Macquarie Pooled Labor Select Intl Eq
Name
As of 12/08/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
$6.78
$138 M
7.05%
$0.48
0.91%
Vitals
YTD Return
-52.4%
1 yr return
-51.5%
3 Yr Avg Return
-23.6%
5 Yr Avg Return
-14.9%
Net Assets
$138 M
Holdings in Top 10
32.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.91%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 15.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/08/2022Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
$6.78
$138 M
7.05%
$0.48
0.91%
DELPX - Profile
Distributions
- YTD Total Return -52.4%
- 3 Yr Annualized Total Return -23.6%
- 5 Yr Annualized Total Return -13.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.84%
- Dividend Yield 7.1%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameMacquarie Pooled Trust Labor Select International Equity Portfolio
-
Fund Family NameMacquarie Investment Management
-
Inception DateDec 19, 1995
-
Shares OutstandingN/A
-
Share ClassInst
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerNigel Bliss
Fund Description
The Portfolio will primarily invest in equity securities of companies that are organized, have a majority of their assets, or derive most of their operating income outside of the US, and which, in the opinion of the Portfolio’s portfolio managers, are undervalued at the time of purchase based on the rigorous fundamental analysis that the portfolio managers employ. In addition to following these quantitative guidelines, the Sub-advisor will select securities of issuers that present certain characteristics that are compatible or operate in accordance with certain investment policies or restrictions followed by organized labor.
Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change. Under normal circumstances, the Portfolio will invest at least 40% of its total assets in securities of non-US issuers. This policy is in addition to the 80% Policy.
In selecting portfolio securities, the portfolio managers emphasize strong performance in falling markets relative to other mutual funds focusing on international equity investments. Equity securities include, but are not limited to, common stocks, securities convertible into common stocks, securities having common stock characteristics, such as rights and warrants to purchase common stocks, and preferred shares. To the extent that this Portfolio invests in convertible debt securities, those securities will be purchased on the basis of their equity characteristics, and ratings of those securities, if any, will not be an important factor in
their selection. Additionally, the Portfolio may, from time to time, hold its assets in cash (which may be US dollars or foreign currency, including the euro) or may invest in short-term debt securities or other money market instruments. Except when a temporary defensive approach is appropriate, the Portfolio generally will not hold more than 5% of its assets in cash or such short-term instruments.
From time to time, the Portfolio may invest up to 30% of its net assets in securities of issuers in the commercial banking industry; to the extent the Portfolio invests 30% of its net assets in such securities, it may be slightly more sensitive to movement in the commercial banking industry.
The portfolio managers’ approach in selecting investments for the Portfolio is primarily quantitatively oriented to individual stock selection and is value driven. In selecting stocks for the Portfolio, the portfolio managers identify those stocks that they believe will provide the highest total return over a market cycle, taking into consideration the movement in the price of the individual security, the impact of currency adjustment on a US-domiciled, dollar-based investor, and the investment guidelines described below. The portfolio managers conduct extensive fundamental research on a global basis, and it is through this research effort that securities with the potential for maximum long-term total return are identified. The center of the fundamental research effort is a value-oriented dividend discount methodology applied to individual securities and market analysis that isolates value across country boundaries. The portfolio managers’ approach focuses on future anticipated dividends and discounts the value of those dividends back to what they would be worth if they were being paid today. Comparisons of the values of different possible investments are then made.
Supplementing the portfolio managers’ quantitative approach to stock selection, the portfolio managers also attempt to follow certain qualitative investment guidelines that seek to identify issuers that present certain characteristics that are compatible or operate in accordance with certain investment policies or restrictions followed by organized labor. These qualitative investment guidelines include country screens, as well as additional issuer-specific criteria. The country screens require that the securities are of companies domiciled in those countries that are included in the MSCI EAFE (Europe, Australasia, and Far East) Index and Canada. Nations that are currently in this Index include, among others, Japan, the United Kingdom, Germany, France, and the Netherlands. In addition, the Portfolio will tend to favor investments in issuers located in those countries that the portfolio managers perceive as enjoying favorable relations with the US. Pursuant to the Portfolio’s issuer-specific criteria, the Portfolio will: (1) invest only in companies that are publicly traded; (2) focus on companies that show, in the portfolio managers’ opinion, evidence of pursuing fair labor practices; (3) focus on companies that have not been subject to penalties or tariffs imposed by applicable US government agencies for unfair trade practices within the previous two years; and (4) not invest in initial public offerings. Evidence of pursuing fair labor practices would include whether a company has demonstrated patterns of noncompliance with applicable labor or health and safety laws. The qualitative labor sensitivity factors that the portfolio managers will utilize in selecting securities will vary over time, and will be solely in the portfolio managers’ discretion.
The portfolio managers do not normally intend to respond to short-term market fluctuations or to acquire securities for the purpose of short-term trading; however, the portfolio managers may take advantage of short-term opportunities that are consistent with the Portfolio’s investment objective. It is anticipated that the annual turnover rate of the Portfolio, under normal circumstances, will generally not exceed 100%.
Currency considerations carry a special risk for a portfolio of international securities, and the portfolio managers use a purchasing power parity approach to evaluate currency risk. In this regard, the Portfolio may actively carry out hedging activities, and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a particular currency.
The portfolio managers consider material ESG opportunities and risks as an integrated part of the investment process.
DELPX - Performance
Return Ranking - Trailing
Period | DELPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -52.4% | -52.4% | 424400.0% | 100.00% |
1 Yr | -51.5% | -51.5% | 157.0% | 100.00% |
3 Yr | -23.6%* | -23.6% | 12.6% | 100.00% |
5 Yr | -14.9%* | -14.9% | 6.2% | 100.00% |
10 Yr | -6.2%* | -6.4% | 9.7% | 99.40% |
* Annualized
Return Ranking - Calendar
Period | DELPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.0% | -99.0% | 64.4% | 39.77% |
2022 | -4.6% | -91.9% | 8.3% | 94.21% |
2021 | 4.1% | 1.4% | 20.1% | 72.33% |
2020 | -4.0% | -100.0% | -1.3% | 13.91% |
2019 | 3.4% | 0.0% | 18.0% | 67.51% |
Total Return Ranking - Trailing
Period | DELPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -52.4% | -52.4% | 171.2% | 100.00% |
1 Yr | -51.5% | -51.5% | 157.0% | 100.00% |
3 Yr | -23.6%* | -23.6% | 16.0% | 100.00% |
5 Yr | -13.8%* | -13.8% | 9.7% | 100.00% |
10 Yr | -3.9%* | -6.4% | 13.3% | 98.21% |
* Annualized
Total Return Ranking - Calendar
Period | DELPX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.0% | -66.6% | 64.4% | 39.77% |
2022 | -4.6% | -11.5% | 211.0% | 94.51% |
2021 | 4.1% | 1.4% | 20.1% | 72.41% |
2020 | -3.2% | -17.4% | -1.3% | 9.93% |
2019 | 4.0% | 1.9% | 433899.9% | 54.87% |
NAV & Total Return History
DELPX - Holdings
Concentration Analysis
DELPX | Category Low | Category High | DELPX % Rank | |
---|---|---|---|---|
Net Assets | 138 M | 2.21 M | 44.7 B | 76.12% |
Number of Holdings | 55 | 2 | 3900 | 85.24% |
Net Assets in Top 10 | 51.3 M | 530 K | 13.7 B | 68.80% |
Weighting of Top 10 | 32.64% | 7.3% | 99.9% | 19.37% |
Top 10 Holdings
- Sony Group Corp 3.90%
- Sony Group Corp 3.90%
- Sony Group Corp 3.90%
- Sony Group Corp 3.90%
- Sony Group Corp 3.90%
- Sony Group Corp 3.90%
- Sony Group Corp 3.90%
- Sony Group Corp 3.90%
- Sony Group Corp 3.90%
- Sony Group Corp 3.90%
Asset Allocation
Weighting | Return Low | Return High | DELPX % Rank | |
---|---|---|---|---|
Stocks | 99.66% | 75.03% | 100.46% | 18.66% |
Cash | 0.34% | -31.92% | 11.89% | 76.04% |
Preferred Stocks | 0.00% | 0.00% | 1.34% | 10.03% |
Other | 0.00% | -2.35% | 6.11% | 32.87% |
Convertible Bonds | 0.00% | 0.00% | 0.15% | 4.46% |
Bonds | 0.00% | 0.00% | 31.71% | 8.08% |
Stock Sector Breakdown
Weighting | Return Low | Return High | DELPX % Rank | |
---|---|---|---|---|
Industrials | 19.72% | 1.03% | 36.79% | 7.02% |
Healthcare | 15.45% | 0.00% | 23.28% | 12.64% |
Financial Services | 14.30% | 0.00% | 42.76% | 89.61% |
Utilities | 10.36% | 0.00% | 27.46% | 6.74% |
Communication Services | 9.59% | 0.00% | 23.78% | 19.10% |
Consumer Defense | 8.25% | 0.00% | 31.84% | 51.12% |
Energy | 6.94% | 0.00% | 26.59% | 46.35% |
Technology | 6.87% | 0.00% | 24.16% | 45.51% |
Consumer Cyclical | 6.47% | 0.00% | 27.46% | 76.12% |
Basic Materials | 2.05% | 0.00% | 30.76% | 96.63% |
Real Estate | 0.00% | 0.00% | 19.64% | 79.78% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | DELPX % Rank | |
---|---|---|---|---|
Non US | 97.18% | 71.47% | 100.46% | 37.05% |
US | 2.48% | 0.00% | 15.02% | 27.02% |
DELPX - Expenses
Operational Fees
DELPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.91% | 0.01% | 4.03% | 50.00% |
Management Fee | 0.75% | 0.00% | 1.25% | 60.56% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 0.47% | N/A |
Sales Fees
DELPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
DELPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.25% | 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.
DELPX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 15.00% | 2.00% | 158.16% | 3.97% |
DELPX - Distributions
Dividend Yield Analysis
DELPX | Category Low | Category High | DELPX % Rank | |
---|---|---|---|---|
Dividend Yield | 7.05% | 0.00% | 14.14% | 80.28% |
Dividend Distribution Analysis
DELPX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annually | Annually | Monthly | Quarterly |
Net Income Ratio Analysis
DELPX | Category Low | Category High | DELPX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.84% | -1.56% | 7.85% | 34.20% |
Capital Gain Distribution Analysis
DELPX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 07, 2022 | $5.833 | OrdinaryDividend |
Dec 15, 2020 | $0.448 | OrdinaryDividend |
Dec 17, 2019 | $0.731 | OrdinaryDividend |
Dec 20, 2018 | $0.423 | OrdinaryDividend |
Dec 20, 2017 | $0.435 | OrdinaryDividend |
Dec 20, 2016 | $0.380 | OrdinaryDividend |
Dec 18, 2015 | $0.367 | OrdinaryDividend |
Dec 19, 2014 | $0.800 | OrdinaryDividend |
Dec 19, 2013 | $0.450 | OrdinaryDividend |
Dec 19, 2012 | $0.420 | OrdinaryDividend |
Dec 19, 2011 | $0.535 | OrdinaryDividend |
Dec 22, 2010 | $0.406 | OrdinaryDividend |
Dec 17, 2009 | $0.376 | OrdinaryDividend |
Dec 21, 2005 | $0.454 | OrdinaryDividend |
Dec 22, 2004 | $0.153 | OrdinaryDividend |
Mar 25, 2004 | $0.030 | OrdinaryDividend |
Dec 18, 2003 | $0.198 | OrdinaryDividend |
Sep 25, 2003 | $0.030 | OrdinaryDividend |
Jun 25, 2003 | $0.030 | OrdinaryDividend |
Mar 26, 2003 | $0.030 | OrdinaryDividend |
Dec 18, 2002 | $0.143 | OrdinaryDividend |
Sep 25, 2002 | $0.030 | OrdinaryDividend |
Jun 26, 2002 | $0.030 | OrdinaryDividend |
Mar 27, 2002 | $0.030 | OrdinaryDividend |
Dec 19, 2001 | $0.140 | OrdinaryDividend |
Sep 26, 2001 | $0.030 | OrdinaryDividend |
Jun 27, 2001 | $0.030 | OrdinaryDividend |
Mar 27, 2001 | $0.030 | OrdinaryDividend |
Dec 28, 2000 | $0.050 | OrdinaryDividend |
Sep 27, 2000 | $0.030 | OrdinaryDividend |
Jun 27, 2000 | $0.030 | OrdinaryDividend |
Mar 27, 2000 | $0.030 | OrdinaryDividend |
Dec 22, 1999 | $0.302 | OrdinaryDividend |
Sep 27, 1999 | $0.030 | OrdinaryDividend |
Jun 25, 1999 | $0.030 | OrdinaryDividend |
Mar 29, 1999 | $0.030 | OrdinaryDividend |
Dec 28, 1998 | $0.222 | OrdinaryDividend |
Sep 29, 1998 | $0.030 | OrdinaryDividend |
Jun 29, 1998 | $0.030 | OrdinaryDividend |
Mar 27, 1998 | $0.030 | OrdinaryDividend |
Dec 23, 1997 | $0.358 | OrdinaryDividend |
Oct 07, 1997 | $0.030 | OrdinaryDividend |
Jul 08, 1997 | $0.030 | OrdinaryDividend |
Apr 07, 1997 | $0.030 | OrdinaryDividend |
Dec 27, 1996 | $0.430 | OrdinaryDividend |
Oct 07, 1996 | $0.030 | OrdinaryDividend |
Jul 08, 1996 | $0.030 | OrdinaryDividend |
Apr 08, 1996 | $0.030 | OrdinaryDividend |
DELPX - Fund Manager Analysis
Managers
Nigel Bliss
Start Date
Tenure
Tenure Rank
Oct 01, 2002
19.68
19.7%
Mr. Bliss is a graduate of the University of Manchester, holds the ASIP designation and is a member of the CFA Institute and the CFA Society of the UK. He commenced his career at Cazenove & Co. in 1993 and moved to join Mondrian in 1995. Mr. Bliss is a senior portfolio manager in the Non-US Equity Team and a member of Mondrian’s Non-US Equity Strategy Committee. He has had significant experience analyzing securities in the Pacific Basin region and in the global materials, utilities, property and industrials sectors. In recent years Mr. Bliss has taken responsibility for leading coverage of securities listed in the UK and Scandinavian markets whilst still maintaining his sector specialization.
Elizabeth Desmond
Start Date
Tenure
Tenure Rank
Nov 30, 2014
7.5
7.5%
Ms. Desmond holds a BA from Wellesley College and an MA in East Asian Studies from Stanford University. After working for the Japanese government for two years, she began her investment career as a Pacific Basin investment manager with Shearson Lehman Global Asset Management. In 1991 Ms. Desmond joined Mondrian Investment Partners’ predecessor organization as a founding member after previously working as a Pacific Basin equity analyst and senior portfolio manager at Hill Samuel Investment Advisers Ltd. She is a Director and leads the International Equity investment team; in addition she chairs the International Equity Strategy Committee. Ms. Desmond is a CFA Charterholder, and a member of the CFA Institute and the CFA Society of the UK. She sits on the CFA UK’s Advisory Council.
Zsolt Mester
Start Date
Tenure
Tenure Rank
Feb 28, 2019
3.25
3.3%
Mr. Mester holds a BSc (First Class) and an MSc (with Distinction) in Financial Economics from the University of London and an MPhil in Economics from the University of Oxford. After graduation, Mr. Mester worked for three years as an equity research analyst. Mr. Mester joined Mondrian in 2014 in the International Equities team. Mr. Mester is a CFA Charterholder and a member of the CFA Institute and the CFA Society of the UK.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.2 | 29.68 | 7.61 | 0.54 |