ACR International Quality Return (IQR) Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.6%
1 yr return
18.4%
3 Yr Avg Return
-2.1%
5 Yr Avg Return
6.7%
Net Assets
$78.4 M
Holdings in Top 10
58.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.56%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 14.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$10,000
IRA
$10,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
IQRIX - Profile
Distributions
- YTD Total Return 3.6%
- 3 Yr Annualized Total Return -2.1%
- 5 Yr Annualized Total Return 6.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.78%
- Dividend Yield 3.3%
- Dividend Distribution Frequency Annual
Fund Details
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Legal NameACR International Quality Return (IQR) Fund
-
Fund Family NameINVESTMENT MANAGERS SERIES TRUST II
-
Inception DateDec 30, 2016
-
Shares OutstandingN/A
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Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
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ManagerTim Piechowski
Fund Description
To pursue the Fund’s objectives, under normal market conditions, ACR Alpine Capital Research, LLC (“ACR Alpine Capital Research”, “ACR” or the “Advisor”) invests the Fund’s assets primarily in equity securities of companies located outside of the U.S. The Fund will invest primarily in equity securities including common stock, preferred stock, American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs are similar to ADRs, except that they may be traded in international trading markets. The Fund may invest in shares of other registered investment companies and exchange-traded funds (“ETFs”) that invest substantially all of their assets in equity securities of companies located outside of the U.S. The Advisor considers a company to be located outside of the U.S. if: (i) it is organized under the laws of a foreign country or maintains its principal offices or headquarters in a foreign country; (ii) its securities are principally traded in a foreign country; or (iii) it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country, or has at least 50% of its assets in a foreign country. The Fund will allocate its assets among various regions and countries and will normally invest its assets in issuers representing at least three different countries. The Advisor does not expect, under normal circumstances, to invest more than 35% of the Fund’s net assets in securities of companies located in emerging markets; however, the Fund’s investments in emerging markets may exceed this amount from time to time depending on market opportunities. The Fund’s investments may be denominated in foreign currencies.
The Advisor adheres to a bottom-up due diligence and a fundamental valuation process in which each prospective investment is analyzed from an operating quality perspective, a financial quality perspective and a valuation perspective. The Advisor considers a company with high operating quality to have an understandable business model, a solid competitive position, long term staying power, sufficient returns on capital, a management team that allocates capital appropriately, and competitive dynamics that can be reasonably forecasted and will not be significantly impacted by technological developments or foreign competition. The Advisor considers a company with high financial quality to have understandable financial statements, appropriate accounting judgment, a conservative balance sheet, an appropriate capital structure for the cyclicality and profit profile of the business, a sustainable debt maturity schedule, and understandable cash flow dynamics. The Advisor’s fundamental valuation process considers the long term cash flows a company generates and the manners in which the company may distribute those cash flows. In seeking to generate “quality returns,” the Fund will attempt to limit its investments to those with reasonable and sustainable returns for full market cycles – i.e., returns from companies that the Advisor believes are well positioned to be in business over the long term, have a high likelihood of generating sufficient returns on capital, and are capitalized conservatively so that the company should remain solvent during, and be able to overcome, any near to medium term recessions or market headwinds.
With respect to the Fund’s objective, the Advisor defines certain terms as follows:
• | “Permanent impairment” means a loss of value on the purchase price of an investment that the Advisor, believes will not be recovered together with a reasonable return on the purchase price. |
• | “Cost of capital” refers to the opportunity cost of making a specific investment. It is the rate of return that an investor believes, at the time of an investment, could have been earned by putting the same money into a different investment with equal risk. The Fund’s cost of capital at any time is the weighted average of the cost of capital of the securities that comprise the Fund’s portfolio, as estimated by the Advisor. |
• | “Fund’s benchmark” means the MSCI All Country World Index Ex-U.S. The Advisor has selected the MSCI All Country World Index Ex-U.S. as the Fund’s benchmark because it is a broad proxy for the world equity market excluding U.S.-based companies. |
• | “Full market cycle” means a period of time that includes both an up and down equity market. A down market is characterized with a peak to trough decline of 20% or greater. A full market cycle can be measured from a prior equity market peak to the next equity market peak. Full market cycles are usually measured in years. |
When fully invested, the Fund’s portfolio will generally consist of approximately 20 holdings and will not be limited by security type, issuer size or geographic location. The Fund may hold a significant amount in cash or cash equivalents in markets where the Advisor cannot find enough securities that meet its risk and return thresholds. For example, the cash allocation may be larger during times of high security prices with relatively few investment opportunities and may also be significantly lower, or zero, during periods of ample investment opportunities that adhere to the Fund’s investment criteria. The Fund will generally invest 3-5% of its net assets in any new investment. The Advisor will consider specific risk factors of the individual companies that comprise the Fund’s portfolio (e.g., currency exposure, interest rate sensitivity, end market exposure, customer concentration, commodity prices), in addition to the Fund’s industry exposure, in an effort to prevent the Fund’s portfolio from being overly exposed to a specific factor or industry that could impair the portfolio’s return.
Investments are sold for five general reasons: (1) an unanticipated change at the company, (2) an error in the analysis of the company, (3) an ability to invest in a superior investment opportunity that requires the sale of a current portfolio holding that has a relatively inferior prospective return, (4) a share price approaching/reaching/exceeding the estimate of intrinsic value, or (5) the Fund requires cash to meet redemption requests.
The Fund is “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”) which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds.
IQRIX - Performance
Return Ranking - Trailing
Period | IQRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.6% | -3.1% | 7.7% | 73.81% |
1 Yr | 18.4% | 1.8% | 24.4% | 4.76% |
3 Yr | -2.1%* | -6.9% | 6.2% | 93.67% |
5 Yr | 6.7%* | 2.2% | 9.8% | 36.84% |
10 Yr | N/A* | 2.3% | 6.7% | N/A |
* Annualized
Return Ranking - Calendar
Period | IQRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 21.7% | 1.1% | 25.3% | 3.57% |
2022 | -29.3% | -35.4% | -13.9% | 96.34% |
2021 | 7.8% | -5.3% | 14.4% | 37.97% |
2020 | 21.2% | 3.1% | 21.2% | 1.27% |
2019 | 15.8% | 13.1% | 25.4% | 91.67% |
Total Return Ranking - Trailing
Period | IQRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.6% | -3.1% | 7.7% | 73.81% |
1 Yr | 18.4% | 1.8% | 24.4% | 4.76% |
3 Yr | -2.1%* | -6.9% | 6.2% | 93.67% |
5 Yr | 6.7%* | 2.2% | 9.8% | 36.84% |
10 Yr | N/A* | 2.3% | 6.7% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | IQRIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 25.8% | 2.5% | 25.8% | 2.38% |
2022 | -28.1% | -35.4% | -10.9% | 97.56% |
2021 | 12.7% | 7.7% | 18.9% | 54.43% |
2020 | 21.7% | 3.5% | 21.7% | 1.27% |
2019 | 16.9% | 16.9% | 32.7% | 100.00% |
NAV & Total Return History
IQRIX - Holdings
Concentration Analysis
IQRIX | Category Low | Category High | IQRIX % Rank | |
---|---|---|---|---|
Net Assets | 78.4 M | 6.5 M | 10.3 B | 85.71% |
Number of Holdings | 25 | 2 | 4647 | 97.62% |
Net Assets in Top 10 | 43.1 M | 1.08 M | 10 B | 71.43% |
Weighting of Top 10 | 58.48% | 0.2% | 100.0% | 4.76% |
Top 10 Holdings
- DCC PLC 8.04%
- Eurocell PLC 6.83%
- ISS A/S 6.55%
- Vistry Group PLC 6.10%
- Sulzer A.G. 5.46%
- Greencore Group PLC 5.32%
- Accor S.A. 5.31%
- Liberty Global Ltd. - Class C 5.21%
- Fairfax Financial Holdings Ltd. 4.88%
- Cie Plastic Omnium S.E. 4.77%
Asset Allocation
Weighting | Return Low | Return High | IQRIX % Rank | |
---|---|---|---|---|
Stocks | 86.34% | 0.98% | 99.40% | 96.43% |
Cash | 1.70% | 0.00% | 99.02% | 63.10% |
Preferred Stocks | 0.00% | 0.00% | 2.90% | 60.71% |
Other | 0.00% | -0.08% | 52.74% | 59.52% |
Convertible Bonds | 0.00% | 0.00% | 0.00% | 40.96% |
Bonds | 0.00% | 0.00% | 0.35% | 46.43% |
Stock Sector Breakdown
Weighting | Return Low | Return High | IQRIX % Rank | |
---|---|---|---|---|
Industrials | 31.74% | 12.46% | 32.63% | 3.61% |
Consumer Cyclical | 23.42% | 9.23% | 27.42% | 8.43% |
Financial Services | 16.61% | 2.16% | 21.69% | 12.05% |
Communication Services | 14.57% | 1.47% | 14.57% | 1.20% |
Consumer Defense | 13.66% | 2.29% | 13.66% | 1.20% |
Utilities | 0.00% | 0.00% | 4.57% | 90.36% |
Technology | 0.00% | 0.00% | 22.43% | 100.00% |
Real Estate | 0.00% | 0.00% | 12.22% | 100.00% |
Healthcare | 0.00% | 0.00% | 18.67% | 96.39% |
Energy | 0.00% | 0.00% | 12.34% | 95.18% |
Basic Materials | 0.00% | 0.00% | 13.14% | 100.00% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | IQRIX % Rank | |
---|---|---|---|---|
Non US | 78.06% | 0.00% | 99.37% | 91.67% |
US | 8.28% | 0.00% | 99.04% | 5.95% |
IQRIX - Expenses
Operational Fees
IQRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.56% | 0.08% | 2.84% | 27.38% |
Management Fee | 1.00% | 0.05% | 1.03% | 84.52% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 0.25% | 57.43% |
Sales Fees
IQRIX 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
IQRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 2.00% | 2.00% | 2.00% | 66.67% |
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.
IQRIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 14.00% | 1.00% | 185.00% | 16.67% |
IQRIX - Distributions
Dividend Yield Analysis
IQRIX | Category Low | Category High | IQRIX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.26% | 0.00% | 3.83% | 2.38% |
Dividend Distribution Analysis
IQRIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
IQRIX | Category Low | Category High | IQRIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.78% | 0.03% | 2.41% | 77.11% |
Capital Gain Distribution Analysis
IQRIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 14, 2023 | $0.393 | OrdinaryDividend |
Dec 15, 2022 | $0.162 | OrdinaryDividend |
Dec 16, 2019 | $0.095 | OrdinaryDividend |
Dec 17, 2018 | $0.065 | OrdinaryDividend |
IQRIX - Fund Manager Analysis
Managers
Tim Piechowski
Start Date
Tenure
Tenure Rank
Dec 30, 2016
5.42
5.4%
Tim Piechowski, CFA. Mr. Piechowski is a Portfolio Manager and Senior Analyst for ACR Alpine Capital Research, LLC. Mr. Piechowski joined ACR in 2010. Prior to joining ACR he was a Research Associate at Brandes Investment Partners in San Diego from 2007 to 2009, where he analyzed banks, thrifts, insurers and holding companies on a global basis. Mr. Piechowski holds a JD from Saint Louis University School of Law and earned a BSBA with concentrations in Finance and Accounting from the McDonough School of Business at Georgetown University. While at Georgetown, Mr. Piechowski held internships with Credit Suisse, the Allied Irish Banks, and the Griswold Company, a direct access broker on the floor of the NYSE. Mr. Piechowski is a member of the Missouri Bar and has attained the Chartered Financial Analyst designation.
Willem Schilpzand
Start Date
Tenure
Tenure Rank
Dec 30, 2016
5.42
5.4%
Willem Schilpzand, CFA. Mr. Schilpzand is a Portfolio Manager for ACR Alpine Capital Research, LLC. Mr. Schilpzand joined ACR in 2010. Mr. Schilpzand’s prior experience includes positions with MFS International in London in 2009, East Coast Asset Management in 2009, Merrill Lynch from 2005 to 2008 and IBM from 2003 to 2004 in both the U.S. and Europe. Mr. Schilpzand earned his MBA from the Columbia Business School in New York and earned his BBA, Magna Cum Laude, in International Business from the University of Georgia. Mr. Schilpzand has attained the Chartered Financial Analyst designation and is a dual citizen of the Netherlands and the U.S.
Nicholas Tompras
Start Date
Tenure
Tenure Rank
Dec 30, 2016
5.42
5.4%
Nick founded Alpine Investment Management, LLC in 1999 and developed its core investment philosophy and research process. He has been the lead portfolio manager of the firm’s primary Equity Quality Return strategy since its inception in 2000 as well as portfolio manager for its Multi- Strategy Quality Return (MQR) Fund. Prior to forming the firm, Nick was a portfolio manager at Mercantile Bank. He has a BA from Southern Methodist University in Dallas, Texas and has attained the Chartered Financial Analyst® (CFA®) designation.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 21.76 | 7.58 | 18.43 |