Global Equity Fund

Share Class Investor  
Ticker CAMGX  
Inception Date 11.30.2011
Minimum Investment       $2,500  

2017 Final Capital Gain Distributions

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

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

  • 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. 
  • Fund will take a broadly neutral weight relative to the U.S. and international exposure found in the benchmark
  • The Fund 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

Morningstar Rating™

Performance Charts

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. Expense ratio is 2.03% (gross); 1.20% (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. The MSCI World Index is an unmanaged index compiled by Morgan Stanley Capital International. The index 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 6.30.2018)

Top 10 Holdings % Weight
AIA Group 2.4
Alphabet 2.4
Fast Retailing 2.4
Twitter 2.4
BHP Billiton 2.4
AerCap 2.4
EOG Resources 2.3
Occidental Petroleum 2.3
Royal Dutch Shell 2.3
Carlsberg 2.2
% of Total 23.5
Holdings Subject to Change  
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
Market Cap Wtd Avg 92.7 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 8.6 8.3
Energy 10.7 6.8
Financials 19.0 16.8
Health Care 15.0 12.2
Industrials 13.4 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 4.2  
Top 5 Countries     Cambiar MSCI World
United States 44.7 60.4
France 11.2 3.9
United Kingdom 9.7 6.0
Netherlands 9.1 1.9
Germany 7.4 3.4
Risk Statistics* Cambiar MSCI World
Alpha -2.5 0.0
Beta 1.0 1.0
R-Squared 86.3 100
Sharpe Ratio 0.8 1.2
Standard Deviation 8.6 7.8
*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 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.

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. 

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. CAMGX was rated against 721 World Large Stock funds over a three year period and 596 funds over a five-year period. With respect to these World Large Stock funds CAMGX received a rating of 2 stars for the three year and 2 stars for the five year period, respectively. Past performance is no guarantee of future results.

The MSCI World index is an unmanaged index compiled by Morgan Stanley Capital International. 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.