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. Continue Reading »