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 30 April 2023 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: ARDBX | -1.62 | 12.76 | — | — | — | — | 9.72 |
MSCI All Country World ex USA Small Cap Index | 1.47 | 6.24 | — | — | — | — | 3.09 |
As of 31 March 2023 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Advisor Class: ARDBX | 14.61 | 14.61 | — | — | — | — | 11.52 |
MSCI All Country World ex USA Small Cap Index | 4.70 | 4.70 | — | — | — | — | 1.59 |
Gross | Net | |
Annual Report 30 September 2022 | 6.08% | 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. 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 30 April 2023) |
|
---|---|
M&C Saatchi PLC (Communication Services) | 8.8 |
ATS Corp (Industrials) | 5.4 |
Glenveagh Properties PLC (Consumer Discretionary) | 4.8 |
Despegar.com Corp (Consumer Discretionary) | 4.5 |
Sato Holdings Corp (Industrials) | 4.4 |
IDOX PLC (Information Technology) | 3.5 |
Impro Precision Industries Ltd (Industrials) | 3.5 |
Qualitas Controladora SAB de CV (Financials) | 3.5 |
Zuken Inc (Information Technology) | 3.4 |
Mitra Adiperkasa Tbk PT (Consumer Discretionary) | 3.3 |
Total | 45.2% |
Portfolio Statistics (as of 30 April 2023) |
|
---|---|
Median Market Cap (Billions) | $0.6 |
Weighted Avg. Market Cap (Billions) | $1.6 |
Weighted Harmonic Avg. P/E (FY1) | 14.5X |
Weighted Harmonic Avg. P/E (FY2) | 11.4X |
Weighted Avg. Net Debt/Capital | 2.6% |
Weighted Avg. EV/EBITDA | 9.0X |
Weighted Avg. ROA | 3.9% |
Active Share | 99.3% |
Number of Securities | 34 |
Number of Countries | 21 |
Cash (% of total portfolio) | 15.5% |
Region Allocation (% of portfolio securities as of 30 April 2023) |
|
---|---|
|
|
Europe | 45.3 |
Emerging Markets | 23.8 |
Pacific Basin | 20.5 |
Americas | 10.4 |
Total | 100.0% |
Top 10 Countries (% of portfolio securities as of 30 April 2023) |
|
---|---|
United Kingdom | 22.2 |
Japan | 12.7 |
Canada | 8.0 |
Ireland | 5.7 |
Argentina | 5.4 |
Germany | 5.3 |
Hong Kong | 4.2 |
Mexico | 4.1 |
Indonesia | 3.9 |
Australia | 3.7 |
Sector Diversification (% of portfolio securities as of 30 April 2023) |
|
---|---|
Communication Services | 11.4 |
Consumer Discretionary | 17.7 |
Consumer Staples | 1.4 |
Energy | — |
Financials | 10.6 |
Health Care | 7.4 |
Industrials | 28.3 |
Information Technology | 16.4 |
Materials | 4.6 |
Real Estate | 2.2 |
Utilities | — |
Other | — |
Total | 100.0% |