% | 4.59% | 7.16% | |
| MSCI All Country World Index (Net) | 14.68% | 16.25% | 16.25% | 10.06% | 12.26% | 9.13% | 8.83% | |
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: 1.16% (A Shares); 1.91% (C Shares); 0.91% (I Shares). Amounts redeemed within 30 days of purchase are subject to a 2.00% fee.
MSCI All Country World Index (Net) is an unmanaged index consisting of 50 country indices comprised of 23 developed and 27 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) | 2.48% | 5.68% | 2.73% | 10.63% | 1.70% | 5.51% | 4.30% | 7.04% | |
| A (with load) | -2.64% | 0.37% | -2.42% | 5.09% | -0.02% | 4.44% | 3.76% | 6.60% | |
| C | 2.37% | 5.47% | 2.63% | 9.83% | 0.95% | 4.72% | 3.52% | 6.24% | |
| I | 2.47% | 5.74% | 2.71% | 10.88% | 1.95% | 5.77% | 4.55% | 7.30% | |
| MSCI All Country World Index (Net) | 2.32% | 6.58% | 1.85% | 30.25% | 10.31% | 14.26% | 8.85% | 8.88% | |
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: 1.16% (A Shares); 1.91% (C Shares); 0.91% (I Shares). Amounts redeemed within 30 days of purchase are subject to a 2.00% fee.
MSCI All Country World Index (Net) is an unmanaged index consisting of 50 country indices comprised of 23 developed and 27 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) | $17.14 | $-0.25 | -1.44% | -1.49% | 3.94% |
| A (with load) | $17.14 | $-0.25 | -6.39% | -6.44% | -1.27% |
| C | $16.58 | $-0.25 | -1.49% | -1.54% | 3.75% |
| I | $17.24 | $-0.26 | -1.49% | -1.54% | 3.98% |
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: 1.16% (A Shares); 1.91% (C Shares); 0.91% (I Shares). Amounts redeemed within 30 days of purchase are subject to a 2.00% fee.
Risk vs. Return Since Inception as of 12/31/2020
| Annualized Return | Annualized Standard Deviation5 | |
|---|---|---|
| IVWAX | 6.90% | 9.93% |
| MSCI All Country World Index | 8.83% | 16.67% |
Fund Information
Commentary & Insight
| Class A | 1.16% |
|---|---|
| Class C | 1.91% |
| Class I | 0.91% |
