International Small Cap Fund

Fund Documents Commentary Profile

International Small Cap Fund

Share Class Institutional
Ticker CAMFX
Inception Date 11.18.2014
Minimum Investment       $100,000

2017 Estimatel Capital Gain Distributions

The Cambiar International Small Cap Fund is constructed by Cambiar’s eight person international investment team and is designed to capitalize on investment insights previously limited in scope by the parameters of the Cambiar International Equity Fund.

The Fund employs an equal-weight portfolio construction approach.  We believe this approach enables the strategy to maintain a more focused portfolio relative to peers, while also mitigating stock-specific risk via uniform position sizes. 

  • All new stock positions enter the portfolio at a range of 1.5%-2% (based on liquidity). This construction is designed to reduce excessive stock-specific risk, while allowing for the freedom to participate on the upside.
  • The investable universe for the strategy includes companies typically in the $500 million - $5 billion market cap range
  • The Fund attempts to hold between 40-50 stocks
  • The Fund is diversified across multiple sectors/industries.
  • Country Limits: 25% at cost.
  • Emerging Market Limits: 15% at cost.

Portfolio Managers

ToddE(2016) 

Todd L. Edwards, PhD 

    

AlvaroS(2016)

Alvaro Shiraishi

EM Boat

Morningstar Rating™

Performance Charts

The performance data quoted represents 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. Expense ratio is 7.93% (gross); 1.15% (net). Cambiar Investors, LLC has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses from exceeding 1.15% 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. The MSCI EAFE Small Cap® Index 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 180 days. 

Portfolio Profile (as of 6.30.2018)

Top 10 Holdings % Weight
Schoeller-Bleckmann Oilfield 3.7
GN Store Nord 3.2
Embraer 3.0
BOC Aviation 2.7
Sohgo Security Services 2.6
Icon 2.5
Livanova 2.5
Britvic 2.4
Remy Cointreau 2.4
Erex 2.4
% of Total 27.4
Holdings Subject to Change  
Attributes Cambiar       MSCI EAFE SC
Price/Earnings F1Y 14.6 15.4
Price/Book 2.0 1.6
Debt/Equity 0.7 0.6
EPS Growth 12.4 11.9
Market Cap Wtd Avg 3.6 B 2.7 B
Market Cap Median 2.8 B 1.1 B
Sector Weights   Cambiar      MSCI EAFE SC
Consumer Discretionary 9.8 15.0
Consumer Staples 14.5 6.8
Energy 3.8 2.8
Financials 15.6 11.7
Health Care 12.1 7.3
Industrials 13.8 21.6
Information Tech 8.2 11.6
Materials 7.0 9.0
Real Estate 0.0 10.8
Telecom Services 0.0 1.4
Utilities 4.5 2.1
Cash 10.7  
Top 10 Countries  Cambiar       MSCI EAFE SC
United Kingdom 23.5 18.8
Japan 18.6 31.0
Italy 11.6 3.6
France 9.4 3.8
China 7.8 0.0
Austria 4.3 0.8
Denmark 3.5 1.8
Brazil 3.2 0.0
Ireland 2.9 0.8
Germany 2.5 5.8
Risk Statistics* Cambiar      MSCI EAFE SC
Alpha -0.9 0.0
Beta 1.0 1.0
R-Squared 92.2 100
Sharpe Ratio 0.8 0.9
Standard Deviation 11.0 10.9
*Three 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 smaller companies typically exhibit higher volatility and 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.  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. CAMFX was rated against 86 Foreign Small/Mid Blend funds over a three year period. With respect to these Foreign Small/Mid Blend funds, CAMFX received a rating of 3 stars. 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. 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. 

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.

The MSCI EAFE Small Cap Value Index captures small cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.  Individuals cannot invest directly in an index. 

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.