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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

$12.28

$78.4 M

3.26%

$0.39

1.56%

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

$12.2
N/A
N/A

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 03/27/2024

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

$12.28

$78.4 M

3.26%

$0.39

1.56%

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%
DIVIDENDS
  • Dividend Yield 3.3%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    ACR International Quality Return (IQR) Fund
  • Fund Family Name
    INVESTMENT MANAGERS SERIES TRUST II
  • Inception Date
    Dec 30, 2016
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Tim 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.

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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

  1. DCC PLC 8.04%
  2. Eurocell PLC 6.83%
  3. ISS A/S 6.55%
  4. Vistry Group PLC 6.10%
  5. Sulzer A.G. 5.46%
  6. Greencore Group PLC 5.32%
  7. Accor S.A. 5.31%
  8. Liberty Global Ltd. - Class C 5.21%
  9. Fairfax Financial Holdings Ltd. 4.88%
  10. 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

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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