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 October 2023 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: ARDBX | -6.11 | 1.13 | 8.14 | — | — | — | -1.09 |
MSCI All Country World ex USA Small Cap Index | -5.59 | -0.84 | 8.82 | — | — | — | -2.61 |
As of 30 September 2023 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: ARDBX | -5.42 | 7.72 | 20.62 | — | — | — | 3.48 |
MSCI All Country World ex USA Small Cap Index | -1.70 | 5.03 | 19.01 | — | — | — | 1.39 |
Gross | Net | |
Semi-Annual Report 31 March 2023 | 2.26% | 1.40% |
Prospectus 30 September 2022 | 1.84% | 1.41% |
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. Semi-Annual Report Figure(s): Unaudited, annualized for the six-month period.
Top 10 Holdings (% of total portfolio as of 31 October 2023) |
|
---|---|
M&C Saatchi PLC (Communication Services) | 8.0 |
Glenveagh Properties PLC (Consumer Discretionary) | 7.2 |
Despegar.com Corp (Consumer Discretionary) | 6.2 |
Zuken Inc (Information Technology) | 4.6 |
Care Ratings Ltd (Financials) | 4.5 |
Sato Holdings Corp (Industrials) | 4.4 |
Alten SA (Information Technology) | 4.0 |
Mitra Adiperkasa Tbk PT (Consumer Discretionary) | 3.6 |
Steadfast Group Ltd (Financials) | 3.0 |
Signify NV (Industrials) | 2.9 |
Total | 48.4% |
Portfolio Statistics (as of 31 October 2023) |
|
---|---|
Median Market Cap (Billions) | $0.5 |
Weighted Avg. Market Cap (Billions) | $1.2 |
Weighted Harmonic Avg. P/E (FY1) | 12.7X |
Weighted Harmonic Avg. P/E (FY2) | 9.5X |
Weighted Avg. Net Debt/Capital | -0.9% |
Weighted Avg. EV/EBITDA | 8.1X |
Weighted Avg. ROA | 4.0% |
Active Share | 99.3% |
Number of Securities | 33 |
Number of Countries | 21 |
Cash (% of total portfolio) | 15.0% |
Region Allocation (% of portfolio securities as of 31 October 2023) |
|
---|---|
|
|
Europe | 50.7 |
Emerging Markets | 24.8 |
Pacific Basin | 21.0 |
Americas | 3.5 |
Total | 100.0% |
Top 10 Countries (% of portfolio securities as of 31 October 2023) |
|
---|---|
United Kingdom | 20.3 |
Japan | 14.0 |
Ireland | 8.5 |
Argentina | 7.3 |
Germany | 5.5 |
India | 5.3 |
France | 4.7 |
Indonesia | 4.2 |
Netherlands | 4.1 |
Australia | 3.5 |
Sector Diversification (% of portfolio securities as of 31 October 2023) |
|
---|---|
Communication Services | 10.3 |
Consumer Discretionary | 23.7 |
Consumer Staples | — |
Energy | — |
Financials | 12.0 |
Health Care | 5.9 |
Industrials | 19.9 |
Information Technology | 20.7 |
Materials | 5.1 |
Real Estate | 2.4 |
Utilities | — |
Other | — |
Total | 100.0% |