IVA International Fund

IVA International Fund

Last Update: 2015-02-27
Related: Charles de Vaulx

Number of Stocks: 92
Number of New Stocks: 4

Total Value: $2,043 Mil
Q/Q Turnover: 9%

Countries: USA NLD KOR JPN FRA HKG GBR DEU MYS FIN IDN BEL IND CAN CHE THA AUS MEX NOR SGP TWN
Details: Top Buys | Top Sales | Top Holdings  Embed:

IVA International Fund Watch

  • IVA International Fund 2014 Annual Commentary

    IVA International Fund (Trades, Portfolio)

    The IVA International Fund (Trades, Portfolio) Class A, at net asset value, returned 7.05% over the one year period ending September 30, 2014 compared to the MSCI All Country World (ex-U.S.) Index (Net)* (the “Index”) return of 4.77% over the same period.  


  • IVA International Fund Seeks Value in Foreign Holdings in Third Quarter

    IVA International Fund (Trades, Portfolio) has only existed since 2008. It takes a value-oriented approach to investing, which may tend to make it a little more selective than many. It seeks long-term growth of capital by investing in a range of securities and asset classes from international markets.


    In 2013, IVA had a return of 15.29% compared to the year before, when its return was 10.16%. As its name suggests, IVA also has a preference for international companies. In the third quarter of 2014, of the 22 companies IVA either bought or sold, only three were based in the United States.

      


  • IVA International Fund Q3 2014 Review

    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.

      


  • 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.  


  • T. Rowe Price Recent Portfolio Changes

    Baltimore-based investment firm T. Rowe Price recently released its updated portfolio dated Sept. 30. Brian Rogers (Trades, Portfolio), chairman of T. Rowe Price Group, has led the $30.2 billion Equity Income Fund since its inception in 1985. The Equity fund had a 17% annual average return over the past five years.


    Rogers recently announced that he will step down as manager in October 2015, though he will continue to serve as chairman and chief investment officer. John Linehan, head of T. Rowe’s U.S. equity, will take over portfolio management duties.

      


  • IVA International Fund Second Quarter 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.”

      


  • 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 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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