Portfolio Manager since 2011
Global Equity
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YTD Return
11.38%as of
Return is shown net of fees. See performance below for additional disclosure.
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Total Assets ($MM)
$99.5 MMas of
Profile
The Cambiar Global Equity portfolio is structured as a ‘best ideas’ strategy, 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 regionally-diversified portfolio.
Portfolio Construction:
- 45-55 stocks
- 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
Key Facts
- Inception Date
- 2/28/1998
- Minimum
- $5 MM
Portfolio Managers
-
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Portfolio Manager since 2011
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Portfolio Manager since 2011
Performance
| MTD | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception | |
|---|---|---|---|---|---|---|---|
| Global Equity (g) | 2.39 | 11.51 | -5.00 | 9.01 | 5.11 | 14.97 | 8.18 |
| Global Equity (n) | 2.34 | 11.38 | -5.62 | 8.24 | 4.40 | 14.08 | 7.31 |
| MSCI World | 3.01 | 11.02 | 0.43 | 12.64 | 6.53 | 13.05 | 5.32 |
| QTR | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception | |
|---|---|---|---|---|---|---|---|
| Global Equity (g) | -14.48 | -14.70 | -14.70 | 2.62 | 2.45 | 11.80 | 7.69 |
| Global Equity (n) | -14.63 | -15.29 | -15.29 | 1.89 | 1.75 | 10.93 | 6.81 |
| MSCI World | -13.42 | -8.71 | -8.71 | 6.30 | 4.56 | 9.67 | 4.83 |
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 index assumes no management, custody, transaction or other expenses. The MSCI World Index is a broadly based index that reflects overall market performance and Cambiar’s returns may not be correlated to the index. The index is unmanaged and one cannot invest directly in an index. Cambiar’s performance and the performance of the MSCI World Index 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. Performance is preliminary, please contact us for finalized figures. As with any investments, there are risks to be considered. Past performance is no indication of future results.
View Cambiar’s GIPS compliant presentations here.
Composition
Top 10 holdings
as of 12/31/2018
| % Weight | ||
|---|---|---|
|
01
|
BHP | 2.5 |
|
02
|
Medtronic | 2.5 |
|
03
|
Johnson & Johnson | 2.5 |
|
04
|
AIA | 2.4 |
|
05
|
Agilent Technologies | 2.3 |
|
06
|
Alphabet | 2.3 |
|
07
|
HSBC | 2.2 |
|
08
|
HP | 2.2 |
|
09
|
Coca-Cola | 2.2 |
|
10
|
Delta Air Lines | 2.2 |
Sector Weights (%)
as of 12/31/2018
Attributes
as of 12/31/2018
| Cambiar | MSCI World | |
|---|---|---|
| Price/Earnings F1Y | 11.7 | 13.4 |
| Price/Book | 1.7 | 2.1 |
| Debt/Equity | 1.1 | 1.2 |
| EPS Growth LT (%) | 9.8 | 11.1 |
| Market Cap - Wtd. Avg. ($B) | 86.5 | 138.6 |
| Market Cap - Median ($B) | 35.3 | 11.5 |
Active Share
as of 12/31/2018
RISK STATISTICS
as of 12/31/2018
| Cambiar | MSCI World | |
|---|---|---|
| Alpha | -1.9 | 0.0 |
| Beta | 1.0 | 1.0 |
| R-Squared | 88.5 | 100.0 |
| Sharpe Ratio | 0.2 | 0.4 |
| Standard Deviation | 10.2 | 9.8 |
Top 10 Countries (%)
as of 12/31/2018
Disclosures
Data is provided for a representative account as of December 31, 2018. Portfolio holdings, characteristics, country breakdown, and sector weightings change over time and may differ between clients based upon their investment objectives, financial situations and risk tolerances. Cambiar makes no warranty, either express or implied, that the weightings shown will be used to manage your account. The securities presented 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 were or will be profitable. The information provided on the page should not be considered a recommendation to buy or a solicitation to purchase or sell any particular security. There can be no assurance that an investor will earn a profit or not lose money. 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. As with any investments, there are risks to be considered. Past performance is no indication of future results.
The one year forecast is included for illustrative purposes and accordingly, no assumptions or comparisons should be made based upon these ratios. Risk statistics are based off a five-year time frame. Portfolio characteristics are based upon third-party sources that are deemed to be reliable, however, Cambiar does not guarantee its accuracy or completeness.
Total Assets represents assets under management for the strategy and are subject to change. Minimums represent intended/proposed minimums for institutional clients and are subject to change.
Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.
Definitions:
Active Share – a holdings-based measure of active management representing the percentage of securities in a portfolio that differ from those in the benchmark index.
Price/Earnings (F1Y) – 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 – a measure of risk-adjusted performance.
Beta – a measure of risk in relation to the market or benchmark.
R-Squared – a measure of how closely a portfolio’s performance correlates with the performance of a benchmark index
Sharpe Ratio – 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 – a statistical measure of historical volatility; a measure of the extent to which numbers are spread around their average.
Commentary
Global Markets – 4Q18 Review
Global equities hit the brakes in the fourth quarter, with all major averages posting double-digit percentage losses to end the year. Prior pullbacks in the current bull market have often provided an attractive entry point for investors, yet there was a buyer’s strike in the fourth quarter. The wall of worry simply became too high for equities to overcome, as investors had to contemplate global growth concerns, ongoing Brexit uncertainty, the continued trade skirmish between the U.S. and China, and tightening measures by central banks. The 4Q drawdown in stocks resulted in negative full-year returns, but equities were not alone in this regard – as almost all asset classes finished 2018 in the red.
The investing landscape was dominated by geopolitical headlines in 2018 – and this theme is likely to continue into 2019. The market hates uncertainty, so some resolution on fronts such as China-U.S. relations and Brexit would be positive for investor sentiment.
As central banks are in varying stages of reversing the largest global liquidity exercise in history, there is bound to be a corresponding impact on equities. The U.S. has been normalizing monetary policy over the past eighteen months, while the European Central Bank (ECB) ended its bond purchase program in December. The ECB continues to maintain a relatively accommodative stance, stating that it will keep its key interest rates unchanged through the summer of 2019, and even then be dependent on relevant economic growth data. In Cambiar’s view, the investment implication is that selectivity should take on increased importance, vs. the rising tide environment that has been in place for much of the past ten years.
Certain information contained in this communication constitutes “forward-looking statements”, which are based on Cambiar’s beliefs, as well as certain assumptions concerning future events, using information currently available to Cambiar. Due to market risk and uncertainties, actual events, results or performance may differ materially from that reflected or contemplated in such forward-looking statements. The information provided is not intended to be, and should not be construed as, investment, legal or tax advice. Nothing contained herein should be construed as a recommendation or endorsement to buy or sell any security, investment or portfolio allocation. Securities highlighted or discussed have been selected to illustrate Cambiar’s investment approach and/or market outlook. The portfolios are actively managed and securities discussed may or may not be held in client portfolios at any given time, 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.
Any characteristics included are for illustrative purposes and accordingly, no assumptions or comparisons should be made based upon these ratios. Statistics/charts are based upon third-party sources that are deemed reliable; however, Cambiar does not guarantee its accuracy or completeness. As with any investments, there are risks to be considered. Past performance is no indication of future results. All material is provided for informational purposes only and there is no guarantee that any opinions expressed herein will be valid beyond the date of this communication.