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Trending ETFs

Name

As of 03/27/2024

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

$28.45

$374 M

1.09%

$0.31

1.00%

Vitals

YTD Return

9.0%

1 yr return

28.8%

3 Yr Avg Return

8.3%

5 Yr Avg Return

14.8%

Net Assets

$374 M

Holdings in Top 10

32.7%

52 WEEK LOW AND HIGH

$28.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.00%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 36.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

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

$28.45

$374 M

1.09%

$0.31

1.00%

CAMOX - Profile

Distributions

  • YTD Total Return 9.0%
  • 3 Yr Annualized Total Return 8.3%
  • 5 Yr Annualized Total Return 14.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.61%
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    CAMBIAR OPPORTUNITY FUND
  • Fund Family Name
    Cambiar Funds
  • Inception Date
    Jun 30, 1998
  • Shares Outstanding
    5131698
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brian Barish

Fund Description

The Fund invests primarily in a diversified portfolio of common stocks of companies with a market capitalization in excess of $10 billion at time of purchase.

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.

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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CAMOX - Performance

Return Ranking - Trailing

Period CAMOX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.0% -4.5% 22.2% 45.53%
1 Yr 28.8% -5.0% 42.6% 24.89%
3 Yr 8.3%* -2.6% 31.5% 57.31%
5 Yr 14.8%* -0.1% 44.3% 5.62%
10 Yr 10.2%* 1.3% 24.9% 14.84%

* Annualized

Return Ranking - Calendar

Period CAMOX Return Category Return Low Category Return High Rank in Category (%)
2023 7.0% -24.9% 46.1% 40.80%
2022 -12.3% -65.1% 4.6% 50.88%
2021 12.1% -44.2% 57.5% 68.30%
2020 12.1% -23.2% 285.0% 3.62%
2019 21.2% -21.4% 48.5% 35.34%

Total Return Ranking - Trailing

Period CAMOX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.0% -4.5% 22.2% 45.53%
1 Yr 28.8% -5.0% 42.6% 24.89%
3 Yr 8.3%* -2.6% 31.5% 57.31%
5 Yr 14.8%* -0.1% 44.3% 5.62%
10 Yr 10.2%* 1.3% 24.9% 14.84%

* Annualized

Total Return Ranking - Calendar

Period CAMOX Return Category Return Low Category Return High Rank in Category (%)
2023 16.8% -15.9% 46.7% 16.49%
2022 -8.0% -42.0% 8.5% 72.17%
2021 20.3% 3.6% 129.7% 91.92%
2020 16.6% -22.6% 304.8% 2.97%
2019 32.9% -12.7% 52.1% 2.49%

NAV & Total Return History


CAMOX - Holdings

Concentration Analysis

CAMOX Category Low Category High CAMOX % Rank
Net Assets 374 M 93 163 B 66.72%
Number of Holdings 38 2 1689 89.37%
Net Assets in Top 10 107 M 420 K 33.9 B 64.84%
Weighting of Top 10 32.71% 5.6% 99.9% 29.21%

Top 10 Holdings

  1. CENOVUS ENERGY INC COMMON STOCK 3.63%
  2. RTX CORPORATION COMMON STOCK 3.55%
  3. AMAZON.COM INC COMMON STOCK 3.47%
  4. CHEVRON CORP COMMON STOCK 3.27%
  5. CONSTELLATION BRANDS INC-A COMMON STOCK 3.23%
  6. UNION PACIFIC CORP COMMON STOCK 3.19%
  7. CENTENE CORP COMMON STOCK 3.16%
  8. AMERICAN EXPRESS CO COMMON STOCK 3.09%
  9. LABORATORY CRP OF AMER HLDGS COMMON STOCK 3.07%
  10. PPG INDUSTRIES INC COMMON STOCK 3.05%

Asset Allocation

Weighting Return Low Return High CAMOX % Rank
Stocks
98.02% 1.86% 108.42% 59.95%
Cash
2.01% -0.79% 38.18% 34.39%
Preferred Stocks
0.00% 0.00% 13.88% 24.96%
Other
0.00% -3.53% 39.72% 36.54%
Convertible Bonds
0.00% 0.00% 3.66% 20.46%
Bonds
0.00% -0.71% 73.23% 45.63%

Stock Sector Breakdown

Weighting Return Low Return High CAMOX % Rank
Financial Services
21.03% 0.00% 58.05% 29.97%
Technology
15.84% 0.00% 54.02% 18.13%
Industrials
12.83% 0.00% 42.76% 32.21%
Healthcare
11.85% 0.00% 30.08% 90.41%
Consumer Defense
9.98% 0.00% 34.10% 30.05%
Consumer Cyclical
9.62% 0.00% 22.74% 12.09%
Communication Services
6.25% 0.00% 26.58% 40.24%
Utilities
6.18% 0.00% 27.04% 27.37%
Basic Materials
4.37% 0.00% 21.69% 26.08%
Real Estate
2.03% 0.00% 90.54% 60.97%
Energy
0.00% 0.00% 54.00% 97.15%

Stock Geographic Breakdown

Weighting Return Low Return High CAMOX % Rank
US
98.02% 1.86% 108.42% 47.17%
Non US
0.00% 0.00% 27.89% 63.21%

CAMOX - Expenses

Operational Fees

CAMOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.00% 0.01% 17.54% 43.85%
Management Fee 0.60% 0.00% 1.50% 52.66%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% 17.32%

Sales Fees

CAMOX 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 0.95% 5.00% N/A

Trading Fees

CAMOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

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.

CAMOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 36.00% 0.00% 488.00% 47.55%

CAMOX - Distributions

Dividend Yield Analysis

CAMOX Category Low Category High CAMOX % Rank
Dividend Yield 1.09% 0.00% 36.55% 8.73%

Dividend Distribution Analysis

CAMOX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Quarterly Semi-Annually

Net Income Ratio Analysis

CAMOX Category Low Category High CAMOX % Rank
Net Income Ratio 0.61% -1.51% 4.28% 85.60%

Capital Gain Distribution Analysis

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

Distributions History

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CAMOX - Fund Manager Analysis

Managers

Brian Barish


Start Date

Tenure

Tenure Rank

Jun 30, 1998

23.93

23.9%

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.

Anna (Ania) Aldrich


Start Date

Tenure

Tenure Rank

Mar 29, 1999

23.19

23.2%

Ania Aldrich is an Investment Principal at Cambiar Investors. In addition to her research responsibilities, Ania also serves as co-Portfolio Manager of the Cambiar Global Equity strategy. Prior to joining Cambiar in 1999, Ms. Aldrich was a global equity analyst at Bankers Trust, where she covered the financial services and transportation sectors. Ania began her investment career as a senior investor relations professional at BET PLC, a New York based communications firm. Ms. Aldrich received an MBA in Finance from Fordham University, a BA in Computer Science from Hunter College and holds the Chartered Financial Analyst designation.

Andrew Baumbusch


Start Date

Tenure

Tenure Rank

Jul 01, 2004

17.93

17.9%

Andy Baumbusch is an Investment Principal at Cambiar Investors. In addition to his research responsibilities, Mr. Baumbusch also serves as a portfolio Manager of the Cambiar Small Cap Value and Small-Mid Value strategies. Prior to joining Cambiar in 2004, Andy served in an investment analyst capacity at Franklin Templeton, Atrium Capital and Alex Brown & Sons. Mr. Baumbusch received an MBA from the Stanford Graduate School of Business and a BA in Economics from Princeton University.

Colin Dunn


Start Date

Tenure

Tenure Rank

Feb 01, 2011

11.33

11.3%

Colin Dunn is an Investment Principal at Cambiar Investors. In addition to his research responsibilities, Colin also serves as co-Portfolio Manager of the Cambiar Small-Mid Value strategy. Prior to joining Cambiar in 2011, he worked at Keefe, Bruyette & Woods, Inc., in the Investment Banking and Equity Research Departments. Mr. Dunn began his career in 2000 as an Analyst in the Investment Banking Division at UBS. Mr. Dunn received a BS in Finance and International Business from Georgetown University and holds the Chartered Financial Analyst designation.

Joseph Chin


Start Date

Tenure

Tenure Rank

Feb 01, 2019

3.33

3.3%

Joseph S. Chin, CFA, Investment Principal, joined Cambiar Investors, LLC in 2019. He serves on the investment team for the Cambiar Opportunity Fund, Cambiar SMID Fund, and Cambiar Small Cap Fund. Prior to that, Mr. Chin worked at Obermeyer Wood Investment Counsel, where he was a Portfolio Manager and Senior Analyst. Previously, Chin works at The Boston Company since July 2006. He also has been employed by Founders since January 2007. Chin was formerly a senior research analyst with both AIM Investments (from 2004 to 2006) and Marsico Capital Management (from 1998 to 2004). He began his investment career as a Senior Research Analyst at Marsico Capital. Mr. Chin received a BA in Economics from Wesleyan University and holds the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.05 86.59 8.01 16.42