SMID Fund

Share Class Investor        Institutional
Ticker CAMMX        CAMUX
Inception Date 5.31.2011      11.3.2014
Minimum Investment       $2,500        $5 million

Cambiar Investors - 2016 FINAL Capital Gain Distributions

The Cambiar SMID Fund is a team-managed portfolio designed to capitalize on mid-cap investments previously limited in scope within existing Funds.  The Fund is an equal weighted portfolio with a starting universe of companies in the $2-$10 billion market cap range.  

The portfolio leverages Cambiar's tenured domestic investment team, who on average have over 20+ years of industry experience. 

  • Bottom-up, relative value investment process that favors undervalued companies that possess a catalyst for future growth.
  • The investable universe for the strategy includes companies in the $2-10 billion market cap range
  • The Fund attempts to hold between 35-45 stocks

Portfolio Managers

AndyB(2016) 

Andrew P. Baumbusch 

     

ColinD(2016) 

Colin M. Dunn, CFA 

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, 2014. 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, 2014. 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 1.36% (gross); 1.00% (net). Institutional Share Class: Expense ratio is 1.31% (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 September 1, 2018. Absent these waivers, total return would be reduced. The Russell 2500® Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. The Russell 2500® Value Index measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. The Russell Indices returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index.
The fund charges a 2.00% redemption fee on redemptions of shares held for less than 90 days. 

Portfolio Profile (as of 9.30.2017)

Top 10 Holdings % Weight
Air Lease Corp 3.1
LKQ Corp 2.9
RPC Inc 2.9
News Corp 2.8
BorgWarner 2.8
Zions Bancorp 2.8
Leidos Holdings 2.8
Penske Automotive 2.8
Arris Int'l 2.7
Dun & Bradstreet 2.7
% of Total 28.3
Holdings Subject to Change  
Attributes Cambiar  Russell 2500 Russell 2500V
Price/Earnings F1Y 16.5 18.8 17.0
Price/Book 2.1 2.4 1.6
Debt/Equity 0.9 1.5 1.0
EPS Growth 12.5 11.9 8.9
Market Cap Wtd Avg 6.6 B 4.7 B 4.5 B
Market Cap Median 6.0 B 1.2 B 1.0 B
Active Share 97.2    

 

Sector Weights   Cambiar      Russell 2500 Russell 2500V
Consumer Discretionary 18.5 12.4 10.3
Consumer Staples 2.2 2.8 3.4
Energy 7.1 4.4 6.9
Financials 15.8 16.3 24.3
Health Care 4.7 11.9 6.0
Industrials 15.9 16.0 13.3
Information Tech 22.9 16.3 8.4
Materials 0.0 5.9 5.4
Real Estate 7.0 9.6 14.9
Telecom Services 0.0 0.6 0.4
Utilities 2.7 3.8 6.8
Cash 3.1    
Risk Statistics* Cambiar  Russell 2500 Russell 2500V
Alpha -3.5 0.0 -0.2
Beta 0.9 1.0 1.0
R-Squared 82.1 100.0 95.4
Sharpe Ratio 0.6 0.9 0.8
Standard Deviation      12.9 12.4 12.1
*Three Year      

Commentary

Market Review (9.30.2017)

Coming soon.

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. 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.

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. CAMMX was rated against 354 Mid-Cap Blend funds over a three year period and 321 funds over a five-year period. With respect to these Mid-Cap Blend funds, CAMMX received a rating of 2 stars for the three year and 3 stars for the five year period, 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.

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 Russell 2000 and Russell 2000 Value returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.  The Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500 is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.  The Russell 2500 Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 Index 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.