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.
In the third quarter, IVA added six new companies to its portfolio – News Corp (NWSA, Financial), Henderson Land Development Co Ltd (00012.Hongkong), Vinci (DG.France), Stolt-Nielsen Ltd (SNI.Norway), Arcland Sakamoto Co Ltd (9842.Japan) and Uranium Participation Corp (U.Canada).
The investment in 3,125,946 shares of News Corp (NWSA, Financial), one of two mass media companies based in New York and operating under the name “News Corp” since the original News Corp split in 2012, for an average price of $17.6 per share had a 2.4% impact on IVA’s portfolio.
IVA bought 4,113,000 shares of Henderson Land Development, a property development company based in Hong Kong, for an average price of $50.21 per share. That transaction had a 1.2% impact on IVA’s portfolio.
IVA acquired 356,688 shares of Vinci, a French-based construction company, for an average price of $49.26 per share. That had a 0.96% impact on IVA’s portfolio.
The other new buys all had impacts of 0.46% or less on the portfolio.
IVA added to its stakes in five companies – News Corp (NWS), Altran Technologies (ALT.France), Samsung Electronics Co Ltd (005930.Korea, South), Siemens AG (SIE.Germany) and Avanti Communications Group PLC (AVN.UK).
The acquisition of 2,729,851 shares of News Corp (NWS), the other company formed by the split of the original News Corp in 2012, for an average price of $17.17 had an impact of 2.04% on IVA’s portfolio.
None of the other additions had impacts on the portfolio of more than 0.75%.
IVA divested itself of its holdings in three companies in the third quarter – Orkla ASA (ORK.Norway), NTT DoCoMo Inc (9437.Japan) and Taiwan Secom Co Ltd (9917.Taiwan).
IVA sold its 1,741,650 shares in Orkla ASA, a Norwegian consumer goods company, for an average price of $56.24. That transaction had an impact of -0.73% on IVA’s portfolio.
IVA sold 843,100 shares of NTT DoCoMo, a Japanese telecommunications company, for an average price of $1,817.52 per share. That transaction had a -0.68% impact on IVA’s portfolio.
IVA also sold portions of its holdings in eight companies – Astellas Pharma Inc (4503.Japan), Total SA (TOT), E-MART Co Ltd (139480.Korea, South), Teleperformance (RCF.France), Hi-Lex Corp (7279.Japan), Bolloré (BOL.France), SECOM Co Ltd (9735.Japan) and Miura Co., Ltd. (6005.Japan).
IVA sold 1,055,800 shares of Astellas Pharma, a Japanese pharmaceutical company, for an average price of $1,469.83 per share. The sale had a -0.65% impact on IVA’s portfolio.
IVA also sold 178,544 shares in Total SA, a French oil and gas company, for an average price of $66.28 per share. The deal had a -0.61% impact on IVA’s portfolio.
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