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Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Independent Franchise Partners US Equity Fund

IFPUX | Fund

$23.24

$1.96 B

1.19%

$0.27

0.65%

Vitals

YTD Return

26.1%

1 yr return

35.5%

3 Yr Avg Return

11.8%

5 Yr Avg Return

15.1%

Net Assets

$1.96 B

Holdings in Top 10

48.1%

52 WEEK LOW AND HIGH

$23.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.65%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 23.67%

Redemption Fee 0.25%

Min Investment

Standard (Taxable)

$3,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Independent Franchise Partners US Equity Fund

IFPUX | Fund

$23.24

$1.96 B

1.19%

$0.27

0.65%

IFPUX - Profile

Distributions

  • YTD Total Return 26.1%
  • 3 Yr Annualized Total Return 11.8%
  • 5 Yr Annualized Total Return 15.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.42%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Independent Franchise Partners US Equity Fund
  • Fund Family Name
    State Farm Investment Management Corp.
  • Inception Date
    Dec 20, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Hassan Elmasry

Fund Description

Independent Franchise Partners, LLP (the “Adviser”) pursues the Fund’s investment strategy by investing in a portfolio of equity securities. The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus borrowings for investment purposes) in equity securities of companies deriving a significant portion of their revenue from the United States (“U.S.”); or with a primary listing on a U.S. stock exchange; or that have their principal place of business or operations in the U.S. Equity securities in which the Fund may invest include common and preferred stocks, securities convertible, or exchangeable into common stocks, warrants, rights to purchase common stocks and sponsored and unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”). The Fund may invest up to 20% of the value of its net assets in non‑U.S. equity securities, including equity securities in emerging markets. The Fund may also invest up to 10% of its net assets in cash and cash equivalents.
It is the intention of the Adviser that the Fund’s portfolio will be limited to 20 to 40 securities.
The Fund typically will buy equity securities of franchise (“Franchise”) companies. The Adviser defines a Franchise company to be a business with a high and sustainable return on capital. This generally arises because the company possesses a unique and durable intangible asset (such as a brand, license, patent, or distribution network) that provides a relatively consistent demand for its product or service. Franchise companies tend to exhibit the following characteristics:
•
Durable intangible assets (e.g. brands, licenses, patents);
•
Domestic/international growth potential;
•
Low capital intensity;
•
High free-cash generation;
•
Financial strength: comfortable coverage of fixed charges; and
•
Capable management.
The Adviser may sell a security held by the Fund when one or more of these characteristics change or are no longer applicable to the company.
The Fund may invest in securities with a wide range of market capitalizations.
The Fund is non‑diversified, which means it may invest in a smaller number of companies than a diversified fund.
Read More

IFPUX - Performance

Return Ranking - Trailing

Period IFPUX Return Category Return Low Category Return High Rank in Category (%)
YTD 26.1% 3.5% 46.0% 42.90%
1 Yr 35.5% 5.9% 58.5% 9.68%
3 Yr 11.8%* -5.2% 16.6% 4.89%
5 Yr 15.1%* -0.8% 110.3% 36.32%
10 Yr 10.7%* 2.6% 52.4% 75.21%

* Annualized

Return Ranking - Calendar

Period IFPUX Return Category Return Low Category Return High Rank in Category (%)
2023 11.5% -42.6% 47.4% 79.54%
2022 -23.2% -56.3% -4.2% 67.10%
2021 10.0% -27.2% 537.8% 76.00%
2020 5.5% -22.5% 2181.7% 81.14%
2019 21.5% -13.5% 40.4% 62.43%

Total Return Ranking - Trailing

Period IFPUX Return Category Return Low Category Return High Rank in Category (%)
YTD 26.1% 3.5% 46.0% 42.90%
1 Yr 35.5% 5.9% 58.5% 9.68%
3 Yr 11.8%* -5.2% 16.6% 4.89%
5 Yr 15.1%* -0.8% 110.3% 36.32%
10 Yr 10.7%* 2.6% 52.4% 75.21%

* Annualized

Total Return Ranking - Calendar

Period IFPUX Return Category Return Low Category Return High Rank in Category (%)
2023 21.0% -5.0% 47.4% 68.46%
2022 -10.8% -36.8% -2.2% 11.65%
2021 17.9% 3.0% 537.8% 94.42%
2020 19.0% -15.8% 2266.0% 30.88%
2019 35.2% -0.4% 241.3% 3.54%

NAV & Total Return History

IFPUX - Holdings

Concentration Analysis

IFPUX Category Low Category High IFPUX % Rank
Net Assets 1.96 B 2.34 M 1.55 T 43.46%
Number of Holdings 30 2 3963 95.29%
Net Assets in Top 10 960 M 880 K 517 B 41.43%
Weighting of Top 10 48.14% 0.3% 112.9% 12.40%

Top 10 Holdings

  1. Philip Morris International Inc. COM NPV 6.45%
  2. RB Global Inc COM 5.60%
  3. Intercontinental Exchange Inc COM USD0.01 5.29%
  4. Zillow Group Inc COM USD0.0001 CLASS C 5.11%
  5. Fox Corporation COM USD0.01 CL A 4.47%
  6. Bristol-Myers Squibb Company COM USD0.10 4.44%
  7. Aon PLC SHS CL A 4.31%
  8. Warner Music Group Corporation COM CL A 4.21%
  9. Johnson Johnson COM USD1.00 4.13%
  10. Corteva Inc COM USD0.01 4.13%

Asset Allocation

Weighting Return Low Return High IFPUX % Rank
Stocks 		98.29% 0.00% 105.85% 66.13%
Cash 		1.71% 0.00% 99.07% 30.14%
Preferred Stocks 		0.00% 0.00% 2.53% 79.69%
Other 		0.00% -13.91% 100.00% 80.91%
Convertible Bonds 		0.00% 0.00% 5.54% 79.22%
Bonds 		0.00% 0.00% 94.06% 81.07%

Stock Sector Breakdown

Weighting Return Low Return High IFPUX % Rank
Communication Services 		27.84% 0.00% 27.94% 0.25%
Healthcare 		16.30% 0.00% 52.29% 20.84%
Financial Services 		13.39% 0.00% 55.59% 52.85%
Technology 		10.42% 0.00% 48.94% 94.79%
Consumer Cyclical 		10.17% 0.00% 30.33% 59.97%
Industrials 		8.93% 0.00% 29.90% 50.95%
Consumer Defense 		8.67% 0.00% 47.71% 18.94%
Basic Materials 		4.29% 0.00% 25.70% 18.28%
Utilities 		0.00% 0.00% 20.91% 97.27%
Real Estate 		0.00% 0.00% 31.91% 97.27%
Energy 		0.00% 0.00% 41.64% 96.77%

Stock Geographic Breakdown

Weighting Return Low Return High IFPUX % Rank
US 		81.86% 0.00% 105.85% 96.91%
Non US 		16.43% 0.00% 64.54% 0.73%

IFPUX - Expenses

Operational Fees

IFPUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.65% 0.01% 19.75% 63.12%
Management Fee 0.58% 0.00% 1.90% 60.57%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.85% N/A

Sales Fees

IFPUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

IFPUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 0.25% 0.25% 2.00% 97.44%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

IFPUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 23.67% 0.00% 268.00% 47.69%

IFPUX - Distributions

Dividend Yield Analysis

IFPUX Category Low Category High IFPUX % Rank
Dividend Yield 1.19% 0.00% 25.47% 7.17%

Dividend Distribution Analysis

IFPUX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Annual

Net Income Ratio Analysis

IFPUX Category Low Category High IFPUX % Rank
Net Income Ratio 1.42% -54.00% 2.44% 7.47%

Capital Gain Distribution Analysis

IFPUX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

IFPUX - Fund Manager Analysis

Managers

Hassan Elmasry

Start Date

Tenure

Tenure Rank

Dec 20, 2011

10.45

10.5%

Hassan is a partner and lead portfolio manager at Independent Franchise Partners, LLP. Prior to founding the Firm in June 2009, Hassan was Managing Director and lead portfolio manager at Morgan Stanley Investment Management. Hassan joined Morgan Stanley in 1995 and responsibility for the Global Franchise strategy in April 2002 and launching American Franchise in June 2005. Previously, Hassan was an international equity portfolio manager for Mitchell Hutchins Asset Management and worked as an international equity analyst for First Chicago Corporation. He has 37 years of investment experience.

Jayson Vowles

Start Date

Tenure

Tenure Rank

Dec 20, 2011

10.45

10.5%

Jayson is a partner and portfolio manager at Independent Franchise Partners, LLP. Prior to founding the Firm in June 2009, Jayson was Vice President and a portfolio manager/ research analyst for Global and American Franchise portfolios at Morgan Stanley Investment Management, which he joined in August 2003. Previously, Jayson worked at Goldman Sachs and Deloitte & Touche. Jayson received a BComm. and a post-graduate diploma in Accounting from the University of Natal. He is a CFA® Charterholder, a Qualified Chartered Accountant and a member of the South African Institute of Chartered Accountants (SAICA). He has 20 years of investment experience.

Karim Ladha

Start Date

Tenure

Tenure Rank

Dec 20, 2011

10.45

10.5%

Karim Ladha is a partner and member of investment team at Independent Franchise Partners, LLP. He joined the Firm in May 2011 and has 14 years of investment experience. Prior to joining the Firm, Karim worked at Neptune Investment Management in London. Previously, Karim performed both equity and fixed income research at Morgan Stanley Investment Management, including working with the Franchise team. Karim received a B.A. (Hons) in Philosophy, Politics and Economics at St John’s College, University of Oxford and an MBA from the University of Chicago, and is a CFA® Charterholder.

Michael Allison

Start Date

Tenure

Tenure Rank

Dec 20, 2011

10.45

10.5%

Michael is a partner and portfolio manager at Independent Franchise Partners, LLP. Prior to founding the Firm in June 2009, Michael was Executive Director and a portfolio manager/ research analyst for Global and American Franchise portfolios at Morgan Stanley Investment Management. Michael joined Morgan Stanley in 2000 and served as a portfolio manager for global and European equity portfolios before joining the Franchise team in February 2005. Previously, Michael worked at NatWest Markets and Unilever. He received a BComm. and a post-graduate diploma in Management Accounting, both from the University of Natal. He is a CFA® Charterholder and a Chartered Global Management Accountant. Mr. Allison has 24 years of investment experience.

Richard Crosthwaite

Start Date

Tenure

Tenure Rank

Jan 31, 2014

8.33

8.3%

Richard is a partner and investor at Independent Franchise Partners, LLP. He joined the Firm in January 2014 and has 15 years of investment experience. Prior to joining the Firm, Richard was a fund manager at Legal & General Investment Management. In this role he continued his previous analyst responsibility for the TMT sector. Previously, Richard was a senior equity research associate at Sanford C Bernstein Ltd, working with the firm’s Telecoms and European Media teams, following earlier experience working in corporate finance. Richard received an M.A. in Classics from the University of Cambridge.

Terence Fisher

Start Date

Tenure

Tenure Rank

Jun 30, 2021

0.92

0.9%

Terence joined Independent Franchise Partners, LLP in October 2015 and has 11 years of industry experience. Terence was previously a senior associate in the top ranked Accounting and Valuation equity research team at Citigroup. In that role he was responsible for monitoring and analysing the impact of accounting standards on company reporting and valuation. Before joining Citigroup, Terence was a manager at Deloitte. Terence received a B.Sc. in Accounting and Finance from the London School of Economics and Political Science, is a Chartered Accountant and member of the Institute of Chartered Accountants in England and Wales (ICAEW). He is a CFA® Charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.24 2.42

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