IVA Diversified International Strategy

Strategy Facts

Composite Inception Date January 1, 2008
Strategy AUM $5.0 billion (as of 9/30/17)
Account Minimum $100 million
Style Long Only, Foreign Value
Benchmark MSCI All Country World Index (ex-U.S.)
Availability Closed

Contact Us

Nadia Paselsky

(212) 584-3579

Joan Hull

(212) 616-4152

Composite Performance (as of 09/30/2017)

Average Annual Total Returns
3 Months YTD 1 Year 3 Year 5 Year Since Inception
Gross of Fee 3.88% 15.27% 13.42% 6.34% 8.63% 7.89%
Net of 0.9% Fee 3.65% 14.50% 12.42% 5.39% 7.66% 6.93%
Net of 1.5% Fee 3.49% 14.00% 11.75% 4.77% 7.02% 6.29%
MSCI All Country World Index (Net) 6.16% 21.13% 19.61% 4.70% 6.97% 1.38%
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IVA claims compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list of composite descriptions or obtain a compliant presentation that adheres to the GIPS® standards, contact International Value Advisers, LLC at (212) 584-3570.

The Diversified International Composite includes all institutional accounts, mutual funds, and limited partnerships benchmarked to the MSCI All Country World Index (ex-U.S.) (Net). The composite was created in March 2009.

Both gross and net returns reflect the deduction of transaction costs and the reinvestment of dividends and other earnings. Returns are net of non-reclaimable withholding taxes. Gross returns do not reflect the deduction of investment advisory fees or any other expenses that may be incurred in the management of the account. Net returns are net of model investment advisory fees in effect for the respective time period. Model net returns are calculated by subtracting the highest applicable fee on a monthly basis from the gross composite return. Actual advisory fees can vary among clients invested in this strategy. The Composite may include accounts with performance-based fees.

Past performance is not indicative of future results. As with any investment vehicle there is always the potential for gains as well as the possibility of losses. Performance results are expressed in U.S. dollars.

MSCI All Country World Index (ex-U.S.) (Net) is an unmanaged index consisting of 46 country indices comprised of 22 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.

Strategy Objective

The IVA Diversified International strategy will seek long-term growth of capital by investing in a range of securities and asset classes from markets around the world. Over the short-term (12-18 months) our attempt is to preserve capital, while over the longer-term (5-10 years; i.e., over a full economic cycle), we seek to outperform the MSCI All Country World Index (ex-U.S.).

Strategy Overview

  • Flexible, "go anywhere" approach to investing with a focus on a diverse asset class, geographic, and capitalization mix
  • Emphasis on downside protection; always asking "what can go wrong"
  • Benchmark agnostic with an absolute return focus
  • Emphasis on quality businesses with securities trading at what we believe is a meaningful discount to our intrinsic value estimate
  • A willingness to hold cash when we cannot find value in the market

Portfolio Characteristics

Diversified Portfolio Typically 100 - 150 Positions
Types of Securities Typically common stocks, preferred stocks, derivatives, convertible securities, fixed income, ETFs
Asset Classes Typically equities, fixed income, commodities, gold, cash
Position Sizes Typically 0.25% - 2.0%; rarely exceeds 5.0%
Country Allocation Mostly developed countries; low emerging market exposure (<20% historically)
Sector Allocation No more than 25% in any one sector
Currency Hedging Opportunistic with a long-term view; rarely 100% hedged
Capitalization All capitalizations
Benchmark MSCI All Country World Index (ex-U.S.)

Investment Risks

There are risks associated with investing 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.

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.