IVA International Fund

IVA International Fund

Last Update: 2014-02-28
Related: Charles de Vaulx

Number of Stocks: 94
Number of New Stocks: 9

Total Value: $1,898 Mil
Q/Q Turnover: 9%

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

IVA International Fund' s Profile & Performance

Profile

IVA International Fund Class A (IVIOX) was established on 10/1/2008. The total net assets are $2987.1 million and the turnover rate (as of 9/30/2012) is 29.9%. The fund will seek long-term growth of capital by investing in a range of securities and asset classes from markets around the world. Within this fund, the top four sectors are Industrials (27.11%), Consumer Cyclical (25.21%), and Consumer Defensive (14.75%). The top two geographic allocations are France (31.95%) and Japan (28.63%).
IVA International Fund is managed by Charles de Lardemelle (since 9/30/2008) and Charles de Vaulx (since 9/30/2008).

Investing Philosophy

“IVA 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. For IVA, fundamental value is not to be confused with relative value. IVA pays particular attention to their emphasis on establishing an "intrinsic value" and a "margin of safety.”
IVA defines intrinsic value as "the amount that a knowledgeable investor or corporate competitor would pay - in cash - for 100% of the economic and controlling interests of a company.” A security is deemed attractive if there is a suitable margin of safety, meaning that the market price of a security is trading at a large discount to its assessed intrinsic value. We believe that this investment approach emphasizes capital preservation while still providing the capacity to achieve superior returns over the long-term.
We believe our strength resides in the contrarian, absolute return, low risk, global, pan-asset class emphasis. We pay no attention to what Wall Street or pundits believe. We pay close attention to the downside and aim to generate absolute returns by avoiding bubbles, maintaining geographic and asset class diversification, and at the time of purchase, we insist on a meaningful discount to an individual holding's estimated intrinsic value. Furthermore, we do not shy away from holding cash if attractive discounts are unavailable.
Investment opportunities are identified through intensive research of individual companies. IVA does not rely on third party research, which tends to focus on short-term earnings rather than intrinsic value.”

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of IVA International Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201315.2931.55-16.3
201210.1615.4-5.2
2011-1.962.08-4.0
3-Year Cumulative24.5 (7.6%/year)55 (15.7%/year)-30.5 (-8.1%/year)
201016.4915.061.4
200919.3526.46-7.1
5-Year Cumulative73.1 (11.6%/year)125.5 (17.7%/year)-52.4 (-6.1%/year)

Commentaries and Stories

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Rating: 2.5/5 (2 votes)

Charles de Vaulx IVA Worldwide Fund and IVA International Fund Annual Report
Dear Shareholder, More...

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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. More...

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