Opportunity Fund

Share Class Investor        Institutional
Ticker CAMOX        CAMWX
Inception Date 6.31.1998      11.2.2005
Minimum Investment       $2,500        $5 million

Cambiar Investors - 2016 Final Capital Gain Distributions

The Cambiar Opportunity Fund is a team-managed portfolio designed to capitalize on large cap investments.  The Fund is a natural extension of the Cambiar Large Cap Value portfolio, the firm's oldest strategy. 

The seven person domestic investment team conducts a rigorous internal research process to identify companies that we believe possess an attractive risk-return profile – where we are confident that the risk of capital loss is modest while the potential for outsized return is high.  

The outcome is a concentrated portfolio of established businesses that meet Cambiar’s four investment criteria: quality, valuations, value creation/catalyst and upside potential.

  • Bottom-up, relative value investment process that favors undervalued companies that possess a catalyst for future growth.
  • The Fund holds between 35-45 stocks.
  • The Fund may invest in derivatives.

Portfolio Manager

BrianB(2016) 

Brian M. Barish, CFA 

Analyst Meeting (2016)

Morningstar Rating™

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. Institutional Class Shares of the Fund commenced operations on November 3, 2005. 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 3, 2005. 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 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. Investor Share Class: Expense ratio is 1.10% (gross); 1.05% (net). Institutional Share Class: Expense ratio is 0.85% (gross); 0.80% (net). Cambiar Investors, LLC has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses from exceeding 0.80% of the average daily net assets of each of the Fund’s share classes until September 1, 2018. S&P 500 Index is an unmanaged index compiled by Standard & Poor’s Corp. Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index. For performance data current to the most recent month-end, please call 1-866-777-8227.

Portfolio Profile (as of 9.30.2017)

Top 10 Holdings % Weight
Tyson Food 3.3
eBay 3.2
EOG Resources 3.2
Occidental Petroleum 3.2
Wells Fargo 3.1
Citigroup 3.1
Synchrony Financial 3.1
United Parcel Services 3.1
Royal Dutch Shell 3.0
HP 3.0
% of Total 31.3
Holdings Subject to Change  

 

Attributes Cambiar  S&P 500 Russell 1000V
Price/Earnings F1Y 16.2 17.9 16.0
Price/Book 2.1 3.0 2.0
Debt/Equity  0.7 1.2 0.9
EPS Growth   13.4 11.8 9.2
Market Cap Wtd Avg 90.0 B 178.6 B 118.2 B
Market Cap Median 41.2 B 21.1 B 8.8 B
Active Share 89.4    
Sector Weights   Cambiar      S&P 500 Russell 1000V
Consumer Discretionary 1.9 11.9 6.8
Consumer Staples 11.9 8.2 8.7
Energy 13.9 6.1 10.9
Financials 24.8 14.6 26.0
Health Care 13.6 14.5 13.9
Industrials 3.1 10.2 8.5
Information Tech 19.0 23.2 8.2
Materials 0.0 2.9 2.9
Real Estate 2.3 2.8 4.8
Telecom Services 0.0 2.2 3.2
Utilities 2.0 3.1 6.2
Cash 7.7    
Risk Statistics* Cambiar S&P 500 Russell 1000V
Alpha -2.4 0.0 -1.9
Beta 1.1 1.0 1.0
R-Squared 81.9 100.0 91.5
Sharpe Ratio 0.7 1.0 0.8
Standard Deviation      11.9 10.1 10.3
*Three Year      

Commentary

Market Review (9.30.2017)

Coming soon...

Disclosure

Mutual fund investing involves risk, including the possible loss of principal.  The Cambiar Opportunity Funds 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.  Diversification does not protect against market loss.  A company may reduce or eliminate its dividend, causing loses to the fund.

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 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. CAMOX was rated against 1108 US-domiciled Large Value funds over a three year period, 962 over a five year period and 689 over a ten year period. With respect to these large value funds, CAMOX received a rating of 3 stars, 3 stars and 2 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 S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock's weight in the Index proportionate to its market value. The S&P 500 returns do not reflect any management fees, transaction costs or expenses. The S&P 500 Growth index is market-capitalization-weighted index consisting of those stocks within the S&P 500 Index that exhibit strong growth characteristics.  The S&P 500 Value index is market-capitalization-weighted index consisting of those stocks within the S&P 500 Index that exhibit strong value characteristics.  

The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Indexes are unmanaged and one cannot invest directly in an index.

Price to Earnings (P/E) – is the ratio for valuing a company that measures its current share price relative to its per-share earnings. Forward P/E - uses forecasted earnings for the P/E calculation. These are not measures of a fund’s future performance.

Earnings per Share (EPS) –  is the portion of a company's profit allocated to each outstanding share of common stock. Forecast EPS – uses forecasted earnings allocated to each outstanding share of common stock. These are not measures of a fund’s future performance.

Free Cash Flow (FCF) - is a measure of a company's financial performance, calculated as operating cash flow minus capital expenditures.

Standard Deviation - is a statistical measurement; when applied to the annual rate of return of an investment, it sheds light on the historical volatility of that investment.

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. There is no guarantee that any forecasts made will come to pass.

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.