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Name

As of 04/19/2024

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

iMGP Global Select Fund

MSEFX | Fund

$11.74

$114 M

0.00%

1.50%

Vitals

YTD Return

-1.9%

1 yr return

28.3%

3 Yr Avg Return

2.5%

5 Yr Avg Return

9.6%

Net Assets

$114 M

Holdings in Top 10

23.8%

52 WEEK LOW AND HIGH

$11.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.50%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 27.74%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$10,000

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/19/2024

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

iMGP Global Select Fund

MSEFX | Fund

$11.74

$114 M

0.00%

1.50%

MSEFX - Profile

Distributions

  • YTD Total Return -1.9%
  • 3 Yr Annualized Total Return 2.5%
  • 5 Yr Annualized Total Return 9.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.13%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    iMGP Global Select Fund
  • Fund Family Name
    IMGP Funds
  • Inception Date
    Jan 07, 1997
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Christopher Davis

Fund Description

The Global Select Fund invests in the securities of companies that the sub-advisors to the Global Select Fund (each, a “manager” or “sub-advisor”) believe have strong appreciation potential. The Advisor believes that giving highly disciplined managers latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to an arbitrary “style box.” This belief underlays the premise of the Global Select Fund to seek skilled managers, give them broad flexibility, limit them to their highest-conviction ideas and create diversification at the overall fund level by choosing managers with complementary styles, which the Advisor believes also should reduce risk. The Advisor is responsible for recommending which sub-advisors to hire or remove. Before hiring a sub-advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, including (but not limited to) an evaluation of the investment process, the consistency of its execution and discipline; individual holdings; strategies employed, past mistakes, risk controls, team depth and quality; operations and compliance; and business focus and vision. The Advisor’s evaluation process includes review of literature and documents, quantitative historical performance evaluation, extensive discussions with members of the investment team and firm management and background checks through industry contacts.
There is no minimum or maximum allocation of the Global Select Fund’s portfolio assets to each sub-advisor. The Advisor is responsible for establishing the target allocation of the Global Select Fund’s assets to each manager based on the Advisor’s goal of maintaining a balance of investment styles (growth, value, and blend) and market capitalization exposure (large-cap, mid-cap and small-cap companies) and may adjust the target allocations at its discretion. Market performance may result in allocation drift among the managers of the Global Select Fund. The Advisor is responsible for periodically rebalancing the portfolios, the timing and degree of which will be determined by the Advisor based on the amount of deviation from pre-established target allocation ranges and the Advisor’s assessment of market conditions and investment opportunities available to each sub-advisor. The Advisor monitors the individual portfolios managed by the sub-advisors to ensure that the overall portfolio does not include any unintentional over-weights to market capitalization levels, sectors, industries or individual securities. Under normal
conditions, each sub-advisor manages a portion of the Global Select Fund’s assets by independently managing a portfolio typically composed of at least 10, but not more than 35 stocks (resulting in total Fund holdings of 45 to 85 different stocks).
Under normal market conditions, the Global Select Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. Typically, the Fund invests between 25%-75% in equity securities of U.S. companies and between 25-75% of its net assets in equity securities of non-U.S. companies. The specific allocation to U.S. and non-U.S. securities will vary from time to time based on the sub-advisors’ assessment of domestic and international market conditions. An issuer is considered to be “located” in a particular country on the basis of its domicile, its principal place of business or headquarters, its primary stock exchange listing, and/or the primary source of its revenues (i.e., at least 50% of its revenues are generated in that country). There is no minimum portion of the Global Select Fund’s assets required to be invested in any single country, but the Global Select Fund will invest more than 25% of its assets, and typically a much higher percentage, in non-U.S. countries. The Global Select Fund may invest in emerging markets. iM Global defines an emerging market country as any country that is included in the MSCI Emerging Markets Index. Each
sub-advisor may, at its discretion, invest in foreign currencies or use currency futures or forwards to hedge the currency risk of holding non-U.S. Dollar denominated securities.
Securities in which the Global Select Fund may invest include predominantly equity securities (common stocks). The Global Select Fund may focus its investments in certain sectors – including, but not limited to, the healthcare and technology sectors – from time to time as a result of the implementation of the Global Select Fund’s investment strategy by the sub-advisors, but sector focus is not a principal strategy of the Fund. Investment in a sector typically includes investment in multiple industries within a sector. The Fund invests in securities of all sizes, but typically focuses on the securities of large- and mid-sized companies, as measured by market capitalization at the time of acquisition.
The Global Select Fund’s three sub-advisors (four portfolio segments) emphasize different stock-picking styles and invest in stocks spanning a range of market capitalizations. The Fund’s four sub-advised portfolios can generally be described as: (1) global mid cap value, (2) global large cap growth, (3) global small/mid cap growth, and (4) global large cap value, with target allocations to each portfolio as indicated in the following table:
SUB- ADVISOR
TARGETASSET ALLOCATION
    MARKET CAPITALIZATIONOF COMPANIES IN PORTFOLIO    STOCK‑PICKINGSTYLE
Nuance Investments, LLC (“Nuance”) 30%    All sizes, but mostly mid-sized companies    Value
Polen Capital Management, LLC (“Polen Capital”) 20%    Large-sized companies    Growth
Polen Capital 20%    Small- and mid-sized companies    Growth
Scharf Investments, LLC (“Scharf”) 30%    All sizes, but mostly large-sized companies    Value
The Global Select Fund’s global mid-cap value strategy managed by Nuance focuses on the belief that the ability to outperform the broad stock market requires a consistent and disciplined value investing approach. Nuance seeks to generate investment returns by diligently reviewing one company at a time on its own investment merits. Through long-term study of each company and thorough analysis of financial statements, management strategy and competitive position, using both fundamental research and interviews of management teams to help evaluate the sustainability of leading businesses, Nuance seeks to identify companies it considers to be best in class and having a long-term competitive advantage. With respect to valuation, Nuance seeks to identify potential holdings that are undervalued in the marketplace for transitory reasons because of a period of lower earnings that in Nuance’s view is not unusual in the context of typical industry cycles or a specific company’s approach to the competitive landscape.
The Global Select Fund’s large cap growth strategy managed by Polen Capital focuses on investments in large capitalization companies (market capitalizations greater than $10 billion at the time of purchase) that are located anywhere in the world, including companies in both developed and emerging markets, and, in Polen Capital’s opinion, have a sustainable competitive
advantage. Polen Capital uses an intensive fundamental research process to identify companies that it believes have certain attractive characteristics, which typically reflect an underlying competitive advantage, focusing on five principal “guardrails”, including (i) return on equity, (ii) strong earnings growth and free cash flow generation, (iii) strong balance sheets, (iv) stable or growing profit margins, and (v) organic revenue growth, to narrow down the broad universe to the types of businesses in which the Global Select Fund will invest. The Global Select Fund’s large cap growth strategy invests in high-quality large capitalization growth companies that Polen Capital believes have a competitive advantage within an industry and can deliver sustainable, above-average earnings growth.
The Global Select Fund’s global small/mid cap growth strategy is also managed by Polen Capital and focuses investments in small and mid-cap companies that, at the time of purchase, are within the range of the market capitalizations of companies in the MSCI ACWI SMID Index. As of December 31, 2022, the average weighted market capitalization of the issuers in the MSCI ACWI SMID Index was approximately $8.2 billion. Polen Capital’s investment process and philosophy with respect to the small/mid cap growth strategy follows the same fundamental principles as described above for the large cap growth strategy to identify companies with
a competitive advantage, including an assessment of the management team, business model and performance against competitors, among other factors. In addition, the small/mid cap strategy focuses on five investment criteria that must be satisfied by each company in which the Fund invests: each company must (i) be uniquely positioned, (ii) have a repeatable sales process, (iii) have a robust business model, (iv) have an effective management team, and (v) have value-creating reinvestment opportunities. Polen Capital may sell an existing holding of the Global Select Fund’s small/mid cap growth portfolio if a company ceases to meet one of these criteria.
The Global Select Fund’s global large cap value strategy managed by Scharf invests in equity securities of companies of all size market capitalizations, with a focus on large capitalization companies. Scharf utilizes five key elements in its equity investment philosophy: (i) low valuation, (ii) discount to fair value, (iii) investment flexibility, (iv) focus and (v) long-term perspective. Through a proprietary screening process, Scharf seeks to identify investments with low valuations combined with growing earnings, cash flow and/or book value, which Scharf describes as “growth stocks at value prices.” Scharf targets companies it can purchase at a 30% discount due to temporary market mispricing and considers certain factors, including, among others, a company’s market conditions and earnings stream, to determine whether a low valuation is temporary and therefore a candidate for investment, or structural and reflecting a larger underlying issue that would make an investment unattractive.
Each sub-advisor applies its investment process when determining when a security may be sold. Generally, a security may be sold: (1) if the sub-advisor believes the security’s market price exceeds the its estimate of intrinsic value; (2) if the sub-advisor’s view of the business fundamentals (profitability, balance sheet stability, product acceptance, competitive advantages) or management of the underlying company changes; (3) if a more attractive investment in terms of long-term growth potential is found; (4) if general market conditions that may include changes in employment rates, interest rate fluctuations, changes in fiscal policies, changes in regulations and other factors trigger a change in the manager’s assessment criteria; or (5) for other portfolio management reasons.
Read More

MSEFX - Performance

Return Ranking - Trailing

Period MSEFX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.9% -47.2% 13.6% 99.36%
1 Yr 28.3% -38.4% 43.3% 4.87%
3 Yr 2.5%* -15.0% 26.8% 92.68%
5 Yr 9.6%* -2.7% 106.3% 86.34%
10 Yr 9.4%* 2.2% 20.5% 83.70%

* Annualized

Return Ranking - Calendar

Period MSEFX Return Category Return Low Category Return High Rank in Category (%)
2023 11.9% -42.6% 47.4% 77.56%
2022 -43.1% -56.3% -4.2% 99.12%
2021 1.0% -27.2% 53.7% 92.26%
2020 6.1% -36.2% 2181.7% 79.09%
2019 16.8% -22.7% 40.4% 82.43%

Total Return Ranking - Trailing

Period MSEFX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.9% -47.2% 13.6% 99.36%
1 Yr 28.3% -38.4% 43.3% 4.87%
3 Yr 2.5%* -15.0% 26.8% 92.68%
5 Yr 9.6%* -2.7% 106.3% 86.34%
10 Yr 9.4%* 2.2% 20.5% 83.70%

* Annualized

Total Return Ranking - Calendar

Period MSEFX Return Category Return Low Category Return High Rank in Category (%)
2023 43.0% -5.0% 47.4% 0.16%
2022 -25.5% -36.8% -2.2% 98.08%
2021 17.7% 3.0% 124.3% 94.78%
2020 19.5% -15.8% 2266.0% 27.60%
2019 27.5% -0.4% 241.3% 73.29%

NAV & Total Return History

MSEFX - Holdings

Concentration Analysis

MSEFX Category Low Category High MSEFX % Rank
Net Assets 114 M 2.34 M 1.55 T 86.58%
Number of Holdings 87 1 4053 56.75%
Net Assets in Top 10 28.1 M 885 K 387 B 88.62%
Weighting of Top 10 23.84% 0.3% 112.0% 92.51%

Top 10 Holdings

  1. Visa Inc 3.63%
  2. FIXED INC CLEARING CORP.REPO 3.43%
  3. Samsung Electronics Co Ltd 2.38%
  4. Amazon.com Inc 2.26%
  5. Assa Abloy AB 2.21%
  6. Comcast Corp 2.17%
  7. Brookfield Corp 2.00%
  8. Adobe Inc 1.97%
  9. Five Below Inc 1.90%
  10. Alphabet Inc 1.89%

Asset Allocation

Weighting Return Low Return High MSEFX % Rank
Stocks 		94.27% 0.00% 124.03% 92.46%
Other 		3.43% -13.91% 100.00% 2.90%
Preferred Stocks 		2.38% 0.00% 2.38% 0.08%
Convertible Bonds 		0.00% 0.00% 5.54% 71.97%
Cash 		0.00% 0.00% 99.06% 98.43%
Bonds 		0.00% -0.50% 93.78% 73.55%

Stock Sector Breakdown

Weighting Return Low Return High MSEFX % Rank
Financial Services 		24.19% 0.00% 55.59% 3.67%
Technology 		14.90% 0.00% 48.94% 90.65%
Communication Services 		14.67% 0.00% 27.94% 3.91%
Consumer Cyclical 		14.18% 0.00% 30.33% 5.91%
Healthcare 		13.67% 0.00% 60.70% 72.84%
Consumer Defense 		7.35% 0.00% 47.71% 32.03%
Industrials 		7.12% 0.00% 29.90% 90.34%
Real Estate 		1.95% 0.00% 31.91% 71.73%
Energy 		1.12% 0.00% 41.64% 82.51%
Utilities 		0.84% 0.00% 20.91% 79.87%
Basic Materials 		0.00% 0.00% 25.70% 98.00%

Stock Geographic Breakdown

Weighting Return Low Return High MSEFX % Rank
US 		79.50% 0.00% 124.03% 96.62%
Non US 		14.78% 0.00% 62.81% 1.49%

MSEFX - Expenses

Operational Fees

MSEFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.50% 0.01% 16.07% 15.32%
Management Fee 1.10% 0.00% 1.89% 98.97%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.85% N/A

Sales Fees

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

Trading Fees

MSEFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% 43.38%

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.

MSEFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 27.74% 0.00% 496.00% 56.93%

MSEFX - Distributions

Dividend Yield Analysis

MSEFX Category Low Category High MSEFX % Rank
Dividend Yield 0.00% 0.00% 25.99% 95.99%

Dividend Distribution Analysis

MSEFX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Annual Annual

Net Income Ratio Analysis

MSEFX Category Low Category High MSEFX % Rank
Net Income Ratio -0.13% -54.00% 6.06% 88.62%

Capital Gain Distribution Analysis

MSEFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

MSEFX - Fund Manager Analysis

Managers

Christopher Davis

Start Date

Tenure

Tenure Rank

Dec 31, 1999

22.43

22.4%

Christopher Davis, Portfolio Manager, is a research analyst and Chair of the Portfolio Review Committee which oversees the management of the Davis Global, International and All-Cap Strategies. Mr. Davis with Danton Goei is Portfolio Manager for all large cap equity and concentrated equity portfolios. Mr. Davis joined the firm in 1989 after working as a securities analyst. He received his M.A. from the University of St. Andrews in Scotland.

Jeremy DeGroot

Start Date

Tenure

Tenure Rank

Apr 30, 2005

17.1

17.1%

Jeremy DeGroot, CFA MA, Principal, Chief Investment Officer Jeremy joined Litman Gregory in 1999 and became a principal in 2003. He is responsible for overseeing the firm's manager due diligence, asset class research, and portfolio allocation decisions. Jeremy is also Portfolio Manager of the Litman Gregory Masters Alternative Strategies Fund and Co-Portfolio Manager of the Litman Gregory Masters Equity, International, and Smaller Companies funds. He is frequently quoted in the national media in the areas of asset allocation and manager selection. Jeremy holds the Chartered Financial Analyst® (CFA®) designation. Prior to joining Litman Gregory, Jeremy was an Economic Consulting Services Manager with KPMG Peat Marwick and was a Senior Economist with the Law & Economics Consulting Group. Jeremy is a graduate of University of Wisconsin - Madison (BS - Economics) and University of California - Berkeley (MA - Economics).

A. Michael Sramek

Start Date

Tenure

Tenure Rank

Apr 02, 2008

14.17

14.2%

A. Michael Sramek, CFA, is a portfolio manager, Research Analyst, Senior Portfolio Manager, and Managing Director, has been with Sands Capital since 2001. Prior to joining Sands Capital, he was a Research Analyst at Mastrapasqua & Associates during 2000. Prior to obtaining his MBA in 2000, he was an Associate, Plan Sponsor Services at BARRA/Rogers Casey from 1995 to 1998.

Clyde McGregor

Start Date

Tenure

Tenure Rank

Oct 02, 2008

13.67

13.7%

Clyde S. McGregor, CFA, is a Vice President and portfolio manager of Harris Associates L.P.. He joined Harris Associates L.P. in 1981. In 2011, Mr. McGregor became the first recipient of the Lipper Award for Fund Excellence, presented to investment managers for achievements over their career. He holds an M.B.A. in Finance from the University of Wisconsin (1977) and a B.A. in Economics and Religion from Oberlin College (1974).

William Nygren

Start Date

Tenure

Tenure Rank

May 17, 2013

9.04

9.0%

William Nygren is a Partner and Portfolio Manager at Harris Associates L.P. He joined Harris Associates in 1983 as an investment analyst and later served as the firm’s director of research. Previously, he was an investment analyst with Northwestern Mutual Life Insurance Company. Mr. Nygren earned a BS in accounting from the University of Minnesota (1980) and an MS in finance from the University of Wisconsin – Madison’s Applied Security Analysis Program (1981). He is a CFA® charterholder.

Patrick English

Start Date

Tenure

Tenure Rank

May 17, 2013

9.04

9.0%

Mr. English joined Fiduciary Management, Inc. in 1986. He is the Chairman, CEO and Chief Investment Officer, and is a partner and member of the Portfolio Management Committee. Mr. English works with the firm’s analysts in vetting new research ideas. Prior to joining Fiduciary, Mr. English was a research analyst with Dodge & Cox (1985-1986). Mr. English received a BA degree from Stanford University. He is a member of the CFA Society of Milwaukee, and he has earned the right to use the Chartered Financial Analyst designation.

Jack Chee

Start Date

Tenure

Tenure Rank

Apr 30, 2014

8.09

8.1%

Jack Chee Principal, Senior Research Analyst and Co-PortfolioManager Jack joined Litman Gregory in 2000 and became a principal in 2011. He is Co-Portfolio Manager of the Litman Gregory Masters Equity Fund, High Income Alternatives Fund, and Smaller Companies Fund. Jack's research responsibilities include asset-class analysis on the majority of fixed-income markets as well as the equity REIT market. He is also responsible for selecting and monitoring equity, fixed-income, and REIT money managers. His analysis appears regularly on AdvisorIntelligence. Prior to joining Litman Gregory, Jack was an analyst with Value Line Mutual Fund Survey. Jack is a graduate of Drexel University (BS - Mechanical Engineering).

Danton Goei

Start Date

Tenure

Tenure Rank

Apr 30, 2016

6.09

6.1%

Danton G. Goei joined Davis Advisors in 1998. He is the portfolio manager for the Davis Global Fund. Mr. Goei received his B.A. from Georgetown University and his M.B.A. from The Wharton School. He was previously employed at Bain & Company, Morgan Stanley Asia Ltd. and Citicorp. Mr. Goei speaks multiple languages and has lived in Europe and Asia, and currently resides in New York City. Mr. Goei has an M.B.A. from The Wharton School and a B.A. from Georgetown University.

Jonathan Bloom

Start Date

Tenure

Tenure Rank

Apr 30, 2017

5.09

5.1%

Mr. Bloom joined Fiduciary Management, Inc. in 2010. He is a partner and member of the firm’s Portfolio Management Committee. Mr. Bloom serves as the Director of Research, working with the firm’s analysts on vetting new research ideas. Mr. Bloom received a BA degree from Brown University and an MBA from Columbia Business School. He is a member of the CFA Society of Milwaukee, and he has earned the right to use the Chartered Financial Analyst designation.

Chad Baumler

Start Date

Tenure

Tenure Rank

Apr 29, 2020

2.09

2.1%

Chad Baumler is the Vice President and Co-Chief Investment Officer of Nuance and is a co-owner of the firm. Chad is the Co-Portfolio Manager for Nuance Concentrated Value and Nuance Mid Cap Value, and he is the lead Portfolio Manager on the Nuance Concentrated Value Long Short. Chad also focuses his analytical skills on the energy, financial and real estate sectors. He has over 14 years of investment analyst experience and 9 years of portfolio management experience using a classic value approach.ﾠ Before joining Nuance, Chad was a Portfolio Manager for American Century Investments (ACI) where he co-managed the American Century Value fund and the American Century Market Neutral Value Fund. Prior to becoming a Portfolio Manager at ACI, he spent six years as an Investment Analyst specializing in the energy and finance sectors. Chad also has experience working in the commercial real estate industry at CB Richard Ellis, Inc. in Kansas City, Missouri.ﾠ Chad graduated from the University of Northern Iowa with a Bachelor of Arts (BA) in finance. He has a Master of Business Administration (MBA) with a concentration in finance from the University of Texas, McCombs School of Business. He is a CFA ® charterholder and a member of the CFA institute.ﾠ CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.23 2.42

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