Aperture New World Opportunities Fund
Name
As of 01/31/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-0.2%
1 yr return
0.4%
3 Yr Avg Return
-3.8%
5 Yr Avg Return
N/A
Net Assets
$303 M
Holdings in Top 10
36.3%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.56%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$500
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 01/31/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
ANWOX - Profile
Distributions
- YTD Total Return -0.2%
- 3 Yr Annualized Total Return -3.8%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 3.79%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameAperture New World Opportunities Fund
-
Fund Family NameAperture Investors
-
Inception DateMar 18, 2019
-
Shares Outstanding36337662
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerPeter Marber
Fund Description
The Fund invests primarily in securities economically tied to emerging market countries, including fixed income securities, foreign currencies and equity securities. The Fund’s investments may be denominated in local currency or be U.S. dollar-denominated.
The Fund may invest in a broad range of fixed income securities in emerging markets and across all fixed income sectors, including government and corporate fixed income securities. The Fund may invest in fixed income securities of any maturity, and may invest in securities that are rated investment grade or below investment grade (“high yield” or “junk” bonds). There is no limit on the amount of Fund assets that may be invested in high yield bonds. The Fund may invest in unrated securities, in which case the Adviser may internally assign ratings to certain of those securities, after assessing their credit quality, in investment grade or below investment grade categories similar to those of nationally recognized statistical rating organizations. The Fund
may also invest in fixed income securities issued by U.S. Government-sponsored entities, U.S. agencies and instrumentalities.
Equity securities, including equity securities in emerging markets, in which the Fund may invest include common stock, American Depositary Receipts (“ADRs”), and securities of investment companies, including closed-end funds and exchange-traded funds (“ETFs”). The Fund may invest in equity securities of companies of any market capitalization.
The Fund may use derivatives, including options, futures, swaps and currency forward contracts, to attempt to both reduce the cost of investing in certain types of securities or asset classes, increase the return of the Fund and/or hedge (protect) the value of the Fund’s assets. The Fund may use options to create long or short equity exposure without investing directly in equity securities, while it may use futures to create long or short equity, fixed income, or U.S. Treasury exposure without investing directly in equity, fixed income or U.S. Treasury securities. The Fund may also use swaps to create long or short exposure without investing directly in the underlying assets. As well, the Fund may use currency forwards to increase or decrease exposure to a given currency. In addition, the Fund may enter into reverse repurchase agreements.
The Adviser considers a security to be “economically tied” to an emerging market country if the issuer of the security exhibits one or more of the following characteristics: (1) the issuer’s principal securities trading market is in an emerging market country; (2) while traded in any market, alone or on a consolidated basis, the issuer derives 50% or more of its annual revenues or annual profits from either goods produced, sales made or services performed in emerging market countries; (3) the issuer has 50% of more of its assets located in an emerging market country; or (4) the issuer is organized under the laws of, and has a principal office in, an emerging market country.
An “emerging market” country is any country determined by the Adviser to have an emerging market economy, taking into account a number of factors. These factors may include whether the country has a low- to middle-income economy according to the International Bank for Reconstruction and Development (also known as the World Bank), the country’s foreign currency debt rating, its location and neighboring countries, its political and economic stability and the development of its financial and capital markets. These countries may include those located in Latin America and the Caribbean, Asia, Africa, the former Soviet Union, the Middle East and the developing countries of Europe (primarily Central and Eastern Europe).
The Fund focuses on emerging market countries where there are attractive risk-adjusted investment opportunities relative to those in developed countries, as determined by the Adviser. In making such determinations, the Adviser typically considers the volatility and country risk premium of an investment opportunity relative to comparable U.S. Treasury securities, and makes its own determination of what constitutes an appropriate risk premium relative to the specific investment. The Adviser seeks to actively manage the Fund’s assets in relation to market conditions and general economic conditions and adjust the Fund’s investments in an effort to best enable the Fund to achieve its investment objective. Thus, the percentage of the Fund’s assets invested in a particular country or denominated in a particular currency will vary in accordance with the Adviser’s assessment of market conditions.
The Adviser selects individual securities for purchase or sale by the Fund based on the Adviser’s assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Fund. In making these assessments, the Adviser takes into account various factors, including the credit quality and interest rate sensitivities of individual securities as well as the inflation, monetary and fiscal policy, exchange rate, and political characteristics of the country. In order to reduce the volatility inherent in emerging markets investing, the Adviser expects to adjust the mix of securities types in the Fund’s portfolio to meet the Fund’s investment objective in response to changing market conditions.
While the Fund’s primary goal is to generate excess returns, the Adviser seeks to assess the financial risks and opportunities presented by certain environmental, social and governance (“ESG”) factors in accordance with the Adviser’s Responsible Investment and ESG Policy (the “ESG Policy”). In managing the Fund, the Adviser may consider one or more ESG factors alongside other, non-ESG factors in its investment decisions, but such ESG factors are generally no more significant than other factors in the investment selection process, such that (except with respect to the exclusionary screens described elsewhere) ESG factors may not be determinative in deciding to include or exclude any particular investment in the Fund’s portfolio. Even when ESG factors are considered, investments presenting significant ESG-related risks may be purchased and retained by the Fund because considerable discretion is given to the investment team in weighing ESG factors along with other factors in making investment decisions. In addition, the Fund employs an exclusionary screen that prohibits investment in certain types of investments, specifically producers of certain types of
weapons and munitions (e.g. landmines). If reliable ESG information regarding a particular investment is not readily available to the Adviser from its regular sources and in certain other situations (including, but not limited to, with respect to (a) investments of a de minimis size when compared to the total size of the Fund’s portfolio and (b) investments intended to be held only for a short period of time), the Adviser may not consider ESG factors when making portfolio decisions with respect to such investment.
Due to its investment strategy, the Fund may buy and sell securities frequently.
ANWOX - Performance
Return Ranking - Trailing
Period | ANWOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.2% | -4.3% | 2.0% | 20.39% |
1 Yr | 0.4% | -8.2% | 12.9% | 95.15% |
3 Yr | -3.8%* | -14.6% | 2.9% | 77.40% |
5 Yr | N/A* | -8.4% | 5.8% | N/A |
10 Yr | N/A* | -5.0% | 4.7% | N/A |
* Annualized
Return Ranking - Calendar
Period | ANWOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -0.4% | -10.6% | 17.8% | 96.44% |
2022 | -13.0% | -29.1% | -2.4% | 10.03% |
2021 | -8.2% | -24.0% | 2.7% | 57.19% |
2020 | 4.7% | -14.0% | 9.7% | 3.89% |
2019 | N/A | -6.4% | 13.0% | N/A |
Total Return Ranking - Trailing
Period | ANWOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.2% | -4.3% | 2.0% | 20.39% |
1 Yr | 0.4% | -8.2% | 12.9% | 95.15% |
3 Yr | -3.8%* | -14.6% | 2.9% | 77.40% |
5 Yr | N/A* | -8.4% | 5.8% | N/A |
10 Yr | N/A* | -5.0% | 4.7% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | ANWOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.1% | -0.6% | 20.0% | 97.09% |
2022 | -9.6% | -27.6% | -1.7% | 15.38% |
2021 | -3.6% | -18.5% | 7.4% | 55.48% |
2020 | 8.0% | -7.8% | 18.0% | 12.72% |
2019 | N/A | -3.0% | 23.0% | N/A |
NAV & Total Return History
ANWOX - Holdings
Concentration Analysis
ANWOX | Category Low | Category High | ANWOX % Rank | |
---|---|---|---|---|
Net Assets | 303 M | 331 K | 13.6 B | 50.00% |
Number of Holdings | 332 | 4 | 1833 | 40.00% |
Net Assets in Top 10 | 110 M | -134 M | 1.25 B | 33.23% |
Weighting of Top 10 | 36.29% | 5.1% | 100.3% | 18.89% |
Top 10 Holdings
- US 2YR NOTE (CBT) DEC23 FINANCIAL COMMODITY FUTURE. 17.87%
- TREASURY BILL 0.000000% 12/07/2023 3.60%
- REPUBLIC OF TURKEY 9.875000% 01/15/2028 2.78%
- US TREASURY N/B 4.625000% 03/15/2026 2.75%
- US TREASURY N/B 3.000000% 07/15/2025 2.07%
- TREASURY BILL 0.000000% 11/02/2023 1.64%
- US TREASURY N/B 3.625000% 05/31/2028 1.62%
- PETROLEOS MEXICANOS 6.700000% 02/16/2032 1.59%
- ISRAEL ELECTRIC CORP LTD 144A 5.000000% 11/12/2024 1.29%
- SAUDI GOVERNMENT INTERNATIONAL BOND MTN 4.750000% 01/18/2028 1.07%
Asset Allocation
Weighting | Return Low | Return High | ANWOX % Rank | |
---|---|---|---|---|
Bonds | 95.32% | 0.00% | 113.64% | 42.58% |
Other | 15.28% | -16.42% | 80.06% | 1.94% |
Cash | 0.98% | 0.00% | 22.42% | 89.03% |
Stocks | 0.87% | -0.01% | 84.72% | 8.71% |
Convertible Bonds | 0.50% | 0.00% | 8.47% | 34.53% |
Preferred Stocks | 0.00% | 0.00% | 1.61% | 32.58% |
Stock Sector Breakdown
Weighting | Return Low | Return High | ANWOX % Rank | |
---|---|---|---|---|
Real Estate | 20.60% | 0.00% | 20.60% | 2.67% |
Technology | 17.04% | 0.00% | 30.64% | 5.33% |
Industrials | 14.00% | 0.00% | 100.00% | 17.33% |
Consumer Cyclical | 13.26% | 0.00% | 100.00% | 25.33% |
Healthcare | 10.09% | 0.00% | 12.25% | 4.00% |
Energy | 7.49% | 0.00% | 100.00% | 33.33% |
Financial Services | 6.66% | 0.00% | 100.00% | 10.67% |
Communication Services | 4.71% | 0.00% | 8.92% | 6.67% |
Consumer Defense | 3.12% | 0.00% | 24.66% | 18.67% |
Utilities | 1.59% | 0.00% | 11.41% | 4.00% |
Basic Materials | 1.44% | 0.00% | 100.00% | 53.33% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | ANWOX % Rank | |
---|---|---|---|---|
US | 0.75% | 0.00% | 84.72% | 7.74% |
Non US | 0.12% | -0.01% | 0.99% | 4.84% |
Bond Sector Breakdown
Weighting | Return Low | Return High | ANWOX % Rank | |
---|---|---|---|---|
Corporate | 69.84% | 0.00% | 93.26% | 12.38% |
Government | 23.16% | 0.00% | 99.79% | 85.02% |
Derivative | 15.28% | -6.36% | 15.28% | 0.65% |
Cash & Equivalents | 0.98% | 0.00% | 23.23% | 64.84% |
Securitized | 0.00% | 0.00% | 2.41% | 36.48% |
Municipal | 0.00% | 0.00% | 0.00% | 28.34% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | ANWOX % Rank | |
---|---|---|---|---|
US | 95.32% | -42.31% | 99.19% | 18.71% |
Non US | 0.00% | 0.00% | 132.49% | 90.97% |
ANWOX - Expenses
Operational Fees
ANWOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.56% | 0.18% | 35.56% | 91.88% |
Management Fee | 0.40% | 0.00% | 1.10% | 4.84% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.02% | 0.65% | N/A |
Sales Fees
ANWOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.75% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
ANWOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.75% | 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.
ANWOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 218.00% | 63.48% |
ANWOX - Distributions
Dividend Yield Analysis
ANWOX | Category Low | Category High | ANWOX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 6.76% | 34.19% |
Dividend Distribution Analysis
ANWOX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Monthly | Monthly |
Net Income Ratio Analysis
ANWOX | Category Low | Category High | ANWOX % Rank | |
---|---|---|---|---|
Net Income Ratio | 3.79% | -2.28% | 8.00% | 65.35% |
Capital Gain Distribution Analysis
ANWOX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 30, 2022 | $0.083 | OrdinaryDividend |
Jun 30, 2022 | $0.077 | OrdinaryDividend |
Mar 31, 2022 | $0.078 | OrdinaryDividend |
Dec 31, 2021 | $0.065 | OrdinaryDividend |
Sep 30, 2021 | $0.095 | OrdinaryDividend |
Jun 30, 2021 | $0.092 | OrdinaryDividend |
Mar 31, 2021 | $0.098 | OrdinaryDividend |
Dec 31, 2020 | $0.076 | OrdinaryDividend |
Sep 30, 2020 | $0.057 | OrdinaryDividend |
Jun 30, 2020 | $0.071 | OrdinaryDividend |
Mar 31, 2020 | $0.098 | OrdinaryDividend |
Dec 31, 2019 | $0.120 | OrdinaryDividend |
Sep 30, 2019 | $0.098 | OrdinaryDividend |
ANWOX - Fund Manager Analysis
Managers
Peter Marber
Start Date
Tenure
Tenure Rank
Mar 18, 2019
3.21
3.2%
Peter N. Marber, PhD. Peter Marber is a Portfolio Manager, CIO of New World Opportunities Fund and Head of Emerging Markets at Aperture Investors in New York. Peter began his career at UBS, and later was President of the emerging market subsidiaries at Wasserstein Perella & Co. He founded the Atlantic Funds in 1999, which was acquired by HSBC in 2005. Marber then became Senior Portfolio Manager and Chief Business Strategist for emerging markets at HSBC Global Asset Management until 2013. He then served as Head of Emerging Market Investments at Loomis, Sayles & Co. in Boston. Prior to joining Aperture Investors, he directed the Global Economy program at NYU. An acknowledged expert on globalization, Marber has published six books and has taught at Columbia, Johns Hopkins, Harvard, and NYU. He serves or has served on boards for Columbia University, the Emerging Markets Trade Association, New America, St. John’s College, and the World Policy Institute. Marber earned his bachelor’s degree from Johns Hopkins, his masters from Columbia, and PhD. from the University of Cambridge.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 23.87 | 6.36 | 6.11 |