International Equity

The Cambiar International Equity portfolio is designed to identify compelling investment opportunities that possess the desired combination of attractive valuations and potential for multiple expansion.  Cambiar’s quality and value bias will result in portfolio overweight to developed markets, subsequent underweight in emerging markets.

The portfolio is constructed by Cambiar’s eight-person international investment team.

  • The investable universe for the strategy includes companies with a market cap range above $5 billion.
  • The strategy holds between 40-50 international stocks
  • Country Limits: 25% at cost
  • Emerging Market Limits: 15% at cost

 

Portfolio Manager

JennD(2016) 

Jennifer M. Dunne, CFA 

Performance Charts

Inception Date: 10.31.1997. The performance information depicted above represents the Cambiar International Equity Composite. Returns are presented gross (g) and net (n) of management fees. Gross and net returns have been 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. Net of fees performance reflects a blended fee schedule of all accounts within the International 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 presented in U.S. dollars.
Performance results for the International Equity Composite are evaluated against the MSCI EAFE Index. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted, market capitalization weighted index that is designed to measure developed market equity performance, excluding the U.S. & Canada. The index assume no management, custody, transaction or other expenses. The MSCI EAFE index is broadly based which reflect the overall market performance and Cambiar’s returns may not be correlated to the index. Cambiar’s performance and the performance of the MSCI EAFE index include the reinvestment of all income.  Benchmark returns are net of withholding 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. Indices are 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
Bayer 3.3
AerCap 3.3
Baidu 2.9
Sumitomo Misui Financial 2.8
Canadian Natural Resources 2.5
AIA Group 2.4
SAP 2.4
Airbus 2.4
ACS Actividades 2.4
Otsuka Holdings 2.3
% of Total 26.7
Holdings Subject to Change  
  Attributes Cambiar      MSCI EAFE
Price/Earnings F1Y 13.1 13.6
Price/Book 1.6 1.6
Debt/Equity   0.8 0.9
EPS Growth   11.2 9.8
Dividend Yield 3.1 3.2
Market Cap Wtd Avg 64.7 B 61.0 B
Market Cap Median 42.6 B 11.2 B
Active Share 85.7  
Sector Weights   Cambiar      MSCI EAFE
Consumer Discretionary 6.0 12.4
Consumer Staples 9.4 11.3
Energy 9.1 6.1
Financials 22.4 19.8
Health Care 12.0 10.7
Industrials 17.7 14.3
Information Tech 5.3 6.8
Materials 7.8 8.2
Real Estate 0.0 3.5
Telecom Services 2.1 3.6
Utilities 4.0 3.3
Cash 4.2  
Top 5 Countries Cambiar MSCI EAFE
France 16.2 11.0
Japan 15.9 24.0
Germany 13.9 9.5
United Kingdom 10.8 16.5
Netherlands 10.3 4.7
Risk Statistics* Cambiar MSCI EAFE
Alpha 1.4 0.0
Beta 0.9 1.0
R-Squared 87.3 100.0
Sharpe Ratio 0.7 0.6
Standard Deviation 10.0 10.4
*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.  

DOL Disclaimer: These materials are intended for use by sophisticated parties as described in Section (c)(1) of the Department of Labor’s Fiduciary Rule, 81 Fed. Reg. 68, at 20999 (April 8, 2016).  In connection with the sale of our products and services, we are not undertaking to provide impartial investment advice or to give advice in a fiduciary capacity for purposes of the Employee Retirement Income Security Act of 1974, as amended or section 4975 of the Internal Revenue Code of 1986, as amended.  While we have a financial interest in the sale of our products and services because we earn revenue once we are hired, we do not receive a commission, fee or other compensation directly for the provision of investment advice (as opposed to other services) in connection with any such sale.