Evermore Global Value Fund
Name
As of 04/30/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-5.3%
1 yr return
5.1%
3 Yr Avg Return
-5.9%
5 Yr Avg Return
-1.8%
Net Assets
$82.8 M
Holdings in Top 10
60.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.53%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 33.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$1,000,000
IRA
$1,000,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/30/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
EVGIX - Profile
Distributions
- YTD Total Return -5.3%
- 3 Yr Annualized Total Return -5.9%
- 5 Yr Annualized Total Return -1.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.60%
- Dividend Yield 2.3%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameEvermore Global Value Fund
-
Fund Family NamePENN Capital Funds Trust
-
Inception DateDec 31, 2009
-
Shares Outstanding12432624
-
Share ClassInstl
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CurrencyUSD
-
Domiciled CountryUS
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ManagerDavid Marcus
Fund Description
To achieve its investment objective, the Fund primarily seeks investments in the equity securities of companies that are both undervalued and undergoing change (“special situations”). Special situations are situations where the securities of a company are expected to appreciate as a result of company-specific developments (also referred to as “catalysts”) rather than general business conditions or movements of the market as a whole. Catalysts may include management changes, shareholder activism, and operational and financial restructurings (e.g., cost-cutting, asset sales, breakups, spinoffs, mergers, acquisitions, liquidations, share buybacks, recapitalizations, etc.).
The Fund takes an opportunistic approach to global value investing and may invest in securities of issuers located in any country, in any industry, and of any market capitalization (i.e., share price times the number of common stock shares outstanding) size.
The Fund may invest a significant percentage of its net assets in the securities of issuers it deems to be “family-controlled companies.” The Fund considers a family-controlled company to be a company in which an individual(s) or members of a family, directly or indirectly control a significant ownership interest—typically more than 20% of the outstanding voting shares—and can influence the destiny of the company through their involvement with, or control of, the company’s Board of Directors and/or through their C-suite position within the company.
The Fund will invest at least 40% of its assets, and may invest up to 100% of its assets, in the securities of issuers located in various foreign countries, including both developed and emerging markets, whose securities may be denominated in foreign currencies. The Fund determines where a company is located, and thus, whether a company is considered to be located in a foreign country by considering whether: (i) it is organized under the laws of or maintains its principal office in a country located outside the United States; (ii) its securities are principally traded on trading markets in countries located outside the United States; (iii) it derives at least 50% of its total revenue or profits from either goods produced or services performed or sales made in countries located outside the United States; or (iv) it has at least 50% of its assets in countries located outside the United States. The Fund may invest a significant percentage of its net assets in the securities of issuers located in Europe. Foreign securities may be issued and traded in foreign currencies. The Fund seeks to identify investment opportunities through extensive research and analysis of individual companies, and generally focuses less on stock market conditions or other macro factors. For these reasons, the Fund may seek investments in the securities of companies that the Fund’s sub-adviser, MFP Investors LLC (“MFP” or the “Sub-Adviser”), believes to be temporarily depressed.
The debt securities which the Fund may purchase may either be unrated, or rated in any rating category established by one or more independent rating organizations, such as S&P Global Ratings (“S&P”) or Moody’s Investors Service (“Moody’s”). The Fund may invest in securities that are rated in the medium to lowest rating categories by S&P and Moody’s, some of which may be so-called “junk bonds”. The Fund will invest in debt securities based on their current yields and overall potential for capital appreciation, and therefore, such debt securities will have varying maturity dates.
The Fund may invest a portion of its assets in derivative instruments. These may include forward contracts, options and futures contracts. The Fund invests in derivatives primarily to hedge its exposure to changes in the values of foreign currencies, typically through the use of foreign currency derivatives, including forward foreign currency exchange contracts. A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract.
In addition, the Fund may engage in short sales for the following purposes: (i) to hedge against declines of long portfolio positions, (ii) in merger arbitrage situations, and (iii) to profit from declining market values of securities that the Sub-Adviser deems to be overvalued.
The Fund typically will hold an equity investment (other than an investment involving a merger arbitrage situation) for a substantial period of time (more than one year). The Fund will generally sell an investment when the Sub-Adviser determines that its target value has been reached, when there has been a fundamental change in the business or capital structure of the company which significantly affects the investment’s inherent value, when a position weighting needs to be downsized, when catalysts to recognize value no longer exist, when its original investment thesis changes, or when a better investment opportunity arises.
Although the Fund does not have a policy to concentrate assets in any one industry, the Sub-Adviser may, at times, determine that a certain industry or industries offer the best opportunity to achieve the Fund’s investment objective. Therefore, the Fund may invest a significant portion of its total assets in an industry or industries, not to exceed 25% of the Fund’s total assets in any one industry at the time of purchase. The Fund expects to invest in a relatively small number of issuers. The Fund currently expects to invest a significant portion of its assets in the communication services, energy, financial, and industrials sectors, which means that the Fund will be more affected by the performance of such sectors than a fund that is not so significantly invested.
EVGIX - Performance
Return Ranking - Trailing
Period | EVGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -5.3% | -44.3% | 9.5% | 23.72% |
1 Yr | 5.1% | -51.1% | 24.7% | 73.55% |
3 Yr | -5.9%* | -6.4% | 28.0% | 98.65% |
5 Yr | -1.8%* | -4.2% | 18.3% | 98.40% |
10 Yr | 1.6%* | 1.0% | 13.7% | 97.62% |
* Annualized
Return Ranking - Calendar
Period | EVGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 18.0% | -50.5% | 18.8% | 53.38% |
2022 | -28.0% | -27.4% | 103.5% | 95.80% |
2021 | 3.1% | 3.5% | 66.4% | 65.71% |
2020 | -7.0% | -64.5% | 5.6% | 64.29% |
2019 | 21.9% | -9.3% | 49.7% | 70.75% |
Total Return Ranking - Trailing
Period | EVGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -5.3% | -44.3% | 9.5% | 20.51% |
1 Yr | 5.1% | -51.1% | 24.7% | 70.32% |
3 Yr | -5.9%* | -6.4% | 28.0% | 97.97% |
5 Yr | -1.8%* | -4.2% | 18.3% | 98.40% |
10 Yr | 1.6%* | 1.0% | 13.7% | 97.62% |
* Annualized
Total Return Ranking - Calendar
Period | EVGIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 20.7% | -50.6% | 18.8% | 53.38% |
2022 | -26.4% | -27.4% | 103.5% | 95.80% |
2021 | 6.2% | 3.5% | 66.4% | 65.71% |
2020 | -6.8% | -64.5% | 5.6% | 73.02% |
2019 | 25.4% | -9.3% | 53.2% | 86.79% |
NAV & Total Return History
EVGIX - Holdings
Concentration Analysis
EVGIX | Category Low | Category High | EVGIX % Rank | |
---|---|---|---|---|
Net Assets | 82.8 M | 2.31 M | 71.6 B | 36.88% |
Number of Holdings | 27 | 31 | 9561 | 97.50% |
Net Assets in Top 10 | 50.5 M | 452 K | 5.44 B | 28.75% |
Weighting of Top 10 | 60.94% | 4.2% | 63.4% | 5.00% |
Top 10 Holdings
- Calumet Specialty Products Partners LP 9.85%
- EXOR NV 7.73%
- Lifco AB 7.45%
- First American Treasury Obligations Fund 5.86%
- KKR Co Inc 5.58%
- Cadeler A/S 5.48%
- Bollore SE 5.38%
- Vivendi SE 5.27%
- International Seaways Inc 4.20%
- Hoegh Autoliners ASA 4.14%
Asset Allocation
Weighting | Return Low | Return High | EVGIX % Rank | |
---|---|---|---|---|
Stocks | 90.16% | 40.59% | 104.41% | 91.25% |
Cash | 9.76% | -4.41% | 47.07% | 45.63% |
Convertible Bonds | 7.55% | 0.00% | 7.55% | 1.25% |
Other | 0.08% | -7.94% | 19.71% | 94.38% |
Preferred Stocks | 0.00% | 0.00% | 1.04% | 95.00% |
Bonds | 0.00% | 0.00% | 8.07% | 94.38% |
Stock Sector Breakdown
Weighting | Return Low | Return High | EVGIX % Rank | |
---|---|---|---|---|
Industrials | 24.48% | 0.00% | 53.77% | 19.38% |
Communication Services | 23.15% | 0.00% | 23.15% | 1.25% |
Financial Services | 18.37% | 0.00% | 75.07% | 13.75% |
Energy | 12.74% | 0.00% | 36.56% | 6.25% |
Technology | 9.45% | 0.00% | 93.40% | 85.63% |
Consumer Defense | 6.01% | 0.00% | 52.28% | 21.25% |
Consumer Cyclical | 2.93% | 0.00% | 71.20% | 90.63% |
Healthcare | 2.89% | 0.00% | 28.38% | 77.50% |
Utilities | 0.00% | 0.00% | 70.33% | 99.38% |
Real Estate | 0.00% | 0.00% | 43.48% | 97.50% |
Basic Materials | 0.00% | 0.00% | 26.39% | 97.50% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | EVGIX % Rank | |
---|---|---|---|---|
Non US | 48.75% | 12.39% | 83.06% | 4.38% |
US | 41.41% | 6.76% | 79.19% | 96.88% |
EVGIX - Expenses
Operational Fees
EVGIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.53% | 0.43% | 2.93% | 44.38% |
Management Fee | 0.99% | 0.30% | 1.25% | 82.50% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 0.15% | N/A |
Sales Fees
EVGIX 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% | 4.00% | N/A |
Trading Fees
EVGIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 2.00% | 1.00% | 2.00% | 76.92% |
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.
EVGIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 33.00% | 7.00% | 145.00% | 38.52% |
EVGIX - Distributions
Dividend Yield Analysis
EVGIX | Category Low | Category High | EVGIX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.30% | 0.00% | 14.18% | 2.50% |
Dividend Distribution Analysis
EVGIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Annually | Annually |
Net Income Ratio Analysis
EVGIX | Category Low | Category High | EVGIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.60% | -1.92% | 6.98% | 4.46% |
Capital Gain Distribution Analysis
EVGIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Oct 16, 2023 | $0.244 | OrdinaryDividend |
Nov 30, 2022 | $0.239 | OrdinaryDividend |
Dec 02, 2021 | $0.398 | OrdinaryDividend |
Dec 01, 2020 | $0.026 | OrdinaryDividend |
Nov 30, 2018 | $0.059 | OrdinaryDividend |
Nov 30, 2017 | $0.032 | OrdinaryDividend |
Nov 30, 2016 | $0.138 | OrdinaryDividend |
Dec 11, 2015 | $0.134 | OrdinaryDividend |
Dec 12, 2014 | $0.536 | OrdinaryDividend |
Dec 14, 2012 | $0.334 | OrdinaryDividend |
Dec 20, 2011 | $0.113 | OrdinaryDividend |
EVGIX - Fund Manager Analysis
Managers
David Marcus
Start Date
Tenure
Tenure Rank
Dec 31, 2009
12.42
12.4%
David E. Marcus is the lead portfolio manager for the segment of the International Fund’s assets managed by Evermore Global Advisors, LLC (“Evermore”). Marcus is Co-Founder, Chief Executive Officer and Chief Investment Officer and a portfolio manager at Evermore. He has managed the Evermore Global Value Fund since its inception in 2010. Marcus has over 30 years of experience in investment management, including management of registered investment companies. For a majority of this time, Marcus has focused on investing in European and other foreign companies. Marcus graduated from Northeastern University in 1988. From 1988 to 2000, Marcus held a series of positions at Mutual Series Fund, including junior research analyst, research analyst, co-portfolio manager and portfolio manager. From November 1998 to January 2000, Marcus was portfolio manager of the Mutual European Fund and co-portfolio manager of the Mutual Shares Fund and Mutual Discovery Fund. During this time, Marcus also served as Senior Vice President and Director of European Investments for Franklin Mutual Advisers, LLC. After leaving Franklin Mutual in early 2000, Marcus founded Marcstone Capital Management, L.P., a long/short European-focused equity manager, largely funded by Jan Stenbeck, the Swedish financier. After Stenbeck’s sudden death in late 2002, Marcus closed Marcstone and returned capital to its investors. In early 2003, Marcus co-founded Stonebrook Partners, LLC, the Stenbeck family office, and became an adviser to the Stenbeck family, in which capacity he helped restructure a number of the public and private companies that the family controlled. In June 2004, Marcus founded and served as managing partner of MarCap Investors, L.P., the investment manager of a European small-cap special situations fund, which he actively managed through the end of 2008 and wound down in 2009. Over the past fifteen years, Marcus has served on the board of directors of numerous companies, including: Novestra AB, a Swedish publicly-traded private equity firm with holdings in the U.S. and Europe; Pergo AB, a Swedish publicly-traded flooring company for which Marcus was instrumental in helping negotiate the sale of the company to the German company Pfleiderer AG; Scribona AB, a Swedish publicly-traded distributor of office products with sales in excess of $1 billion, for which Marcus, as Chairman of the Board, led the complete restructuring of the company and the negotiation to sell its operating assets; Miltope, Inc., a U.S. publicly-traded and subsequently acquired maker of ruggedized electronics for the U.S. military; and Modern Times Group AB, a Swedish publicly-traded pan-European media conglomerate. Marcus has gained significant operating experience through his active involvement on the above mentioned boards, as well as his involvement with the restructuring of a number of companies controlled by the Stenbeck family. Evermore has been a sub-advisor to the International Fund since 2017.
Matthew Epstein
Start Date
Tenure
Tenure Rank
Apr 30, 2018
4.09
4.1%
Mr. Epstein joined Evermore Global Advisors, LLC in April 2014 as a Senior Research Analyst. Prior to joining Evermore, Mr. Epstein spent eight years as a Research Analyst at W.R. Huff Asset Management, a value-oriented investment management firm. At Huff, Mr. Epstein invested in publicly traded securities across the capital structure and worked on a number of private equity investments where he gained invaluable operating experience. Mr. Epstein also brings to Evermore extensive experience in credit analysis. Mr. Epstein graduated from New York University in 2005 with B.S. degrees in both Finance and International Business. Mr. Epstein became a CFA Charterholder in 2009 and received his M.B.A. from Columbia Business School in 2011.
Thomas O
Start Date
Tenure
Tenure Rank
Apr 30, 2018
4.09
4.1%
Mr. O joined Evermore Global Advisors, LLC in January 2012 as a Research Analyst. Mr. O began his investment career in 2004 as an Investment Banking Analyst in Citigroup Global Markets’ Global Industrial Group. At Citigroup, Mr. O analyzed and worked on a broad range of transactions. After leaving Citigroup in 2005, Mr. O joined HSBC Capital (USA) Inc., a $1.5 billion private equity firm, as a Private Equity Associate. In 2008, Mr. O joined Amphor Capital Management LLC, an investment firm focused on alternative investments, as a Research Analyst. At Amphor, Mr. O focused on deep value, event-driven public equity investments. After leaving Amphor in 2010, Mr. O became a Research Analyst on a four-person team at Presidia Capital LLC, a $400 million value-oriented hedge fund. At Presidia, Mr. O focused on Asian investment opportunities in the real estate, retail/consumer, gaming and hospital sectors. Mr. O graduated from the New York University Stern School of Business in 2004 with a B.S. in Finance and Accounting.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 39.6 | 7.02 | 9.33 |