IVA International Fund

IVA International Fund Premium Guru

Last Update: 05-29-2015
Related: Charles de Vaulx

Number of Stocks: 90
Number of New Stocks: 2

Total Value: $2,082 Mil
Q/Q Turnover: 2%

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 Adds to Stakes in Satellite Companies

    Remember when the fellow came up to Dustin Hoffman in “The Graduate” and told him, “I have one word for you," and that word was plastics? For the IVA International Fund (Trades, Portfolio), many of its first-quarter transactions can’t be summed up in a single word, but, after you look at the Fund’s activity, a one-word theme does emerge for some of its largest deals – satellites. The Fund increased its holdings in three satellite companies in the first quarter.


    In all, IVA International Fund (Trades, Portfolio) added to 11 existing stakes in the first quarter, and three are satellite related. Its most significant add was to Thaicom PLC (BKK:THCOM), a series of communications satellites operated from Thailand in which IVA initially invested in the fourth quarter of 2014. IVA more than tripled its stake with its purchase of 13,956,100 shares for an average price of ฿36.59 (about $1.08 in U.S. currency) per share. The purchase had a 0.72% impact on IVA’s portfolio and made Thaicom the 10th-largest stake by volume in that portfolio.

      


  • IVA International Fund Q1 2015 Review

    The IVA International Fund (Trades, Portfolio) Class A (NAV) (“the Fund”) ended the quarter on March 31, 2015 with a return of 3.23% versus the MSCI All Country World Index (ex-U.S.)(“Index”) return of 3.49%. Since inception on October 1, 2008, on an annualized basis, the Fund returned 10.00% versus the Index return of 5.45% 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 Q4 2014 Review

    The IVA International Fund (Trades, Portfolio) Class A (NAV) (“the Fund”) ended the quarter on December 31, 2014 with a return of -2.19% versus the MSCI All Country World Index (ex-U.S.) (“Index”) return of -3.87%. This brings our year-to-date return to 1.15% versus the Index return of -3.87% for the same period.

    Global equities continued their selloff from September through mid-October and fell again in the first half of December as expectations for global growth and inflation fell, but markets rebounded at the end of December. The International Monetary Fund cut its outlook for global growth citing persistent weakness in the eurozone and a slowdown in several emerging markets, including China. Japan fell into a recession in November and we continued to see oil prices decline and the U.S. dollar strengthen against all major currencies throughout the quarter. With so many imbalances and unknowns across the globe, our portfolio has remained cautiously positioned. A number of our stocks and bonds were hurt by weakness in their local currency, especially in Japan, however, the Fund benefited from being partially hedged as our currency hedges added 1.5% to our return. As of December 31, 2014 our currency hedges were: 70.5% Japanese yen, 56.5% euro, 40.3% Australian dollar, and 30.2% South Korean won. We increased our hedge against the euro this quarter, from 44.9% to 56.5%.  


  • 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%.

      


  • 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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