Charles de Vaulx

Charles de Vaulx

Last Update: 2015-02-27
Related: IVA International Fund

Number of Stocks: 90
Number of New Stocks: 4

Total Value: $5,248 Mil
Q/Q Turnover: 10%

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 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)

      


  • Charles de Vaulx's 2 New Stocks Found in India and Japan

    Charles de Vaulx (Trades, Portfolio)’s IVA Funds was only 55% invested in equities on average from Oct. 1, 2013 to March 31, 2014, to protect against risk in light of soaring valuations spurred by quantitative easing and low interest rates. Fund managers have sought out for investments well-capitalized companies with healthy balance sheets to see them through turns in business or recessions. In his semi-annual letter, de Vaulx said:

    “Smart, shareholder friendly managements, coupled with good businesses (moderate to high organic top line growth over the economic cycle, high barriers to entry, high returns on capital employed, low to reasonable capital intensity, some inflation protection or ability to raise prices, little to no political interference) could provide reasonable, but not stellar, returns in the years to come, given the prices these companies trade at. With high cash levels in both Funds, we have plenty of ammunition to buy more of these companies if their share prices fall, and are prepared, with the help of our ten talented analysts, to seize upon similar investment opportunities when they present themselves.”  


  • Charles de Vaulx's Semi-Annual IVA Funds Letter from the Portfolio Managers

    April 30, 2014


    Dear Shareholder,

      


  • IVA International's Charles De Vaulx Reports His Year End Top Stocks

    Charles De Vaulx of the IVA Funds reported his third quarter holdings this past week. In October the IVA Funds celebrated their fifth year in the business. The fund maintains a dual investment approach which is split into short- and long-term investments. IVA reports that their short-term (12 to 18 months) investments are in order to preserve capital while their longer term (5 to 10 years) they try to perform better that their equity benchmark. The fund also reported that over the past five years, they achieved both of these goals with their investments.


    Over the past quarter Charles De Vaulx in his IVA Worldwide Fund bought nine new stocks bringing the total number of stocks to 102 valued at $5.064 billion. The following five companies are De Vaulx’s largest holdings as of the close of the fourth quarter.

      


  • Charles De Vaulx IVA Worldwide Fund Quarterly Review - Fourth Quarter 2013

    The IVA Worldwide Fund Class A (NAV) ended the quarter on December 31, 2013 with a return of 3.80% compared to the MSCI All Country World Index ("Index") return of 7.31%. This brings our year-to-date return to 16.93% versus the Index return of 22.80% for the same period. We witnessed another quarter of equity markets trending higher, despite news that the Federal Reserve would begin to taper its bond buying program in 2014 and despite unremarkable economic growth around the world. We found a few opportunities this quarter in what we view as reasonably priced U.S. and European stocks, which helped to offset some trimming in equities that we believe are close to full valuation. Therefore our equity exposure was unchanged over the period at 52.8%.


    Our underperformance this quarter versus the benchmark was due to our multi-asset class approach with our cash exposure (31.7% at quarter-end) being the largest detractor from relative results. While we believe our exposure to gold bullion (3.0% at quarter-end) is a good hedge against currency debasement in our portfolio, especially with our cautious positioning and cash allocation, it was one of the largest detractors from our return this period as it averaged a return of -9.3% and detracted -0.3% from our performance. Even though our corporate bonds performed well on an absolute basis, averaging a gain of 4.0% led by a few euro denominated bonds, they were among our detractors from relative results along with our sovereign bonds, which averaged a return of -0.4%. Collectively, fixed income added about 0.3% to our return this period, with our corporate bonds representing 6.8% of the portfolio and our sovereign bonds comprising 5.7% of the portfolio at quarter-end. Even though it was our exposure to cash, gold and fixed income that led to our underperformance this quarter in rising markets, it is these assets that we believe help protect the portfolio in down markets and help mitigate overall portfolio volatility.

      


  • Charles De Vaulx Annual Investor Letter - Now Is the Time for a Focus on Loss Avoidance

    Dear Shareholder,


    First and foremost, we are proud and honored that we celebrated the five year anniversary of your IVA Funds at the close of this past quarter. As we explained in a recent newsletter (“Five Years in Review” October 2013, available on our website), our ability to protect on the downside was a large contributor to both our absolute and relative outperformance over this five-year period. Overall good stock picking equally played a significant part in achieving our goals. We are also privileged to work with a great team, both our investment team where we are helped by ten analysts and four traders, as well as our colleagues who support our overall business in operations, compliance, accounting, sales and marketing, human resources and technology. As for our clients who have entrusted their capital with our stewardship, we thank you for your support and allowing us to do what we love to do, and doing it in our idiosyncratic way. Come to think of it, we, too, are clients as the forty three of us working for International Value Advisers, LLC (“IVA”) have well north of $100 million of our own money in the Funds and other products we manage.

      


  • Charles de Vaulx IVA Worldwide Fund and IVA International Fund Annual Report

    Dear Shareholder,


    First and foremost, we are proud and honored that we celebrated the five year anniversary of your IVA Funds at the close of this past quarter. As we explained in a recent newsletter ("Five Years in Review" October 2013, available on our website), our ability to protect on the downside was a large contributor to both our absolute and relative outperformance over this five-year period. Overall good stock picking equally played a significant part in achieving our goals. We are also privileged to work with a great team, both our investment team where we are helped by ten analysts and four traders, as well as our colleagues who support our overall business in operations, compliance, accounting, sales and marketing, human resources and technology. As for our clients who have entrusted their capital with our stewardship, we thank you for your support and allowing us to do what we love to do, and doing it in our idiosyncratic way. Come to think of it, we, too, are clients as the forty three of us working for International Value Advisers, LLC ("IVA") have well north of $100 million of our own money in the Funds and other products we manage.

      


  • IVA International Fund Third Quarter Review

    The IVA International Fund Class A (NAV) account ended the quarter on September 30, 2013 with a return of 5.78% compared to the MSCI All Country World ex-U.S. Index ("Index") return of 10.09%. This brings our year-to-date return to 11.69% versus the Index return of 10.04% for the same period.

    Global equity markets rose this quarter, propelled by elevated corporate profit margins, low interest rates, and quantitative easing despite tepid economic growth in many parts of the world and indications the Federal Reserve might begin to taper in the next few months. Our equity exposure was relatively unchanged over the quarter, 54.3% on September 30 versus 54.1% on June 30, while our cash exposure marginally rose to 28.3% at quarter-end from 27.3% last quarter. As value investors we must stay disciplined by always insisting on what we consider a sufficient "margin of safety" and selling (or trimming) a security once it approaches our intrinsic value estimate. We would rather own more cash than hold onto overpriced stocks that may, at some point, fall significantly in price. We never want to be in a position where performance could be badly hurt by a single name.  


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