Phaeacian Global Value Institutional
Name
As of 05/24/2022Price
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
Vitals
YTD Return
-25.7%
1 yr return
-16.5%
3 Yr Avg Return
5.1%
5 Yr Avg Return
7.2%
Net Assets
$75.3 M
Holdings in Top 10
30.2%
52 WEEK LOW AND HIGH
$16.8
$16.75
$28.25
Expenses
OPERATING FEES
Expense Ratio 1.22%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,500
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 05/24/2022Price
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
PPGVX - Profile
Distributions
- YTD Total Return -25.7%
- 3 Yr Annualized Total Return 5.1%
- 5 Yr Annualized Total Return 7.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.15%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Semi-Annually
Fund Details
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Legal NamePhaeacian Global Value Fund
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Fund Family NamePhaeacian
-
Inception DateJul 03, 1978
-
Shares OutstandingN/A
-
Share ClassInv
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerGregory Herr
Fund Description
The Fund seeks to identify investment opportunities across markets globally, including both developed and emerging countries. It typically invests in equity securities of companies with market capitalizations in excess of $2 billion at the time of the initial purchase. If the market capitalization of an issuer of securities held by the Fund declines below $2 billion, the Fund may purchase additional shares of that issuer.The Fund typically invests in 30 to 60 companies the portfolio managers believe are high quality and financially strong, and that the portfolio managers believe have management teams that run the business well operationally and allocate capital in a way that builds share value over time. The portfolio managers seek to invest in these companies when their stock prices are less than the portfolio managers’ estimate of their intrinsic values per share. The portfolio managers define the “intrinsic value” of a business to mean the discounted value of the sum of all the free cash flows that can be generated by the business during its remaining life.The Fund’s universe of potential investments primarily includes companies domiciled in jurisdictions where the portfolio managers believe reasonable business practices exist. In investing the Fund’s assets, the portfolio managers focus on countries with established rules of law and political systems that allow for transparent and unbiased enforcement of those laws, although there can be no assurance that the Fund’s assets will in all cases be invested in countries that offer such protections. The portfolio managers will, under normal circumstances, seek to maintain a minimum of 20% of the Fund’s total assets invested in equity securities of companies domiciled in the United States and a minimum of 40% of the Fund’s total assets invested in equity securities of non-U.S. issuers, calculated at market value. Under normal circumstances, the Fund will invest no less than 80% of its total assets in equity securities and will generally hold no more than 10% of its total assets in cash or cash equivalents. In addition, the portfolio managers may invest in depositary receipts, which are receipts that represent interests in non-U.S. securities that may be sponsored by the issuer or unsponsored. The Fund may invest in a variety of types of equity securities, including common stocks, preferred stocks, convertible securities, rights and warrants.The portfolio managers believe that the Fund’s investment goals are best achieved by taking a long-term approach. The portfolio managers consider themselves as owners of businesses and believe the intrinsic value of a business is not decided by what happens in a given quarter, but rather by what will happen over a multi-year period. However, the portfolio managers are also valuation-driven. As such, what ultimately dictates the Fund’s holding period of any security is how much time it takes for the discount to fair value to unwind.Key Investment Criteria. The portfolio managers expect to consider the following investment criteria, among others, under normal circumstances.1. Business Quality. The portfolio managers seek to invest in businesses with high barriers to market entry, low threat of substitutes, sustainable competitive advantages, and power over customers as well as suppliers. The portfolio managers believe that such businesses can expand revenues over time, generate industry leading margins, realize high levels of free cash flows, and earn attractive returns on capital employed.2. Financial Strength. The portfolio managers consider the overall financial strength of businesses. The portfolio managers seek to avoid companies with excessive leverage on their balance sheet relative to the free cash flow profile of the business. The portfolio managers believe that a strong balance sheet can help a company withstand temporary disruptions or adverse economic circumstances, and put it in a position to gain strength through challenging times.3. Strong Management. The portfolio managers seek to invest in companies with shareholder-aligned management teams that have histories of both operational excellence and capital allocation that builds shareholder value.4. Low Absolute Valuation. The portfolio managers only make investments when they believe the investment offers a margin of safety, i.e., when the issuer’s shares trade at a sufficient discount to the portfolio managers’ estimate of their intrinsic value.Given the portfolio managers’ strict investment criteria, a broad potential investment universe, a limited number of holdings in the portfolio, and a benchmark-agnostic approach are all important aspects of the Fund’s strategy. While there are thousands of publicly listed companies in the world, the portfolio managers believe that only a limited number of them combine strong business fundamentals, financial strength, and shareholder-friendly management teams while trading at a discount to intrinsic value, which leads the portfolio managers to run a selective portfolio. The portfolio managers’ benchmark-agnostic approach focuses on whether an opportunity meets all of the investment criteria, rather than where the company is domiciled or which sector or industry it operates in.The portfolio managers are cognizant of macro-economic factors, but center their analyses around, and select stocks based on the fundamentals of the underlying businesses. The portfolio managers perform security selection on a bottom-up basis and conduct extensive research on individual investment candidates, focusing on business fundamentals. They eschew businesses that do not lend themselves to appraisal. The portfolio managers use their research findings to estimate the intrinsic value of businesses.The Fund’s portfolio construction is the product of this research and valuation process. The portfolio managers select companies that meet their qualitative investment criteria and offer a sufficient margin of safety. The portfolio managers rank all portfolio securities according to the relative discount to their estimate of intrinsic value and usually allocate the largest portfolio weightings to those investments that they believe offer the greatest opportunity for appreciation. The portfolio managers believe that this approach allows their best ideas to have a meaningful impact on the Fund’s performance.The portfolio managers may sell a portfolio holding when the holding’s market price appreciates and approaches the portfolio managers’ estimate of intrinsic value; when they find an opportunity to reallocate the Fund’s assets to other investments with greater reward potential; or when the original investment thesis no longer holds.
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PPGVX - Performance
Return Ranking - Trailing
| Period | PPGVX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -25.7% | -35.6% | 29.2% | 24.50% |
| 1 Yr | -16.5% | 17.3% | 252.4% | 45.23% |
| 3 Yr | 5.1%* | -3.5% | 34.6% | 47.32% |
| 5 Yr | 7.2%* | 0.1% | 32.7% | 36.51% |
| 10 Yr | 7.9%* | -6.9% | 18.3% | 52.69% |
* Annualized
Return Ranking - Calendar
| Period | PPGVX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -9.1% | -24.3% | 957.1% | 45.27% |
| 2022 | 14.0% | -38.3% | 47.1% | 56.26% |
| 2021 | 20.3% | -54.2% | 0.6% | 77.12% |
| 2020 | -18.5% | -76.0% | 54.1% | 12.88% |
| 2019 | 26.8% | -26.1% | 47.8% | 3.51% |
Total Return Ranking - Trailing
| Period | PPGVX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -25.7% | -35.6% | 29.2% | 25.06% |
| 1 Yr | -16.5% | 11.4% | 252.4% | 41.02% |
| 3 Yr | 5.1%* | -3.5% | 34.6% | 44.40% |
| 5 Yr | 7.2%* | 0.1% | 32.7% | 35.44% |
| 10 Yr | 7.9%* | -6.9% | 18.3% | 51.76% |
* Annualized
Total Return Ranking - Calendar
| Period | PPGVX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -9.1% | -24.3% | 957.1% | 45.27% |
| 2022 | 14.0% | -33.1% | 47.1% | 12.01% |
| 2021 | 29.3% | -44.4% | 1.8% | 22.34% |
| 2020 | -8.6% | -6.5% | 54.1% | 23.43% |
| 2019 | 27.2% | -14.4% | 47.8% | 3.51% |
NAV & Total Return History
PPGVX - Holdings
Concentration Analysis
| PPGVX | Category Low | Category High | PPGVX % Rank | |
|---|---|---|---|---|
| Net Assets | 75.3 M | 199 K | 133 B | 63.60% |
| Number of Holdings | 46 | 1 | 9075 | 68.94% |
| Net Assets in Top 10 | 52.1 M | -18 M | 37.6 B | 65.53% |
| Weighting of Top 10 | 30.19% | 9.1% | 100.0% | 45.19% |
Top 10 Holdings
- ISS A/S 4.42%
- ISS A/S 4.42%
- ISS A/S 4.42%
- ISS A/S 4.42%
- ISS A/S 4.42%
- Tencent Holdings Ltd 3.96%
- Tencent Holdings Ltd 3.96%
- Tencent Holdings Ltd 3.96%
- Tencent Holdings Ltd 3.96%
- Tencent Holdings Ltd 3.96%
Asset Allocation
| Weighting | Return Low | Return High | PPGVX % Rank | |
|---|---|---|---|---|
| Stocks | 96.93% | 61.84% | 125.47% | 75.00% |
| Other | 3.00% | -13.98% | 19.14% | 2.86% |
| Cash | 0.07% | -174.70% | 23.12% | 84.03% |
| Preferred Stocks | 0.00% | -0.01% | 5.28% | 22.91% |
| Convertible Bonds | 0.00% | 0.00% | 4.46% | 14.43% |
| Bonds | 0.00% | -1.50% | 161.67% | 18.39% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | PPGVX % Rank | |
|---|---|---|---|---|
| Technology | 34.41% | 0.00% | 49.87% | 11.89% |
| Industrials | 17.65% | 0.00% | 44.06% | 7.60% |
| Consumer Defense | 13.04% | 0.00% | 73.28% | 18.50% |
| Communication Services | 9.27% | 0.00% | 57.66% | 8.15% |
| Healthcare | 7.94% | 0.00% | 35.42% | 75.22% |
| Consumer Cyclical | 7.40% | 0.00% | 40.94% | 94.05% |
| Financial Services | 5.32% | 0.00% | 38.42% | 93.72% |
| Basic Materials | 4.97% | 0.00% | 38.60% | 13.11% |
| Utilities | 0.00% | 0.00% | 29.12% | 73.57% |
| Real Estate | 0.00% | 0.00% | 39.48% | 77.31% |
| Energy | 0.00% | 0.00% | 21.15% | 70.04% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | PPGVX % Rank | |
|---|---|---|---|---|
| Non US | 67.65% | 0.58% | 99.46% | 3.08% |
| US | 29.28% | 0.13% | 103.82% | 97.69% |
PPGVX - Expenses
Operational Fees
| PPGVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.22% | 0.01% | 44.27% | 37.17% |
| Management Fee | 1.00% | 0.00% | 1.82% | 95.30% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.08% | 0.01% | 0.76% | 0.33% |
Sales Fees
| PPGVX 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% | 5.00% | N/A |
Trading Fees
| PPGVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
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.
| PPGVX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 395.00% | 87.16% |
PPGVX - Distributions
Dividend Yield Analysis
| PPGVX | Category Low | Category High | PPGVX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 3.26% | 12.47% |
Dividend Distribution Analysis
| PPGVX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Semi-Annually | Annually | Annually | Annually |
Net Income Ratio Analysis
| PPGVX | Category Low | Category High | PPGVX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.15% | -4.27% | 12.65% | 40.23% |
Capital Gain Distribution Analysis
| PPGVX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 18, 2020 | $0.196 | OrdinaryDividend |
| Dec 18, 2019 | $0.072 | OrdinaryDividend |
PPGVX - Fund Manager Analysis
Managers
Gregory Herr
Start Date
Tenure
Tenure Rank
May 31, 2011
10.92
10.9%
Mr. Herr co-founded the Adviser in 2020. He was a Managing Director of the adviser to the predecessor to the Fund, First Pacific Advisors, LP (“FPA”), from 2013-2020. Mr. Herr previously served as Vice President and Portfolio Manager of Source Capital, Inc. from 2013 to August 2015, Vice President and Portfolio Manager of FPA Perennial Fund, Inc. (now known as FPA U.S. Value Fund, Inc.) from 2013 to August 2015 and Vice President of FPA from 2007 to 2013. Mr. Herr serves as Vice President and Portfolio Manager of Phaeacian Global Value Fund (“Global Value Fund”), a series of the Trust, and served in the same role to the predecessor to the Fund since 2011
Pierre Py
Start Date
Tenure
Tenure Rank
Nov 30, 2011
10.42
10.4%
Mr. Py co-founded the Adviser in 2020. He was a Managing Director of the adviser to the predecessor to the Fund, FPA, from 2013-2020. Mr. Py previously served as Vice President of FPA from 2011 to 2013, President and Chief Investment Officer of the predecessor to the Fund from 2013 to February 2015 and as a senior international investment analyst at Harris Associates from 2005 to 2010. Mr. Py serves as Vice President and Portfolio Manager of Phaeacian Accent International Value Fund (“Accent International Value Fund”), a series of the Trust, and Vice President and Portfolio Manager of Phaeacian Global Value Fund (“Global Value Fund”), a series of the Trust, and served in those same roles to the predecessors to the Funds since 2011, respectively
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.01 | 35.82 | 6.24 | 1.25 |