IVA International Fund

IVA International Fund Premium Guru

Last Update: 09-11-2017
Related: Charles de Vaulx

Number of Stocks: 91
Number of New Stocks: 1

Total Value: $2,401 Mil
Q/Q Turnover: 3%

Details: Top Buys | Top Sales | Top Holdings  Embed:

IVA International Fund Watch

  • IVA International Fund 2nd Quarter Letter

    The IVA International Fund (Trades, Portfolio) Class A (NAV) ("the Fund") ended the quarter on June 30, 2017 with a return of 3.76% versus the MSCI All Country World Index (ex-U.S.) (Net) ("Index") return of 5.78%, bringing YTD performance to 10.27% versus the Index return of 14.10% for the same period.

    Global markets continued to rise this quarter and volatility remained low. The only notable exception came at the end of the quarter when remarks by the European Central Bank and the Bank of England signaled an eventual end to quantitative easing. This, along with recent interest rate rises in the U.S. and "hawkish" statements by the U.S. Federal Reserve, served as a reminder to markets that the historically accommodative monetary policy buoying global equities may not last forever.  

  • IVA International Fund Gains 5 New Holdings in 4th Quarter

    The IVA International Fund (Trades, Portfolio) gained five new holdings during the fourth quarter of 2016. They are Beyerische Motoren Werke AG (XTER:BMW), Airbus Group AG (XPAR:AIR), Grupo Comercial Chedraui SAB de CV (MEX:CHDRAUIB), Doshisha Co. Ltd. (TSE:7483) and Bollore SA (XPAR:BOLNV).

    Established in October 2008, the fund is managed by Charles de Vaulx (Trades, Portfolio) and Charles de Lardemelle of International Value Advisers LLC. They also manage the IVA Worldwide Fund. The portfolio managers invest in various securities and asset classes from international markets in order to achieve long-term growth of capital. The fund’s portfolio consists of 87 stocks and is valued at around $2.06 million.


  • Airbus and Boeing Battle for Aerospace Supremacy

    Airbus (EADSY, EADSF) is an aircraft manufacturer based in Toulouse, France. The company, along with Boeing, is the top aerospace manufacturer in the world. Sales and earnings have been growing quite well, and the stock trades at a reasonable price.

    The stock trades for 70.92 euros ($74.83), there are 783 million shares, and the market cap is 55.5 billion euros. The stock pays a 1.35 euro dividend, and the dividend yield is 1.9%. Adjusted earnings per share were 3.31 euros, and the price-earnings (P/E) ratio is 21.4. Actual earnings were 1.29 euros. Its stock has outperformed Boeing’s (NYSE:BA) since 2007. I got the idea from reading GuruFocus’ article on IVA International Fund’s holdings.


  • IVA International Gains 4 in 2nd Quarter

    IVA International Fund (Trades, Portfolio) acquired four new holdings in the second quarter. They are Fanuc Corp. (TSE:6954), Euler Hermes Group SA (XPAR:ELE), Yokogawa Electric Corp. (TSE:6841) and Jardine Lloyd Thompson Group PLC (LSE:JLT).

    IVA International was established in 2008 by International Value Advisers and is managed by Charles de Lardemelle and Charles de Vaulx (Trades, Portfolio). The fund seeks long-term growth of capital and invests in a variety of securities and asset classes from markets around the world. The fund utilizes in-house, fundamental research conducted by analysts to aid in their decision-making process.


  • IVA International Fund Review - 1st Quarter 2016

    The IVA International Fund (Trades, Portfolio) Class A (NAV) (“the Fund”) ended the quarter on March 31, 2016 with a return of 0.58% versus the MSCI All Country World ex US Index (“Index”) return of -0.38% for the same period.

    The first quarter was a tale of two periods. The first six weeks were extremely difficult, as investors struggled with uncertainties and fear on many fronts: China, Emerging Market debt, sinking oil prices, widening credit spreads, the implications of negative interest rates, falling earnings, and political uncertainty in multiple regions. The second half of the quarter saw a rebound in global markets as the price of oil came up, calming some fears and boosting commodity-linked and Emerging Market assets. Central banks continued their aggressive easing policies over the quarter. In January, the Bank of Japan adopted negative interest rates. In March, the European Central Bank announced additional QE measures, going so far as to say that if this new “bazooka” approach does not work the next step could be helicopter drops of money for citizens to spend. Also in March, in the U.S., Chairwoman Yellen indicated that the Fed intends to keep interest rates lower for longer. We believe this continued market manipulation by central banks, along with financial imbalances, a morose global economic outlook and unattractive valuations, reinforce the need for caution as we navigate these treacherous waters.


  • IVA International Increases Stake in HSBC Holdings

    In its pursuit of long-term growth, IVA International Fund (Trades, Portfolio) has accumulated holdings from around the world, and the third quarter was no exception. Among its largest third-quarter transactions, IVA traded in companies based in places from London to South Korea and Hong Kong.

    IVA International’s most noteworthy third-quarter transaction was its 3,862,348-share increase in its stake in HSBC Holdings PLC (LSE:HSBA), a London-based banking and financial services company. IVA raised its stake in HSBC Holdings by more than 475%. The Fund paid an average price of £5.42 (about $8.25 in U.S. currency) per share in a deal that had a 1.52% impact on its portfolio.


  • IVA International Fund Invests in Hyundai Mobis

    Above all other things, Charles de Vaulx (Trades, Portfolio)’s IVA International Fund (Trades, Portfolio) prizes fundamental value in the stocks it holds. It looks for other things – financial strength, temporarily depressed earnings or entrenched francises – but fundamental value, not relative value, is what counts. In recent years, the Fund frequently has produced double-digit returns.

    The Fund’s most significant second-quarter transaction was the purchase of a 322,209-share stake in Hyundai Mobis Co. Ltd. (XKRX:012330), a Seoul, South Korea-based automotive parts and service supplier, for an average price of ₩226619 (about $193.94 in U.S. currency) per share. The acquisition had a 2.92% impact on the Fund’s portfolio.


  • IVA International Fund Q2 2015 Commentary

    The IVA International Fund (Trades, Portfolio) Class A (NAV) (“the Fund”) ended the quarter on June 30, 2015 with a return of 1.95% versus the MSCI All Country World Index (ex-U.S.)(“Index”) return of 0.53%, bringing YTD performance to 5.24% versus the Index return of 4.03% for the same period.

    The quarter was marked by bouts of volatility in global markets caused by political uncertainty in Greece, anxiousness over future interest rate increases in the U.S. and turbulence in the Chinese stock market. We continue to see stretched market valuations globally, driven by ultra-low interest rates as investors focus more on relatives than fundamentals in their search for yield. As bottom-up, fundamental investors, it remains difficult for us to find quality opportunities in this environment.


  • 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.  

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