Global Equity

The Cambiar Global Equity strategy is structured as a ‘best ideas’ vehicle, whereby sourcing of new ideas will come from Cambiar’s existing domestic and international portfolios. 

The strategy has the ability to seek investment opportunities from across the globe, making it Cambiar's most diversified product offering.

  • Flexibility to invest in all corners of the world.
  • Equal-weighted approach - All new stock positions enter the portfolio at 2% position sizes. This construction is designed to reduce excessive stock-specific risk, while allowing for the freedom to participate on the upside. 
  • Portfolio will take a broadly neutral weight relative to the U.S. and international exposure relative to the benchmark.
  • The strategy attempts to hold between 45-55 stocks.

Portfolio Managers

AniaA(2016) 

Ania A. Aldrich, CFA 

    

ToddE(2016) 

Todd L. Edwards, PhD 

    

AlvaroS(2016)

Alvaro Shiraishi

Performance Charts

Inception Date: 2.28.1998.  The performance information depicted above represents Cambiar’s Global Equity Composite. Returns are presented gross (g) and net (n) of management fees. Gross and net returns are reduced by transaction expenses. Net returns are also reduced by actual investment advisory fees and other expenses that may be incurred in the management of the account. For the periods of 2013 to the present, the gross returns reflect accounts with both gross and “pure” gross performance. “Pure” gross returns, applicable to SMA portfolios, are not reduced by any expenses, which includes transaction costs, and are provided as supplemental information. Brokerage firms which sponsor SMA fee programs apply bundled fees which may include transactions costs, investment management, portfolio monitoring, consulting services, and in some cases, custodial service fees. Net returns for SMA portfolios are calculated by subtracting actual SMA fees reported by the SMA sponsor. Net of fees performance reflects a blended fee schedule of all accounts within the Global Equity Composite. Cambiar clients and mutual fund investors may incur actual fee rates that are greater or less than the rate reflected in this performance summary. Results are reported in U.S. dollars.
Performance results for the Global Equity Composite are evaluated against the MSCI World Index. The MSCI World Index is a free float-adjusted, market capitalization weighted index that measures large and mid-cap equity performance across countries with developed markets. The MSCI World index is broadly based which reflects overall market performance and Cambiar’s returns may not be correlated to the index. The index assumes no management, custody, transaction or other expenses. Cambiar’s performance and the performance of the benchmark include the reinvestment of all income. Benchmark returns are net of withholdings taxes. Cambiar typically follows each custodian’s treatment of tax withholding and therefore dividends may be presented as gross or net of dividend tax withholding depending on the custodian’s treatment. Withholding taxes may vary according to the investor’s domicile. Returns include the effect of foreign currency exchange rates obtained from WM/Reuters through IDC. Sources of foreign exchange rates may differ between the composite and the benchmark. The index is unmanaged and one cannot invest directly in an index. Past performance is no indication of future results. All information is provided for informational purposes only and should not be construed as an offer to buy or as a solicitation to buy or sell.  Performance is preliminary, please contact us for finalized figures. 

Portfolio Profile (as of 6.30.2018)

Top 10 Holdings % Weight
Alphabet 2.6
Twitter 2.4
Fast Retailing 2.4
AIA Group 2.4
EOG Resources 2.4
BHP Billiton 2.3
Occidental Petroleum 2.3
Royal Dutch Shell 2.2
HSBC Holdings 2.2
AerCap 2.2
% of Total 23.4
Attributes Cambiar MSCI World
Price/Earnings F1Y 13.5 15.2
Price/Book 1.9 2.3
Debt/Equity  0.8 1.2
EPS Growth  11.6 12.3
Dividend Yield 2.6 2.3
Market Cap Wtd Avg 94.4 B 148.7 B
Market Cap Median 47.6 B 13.3 B
Active Share 91.7  
Sector Weights   Cambiar      MSCI World
Consumer Discretionary 6.0 12.7
Consumer Staples 8.2 8.3
Energy 10.7 6.8
Financials 19.1 16.8
Health Care 14.9 12.2
Industrials 13.2 11.1
Information Tech 15.1 18.6
Materials 4.4 4.9
Real Estate 0.0 3.0
Telecom Services 1.9 2.6
Utilities 1.7 3.0
Cash 4.8  
Top 5 Countries     Cambiar MSCI World
United States 45.4 60.4
France 11.1 3.9
United Kingdom 9.7 6.0
Netherlands 9.0 1.9
Germany 7.5 3.4
Risk Statistics* Cambiar MSCI World
Alpha -1.0 0.0
Beta 1.0 1.0
R-Squared 85.4 100.0
Sharpe Ratio 1.0 1.2
Standard Deviation 8.6 7.8
*Five Year    

Commentary

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Disclosure

Certain information contained in this communication constitutes “forward-looking statements”.  Due to market risk and uncertainties, actual events or results, or the actual performance of Cambiar’s client accounts may differ materially from that reflected or contemplated in such forward-looking statements. All information is provided for informational purposes only and should not be deemed as a recommendation to buy the securities mentioned. There is no guarantee that the opinions expressed herein will be valid beyond the date of this presentation.  There can be no assurance that the portfolio will continue to hold the same position in companies described herein, and the portfolio may change any portfolio position at any time. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended by Cambiar and the reader should not assume that investments in the securities identified and discussed were or will be profitable.