Portfolio Manager since 1997
Return is shown net of fees. See performance below for additional disclosure.
Overall rated 4 stars for the period ending 3/31/2021 out of 1,138 US-domiciled Large Value Funds. Morningstar rankings are based on risk-adjusted returns and the Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three, five and ten year Morningstar Ratings metric.
The Cambiar Opportunity Fund is a natural extension of the Cambiar Large Cap Value portfolio, the firm’s oldest strategy. It is a diversified Fund that invests primarily in large-cap companies domiciled in the U.S. The portfolio will hold between 35-45 stocks with a starting universe that includes any company with a market cap above $10 billion.
Returns greater than 1 year are annualized. 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 0.94% (gross); 0.84% (net). Cambiar Investors, LLC has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses from exceeding 0.65% of the average daily net assets of each of the Fund’s share classes until March 1, 2022. Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Indices are unmanaged and returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index. For performance data current to the most recent month-end, please call 1-866-777-8227.
Top 10 holdings
Holdings subject to change. Excludes cash.
Sector Weights (%)
Mutual fund investing involves risk, including the possible loss of principal. The Cambiar Opportunity Funds may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. There can be no assurance that the Fund will achieve its stated objectives. Diversification does not protect against market loss. A company may reduce or eliminate its dividend, causing loses to the fund.
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 summary or statutory 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.
©2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
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. CAMOX was rated against 1,138 US-domiciled Large Value funds over a three year period, 1,007 over a five year period, and 729 over a ten year period. With respect to these large value funds, CAMOX received a rating of 5 stars, 5 stars, and 2 stars, respectively. Past performance is no guarantee of future results. Morningstar Rating is for the investor share class only; other classes may have different performance characteristics.
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. Risk stats are based off a five-year time frame. These calculations are not a forecast of the Fund’s future performance.
Total Assets represents assets under management for all share classes combined and are subject to change.
The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Indexes are unmanaged and one 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 Separate Account sections are not mutual funds and are not affiliated with SEI Investments Distribution Co.