Charles de Vaulx

Charles de Vaulx Premium Guru

Last Update: 05-29-2015
Related: IVA International Fund

Number of Stocks: 89
Number of New Stocks: 1

Total Value: $5,064 Mil
Q/Q Turnover: 2%

Countries: USA KOR FRA FIN JPN HKG NOR TWN CHE BEL GBR MYS DEU
Details: Top Buys | Top Sales | Top Holdings  Embed:

Charles de Vaulx Watch

  • Charles de Vaulx Sells Portions of Three of His Most Valuable Stakes

    French-born asset manager Charles de Vaulx (Trades, Portfolio), partner, chief investment officer and co-portfolio manager at International Value Advisers, looks for many qualities in potential investments, but the most important is fundamental value. International Value Advisers’ record has been pretty good in recent years in spite of a certain amount of volatility in the market. IVA returned 3.2% last year, nearly 17% the year before and 6.63% in 2012.


    De Vaulx left most of the 12 most valuable stakes in his portfolio untouched during the first quarter. His top two holdings – Astellas Pharma Inc (TSE:4503) and Berkshire Hathaway Inc (BRK.A) – haven’t been touched since 2014. Neither, for that matter, have his fourth- and fifth-most valuable stakes – Oracle Corporation (ORCL) and Samsung Electronics Co Ltd (XKRX:005930).

      


  • Charles De Vaulx On The Absurdity Of Negative Interest Rates



  • Charles de Vaulx's IVA Funds Newsletter May 2015

    Dear Shareholder:

      


  • Charles de Vaulx Comments on DeVry Education Group Inc

    Conversely, one area that hurt us this quarter was our U.S. stocks. They averaged a return of -1.6%, compared to those in the benchmark which averaged a gain of 1.2%, and detracted -0.4% from our return led by poor performance from DeVry Education Group Inc. (DV), a for-profit higher education company in the consumer discretionary sector. We believe this company is suffering unfairly from issues plaguing its competitors and we think many investors fail to recognize the quality of DeVry’s medical and nursing schools, thus we took advantage of the share price weakness to add to our position.

    From Charles de Vaulx (Trades, Portfolio)’ IVA Worldwide Fund Q1 2015 Review.  


  • Charles de Vaulx’ IVA Worldwide Fund Q1 2015 Review

    The IVA Worldwide Fund Class A (NAV) (“the Fund”) ended the quarter on March 31, 2015 with a return of 1.49% versus the MSCI All Country World Index (“Index”) return of 2.31%. Since inception on October 1, 2008, on an annualized basis, the Fund returned 10.32% versus the Index return of 8.09% for the same period.


    Global equity markets delivered a moderate gain this quarter despite some big market developments. In January, the Swiss Central Bank announced they would abolish its peg between the Swiss franc and the euro, which resulted in the Swiss franc appreciating significantly against the euro. Additionally, the European Central Bank announced they would launch a quantitative easing program in March in order to boost the region’s inflation rate. This resulted in the euro falling significantly against the U.S. dollar, at one point to a 12 year low. Lastly, the World Bank cut its forecast for global growth in January, warning that the world economy remained overly reliant on the U.S. recovery.

      


  • IVA International Fund Adds Four Positions to Portfolio

    IVA International Fund (Trades, Portfolio) added four new positions to its portfolio during the fourth quarter of 2014. The Chief Investment Officer of the firm is guru Charles de Vaulx (Trades, Portfolio).


    There are currently 92 stocks in the portfolio, valued at $2.04 million with a quarter over quarter turnover of 9%.

      


  • Charles de Vaulx Adds Four New Positions to Portfolio

    Charles de Vaulx (Trades, Portfolio) of IVA Worldwide Fund added four new positions to his portfolio, which includes 90 stocks and has a quarter over quarter turnover of 10%.


    IVA Worldwide invests in stocks believed to be at a discounted price, in relation to the intrinsic value estimate. The firm's definition of intrinsic value is "the amount that a knowledgeable investor or corporate competitor would pay - in cash - for 100% of the economic and controlling interests of a company.”

      


  • Charles de Vaulx Buys 4 New International Stocks in Fourth Quarter

    Renowned global investor Charles de Vaulx manages the IVA Worldwide Fund and purchased four new stocks for it in the fourth quarter.


    ‘The high-priced environment of the past year has rendered it difficult for de Vaulx to find low-priced stocks, and he placed the fund’s cash exposure at 35.8%. In his fourth quarter letter, de Vaulx said:

      


  • Charles de Vaulx Purchases 4 New Holdings in Q4

    Charles de Vaulx (Trades, Portfolio) joined International Value Advisers in 2008 and serves as chief investment officer and portfolio manager. Prior to IVA, he was the portfolio manager of the First Eagle Global, Overseas, U.S. Value, Gold, and Variable Funds.

    In 2001, de Vaulx and his co-manager were named Morningstar’s International Stock Manager of the Year.  


  • Three Gurus Invest in Chilean Conglomerate in Fourth Quarter

    Three gurus have made large investments recently in Antofagasta PLC (ANTO.UK). Antofagasta may not be a household word in America, but it is one of the most important conglomerates in Chile. It has offices in London as well as Chile and is listed on the London Stock Exchange, where it is the 33rd-largest company.


    Antofagasta is one of the world’s leading copper producers, operating four copper mines in Chile, which has a rich deposit of copper in its northern desert. It also operates an extensive railroad network, and it is involved in banking and regional water distribution among other things. Nearly two-thirds of the company is owned by Chile’s prominent Luksic family.

      


  • Charles De Vaulx IVA Worldwide Fund - 2014 Year In Review



  • International Value Advisers Funds 2014 Annual Commentary

    Global equity markets delivered solid returns again for this fiscal year ending September 30, 2014 with the S&P 500 Index hitting a record high close on September 18, 2014, but it wasn’t a smooth ride. Global equity markets experienced significant volatility from late January 2014 to early February 2014, from late July 2014 to early August 2014, and for most of September 2014. In December 2013, the Federal Reserve announced they would begin tapering their quantitative easing program in early 2014 with it ending later that year despite continued slow economic growth. Towards the end of the fiscal year, equity markets fell as they digested the possibility of the Federal Reserve raising rates earlier than expected and the outlook for the global economy darkened with growth in Europe and China slowing. Additionally, the U.S. dollar strengthened significantly against most major currencies and crude oil fell sharply in the third quarter 2014.


    Over the fiscal period, our equity exposure was relatively unchanged in the Worldwide Fund, 51.9% on September 30, 2014 versus 52.8% on September 30, 2013, while it increased in the International Fund, to 60.0% from 54.3%, respectively, as we found some new opportunities, specifically Henderson Land Development Co. Ltd. (HKSE:00012) (financials, Hong Kong) and APT Satellite Holdings Limited (HKSE:01045) (telecommunications, Hong Kong), and added to some existing positions, such as Hongkong & Shanghai Hotels Ltd. (HKSE:00045) (consumer discretionary, Hong Kong) and Springland International Holdings Ltd. (HKSE:01700) (consumer discretionary, China). Thus, our exposure to China (through Hong Kong listed equities) and Hong Kong rose to 7.2% from 3.4% this fiscal year in the International Fund.

      


  • IVA Worldwide Fund 2014 Annual Commentary

    IVA Worldwide Fund


    The IVA Worldwide Fund Class A, at net asset value, returned 8.00% over the one year period ending September 30, 2014 compared to the MSCI All Country World Index (Net)* (the “Index”) return of 11.32% over the same period.

      


  • Charles de Vaulx's Worldwide Fund Buys 3 New Stocks in Q3

    Charles de Vaulx (Trades, Portfolio)’s Worldwide Fund beat its benchmark for the first three quarters of the year, returning 4.04% compared to 3.73% for the MSCI All Country World Index. He initiated three new positions when market volatility allowed him to purchase at discounts to his estimates of intrinsic value. In his third quarter letter, de Vaulx said of the current market:  


  • Charles de Vaulx’s IVA Worldwide Fund Q3 2014 Review

    The IVA Worldwide Fund Class A (NAV) (“the Fund”) ended the quarter on September 30, 2014 with a return of -1.23% versus the MSCI All Country World Index (“Index”) return of -2.31%. This brings our year-to-date return to 4.04% versus the Index return of 3.73% for the same period.


    Global equity markets were volatile this quarter, falling from late July to early August and again in September, as the Federal Reserve prepares to end its quantitative easing program and markets digest the possibility of them raising rates earlier than expected as the U.S. economy slowly improves. Also, a few economic indicators released this quarter signaled growth in China is slowing which rattled markets.

      


  • Charles de Vaulx's IVA Worldwide Fund Third Quarter 2014 Review

    The IVA Worldwide Fund Class A (NAV) (“the Fund”) ended the quarter on September 30, 2014 with a return of -1.23% versus the MSCI All Country World Index (“Index”) return of -2.31%. This brings our year-to-date return to 4.04% versus the Index return of 3.73% for the same period.


    Global equity markets were volatile this quarter, falling from late July to early August and again in September, as the Federal Reserve prepares to end its quantitative easing program and markets digest the possibility of them raising rates earlier than expected as the U.S. economy slowly improves. Also, a few economic indicators released this quarter signaled growth in China is slowing which rattled markets.

      


  • IVA International Fund Q3 2014 Commentary

    The IVA International Fund (Trades, Portfolio) Class A (NAV) (“the Fund”) ended the quarter on September 30, 2014 with a return of -1.00% versus the MSCI All Country World Index (ex-U.S.)(“Index”) return of -5.27%. This brings our year-to-date return to 3.42% versus the Index return of 0.00% for the same period.

    Global equity markets were volatile this quarter, falling late July to early August and again in September, as the Federal Reserve prepares to end its quantitative easing program and markets digest the possibility of them raising rates earlier than expected as the U.S. economy slowly improves. Also, a few economic indicators released this quarter signaled growth in China is slowing which rattled markets.  


  • Charles de Vaulx's IVA Funds Newsletter

    Warren Buffett (Trades, Portfolio) surprised active managers, especially value investors, when he disclosed a feature of his will in his 2013 shareholder letter: Buffett instructed the trustee for his wife’s cash to put 10% of it in short-term government bonds and 90% in a very low-cost S&P 500 Index Fund. He believes the trust’s long-term results from this policy will be superior to those attained by most investors – pension funds, institutions, or individuals – who employ high-fee managers. This is a very different recommendation from his seminal Superinvestors of Graham-and-Doddsville speech in which he illustrated how active, value managers can do far better than indexes over time.

    In today’s era of “quantitative easing” – massive liquidity injections and a zero interest rate policy, which had a strong positive effect on asset prices – we continue to see money pouring into equity funds, especially index funds (usually a mutual fund or exchange traded fund) as investors chase returns and can’t bear sitting on cash yielding zero and losing purchasing power every day. Yet what will happen when the Federal Reserve raises interest rates, corporate profit margins decline, or markets start exhibiting more volatility? Is a fully invested index fund really the right place to be? At IVA, we believe some active managers, especially some value investors, can still beat a benchmark over the long-term, with the trick being: pick the right asset manager.  


  • Charles de Vaulx's IVA International Fund Q2 2014 Review

    The IVA International Fund (Trades, Portfolio) Class A (NAV) (“the Fund”) ended the quarter on June 30, 2014 with a return of 2.50% compared to the MSCI All Country World Index (ex-U.S.) (“Index”) return of 5.03%. This brings our year-to-date return to 4.46% versus the Index return of 5.56% for the same period.

    Global equity markets continued to move higher this period with the S&P 500 Index reaching a record high close in mid-June despite a still murky economic picture. Towards the end of the quarter, it was announced that U.S. GDP growth fell -2.9% in the first quarter of 2014 and the Bank for International Settlements (BIS) warned in its annual report published in June that “buoyant financial markets are out of sync with the shaky global economic and geopolitical outlook.”  


  • “Patience is a necessary virtue for value investors” – A Look into the International Value Investor Charles de Vaulx

    “Patience is a necessary virtue for value investors; patience to see the market recognize some value it was previously ignoring; or, more to the case now, patience to wait for the fat pitch, free of the short-term vagaries of benchmarks.”


    -Charles de Vaulx (Trades, Portfolio)

      


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