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Trending ETFs

Name

As of 02/10/2023

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

$24.02

$46.5 M

0.61%

$0.15

1.22%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$46.5 M

Holdings in Top 10

47.6%

52 WEEK LOW AND HIGH

$24.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.22%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 112.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$2,500

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 02/10/2023

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

$24.02

$46.5 M

0.61%

$0.15

1.22%

CAMAX - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.13%
DIVIDENDS
  • Dividend Yield 0.6%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Cambiar Aggressive Value Fund
  • Fund Family Name
    Cambiar Funds
  • Inception Date
    Aug 31, 2007
  • Shares Outstanding
    2025711
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • 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 companies located throughout the world. For purposes of this policy, equity securities include common stocks and derivative instruments with economic characteristics similar to equity securities. The Fund may also sell securities short. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders.

The equity securities in which the Fund invests are primarily common stocks and the Fund is generally unconstrained by any particular country, region, sector or market capitalization. The Fund’s investments may occasionally include derivative instruments and short positions. The derivative instruments in which the Fund invests will typically be call options, put options and swaps. While the Fund is generally unconstrained within its equity universe, the Fund will typically invest in a portfolio of 20-30 issuers that the Adviser believes represent the best opportunities for long-term capital appreciation. Due to the highly focused nature of the Fund’s investment strategy, the Fund is considered to be non-diversified, and may invest a significant portion of its assets in a relatively small number of securities.

The Fund will invest a portion of its assets in the securities of foreign companies. 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 Fund may invest 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 markets are in countries that are in the process of industrializing, with lower gross national products than more developed countries. The Adviser’s allocation among various foreign countries does not seek to replicate any particular index’s country allocation by global capitalization or regional capitalization. There is no limit on investments in securities of foreign companies, including emerging markets companies.

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.

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 EBITDA or EPS. Free cash flow 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 for issuers that appear reasonably valued based on a number of different metrics.

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 the potential for a 3:1 return-to-risk requirement over a forward 1- to 2-year timeframe. This return can generally be achieved via a combination of multiple expansion and dividend yield. 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.

To the extent the Fund invests in derivatives, those instruments will primarily be intended to hedge against the risk of unfavorable price movements in the underlying instruments, to increase long exposure to underlying instruments, to provide short exposure, to manage cash flows or currency exposure, or for other purposes.

The Fund may buy and sell securities more frequently than other mutual funds, which could result in the Fund having a higher portfolio turnover rate than other mutual funds.

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CAMAX - Performance

Return Ranking - Trailing

Period CAMAX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -35.6% 29.2% 1.12%
1 Yr N/A 17.3% 252.4% 3.98%
3 Yr N/A* -3.5% 34.6% 62.77%
5 Yr N/A* 0.1% 32.7% 84.70%
10 Yr N/A* -6.9% 18.3% 92.76%

* Annualized

Return Ranking - Calendar

Period CAMAX Return Category Return Low Category Return High Rank in Category (%)
2023 -12.6% -24.3% 957.1% 68.09%
2022 19.1% -38.3% 47.1% 15.30%
2021 7.5% -54.2% 0.6% 86.14%
2020 28.4% -76.0% 54.1% 95.46%
2019 -22.5% -26.1% 47.8% 62.68%

Total Return Ranking - Trailing

Period CAMAX Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -35.6% 29.2% 1.12%
1 Yr N/A 11.4% 252.4% 3.98%
3 Yr N/A* -3.5% 34.6% 60.46%
5 Yr N/A* 0.1% 32.7% 83.36%
10 Yr N/A* -6.9% 18.3% 92.02%

* Annualized

Total Return Ranking - Calendar

Period CAMAX Return Category Return Low Category Return High Rank in Category (%)
2023 -12.0% -24.3% 957.1% 68.09%
2022 19.5% -33.1% 47.1% 15.42%
2021 7.9% -44.4% 1.8% 89.91%
2020 30.1% -6.5% 54.1% 97.95%
2019 -21.8% -14.4% 47.8% 73.68%

NAV & Total Return History


CAMAX - Holdings

Concentration Analysis

CAMAX Category Low Category High CAMAX % Rank
Net Assets 46.5 M 199 K 133 B 80.15%
Number of Holdings 27 1 9075 88.00%
Net Assets in Top 10 21.8 M -18 M 37.6 B 79.63%
Weighting of Top 10 47.61% 9.1% 100.0% 10.76%

Top 10 Holdings

  1. Deutsche Telekom AG ADR 6.25%
  2. Recv T-Mobile Swap 5.89%
  3. Recv T-Mobile Swap 5.89%
  4. Recv T-Mobile Swap 5.89%
  5. Recv T-Mobile Swap 5.89%
  6. Recv T-Mobile Swap 5.89%
  7. Recv T-Mobile Swap 5.89%
  8. Recv T-Mobile Swap 5.89%
  9. Recv T-Mobile Swap 5.89%
  10. Recv T-Mobile Swap 5.89%

Asset Allocation

Weighting Return Low Return High CAMAX % Rank
Stocks
99.78% 61.84% 125.47% 44.16%
Cash
0.22% -174.70% 23.12% 50.33%
Preferred Stocks
0.00% -0.01% 5.28% 17.40%
Other
0.00% -13.98% 19.14% 26.65%
Convertible Bonds
0.00% 0.00% 4.46% 7.71%
Bonds
0.00% -1.50% 161.67% 11.89%

Stock Sector Breakdown

Weighting Return Low Return High CAMAX % Rank
Industrials
28.30% 0.00% 44.06% 6.28%
Technology
19.67% 0.00% 49.87% 24.23%
Financial Services
11.93% 0.00% 38.42% 80.51%
Consumer Cyclical
11.33% 0.00% 40.94% 42.18%
Basic Materials
10.51% 0.00% 38.60% 22.03%
Communication Services
8.36% 0.00% 57.66% 14.87%
Energy
3.90% 0.00% 21.15% 65.64%
Consumer Defense
3.18% 0.00% 73.28% 87.11%
Healthcare
2.82% 0.00% 35.42% 83.70%
Utilities
0.00% 0.00% 29.12% 69.38%
Real Estate
0.00% 0.00% 39.48% 16.30%

Stock Geographic Breakdown

Weighting Return Low Return High CAMAX % Rank
US
52.48% 0.13% 103.82% 66.19%
Non US
47.30% 0.58% 99.46% 28.19%

CAMAX - Expenses

Operational Fees

CAMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.22% 0.01% 44.27% 43.44%
Management Fee 0.90% 0.00% 1.82% 89.50%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.76% 39.06%

Sales Fees

CAMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

CAMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 3.92%

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.

CAMAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 112.00% 0.00% 395.00% 96.10%

CAMAX - Distributions

Dividend Yield Analysis

CAMAX Category Low Category High CAMAX % Rank
Dividend Yield 0.61% 0.00% 3.26% 5.80%

Dividend Distribution Analysis

CAMAX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Annually Annually

Net Income Ratio Analysis

CAMAX Category Low Category High CAMAX % Rank
Net Income Ratio 0.13% -4.27% 12.65% 46.14%

Capital Gain Distribution Analysis

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

Distributions History

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CAMAX - Fund Manager Analysis

Managers

Brian Barish


Start Date

Tenure

Tenure Rank

Aug 31, 2007

14.76

14.8%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 35.82 6.24 1.25