International Small Cap Fund

Fund Documents Commentary Profile

International Small Cap Fund

Share Class Institutional
Ticker CAMFX
Inception Date 11.18.2014
Minimum Investment       $500,000

2016 Final Capital Gain Distributions

The Cambiar International Small Cap Fund is constructed by Cambiar’s eight person international investment team and is designed to capitalize on investment insights previously limited in scope by the parameters of the Cambiar International Equity Fund.

The Fund employs an equal-weight portfolio construction approach.  We believe this approach enables the strategy to maintain a more focused portfolio relative to peers, while also mitigating stock-specific risk via uniform position sizes. 

  • All new stock positions enter the portfolio at a range of 1.5%-2% (based on liquidity). This construction is designed to reduce excessive stock-specific risk, while allowing for the freedom to participate on the upside.
  • The investable universe for the strategy includes companies in the $500 million - $5 billion market cap range
  • The Fund attempts to hold between 40-50 stocks
  • The Fund is diversified across multiple sectors/industries.
  • Country and Emerging Market Limits: 25% at cost.

Portfolio Managers

ToddE(2016) 

Todd L. Edwards, PhD 

    

AlvaroS(2016)

Alvaro Shiraishi

Performance Charts

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. Expense ratio is 8.20% (gross); 1.15% (net). Cambiar Investors, LLC has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses from exceeding 1.15% 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 MSCI EAFE Small Cap® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

The Fund charges a 2.00% redemption fee on redemptions of shares held for less than 180 days. 

Portfolio Profile (as of 9.30.2017)

Top 10 Holdings % Weight
ICON 2.7
Embraer 2.6
Ichigo Inc 2.6
LivaNova 2.6
Okuma Corp 2.5
Buzzi Unicem 2.5
Piaggio 2.5
Schoeller-Bleckman 2.4
Scout24 2.4
Naturex 2.4
% of Total 25.2
Holdings Subject to Change  
Attributes Cambiar      
Price/Earnings F1Y 16.5
Price/Book 2.2
Debt/Equity 0.7
EPS Growth 12.1
Market Cap Wtd Avg 3.6 B
Market Cap Median 3.3 B
Sector Weights   Cambiar     
Consumer Discretionary 11.4
Consumer Staples 16.9
Energy 2.4
Financials 10.4
Health Care 11.9
Industrials 12.0
Information Tech 11.3
Materials 6.4
Real Estate 4.6
Telecom Services 2.2
Utilities 4.2
Cash 6.3
Top 10 Countries  Cambiar      
Japan 25.4
United Kingdom 19.3
Italy 9.6
France 6.9
Austria 4.9
Ireland 2.9
Brazil 2.8
Germany 2.6
Hong Kong 2.5
Denmark 2.5

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 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 MSCI EAFE Small Cap index represents the 85th to 99th percentile of stocks found in the MSCI EAFE.  The MSCI All-Country World and World Indices are unmanaged indices compiled by Morgan Stanley Capital International.  The MSCI EAFE Value Index captures large and mid cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada.  The MSCI EAFE Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across Developed Markets countries around the world, excluding the US and Canada. The MSCI indices returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an index.  The MSCI indices returns do not reflect any management fees, transaction costs or expenses.  Individuals cannot invest directly in an Index.  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. 

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.

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.

MSCI EAFE (Europe, Australia, Far East) Small Cap Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada. Benchmark returns are net of withholding taxes.  Index returns assume reinvestment of dividends and capital gains, and assume no management, custody, transaction or other expenses.  The MSCI EAFE Small Cap Value Index captures small cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.  Individuals cannot invest directly in an index. 

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.