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Trending ETFs

Name

As of 12/29/2023

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

$1.80

$3.18 M

56.99%

$1.03

1.36%

Vitals

YTD Return

-80.4%

1 yr return

-80.4%

3 Yr Avg Return

-47.4%

5 Yr Avg Return

-27.2%

Net Assets

$3.18 M

Holdings in Top 10

29.2%

52 WEEK LOW AND HIGH

$1.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.36%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 38.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$100,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/29/2023

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

$1.80

$3.18 M

56.99%

$1.03

1.36%

CAMFX - Profile

Distributions

  • YTD Total Return -80.4%
  • 3 Yr Annualized Total Return -47.4%
  • 5 Yr Annualized Total Return -27.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.54%
DIVIDENDS
  • Dividend Yield 57.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    CAMBIAR INTERNATIONAL SMALL CAP FUND
  • Fund Family Name
    Cambiar Funds
  • Inception Date
    Nov 18, 2014
  • Shares Outstanding
    3302725
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brian Barish

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap foreign companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund expects, under normal market conditions, to invest in at least three different countries. The equity securities in which the Fund invests are generally common stocks traded on foreign exchanges, although it may also purchase American Depositary Receipts (“ADRs”), which are traded on U.S. exchanges and markets and represent an ownership interest in a foreign security. The Fund generally considers small-cap foreign companies to

be those with market capitalizations not greater than either that of the largest company in the MSCI EAFE Small Cap Index ($8.77 billion as of December 31, 2022) or $5 billion, whichever is greater at the time of initial purchase.

The Fund may consider a company to be a “foreign company” if: (i) 50% of the company’s assets are located outside of the United States; or (ii) 50% of the company’s revenues are generated outside of the United States; or (iii) the company is domiciled or doing a substantial amount of business outside of the United States. The majority of these companies operate in “established” markets; however, the Fund may invest up to 15% of its assets in securities of companies in “emerging market” countries. An “emerging market” country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country’s credit rating, its political and economic stability and the development of its financial and capital markets. Typically, emerging market countries are in the process of industrializing, with lower gross national products than more developed countries. In some circumstances, the Fund may purchase ADRs, rather than foreign shares that are traded on foreign exchanges, because the ADRs have greater liquidity or for other reasons. From time to time, the Fund may also focus its investments in a particular geographic region, such as Europe or Asia.

In selecting investments for the Fund, the Adviser uses a fundamental, relative value investment approach to build a diversified portfolio of companies. Companies entering the portfolio generally need to satisfy Cambiar’s criteria on four levels: quality, valuation, value creation/catalyst, and risk-reward criteria:

Quality – Cambiar’s analysts seek companies that are best-of-breed operators within their industries. Eligible businesses for the portfolio are evaluated based on the following characteristics:

Management – Management teams should have a track record of success that has benefitted not just public shareholders such as the Fund, but a wide range of stakeholders, e.g., employees, customers, suppliers.

Consistent margins – Companies with above average and consistent margins suggest a relatively high value-add product or service and defensible market position.

Return on invested capital (ROIC) – Demonstrates a pattern of value creation and capital discipline.

Low leverage – Companies with strong balance sheets do not need to depend on the vagaries of the debt and/or equity markets to sustain their businesses.

Free cash flow (“FCF”) – We view FCF to be a better measure of economic value creation versus alternative metrics such as earnings before interest, taxes, depreciation, and amortization (“EBITDA”) or earnings per share (“EPS”) because Cambiar believes that FCF is less subject to manipulation.

Valuation – Cambiar evaluates broadly accepted and recognized financial measures in gauging valuation. An underlying premise of the Cambiar philosophy is that certain industries tend to follow certain valuation ranges; the market does not randomly value stocks. Our preference is to invest in companies that are trading at a reasonable valuation relative to their historical trading range. The Cambiar team will use a variety of metrics in gauging valuation; examples include Price/Earnings, Price/Book Value and FCF Yield.

Value Creation/Catalyst – Cambiar’s research process also seeks to identify some form of fundamental positive development(s) that we believe the market is overlooking/underappreciating. Such catalysts may come in varying forms – examples include new product introductions, managerial changes, divestiture of an underperforming division, or simply better financial performance. Valuation, in and of itself, is not a catalyst – there must be some identifiable event that we believe will cause investors to positively reassess the business.

Risk-Reward Criteria – The final criteria is the investment team’s assessment of the issuer’s upside potential: companies entering the portfolio should possess an attractive total return potential that includes both price appreciation and dividends (if applicable) over a forward 1- to 2-year timeframe. While Cambiar may not achieve this return target over the desired timeframe – or at all – the return requirement is intended to channel research efforts toward those situations that appear to offer the most compelling risk/return tradeoffs.

The Adviser constructs the Fund’s portfolio on a security-by-security basis, with the goal of building a portfolio that strikes a balance between the Adviser’s conviction in an investment and portfolio diversification. The Adviser seeks to manage the Fund’s risk through its research process as well as limits on individual position sizes and allocations to an economic sector or individual country.

The Adviser will consider liquidating or reducing its investment in a company if: (a) the investment thesis is realized and the stock reaches its price target, (b) the stock price increases disproportionately relative to actual company developments, (c) position size, country or sector limits are reached, or (d) there is a negative change in fundamentals, or the investment thesis fails to develop as expected. The Adviser will not sell a stock simply because of a decline in price, and may add to the position if the investment thesis remains intact.

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CAMFX - Performance

Return Ranking - Trailing

Period CAMFX Return Category Return Low Category Return High Rank in Category (%)
YTD -80.4% -80.4% 26.3% 100.00%
1 Yr -80.4% -80.2% 28.0% 100.00%
3 Yr -47.4%* -47.3% 6.9% 100.00%
5 Yr -27.2%* -27.2% 10.7% 100.00%
10 Yr N/A* 2.1% 6.4% N/A

* Annualized

Return Ranking - Calendar

Period CAMFX Return Category Return Low Category Return High Rank in Category (%)
2023 -28.0% -35.4% -13.9% 95.18%
2022 -6.9% -6.9% 14.4% 100.00%
2021 10.4% 3.1% 21.2% 38.75%
2020 21.7% 13.1% 25.4% 32.88%
2019 -17.9% -32.5% -12.4% 10.00%

Total Return Ranking - Trailing

Period CAMFX Return Category Return Low Category Return High Rank in Category (%)
YTD -80.4% -80.4% 26.3% 100.00%
1 Yr -80.4% -80.2% 28.0% 100.00%
3 Yr -47.4%* -47.3% 6.9% 100.00%
5 Yr -27.2%* -27.2% 10.7% 100.00%
10 Yr N/A* 2.1% 6.4% N/A

* Annualized

Total Return Ranking - Calendar

Period CAMFX Return Category Return Low Category Return High Rank in Category (%)
2023 -26.4% -35.4% -10.9% 95.18%
2022 0.9% 0.9% 18.9% 100.00%
2021 12.6% 3.5% 21.7% 38.75%
2020 23.5% 16.9% 32.7% 39.73%
2019 -13.4% -24.9% -12.0% 7.14%

NAV & Total Return History


CAMFX - Holdings

Concentration Analysis

CAMFX Category Low Category High CAMFX % Rank
Net Assets 3.18 M 3.18 M 10.3 B 100.00%
Number of Holdings 42 2 4321 96.47%
Net Assets in Top 10 1.08 M 1.08 M 10 B 100.00%
Weighting of Top 10 29.16% 0.2% 100.0% 17.65%

Top 10 Holdings

  1. CENTRICA PLC COMMON STOCK 3.62%
  2. SCOUT24 SE COMMON STOCK 3.23%
  3. DAITO TRUST CONSTRUCT CO LTD COMMON STOCK 2.91%
  4. SANYO DENKI CO LTD COMMON STOCK 2.88%
  5. DISCO CORP COMMON STOCK 2.87%
  6. DIPLOMA PLC COMMON STOCK 2.82%
  7. TATE LYLE PLC COMMON STOCK 2.75%
  8. CCL INDUSTRIES INC - CL B COMMON STOCK 2.73%
  9. RS GROUP PLC COMMON STOCK 2.68%
  10. TEAMVIEWER SE COMMON STOCK 2.67%

Asset Allocation

Weighting Return Low Return High CAMFX % Rank
Stocks
95.55% 0.99% 99.54% 67.06%
Cash
4.45% 0.07% 99.01% 21.18%
Preferred Stocks
0.00% 0.00% 2.86% 75.29%
Other
0.00% -0.07% 45.07% 70.59%
Convertible Bonds
0.00% 0.00% 0.00% 57.14%
Bonds
0.00% 0.00% 0.52% 62.35%

Stock Sector Breakdown

Weighting Return Low Return High CAMFX % Rank
Consumer Defense
24.54% 2.29% 24.54% 1.19%
Industrials
18.16% 12.46% 32.63% 86.90%
Financial Services
14.68% 2.16% 21.69% 13.10%
Healthcare
10.75% 0.00% 18.67% 9.52%
Basic Materials
9.80% 0.00% 13.14% 32.14%
Technology
9.23% 0.00% 22.43% 96.43%
Real Estate
5.26% 0.00% 12.22% 72.62%
Communication Services
4.27% 1.47% 14.57% 54.76%
Consumer Cyclical
3.31% 3.31% 27.42% 100.00%
Utilities
0.00% 0.00% 4.57% 96.43%
Energy
0.00% 0.00% 12.34% 96.43%

Stock Geographic Breakdown

Weighting Return Low Return High CAMFX % Rank
Non US
90.96% 0.00% 99.51% 82.35%
US
4.60% 0.00% 99.04% 21.18%

CAMFX - Expenses

Operational Fees

CAMFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.36% 0.07% 2.84% 38.82%
Management Fee 0.90% 0.04% 1.00% 47.06%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 0.25% 64.52%

Sales Fees

CAMFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 0.00% 5.00% N/A

Trading Fees

CAMFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 2.00% 2.00% 75.00%

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.

CAMFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 38.00% 1.00% 185.00% 46.84%

CAMFX - Distributions

Dividend Yield Analysis

CAMFX Category Low Category High CAMFX % Rank
Dividend Yield 56.99% 0.00% 3.94% 62.35%

Dividend Distribution Analysis

CAMFX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Annual

Net Income Ratio Analysis

CAMFX Category Low Category High CAMFX % Rank
Net Income Ratio 0.54% 0.03% 2.41% 85.71%

Capital Gain Distribution Analysis

CAMFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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CAMFX - Fund Manager Analysis

Managers

Brian Barish


Start Date

Tenure

Tenure Rank

Nov 18, 2014

7.54

7.5%

Brian Barish is the President and CIO at Cambiar Investors and is responsible for the oversight of all investment functions at the firm. Prior to joining Cambiar in 1997, Mr. Barish served as Director of Emerging Markets Research for Lazard Freres & Co., a New York-based investment bank. Mr. Barish also worked as a securities analyst with Bear, Stearns & Co. and Arnhold & S. Bleichroeder, a New York-based research firm. Mr. Barish received a BA in Economics and Philosophy from the University of California, Berkeley, and holds the Chartered Financial Analyst designation.

Todd Edwards


Start Date

Tenure

Tenure Rank

Nov 18, 2014

7.54

7.5%

Todd Edwards is an Investment Principal at Cambiar Investors. In addition to his company research responsibilities, Mr. Edwards also oversees Cambiar’s macroeconomic and policy research efforts. Todd also serves as co-Portfolio Manager for the Cambiar Global Equity and International Small Cap strategies. Prior to joining Cambiar in 2007, Todd was a Director in the Global Emerging Markets Group at Citigroup. Todd also served as Director of Research and Equity Strategist at BBVA Securities. Mr. Edwards began his investment career as a research analyst at Salomon Brothers. An accomplished author, he has written books on Brazil and Argentina. Mr. Edwards received a PhD and MA from Tulane University and a BA from Colorado College.

Munish Malhotra


Start Date

Tenure

Tenure Rank

Jul 01, 2017

4.92

4.9%

Munish Malhotra is an Investment Principal at Cambiar Investors. Prior to joining Cambiar in 2017, Mr. Malhotra worked at Marsico Capital Management as a Portfolio Manager/Senior Analyst for the International Opportunities and Global Flexible Capital strategies. Munish began his career at Driehaus Capital Management in Chicago as a Research Associate. Mr. Malhotra received an MA in Economics from Denver University and a BA in Finance and International Studies at Loyola University in Chicago and holds the Chartered Financial Analyst designation.

Di Zhou


Start Date

Tenure

Tenure Rank

Mar 01, 2021

1.25

1.3%

Di Zhou is portfolio manager for Thornburg Investment Management. Di joined the firm in 2010 as an equity research analyst, was promoted to associate portfolio manager in 2014, and was named portfolio manager in 2015. Di holds a BA in business administration from the Marshall School of Business at the University of Southern California and an MBA from the University of Chicago Booth School of Business. Prior to graduate school, she was employed at Wilshire Associates.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 21.76 7.54 18.43