International Equity Fund

Fund Documents Commentary Profile

International Equity Fund

Share Class Investor        Institutional
Ticker CAMIX        CAMYX
Inception Date 8.31.1997      11.30.2012
Minimum Investment       $2,500        $5 million

Cambiar Investors - 2017 ESTIMATE Capital Gain Distributions

The Cambiar International Equity Fund is designed to identify compelling international investment opportunities that possess the desired combination of attractive valuations and potential for multiple expansion. The starting universe for the International Equity Fund includes any international company with a market cap above $5 billion.  

Cambiar’s quality and value bias will result in portfolio overweight to developed markets, subsequent underweight in emerging markets.

  • The Fund combines rigorous company research and a refined understanding of macroeconomic and geopolitical issues.
  • The Fund attempts to hold between 40-50 international stocks
  • Country limits: 25% at cost.
  • Emerging Market limits: 15% at cost.
  • The Fund may invest in derivatives.

Portfolio Manager

JennD(2016) 

Jennifer M. Dunne, CFA 

Morningstar Rating™

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Returns assume reinvestment of all dividend and capital gains distributions. The performance data quoted for periods prior to September 9, 2002 is that of the Cambiar International Equity Trust, a similarly managed Fund. This Fund was not registered under the Investment Company Act of 1940. If the Fund had been registered, performance may have been lower. Institutional Class Shares of the Fund commenced operations on November 30, 2012. As a result, the performance information provided for Institutional Class Shares incorporates the returns of Investor Class Shares of the Fund for periods before November 30, 2012. Institutional Class Shares would have substantially similar performance as Investor Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that total expenses of Institutional Class Shares are lower. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Returns assume reinvestment of all dividend and capital gains distributions. The performance data quoted for periods prior to September 9, 2002 is that of the Cambiar International Equity Trust, a similarly managed Fund. This Fund was not registered under the Investment Company Act of 1940. If the Fund had been registered, performance may have been lower. Investor Share Class: Expense ratio is 1.12% (gross); 1.08% (net). Institutional Share Class: Expense ratio is 0.99% (gross); 0.95% (net). Cambiar Investors, LLC has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses from exceeding 0.95% of the average daily net assets of each of the Fund’s share classes until March 1, 2019.  Absent these waivers, total return would be reduced. For performance current to the most recent month-end, please call 1-866-777-8227. MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.
The Fund charges a 2.00% redemption fee on redemptions of shares held for less than 90 days. 

Portfolio Profile (as of 6.30.2018)

Top 10 Holdings % Weight
Bayer 3.3
AerCap 3.3
Baidu 2.9
Sumitomo Mitsui Financial 2.8
Canadian Natural 2.5
AIA Group 2.4
SAP 2.4
Airbus 2.4
ACS Actividades 2.4
Otsuka Holdings 2.3
% of Total 26.7
Holdings Subject to Change  
Attributes Cambiar  MSCI EAFE
Price/Earnings F1Y 13.1 13.6
Price/Book 1.6 1.6
Debt/Equity 0.8 0.9
EPS Growth 11.2 9.8
Market Cap Wtd Avg 64.7 B 61.0 B
Market Cap Median 42.6 B 11.2 B
Active Share 85.7  
Sector Weights   Cambiar      MSCI EAFE
Consumer Discretionary 6.0 12.4
Consumer Staples 9.4 11.3
Energy 9.1 6.1
Financials 22.4 19.8
Health Care 12.0 10.7
Industrials 17.7 14.3
Information Tech 5.3 6.8
Materials 7.8 8.2
Real Estate 0.0 3.5
Telecom Services 2.1 3.6
Utilities 4.0 3.3
Cash 4.2  
Top 5 Countries  Cambiar MSCI EAFE
France 16.2 11.0
Japan 15.9 24.0
Germany 13.9 9.5
United Kingdom 10.8 16.5
Netherlands 10.3 4.7

 

Risk Statistics* Cambiar MSCI EAFE
Alpha 0.6 0.0
Beta 0.9 1.0
R-Squared 86.6 100.0
Sharpe Ratio 0.6 0.6
Standard Deviation 10.0 10.4
*Five Year    

Commentary

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Disclosure

 

Mutual fund investing involves risk, including the possible loss of principal. In addition to the normal risks associated with investing, investments in international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.  Emerging markets involved heightened risks related to the same factors as well as increased volatility and lower trading volume.  The Cambiar International Equity Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund's gains or losses. There can be no assurance that the Fund will achieve its stated objectives.

To determine if a Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus which can be obtained by clicking here or calling 1-866-777-8227. Please read it carefully before investing. There is no guarantee that the Funds will meet their stated objectives.

Performance data quotes are past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please call 1-866-777-8227.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance.  The Morningstar Rating does not include any adjustment for sales loads.  The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. CAMIX was rated against 623 Foreign Large Blend funds over a three year period, 533 over a five year period and 331 over a ten year period. With respect to these Foreign Large Blend funds, CAMIX received a rating of 3 stars, 4 stars, and 4 stars respectively. Past performance is no guarantee of future results.

Price/Earnings F1Y is a calculation that divides the current share price by the estimates of earnings in the next four quarters. Debt/Equity - Long Term is a calculation that takes interest-bearing, long-term debt divided by shareholder equity. EPS Growth - Long Term is a calculation that takes the company’s estimated profits for five years divided by the outstanding shares. Active share is a holdings-based measure of active management representing the percentage of securities in a portfolio that differ from those in the benchmark index. Alpha is a measure of risk-adjusted performance. Beta is a measure of risk in relation to the market or benchmark. The Sharpe Ratio is a direct measure of reward-to-risk and is calculated by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the standard deviation. Standard Deviation is a statistical measure of historical volatility; a measure of the extent to which numbers are spread around their average. R-Squared measures how closely a portfolio’s performance correlates with the performance of a benchmark index.These calculations are not a forecast of the Fund’s future performance. 

The MSCI EAFE® Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada. The index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an index.  

This material represents the portfolio manager’s opinion and is an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice or a specific recommendation of securities.

Cambiar Funds are distributed by SEI Investments Distribution Co., 1 Freedom Valley Dr. Oaks, PA 19456, which is not affiliated with the Advisor.  Cambiar Funds are available to US investors only. Strategies included within the Institutional Investor offer are not mutual funds and are not affiliated with SEI Investments Distribution Co.