MONDRIAN INTERNATIONAL VALUE EQUITY FUND
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
8.4%
1 yr return
18.1%
3 Yr Avg Return
4.1%
5 Yr Avg Return
5.1%
Net Assets
$969 M
Holdings in Top 10
31.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.81%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 19.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$50,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MPIEX - Profile
Distributions
- YTD Total Return 8.4%
- 3 Yr Annualized Total Return 4.1%
- 5 Yr Annualized Total Return 5.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.97%
- Dividend Yield 3.0%
- Dividend Distribution Frequency Annual
Fund Details
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Legal NameMONDRIAN INTERNATIONAL VALUE EQUITY FUND
-
Fund Family NameMondrian
-
Inception DateMar 14, 2016
-
Shares Outstanding51340006
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
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ManagerElizabeth Desmond
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders. Equity securities include, but are not limited to, common stocks, preferred stocks, convertible securities, rights and warrants, and depositary receipts (including American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”)), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. or U.S. companies. Equity securities also include participatory notes, which are derivative instruments with economic characteristics similar to equity securities, designed to replicate equity exposure in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions. The Fund may invest in securities of companies with any market capitalization, and, to the extent that the Fund invests in convertible securities, those securities may have any credit rating.
Under normal circumstances, the Fund invests in at least three countries, and invests at least 40% of its total assets in securities of non-U.S. companies. This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund considers a company to be a non-U.S. company if: (i) at least 50% of the company’s assets are located outside of the U.S.; (ii) at least 50% of the company’s revenue or operating income is generated outside of the U.S.; or (iii) the company is organized or maintains its principal place of business outside of the
U.S. The Fund will primarily invest in companies located in developed countries, but may invest up to 10% of its total assets in emerging market securities. The Fund may utilize derivatives, principally forward foreign currency exchange contracts, to seek to hedge (i.e. offset) currency risk. In addition, the Fund may, from time to time, hold non-U.S. currencies in order to facilitate or expedite settlement of portfolio transactions, or to minimize the impact of currency value fluctuations.
In selecting investments to buy and sell for the Fund, the Adviser conducts research on a global basis in an effort to identify companies that are undervalued in the market and have the potential for long-term total return. The center of the research effort is a dividend discount methodology, through which the Adviser projects companies’ future dividends and discounts them back to their present value. The Adviser then compares the present values to the companies’ respective market prices and allocates the Fund’s assets to those stocks that the dividend discount methodology suggests are most undervalued. The Adviser, furthermore, uses a purchasing power parity approach to manage the Fund’s currency exposure. Purchasing power parity theory states that, in the long-run, the exchange rates between the U.S. dollar and non-U.S. currencies should be such that the U.S. dollar buys the same amount of goods and services in the U.S. as it buys in non-U.S. countries. The Adviser may adjust its investments in a particular non-U.S. currency, including securities or derivatives tied thereto, when it believes that the purchasing power of the U.S. dollar indicates that the non-U.S. currency is overvalued or undervalued relative to the U.S. dollar. The Adviser considers material environmental, social, and governance (“ESG”) risks and opportunities as an integrated part of the investment process.
The Fund may make limited use of foreign fixed income securities when, in the Adviser’s opinion, they present more attractive investment opportunities than equity securities. The foreign fixed income securities in which the Fund may invest may be U.S. dollar or foreign currency denominated, and may include obligations of foreign governments, foreign government agencies, supranational organizations, or corporations.
MPIEX - Performance
Return Ranking - Trailing
Period | MPIEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 8.4% | -1.8% | 16.1% | 42.62% |
1 Yr | 18.1% | 1.8% | 33.2% | 39.02% |
3 Yr | 4.1%* | -2.8% | 78.7% | 53.80% |
5 Yr | 5.1%* | 0.4% | 46.0% | 77.58% |
10 Yr | N/A* | 0.0% | 22.8% | 50.80% |
* Annualized
Return Ranking - Calendar
Period | MPIEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 15.5% | 1.0% | 26.9% | 25.81% |
2022 | -13.3% | -27.8% | 166.1% | 52.43% |
2021 | 7.2% | -66.6% | 64.4% | 56.58% |
2020 | -6.5% | -17.0% | 17.3% | 82.13% |
2019 | 11.2% | 4.4% | 31.6% | 82.69% |
Total Return Ranking - Trailing
Period | MPIEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 8.4% | -1.8% | 16.1% | 42.62% |
1 Yr | 18.1% | 1.8% | 33.2% | 39.02% |
3 Yr | 4.1%* | -2.8% | 78.7% | 53.80% |
5 Yr | 5.1%* | 0.4% | 46.0% | 77.58% |
10 Yr | N/A* | 0.0% | 22.8% | 49.20% |
* Annualized
Total Return Ranking - Calendar
Period | MPIEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 19.8% | 5.4% | 31.0% | 20.97% |
2022 | -10.8% | -19.9% | 344.3% | 58.58% |
2021 | 10.8% | -0.2% | 75.3% | 65.13% |
2020 | -4.3% | -11.8% | 18.9% | 88.32% |
2019 | 18.0% | 11.2% | 32.1% | 55.12% |
NAV & Total Return History
MPIEX - Holdings
Concentration Analysis
MPIEX | Category Low | Category High | MPIEX % Rank | |
---|---|---|---|---|
Net Assets | 969 M | 3.42 M | 46.7 B | 36.01% |
Number of Holdings | 52 | 2 | 2513 | 83.60% |
Net Assets in Top 10 | 293 M | 628 K | 13.8 B | 36.98% |
Weighting of Top 10 | 31.41% | 6.2% | 100.0% | 22.26% |
Top 10 Holdings
- LLOYDS BANKING GROUP PLC COMMON STOCK 3.69%
- FUJITSU LIMITED COMMON STOCK 3.52%
- BANCO SANTANDER SA COMMON STOCK 3.18%
- SSE PLC COMMON STOCK 3.16%
- UNITED OVERSEAS BANK LTD COMMON STOCK 3.09%
- ENEL SPA COMMON STOCK 3.04%
- KONINKLIJKE PHILIPS NV COMMON STOCK 3.01%
- SONY GROUP CORP COMMON STOCK 2.95%
- ALLIANZ SE-REG COMMON STOCK 2.89%
- FUJIFILM HOLDINGS CORP COMMON STOCK 2.87%
Asset Allocation
Weighting | Return Low | Return High | MPIEX % Rank | |
---|---|---|---|---|
Stocks | 99.02% | 7.74% | 104.54% | 13.83% |
Cash | 0.98% | 0.00% | 13.78% | 72.99% |
Preferred Stocks | 0.00% | 0.00% | 4.41% | 69.45% |
Other | 0.00% | -0.05% | 43.33% | 69.45% |
Convertible Bonds | 0.00% | 0.00% | 0.15% | 40.51% |
Bonds | 0.00% | 0.00% | 81.81% | 43.73% |
Stock Sector Breakdown
Weighting | Return Low | Return High | MPIEX % Rank | |
---|---|---|---|---|
Industrials | 18.69% | 1.03% | 36.79% | 8.44% |
Financial Services | 15.14% | 0.00% | 42.76% | 88.31% |
Healthcare | 15.00% | 0.00% | 23.28% | 20.45% |
Utilities | 9.25% | 0.00% | 27.46% | 5.84% |
Consumer Defense | 8.49% | 0.00% | 31.84% | 48.38% |
Communication Services | 8.32% | 0.29% | 22.75% | 25.32% |
Technology | 8.16% | 0.00% | 24.16% | 29.55% |
Consumer Cyclical | 7.98% | 0.00% | 27.46% | 61.36% |
Energy | 6.90% | 0.00% | 26.59% | 48.38% |
Basic Materials | 2.08% | 0.00% | 30.76% | 96.75% |
Real Estate | 0.00% | 0.00% | 17.06% | 88.64% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | MPIEX % Rank | |
---|---|---|---|---|
Non US | 97.75% | 0.00% | 99.55% | 9.00% |
US | 1.27% | 0.00% | 100.40% | 79.42% |
MPIEX - Expenses
Operational Fees
MPIEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.81% | 0.01% | 5.99% | 70.42% |
Management Fee | 0.65% | 0.00% | 1.25% | 38.39% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 0.47% | N/A |
Sales Fees
MPIEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
MPIEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.25% | 2.00% | 1.61% |
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.
MPIEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 19.00% | 2.00% | 158.16% | 11.03% |
MPIEX - Distributions
Dividend Yield Analysis
MPIEX | Category Low | Category High | MPIEX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.95% | 0.00% | 13.19% | 44.52% |
Dividend Distribution Analysis
MPIEX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
MPIEX | Category Low | Category High | MPIEX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.97% | 0.18% | 7.85% | 27.21% |
Capital Gain Distribution Analysis
MPIEX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 28, 2023 | $0.471 | OrdinaryDividend |
Dec 22, 2023 | $0.017 | CapitalGainShortTerm |
Dec 22, 2023 | $0.050 | CapitalGainLongTerm |
Dec 29, 2022 | $0.293 | OrdinaryDividend |
Dec 22, 2022 | $0.081 | OrdinaryDividend |
Dec 30, 2021 | $0.482 | OrdinaryDividend |
Dec 30, 2020 | $0.319 | OrdinaryDividend |
Dec 30, 2019 | $0.510 | OrdinaryDividend |
Dec 20, 2019 | $0.374 | CapitalGainLongTerm |
Dec 28, 2018 | $0.393 | OrdinaryDividend |
Dec 20, 2018 | $0.436 | CapitalGainLongTerm |
Dec 28, 2017 | $0.479 | OrdinaryDividend |
Dec 29, 2016 | $0.307 | OrdinaryDividend |
MPIEX - Fund Manager Analysis
Managers
Elizabeth Desmond
Start Date
Tenure
Tenure Rank
Oct 01, 1999
22.68
22.7%
Ms. Desmond holds a BA from Wellesley College and an MA in East Asian Studies from Stanford University. After working for the Japanese government for two years, she began her investment career as a Pacific Basin investment manager with Shearson Lehman Global Asset Management. In 1991 Ms. Desmond joined Mondrian Investment Partners’ predecessor organization as a founding member after previously working as a Pacific Basin equity analyst and senior portfolio manager at Hill Samuel Investment Advisers Ltd. She is a Director and leads the International Equity investment team; in addition she chairs the International Equity Strategy Committee. Ms. Desmond is a CFA Charterholder, and a member of the CFA Institute and the CFA Society of the UK. She sits on the CFA UK’s Advisory Council.
Nigel Bliss
Start Date
Tenure
Tenure Rank
Nov 30, 2014
7.5
7.5%
Mr. Bliss is a graduate of the University of Manchester, holds the ASIP designation and is a member of the CFA Institute and the CFA Society of the UK. He commenced his career at Cazenove & Co. in 1993 and moved to join Mondrian in 1995. Mr. Bliss is a senior portfolio manager in the Non-US Equity Team and a member of Mondrian’s Non-US Equity Strategy Committee. He has had significant experience analyzing securities in the Pacific Basin region and in the global materials, utilities, property and industrials sectors. In recent years Mr. Bliss has taken responsibility for leading coverage of securities listed in the UK and Scandinavian markets whilst still maintaining his sector specialization.
Zsolt Mester
Start Date
Tenure
Tenure Rank
Mar 01, 2019
3.25
3.3%
Mr. Mester holds a BSc (First Class) and an MSc (with Distinction) in Financial Economics from the University of London and an MPhil in Economics from the University of Oxford. After graduation, Mr. Mester worked for three years as an equity research analyst. Mr. Mester joined Mondrian in 2014 in the International Equities team. Mr. Mester is a CFA Charterholder and a member of the CFA Institute and the CFA Society of the UK.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.25 | 29.68 | 7.75 | 0.54 |