IVA Worldwide Fund

Performance

Quarter-End (as of 06/30/2017)

Average Annual Total Returns
Class 3 Months YTD 1 Year 3 Year 5 Year Since
Inception**
A (NAV) 2.51% 7.35% 11.92% 2.91% 7.17% 8.70%
A (with load) -2.64% 1.99% 6.29% 1.16% 6.07% 8.07%
C 2.32% 6.98% 11.06% 2.14% 6.37% 7.89%
I 2.55% 7.45% 12.14% 3.16% 7.44% 8.96%
MSCI All Country World Index (Net) 4.27% 11.48% 18.78% 4.82% 10.54% 7.63%
Please swipe to view full data.

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: 1.25% (A Shares); 2.00% (C Shares); 1.00% (I Shares).

**

Inception date is 10/1/2008.

MSCI All Country World Index (Net) is an unmanaged index consisting of 47 country indices comprised of 23 developed and 24 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.

Month-End (as of 07/31/2017)

Average Annual Total Returns
Class 1 Month 3 Months YTD 1 Year 3 Year 5 Year Since
Inception**
A (NAV) 1.36% 2.87% 8.80% 9.93% 3.59% 7.44% 8.78%
A (with load) -3.72% -2.25% 3.38% 4.46% 1.84% 6.35% 8.15%
C 1.27% 2.69% 8.34% 9.09% 2.81% 6.64% 7.97%
I 1.41% 2.97% 8.96% 10.21% 3.86% 7.72% 9.04%
MSCI All Country World Index (Net) 2.79% 5.54% 14.59% 17.06% 6.22% 10.85% 7.89%
Please swipe to view full data.

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: 1.25% (A Shares); 2.00% (C Shares); 1.00% (I Shares).

**

Inception date is 10/1/2008.

MSCI All Country World Index (Net) is an unmanaged index consisting of 47 country indices comprised of 23 developed and 24 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.

Daily (as of 08/17/2017)

Class NAV $ Change % Change MTD YTD
A (NAV) $18.56 $-0.08 -0.43% -0.54% 8.22%
A (with load) $18.56 $-0.08 -5.40% -5.50% 2.83%
C $18.22 $-0.08 -0.44% -0.55% 7.75%
I $18.64 $-0.07 -0.37% -0.48% 8.44%
Please swipe to view full data.

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: 1.25% (A Shares); 2.00% (C Shares); 1.00% (I Shares).

Fund Information

Fund Overview  
Inception Date October 1, 2008
Total Net Assets (millions) $8,244.5
Expense Ratio Class A 1.25%
Class C 2.00%
Class I 1.00%
Availability Closed to new investors
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
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 Breakdown and Characteristics

Top 10 Positions (as of 06/30/2017)

1 Gold Bullion 5.7%
2 Berkshire Hathaway, Inc. Class A; Class B 4.3%
3 Astellas Pharma, Inc. 3.4%
4 Nestle SA 2.5%
5 Bureau Veritas SA 2.2%
6 Oracle Corporation 2.0%
7 Mastercard Incorporated Class A 1.5%
8 Bollore SA 1.4%
9 CVS Health Corporation 1.4%
10 Antofagasta plc 1.3%
Total 25.7%

Top 10 Positions represent 25.7% 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 Characteristics

Number of Holdings 88
Median Market Cap (millions) $12,309
Weighted Average Market Cap (millions) $100,931
Turnover 1 29.7%
Active Share 2 93.5%
Upside Capture (since inception) 3 61.2%
Downside Capture (since inception) 4 40.5%

Asset Allocation (as of 06/30/2017)

Equity 50.3%
Fixed Income 2.4%
Gold 5.7%
Other 1 0.0%
Cash and Cash Equivalents 2 41.6%

Sector Allocation (as of 06/30/2017)

Consumer Discretionary 9.9%
Consumer Staples 4.8%
Energy 1.2%
Financials 4.6%
Gold & Gold Mining 6.3%
Health Care 4.2%
Holding Company 5.1%
Industrials 9.1%
Materials 1.8%
Other 1 0.0%
Real Estate 0.2%
Sovereign Fixed Income 0.4%
Technology 9.9%
Telecommunication Services 0.7%
Utilities 0.2%
Cash and Cash Equivalents 2 41.6%
Total 100.0%

Regional Allocation (as of 06/30/2017)

United States 20.9%
Europe Ex-UK 13.1%
Asia Ex-Japan 7.1%
Japan 7.7%
United Kingdom 2.3%
Other Countries 1.6%
Gold 5.7%
Other 1 0.0%
Cash and Cash Equivalents 2 41.6%

Risk vs. Return Since Inception (as of 06/30/2017)

Annualized Return Annualized Standard Deviation5
IVWAX 8.70% 8.85%
MSCI All Country World Index 7.63% 16.60%


1

Includes options and unrealized gains or losses on currency forwards.

2

Includes 0.1% T-bills and cash held as collateral.

1

Turnover is for the fiscal year ended September 30, 2016.

2

Active share is a measure of a portfolio’s differentiation from a benchmark index.

3

Upside capture ratio of greater than 100, Fund has outperformed the Index during up-market periods.

4

Downside capture ratio of less than 100, Fund has outperformed the Index in down-market periods.

5

Standard deviation is a statistical measure of how returns over time have varied from the mean. A lower number signifies lower volatility.

There are risks associated with investing in mutual 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 in the IVA International Fund or IVA Worldwide Fund. 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. Please read the prospectus and summary prospectus carefully before you invest. 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.