Charles de Vaulx

Charles de Vaulx Premium Guru

Last Update: 09-11-2017
Related: IVA International Fund

Number of Stocks: 76
Number of New Stocks: 1

Total Value: $4,136 Mil
Q/Q Turnover: 2%

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 (%)
20166.2411.96-5.7
2015-2.471.38-3.9
20143.213.69-10.5
3-Year Cumulative6.9 (2.3%/year)29 (8.9%/year)-22.1 (-6.6%/year)
201316.9332.39-15.5
20126.6316-9.4
5-Year Cumulative33.3 (5.9%/year)98.2 (14.7%/year)-64.9 (-8.8%/year)
2011-2.222.11-4.3
201017.2215.062.2
200923.0326.46-3.4

Top Ranked Articles

Charles de Vaulx Invests in 6 New Holdings Purchase of Baidu shares has greatest impact on portfolio
Charles de Vaulx (Trades, Portfolio), chief investment officer and portfolio manager at International Value Advisers LLC, made half a dozen new buys in the third quarter. Read more...
Charles de Vaulx Comments on Gold Guru stock highlight
Gold (GLD) was up 8.4% this quarter and contributed 0.5% to performance. As of March 31, 2017, our gold exposure was 5.8%. Considering the many unknowns and fragilities in this investment environment, we remain happy to hold a modest yet not insignificant allocation to gold in the form of gold bullion. Read more...
IVA International Fund Gains 5 New Holdings in 4th Quarter Fund invests in European, Mexican and Japanese companies
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). Read more...
Charles de Vaulx Picks 2 Stocks for His Fund, IVA Worldwide French-born investor disclosed his new positions
Charles de Vaulx (Trades, Portfolio), chief investment officer and portfolio manager at International Value Advisers, reported a first-quarter portfolio that contained two new stocks purchased over the period. Read more...
FPA Capital Sells DeVry, Western Digital, Helmerich & Payne Largest 1st quarter sales by the firm
FPA Capital Fund (Trades, Portfolio) manages a portfolio composed of 23 stocks with a total value of $500 million. The company seeks long-term growth through investing primarily in carefully selected common stocks and select fixed income securities. During the first quarter it sold shares in the following stocks: Read more...
» More Charles de Vaulx Articles

Commentaries and Stories

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IVA International Fund 2nd Quarter Letter Overview of holdings and outlook IVA International Fund,Charles de Vaulx - 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. More...

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IVA Worldwide Fund 2nd Quarter Review Update from Charles de Vaulx's fund Charles de Vaulx - IVA Worldwide Fund 2nd Quarter Review
The IVA Worldwide Fund Class A (NAV) ("the Fund") ended the quarter on June 30, 2017 with a return of 2.51% versus the MSCI All Country World Index (Net)("Index") return of 4.27%, bringing YTD performance to 7.35% versus the Index return of 11.48% for the same period. More...

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United Breweries' Principal Shareholder in Legal and Financial Trouble Company is the largest brewer in India and markets Kingfisher and Heineken Charles de Vaulx - United Breweries' Principal Shareholder In Legal And Financial Trouble
United Breweries Ltd. (NSE:UBL) is an Indian brewer that markets Kingfisher beer and is partially owned by Heineken (XAMS:HEIO)(HEINY). The company’s principal shareholder, Vijay Mallya, is in legal and financial trouble. The stock was recently purchased by IVA Funds. More...

INDIA, BEER, VIJAY MALLYA


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Charles de Vaulx Picks 5 Stocks for His Fund, IVA International French-born investor discloses second-quarter purchases Charles de Vaulx - Charles De Vaulx Picks 5 Stocks For His Fund, IVA International
Charles de Vaulx (Trades, Portfolio), chief investment officer and portfolio manager of International Value Advisers, disclosed his first-quarter portfolio this week, listing five new positions. More...

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Charles de Vaulx Picks 2 Stocks for His Fund, IVA Worldwide French-born investor disclosed his new positions Charles de Vaulx - Charles De Vaulx Picks 2 Stocks For His Fund, IVA Worldwide
Charles de Vaulx (Trades, Portfolio), chief investment officer and portfolio manager at International Value Advisers, reported a first-quarter portfolio that contained two new stocks purchased over the period. More...

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FPA Capital Sells DeVry, Western Digital, Helmerich & Payne Largest 1st quarter sales by the firm FPA Capital Fund,Charles de Vaulx,John Rogers,Firs - FPA Capital Sells DeVry, Western Digital, Helmerich & Payne
FPA Capital Fund (Trades, Portfolio) manages a portfolio composed of 23 stocks with a total value of $500 million. The company seeks long-term growth through investing primarily in carefully selected common stocks and select fixed income securities. During the first quarter it sold shares in the following stocks: More...

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Charles de Vaulx Comments on Gold Guru stock highlight
Gold (GLD) was up 8.4% this quarter and contributed 0.5% to performance. As of March 31, 2017, our gold exposure was 5.8%. Considering the many unknowns and fragilities in this investment environment, we remain happy to hold a modest yet not insignificant allocation to gold in the form of gold bullion. More...

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Charles de Vaulx's IVA Worldwide Fund First Quarter 2017 Quarterly Review Analysis of markets and holdings Charles de Vaulx - Charles De Vaulx's IVA Worldwide Fund First Quarter 2017 Quarterly Review
The IVA Worldwide Fund Class A (NAV) ("the Fund") ended the quarter on March 31, 2017 with a return of 4.72% versus the MSCI All Country World Index (Net) ("Index") return of 6.91% for the same period. More...

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IVA International Fund Gains 5 New Holdings in 4th Quarter Fund invests in European, Mexican and Japanese companies IVA International Fund,Charles de Vaulx,David Herr - 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). More...

IVA, INTERNATIONAL, EUROPE, JAPAN, MEXICO, BUYS, 4Q


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IVA Funds 2016 Year in Review Review of economy and holdings Charles de Vaulx - IVA Funds 2016 Year In Review
Despite a few bouts of market volatility (the first six weeks of the year as well as briefly after the Brexit vote), 2016 was most notable for extraordinary political developments which have the potential to shape markets for years to come. Although the possibility of the UK voting to leave the EU had been on investors’ minds for months, most everyone was surprised by the outcome of the referendum on June 23 and markets recoiled. They may have quickly recovered, but the magnitude of the vote’s ultimate financial and political consequences are still unknown. And then on November 8, Donald Trump became President-Elect of the United States. This stunning turn of events was followed by a less dramatic, but still crucial, vote of ‘No’ in an Italian referendum on constitutional reform, forcing Prime Minister Matteo Renzi to resign. These events indicate a rising tide of populism in many countries (the U.K., Continental Europe and the U.S.) as well as growing resentment of both rising wealth and income inequalities. A global move towards populism could have significant implications, including a revival of trade tensions and protectionism and ultimately a possible break-up of the More...

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Charles de Vaulx Invests in 6 New Holdings Purchase of Baidu shares has greatest impact on portfolio Charles de Vaulx - Charles De Vaulx Invests In 6 New Holdings
Charles de Vaulx (Trades, Portfolio), chief investment officer and portfolio manager at International Value Advisers LLC, made half a dozen new buys in the third quarter. More...

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IVA Worldwide Fund 3rd Quarter Commentary Discussion of investing environment and holdings Charles de Vaulx - IVA Worldwide Fund 3rd Quarter Commentary
The IVA Worldwide Fund Class A (NAV) (“the Fund”) ended the quarter on September 30, 2016 with a return of 3.73% versus the MSCI All Country World Index (Net) (“Index”) return of 5.30% bringing YTD performance to 5.70% versus the Index return of 6.60% for the same period. More...

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IVA Funds Comments on Emerson Guru stock highlight
Well, Deere (NYSE:DE) is a much finer business. They are world-class. It's much more oligopolistic. The returns of capital over a full cycle dwarf I believe what they are with other fertilizer companies. Yes, the answer is that we've looked at both. There's a clear price at which we would love to own Deere. But, in the fertilizer space, and understand there's a proposed merger going on, we have found it difficult to find one company that truly has much lower costs than the other. In a commodity business, if you can find a company that structurally has much lower cost than another, it helps assure you that they will be a survivor if and when commodity prices are low, and then the company may in fact capitalize during times of low prices to maybe increase its market share position.So, we have not been able to identify, at least yet, a fertilizer company that really stands out in terms of quality and being lower cost than others. More...

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IVA Funds Comments on Emerson Guru stock highlight
Question: You hold Emerson Electric. It's always acquired a lot of companies over the years. Do you think it could be anything like a Valeant, who acquired a lot of companies over the years, or have some characteristics like that?Chuck de Lardemelle: No, not at all. Emerson (NYSE:EMR) has a very strong track record of making smart acquisitions, spending some Research and Development. Now, over the last few years, they've diversified into a business that they are now trying to spin off and making a number of acquisitions in uninterruptible power supplies/electronics. That vertical, if you will, has not worked out at all for Emerson, and they are going back to basics and spinning off or selling that division. The balance sheet is extremely strong, which is absolutely not the case of a Valeant.Emerson is in no position to hike prices and gouge clients. It's a very strong industrial company that is extremely well managed from an operational point of view, that has a More...

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IVA Funds Comments on Samsung Electronics Guru stock highlight
Moving on to another large position, Samsung Electronics (XKRX:000830) is up substantially from its lows this year, and therefore not as attractive as it used to be. However, the balance sheet is pristine, the company sells not too far from tangible book value, and we believe the semiconductor franchise is highly profitable and solid. As for the telecom handset franchise, well, I'm sure you'll remember Motorola, Nokia, Siemens, SAGEM, or Sony Ericsson handset businesses? Yes, they all went out of business.So, what do we see there? Why should it be different for Samsung Electronics? Well, SmartPhones today are computers; capital employed in the business is very low. Basically, Samsung simply assembles the mini-computers. It's a business model akin to the Dell business model, not to a Nokia. The industry has consolidated; through its scale, Samsung is able to achieve buying power and a low-cost position; and through the advanced manufacturing of display components and semiconductors, Samsung has an edge in More...

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IVA Funds Comments on Berkshire Hathaway Guru stock highlight
Next, Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) still sells at a discount to our estimate of its intrinsic value. We believe Buffett and his successors are likely to be able to compound at a reasonable pace, particularly due to the ability to buy listed or unlisted companies in their entirety. A few looming technological innovations, though may be tough for some of Berkshire's businesses: driverless cars would negatively impact insurance subsidiary Geico, while driverless trucks would be a large negative for the railroad business, Burlington Northern. If battery technology continues to improve, at some point the storage of electricity will make renewable energy a lot more competitive against traditional utilities, a risk for Berkshire Hathaway Energy.This conglomerate, however, is well equipped to deal with obsolescence: after all, Berkshire is quite unique in its ability to take cash flow from mature or declining business More...

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Charles de Vaulx's IVA Funds Semi-Annual Update Call Transcript Discussion of the fund, the markets and holdings Charles de Vaulx - Charles De Vaulx's IVA Funds Semi-Annual Update Call Transcript
Tara Hannigan: Thank you. Good afternoon, and welcome to the Semi-Annual IVA Funds Update Call. We thank you for joining us this afternoon. I'm Tara Hannigan, the Director of Mutual Fund Distribution. Our goals on this call are to update you on the funds and share our current investment thinking. Our portfolio managers, Charles De Vaulx and Chuck de Lardemelle, will give you prepared remarks explaining what they're seeing around the world today, and then we will open the call up to questions. More...

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IVA International Gains 4 in 2nd Quarter Fund acquires new holdings in European, Japanese companies IVA International Fund,Charles de Vaulx,Matthews J - 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). More...

IVA, INTERNATIONAL, EUROPE, ASIA


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Charles de Vaulx Hikes Stake in Hyundai Motors Company is close to 5-year low in price Charles de Vaulx - Charles De Vaulx Hikes Stake In Hyundai Motors
Morocco native Charles de Vaulx (Trades, Portfolio) more than tripled his stake in Hyundai Motor Co. (XKRX:005380) during the second quarter. More...

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Charles de Vaulx Invests in 5 New Holdings in 2nd Quarter American Express is top acquisition Charles de Vaulx - Charles De Vaulx Invests In 5 New Holdings In 2nd Quarter
Charles de Vaulx (Trades, Portfolio), chief investment officer and portfolio manager at International Value Advisers, added five new holdings to the portfolio in the second quarter. More...

GURU, BUYS, VAULX


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