Charles de Vaulx

Charles de Vaulx Premium Guru

Last Update: 02-27-2015
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' s Profile & Performance

Profile

Charles de Vaulx is the chief investment officer and portfolio manager at International Value Advisers, LLC (IVA). He joined the firm in May 2008.
Until March 2007, Charles was portfolio manager of the First Eagle Global, Overseas, U.S. Value, Gold and Variable Funds, together with a number of separately managed institutional accounts. He was solely responsible for management of the Sofire Fund Ltd. when it won an Absolute Return Award* for “Fund of the Year” in the global equity category in 2005 and 2006.
In addition to sharing Morningstar's "International Stock Manager of the Year" Award** in 2001 with his co-manager, Charles was runner-up for the same award in 2006.
Charles de Vaulx graduated from the Ecole Superieure de Commerce de Rouen in France and holds the French equivalent of a Master's degree in finance.

Web Page:https://www.ivafunds.com/us-investors/mutual-funds/worldwide-fund

Investing Philosophy

Charles de Vaulx employs a value oriented approach and will seek investments in companies of any size that typically have one or more of the following characteristics: financial strength, temporarily depressed earnings or entrenched franchises. However, the overriding attribute of such companies is that their securities offer fundamental value. He is a global investor as most of his portfolio is invested in international companies.
The portfolio we track for Charles De Vaulx is IVA Worldwide Fund.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of IVA Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20143.213.69-10.5
201316.9332.39-15.5
20126.6316-9.4
3-Year Cumulative28.7 (8.8%/year)74.6 (20.4%/year)-45.9 (-11.6%/year)
2011-2.222.11-4.3
201017.2215.062.2
5-Year Cumulative47.5 (8.1%/year)105.1 (15.5%/year)-57.6 (-7.4%/year)
200923.0326.46-3.4

Top Ranked Articles

New Guru Added: Charles de Vaulx
As we continue to extend our coverage to global market for GuruFocus Global Membership, we are glad to announce that we have just added Charles de Vaulx into our List of Gurus. We want to point out that Charles de Vaulx was in our List of Gurus before he left First Eagle Funds in 2008. We are happy to have him back, now with IVA Funds. Charles invests extensively in global markets and has generated impressive track records. We will track both of his funds: IVA Worldwide Value Fund and IVA International Value Fund. Read more...
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. Read more...
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: Read more...
“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.” Read more...
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: Read more...
» More Charles de Vaulx Articles

Commentaries and Stories

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Charles de Vaulx's IVA Funds Newsletter May 2015
Dear Shareholder: The period under review, October 1, 2014 to March 31, 2015, saw continued appreciation of both the Worldwide and International Funds, despite two major developments: the collapse in oil prices and a rapid appreciation of the U.S. dollar against the euro. The International Fund had a negligible allocation to oil, and the appreciation of the U.S. dollar was mitigated by a large cash position in U.S. dollars, partial currency hedges on the yen and the euro, and the fact that a number of our investments in Europe are exporters, where the underlying businesses benefit from a higher U.S. dollar. The turmoil in commodities, in general, allowed us to make an investment in what we consider a large, reasonably low cost, and well capitalized copper mining company, Antofagasta Plc (LSE:ANTO), for both Funds, as well as First Resources Ltd. (SGX:EB5), a producer of palm oil, for the International Fund. The rout in oil prices however, did not yield opportunities (yet) in the U.S. exploration and production (“E&P”) businesses. The oil producers in the U.S. are high cost by global standards, and the low cost producers of oil are not listed (think Saudi Aramco and other national oil companies). Despite the price of oil in Texas falling from $90 per barrel at the beginning of October 2014 to less than $50 per barrel by the end of March 2015, the credit market and the equity market remained wide open even to poorly capitalized E&P companies. The Worldwide Fund’s performance was impacted by roughly 1% due to the fall in oil prices during the period, versus 1.7% for the MSCI All Country World Index. Our largest oil investment currently in the Worldwide Fund is Cimarex Energy Co. (XEC), which we think is an extremely well run and very conservative company. Cimarex’s strong balance sheet allows the company to retire rigs and cut new drilling in these lean times for the industry. Less fortunate companies are often forced to continue to drill and produce oil at inadequate returns to placate their lenders. This is a good illustration of the perverse effects of current monetary policies. Is it possible that the combination of too much debt and easy money, far from helping reflate the economy, might be deflationary, by forcing overcapacity in a number of industries, or keeping zombie companies alive? Do low interest rates force retirees to consume less because the capital they put aside for retirement is not providing much income? Post World War II, 10-year interest rates peaked to over 15% in the U.S. in 1981, and have fallen to less than 2% today. This has been a powerful engine to the bull market in the U.S. for more than a generation, one that cannot be repeated in the next generation. One thing is for sure: the years since The Great Financial Crisis have been marked by unprecedented manipulation of financial markets by central bankers around the globe. Quantitative easing, or the heavy printing of paper currency, started in the U.S. in late 2008, and spread to Japan and now Europe, where it will extend, we are told, at least until 2016. More importantly, the global imbalances existing in this derelict global monetary system in 2007 have worsened: global debt to GDP has continued to go up, driven by emerging economies this time. Today the situation has reached absurdity: investors pay some governments for the “privilege” to lend to them! Many hundreds of millions of dollars worth of government paper worldwide now carry negative yields, and some governments (Germany, Switzerland and Denmark, for example) have been able to borrow at negative rates. Over the period, we added to our gold bullion position in both Funds. Gold is a currency that central bankers cannot debase, and its price is reasonable in our opinion. The other (few and far between) opportunities unearthed by our 10 talented analysts were in Asia ex-Japan over the period. At IVA, we remain focused on understanding businesses and trying to acquire a stake in these businesses at attractive valuations: paying substantially less than what we believe a knowledgeable buyer would pay in cash for the whole business. We spend our time scrubbing the books; understanding previous transactions done for cash in the industry; assessing whether the balance sheet of investments under consideration is solid enough to weather a serious recession; and asking what the business may look like 10 years down the road. If our criteria is not met, we will let cash build up in our portfolios. Far from burning a hole in our pockets, we view that cash as an option on future bargains. Roughly 37% of the Worldwide Fund and 29% of the International Fund sits in cash as of March 31, 2015. The cash is in the form of commercial paper of our choosing, with short maturities and no direct exposure to financial institutions. We remain focused, more than ever, on preservation of capital. When it comes to that we believe IVA offers some rare characteristics: we are privately owned, we are not subject to the pressures of short-term relative performance or a necessity to grow assets through aggressive marketing, we eat our own cooking (partners and employees of the firm collectively have a very substantial amount invested in the Funds), and we have no desire to put the Funds’ shareholders’ capital at risk in the hope of making a quick buck to gather more assets. In fact, the Funds remain closed to new investors. The world may be as complicated and fast paced as ever today. But the bottom line is simple: one is not being compensated adequately for risk currently. We shall wait for the fat pitch. We appreciate your continued confidence and thank you for your support. Charles de Vaulx (Trades, Portfolio), Chief Investment Officer and Portfolio Manager Chuck de Lardemelle, Portfolio Manager Important Information Concerning the Attached May 4, 2015 Letter from the IVA Funds Portfolio Managers The views expressed in this document reflect those of the portfolio manager(s) only through the end of the period as stated and do not necessarily represent the views of IVA or any other person in the IVA organization. Any such views are subject to change at any time based upon market or other conditions and IVA disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for an IVA fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any IVA fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or IVA. References to specific company securities should not be construed as recommendations or investment advice. As of March 31, 2015 the IVA Worldwide Fund’s top 10 holdings were: Gold bullion (4.3%); Astellas Pharma, Inc. (4.0%); Berkshire Hathaway, Inc. Class A, Class B (3.5%); Wendel 4.375%, 4.875%, 6.75% (3.1%); SIGB (Singapore Government) 2.375%, 2.875%, 3.75% (3.1%); Nestle SA (2.8%); News Corporation Class A, Class B (2.5%); Oracle Corp. (1.9%); Samsung Electronics Co., Ltd. (1.9%); DeVry Education Group, Inc. (1.7%). As of March 31, 2015, the IVA International Fund (Trades, Portfolio)’s top 10 holdings were: Gold bullion (5.1%); SIGB (Singapore Government) 2.375%, 2.875%, 3.75% (4.3%); Astellas Pharma, Inc. (3.8%); Nestle SA (3.0%); News Corporation Class A, Class B (2.8%); Wendel 4.375%, 4.875%, 6.75% (2.6%); Genting Malaysia Berhad (2.1%); Samsung Electronics Co., Ltd. (2.1%); Alten SA (1.8%); Hongkong & Shanghai Hotels Ltd. (1.7%). MSCI All Country World Index (Net) is an unmanaged index comprised of 46 country indices comprising 23 developed and 23 emerging market country indices and is calculated with dividends reinvested after deduction of withholding tax. The Index is a trademark of MSCI Inc. and is not available for direct investment. Mutual fund investing involves risks including possible loss of principal. There are risks associated with investing in funds that invest in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. An investor should read and consider the funds’ investment objectives, risks, charges and expenses carefully before investing. This and other important information are detailed in our prospectus and summary prospectus, which can be obtained by calling 1-866-941-4482 or visiting www.ivafunds.com. Please read the prospectus and summary prospectus carefully before you invest. The IVA Funds are offered by IVA Funds Distributors, LLC. Effective February 22, 2011, the IVA Worldwide Fund and IVA International Fund (Trades, Portfolio) are closed to new investors. This disclosure page must accompany the May 4, 2015 Letter from the IVA Funds Portfolio Managers More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

IVA International Fund Adds Four Positions to Portfolio IVA International Fund,Charles de Vaulx - 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). More...

INTERNATIONAL STOCK


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Charles de Vaulx Adds Four New Positions to Portfolio Charles de Vaulx - 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%. More...

INTERNATIONAL STOCK


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Charles de Vaulx Buys 4 New International Stocks in Fourth Quarter Charles De Vaulx - 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. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Charles de Vaulx Purchases 4 New Holdings in Q4 Charles de Vaulx - 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. More...

CHARLES DE VAULX, IVA, INTERNATIONAL VALUE ADVISORS


  • Currently 3.00/5

Rating: 3.0/5 (1 vote)

Three Gurus Invest in Chilean Conglomerate in Fourth Quarter Charles de Vaulx, Tweedy Browne - 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. More...

Chile, Copper, Antofagasta, Mining, Commodities


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Charles De Vaulx IVA Worldwide Fund - 2014 Year In Review
  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

IVA Worldwide Fund 2014 Annual Commentary
IVA Worldwide Fund More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Charles de Vaulx's Worldwide Fund Buys 3 New Stocks in Q3 Charles de Vaulx,IVA Worldwide Fund - 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: More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

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. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

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

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Charles de Vaulx's 2 New Stocks Found in India and Japan Charles de Vaulx,IVA International Fund - 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: More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Charles de Vaulx's Semi-Annual IVA Funds Letter from the Portfolio Managers
April 30, 2014 More...

Add Notes, Comments

If you want to ask a question, or report a bug, please create a support ticket.

User Comments

No comment yet

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GuruFocus Premium Plus Membership

FEEDBACK