The investment team seeks to invest in high-quality, undervalued businesses that offer the potential for superior risk/reward outcomes. The investment universe is generally non-US equities with market caps below $5 billion.
As of 31 December 2022 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: ARDBX | 11.98 | -2.69 | — | — | — | — | -2.69 |
MSCI All Country World ex USA Small Cap Index | 13.31 | -2.96 | — | — | — | — | -2.96 |
As of 31 December 2022 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: ARDBX | 11.98 | -2.69 | — | — | — | — | -2.69 |
MSCI All Country World ex USA Small Cap Index | 13.31 | -2.96 | — | — | — | — | -2.96 |
Gross | Net | |
Annual Report 30 September 2022 | 6.08% | 1.40% |
Prospectus 9 May 2022 | 1.65% | 1.42% |
Net expenses reflect a contractual expense limitation agreement in effect through 31 Jan 2024. See prospectus for further details. Prospectus Figures: Includes estimated expenses for the current fiscal year. Annual Report Figures: For the period from commencement of operations 16 May 2022 through 30 Sep 2022.
Top 10 Holdings (% of total portfolio as of 31 December 2022) |
|
---|---|
M&C Saatchi PLC (Communication Services) | 8.4 |
Mitra Adiperkasa Tbk PT (Consumer Discretionary) | 5.4 |
Despegar.com Corp (Consumer Discretionary) | 4.9 |
Glenveagh Properties PLC (Consumer Discretionary) | 4.6 |
Steadfast Group Ltd (Financials) | 4.6 |
Hensoldt AG (Industrials) | 4.5 |
ATS Corp (Industrials) | 4.3 |
Sato Holdings Corp (Industrials) | 3.9 |
IDOX PLC (Information Technology) | 3.6 |
Zuken Inc (Information Technology) | 3.4 |
Total | 47.6% |
Portfolio Statistics (as of 31 December 2022) |
|
---|---|
Median Market Cap (Billions) | $0.5 |
Weighted Avg. Market Cap (Billions) | $1.3 |
Weighted Harmonic Avg. P/E (FY1) | 13.3X |
Weighted Harmonic Avg. P/E (FY2) | 11.9X |
Weighted Avg. Net Debt/Capital | -6.9% |
Weighted Avg. EV/EBITDA | 9.2X |
Weighted Avg. ROA | 4.8% |
Active Share | 99.3% |
Number of Securities | 34 |
Number of Countries | 21 |
Cash (% of total portfolio) | 13.4% |
Region Allocation (% of portfolio securities as of 31 December 2022) |
|
---|---|
|
|
Europe | 44.7 |
Emerging Markets | 25.9 |
Pacific Basin | 20.5 |
Americas | 9.0 |
Total | 100.0% |
Top 10 Countries (% of portfolio securities as of 31 December 2022) |
|
---|---|
United Kingdom | 20.6 |
Japan | 11.9 |
Germany | 7.3 |
Canada | 6.7 |
Indonesia | 6.2 |
Argentina | 5.6 |
Ireland | 5.3 |
Australia | 5.3 |
South Africa | 3.7 |
Netherlands | 3.6 |
Sector Diversification (% of portfolio securities as of 31 December 2022) |
|
---|---|
Communication Services | 11.0 |
Consumer Discretionary | 19.6 |
Consumer Staples | 1.3 |
Energy | — |
Financials | 11.0 |
Health Care | 6.9 |
Industrials | 28.1 |
Information Technology | 16.0 |
Materials | 4.2 |
Real Estate | 2.0 |
Utilities | — |
Other | — |
Total | 100.0% |