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Trending ETFs

Name

As of 03/26/2024

Price

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

$18.70

$230 M

0.95%

$0.18

1.47%

Vitals

YTD Return

6.1%

1 yr return

14.3%

3 Yr Avg Return

0.5%

5 Yr Avg Return

5.4%

Net Assets

$230 M

Holdings in Top 10

38.7%

52 WEEK LOW AND HIGH

$18.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.47%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 99.91%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$10,000

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

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

$18.70

$230 M

0.95%

$0.18

1.47%

MSILX - Profile

Distributions

  • YTD Total Return 6.1%
  • 3 Yr Annualized Total Return 0.5%
  • 5 Yr Annualized Total Return 5.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.63%
DIVIDENDS
  • Dividend Yield 1.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    iMGP International Fund
  • Fund Family Name
    IMGP Funds
  • Inception Date
    Dec 05, 1997
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Herro

Fund Description

The Fund invests in the securities of companies that the sub-advisors to the International Fund (each, a “manager” or “sub-advisor”) believe have strong appreciation potential. The Advisor believes that giving highly disciplined managers latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to an arbitrary “style box.” This belief underlays the premise of the International Fund to seek skilled managers, give them broad flexibility, limit them to their highest-conviction ideas and create diversification at the overall fund level by choosing managers with complementary styles, which the Advisor believes also should reduce risk. The Advisor is responsible for recommending which sub-advisors to hire or remove. Before hiring a sub-advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, including (but not limited to) an evaluation of the investment process, the consistency of its execution and discipline; individual holdings; strategies employed, past mistakes, risk controls, team depth and quality; operations and compliance; and business focus and vision. The Advisor’s evaluation process includes review of literature and documents, quantitative historical performance evaluation, extensive discussions with members of the investment team and firm management and background checks through industry contacts.
There is no minimum or maximum allocation of the International Fund’s portfolio assets to each sub-advisor. The Advisor is responsible for establishing the target allocation of International Fund assets to each manager based on the Advisor’s goal of maintaining a balance of investment styles (growth, value, and blend) and market capitalization exposure (large-cap, mid-cap and small-cap companies) and may adjust the target allocations at its discretion. Market performance may result in allocation drift among the managers of the International Fund. The Advisor is responsible for periodically rebalancing the portfolios, the timing and degree of which will be determined by the Advisor based on the amount of deviation from pre-established target allocation ranges and the Advisor’s assessment of market conditions and investment opportunities available to each sub-advisor. The Advisor monitors the individual portfolios managed by the sub-advisors to ensure that the overall portfolio does not include any unintentional over-weights to market capitalization levels, sectors, industries or individual securities. Under normal conditions, each sub-advisor manages a portion of the International Fund’s assets by independently managing a portfolio typically composed of between 8 and 15 stocks (resulting in total International Fund holdings of 32 to 60 different stocks).
Under normal market conditions, the International Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the securities of companies organized or located outside of the United States, including large-, mid-, and small-capitalization companies, as measured by market capitalization at the time of acquisition, and companies located in emerging markets. iM Global defines an emerging market country as any country that is included in the MSCI Emerging Markets Index. The International Fund ordinarily invests in the securities markets of at least five countries outside of the United States. The International Fund may focus its investments in certain sectors – including, but not limited to, the financial sector – from time to time as a result of the implementation of the International Fund’s investment strategy by the sub-advisors.
Each sub-advisor uses its own discretion to invest in any sized company it deems appropriate. The managers have limited flexibility to invest in the securities of U.S. companies. By executing its investment strategy, the International Fund seeks to:
combine the efforts of several experienced, high quality international managers;
access the highest conviction stock-picking ideas of each manager at any point in time;
deliver a portfolio that is prudently diversified in terms of stocks (typically 32 to 60) and industries while still allowing each manager to run portfolio segments focused on only its highest conviction stocks; and
further diversify across different sized companies, countries, and stock-picking styles by including managers with a variety of stock-picking disciplines.
Generally, a security may be sold: (1) if the manager believes the security’s market price exceeds the manager’s estimate of intrinsic value; (2) if the manager’s view of the business fundamentals or management of the underlying company changes; (3) if a more attractive investment opportunity is found; (4) if general market conditions trigger a change in the manager’s assessment criteria; or (5) for other portfolio management reasons. The International Fund’s managers may trade its portfolio frequently.
SUB- ADVISOR
TARGET ASSET
ALLOCATION
   MARKET CAPITALIZATIONOF COMPANIES IN PORTFOLIO
Harris Associates L.P. (“Harris”) 33.3%    All sizes
Lazard Asset Management (“Lazard”) 33.3%    All sizes
Polen Capital Management, LLC (“Polen Capital”) 33.3%    All sizes, but mostly large- and mid-sized companies
Read More

MSILX - Performance

Return Ranking - Trailing

Period MSILX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.1% -1.4% 32.0% 38.12%
1 Yr 14.3% 0.7% 28.0% 77.32%
3 Yr 0.5%* -13.5% 48.7% 86.56%
5 Yr 5.4%* -33.8% 76.8% 85.86%
10 Yr 2.6%* -0.1% 16.8% 93.86%

* Annualized

Return Ranking - Calendar

Period MSILX Return Category Return Low Category Return High Rank in Category (%)
2023 16.2% -7.3% 22.0% 15.78%
2022 -22.3% -43.6% 71.3% 88.76%
2021 7.6% -28.5% 18.9% 27.72%
2020 2.7% -90.1% 992.1% 90.25%
2019 25.7% -2.2% 38.8% 4.16%

Total Return Ranking - Trailing

Period MSILX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.1% -1.4% 32.0% 38.12%
1 Yr 14.3% 0.7% 28.0% 77.32%
3 Yr 0.5%* -13.5% 48.7% 86.56%
5 Yr 5.4%* -33.8% 76.8% 85.86%
10 Yr 2.6%* -0.1% 16.8% 93.86%

* Annualized

Total Return Ranking - Calendar

Period MSILX Return Category Return Low Category Return High Rank in Category (%)
2023 17.1% 3.2% 41.4% 39.38%
2022 -21.6% -43.6% 144.8% 94.45%
2021 11.8% -22.6% 56.0% 26.19%
2020 5.0% -89.7% 1010.8% 90.41%
2019 29.5% 4.3% 38.8% 3.00%

NAV & Total Return History


MSILX - Holdings

Concentration Analysis

MSILX Category Low Category High MSILX % Rank
Net Assets 230 M 1.97 M 366 B 72.42%
Number of Holdings 46 1 10801 85.86%
Net Assets in Top 10 86.3 M 0 36.8 B 61.95%
Weighting of Top 10 38.73% 2.5% 111.6% 15.88%

Top 10 Holdings

  1. ICON PLC 6.50%
  2. FIXED INC CLEARING CORP.REPO 5.89%
  3. Ryanair Holdings PLC 4.21%
  4. Sage Group PLC/The 4.04%
  5. SAP SE 3.97%
  6. Coca-Cola Europacific Partners PLC 3.13%
  7. CNH Industrial NV 2.98%
  8. Evolution AB 2.75%
  9. Continental AG 2.66%
  10. Sampo Oyj 2.60%

Asset Allocation

Weighting Return Low Return High MSILX % Rank
Stocks
93.65% 0.00% 122.60% 88.05%
Other
5.89% -2.97% 43.01% 4.81%
Cash
0.46% -22.43% 100.00% 86.59%
Preferred Stocks
0.00% -0.01% 7.60% 94.75%
Convertible Bonds
0.00% 0.00% 4.18% 89.91%
Bonds
0.00% -0.68% 71.30% 90.23%

Stock Sector Breakdown

Weighting Return Low Return High MSILX % Rank
Financial Services
19.67% 0.00% 47.75% 27.31%
Consumer Cyclical
16.70% 0.00% 36.36% 6.12%
Industrials
14.71% 5.17% 99.49% 53.43%
Technology
14.60% 0.00% 36.32% 21.64%
Communication Services
12.69% 0.00% 21.69% 3.28%
Healthcare
10.71% 0.00% 21.01% 66.42%
Utilities
5.64% 0.00% 13.68% 7.61%
Consumer Defense
4.20% 0.00% 32.29% 95.37%
Basic Materials
1.08% 0.00% 23.86% 98.66%
Real Estate
0.00% 0.00% 14.59% 97.76%
Energy
0.00% 0.00% 16.89% 99.70%

Stock Geographic Breakdown

Weighting Return Low Return High MSILX % Rank
Non US
74.96% 0.00% 121.07% 84.11%
US
18.69% 0.00% 103.55% 11.81%

MSILX - Expenses

Operational Fees

MSILX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.47% 0.01% 18.22% 23.21%
Management Fee 1.10% 0.00% 1.65% 99.56%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 1.00% N/A

Sales Fees

MSILX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

MSILX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 62.12%

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.

MSILX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 99.91% 2.00% 247.00% 89.02%

MSILX - Distributions

Dividend Yield Analysis

MSILX Category Low Category High MSILX % Rank
Dividend Yield 0.95% 0.00% 24.61% 91.15%

Dividend Distribution Analysis

MSILX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually SemiAnnual SemiAnnual

Net Income Ratio Analysis

MSILX Category Low Category High MSILX % Rank
Net Income Ratio 3.63% -0.93% 6.38% 0.30%

Capital Gain Distribution Analysis

MSILX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Monthly Annually

Distributions History

View More +

MSILX - Fund Manager Analysis

Managers

David Herro


Start Date

Tenure

Tenure Rank

Dec 01, 1997

24.51

24.5%

David Herro is the Chief Investment Officer – International Equities at Harris Associates L.P. and serves as a Deputy Chairman and a Portfolio Manager of a number of Oakmark funds. Mr. Herro has been managing international portfolios since 1986, previously managing international portfolios for The State of Wisconsin Investment Board and The Principal Financial Group. Mr. Herro, who joined Harris Associates in 1992, holds a BS in business and economics from the University of Wisconsin – Platteville (1983) and an MA in economics from the University of Wisconsin – Milwaukee (1985).

Jeremy DeGroot


Start Date

Tenure

Tenure Rank

Apr 30, 2005

17.1

17.1%

Jeremy DeGroot, CFA MA, Principal, Chief Investment Officer Jeremy joined Litman Gregory in 1999 and became a principal in 2003. He is responsible for overseeing the firm's manager due diligence, asset class research, and portfolio allocation decisions. Jeremy is also Portfolio Manager of the Litman Gregory Masters Alternative Strategies Fund and Co-Portfolio Manager of the Litman Gregory Masters Equity, International, and Smaller Companies funds. He is frequently quoted in the national media in the areas of asset allocation and manager selection. Jeremy holds the Chartered Financial Analyst® (CFA®) designation. Prior to joining Litman Gregory, Jeremy was an Economic Consulting Services Manager with KPMG Peat Marwick and was a Senior Economist with the Law & Economics Consulting Group. Jeremy is a graduate of University of Wisconsin - Madison (BS - Economics) and University of California - Berkeley (MA - Economics).

Mark Little


Start Date

Tenure

Tenure Rank

Jan 15, 2013

9.38

9.4%

Mark Little Managing Director, Portfolio Manager/Analyst Lazard Asset Management Limited (London) Mark Little is a Portfolio Manager/Analyst on the International Strategic Equity, International Compounders, and Global Strategic Equity teams. He began working in the investment field in 1992. Prior to joining Lazard in 1997, he was a manager in the corporate finance practice of Coopers & Lybrand and earned his ACA qualification with Rees Pollock Chartered Accountants. Mark has an MA in Economics from Clare College, Cambridge University.

Todd Morris


Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Todd Morris,Portfolio Manager and Analyst, is lead portfolio manager for the International Growth Strategy and a member of the investment team at Polen Capital. Mr. Morris joined Polen Capital in 2011. During his time at Polen Capital he has served as a Research Analyst and the Director of Research. Prior to joining Polen Capital, Mr. Morris worked in research and marketing roles with Prudential Insurance and Millennium Global Asset Management, respectively, and served for seven years in the U.S. Navy. During his naval career Mr. Morris navigated a warship on three deployments, taught at the U.S. Merchant Marine Academy and served with the U.S. Army in Iraq. Mr. Morris received a B.S. in History from the U.S. Naval Academy where he was a student athlete, and an MBA from Columbia Business School.

Daniel Fields


Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Mr. Fields joined Polen Capital in 2017 and is responsible for the day-to-day portfolio management and investment analysis for the Fund. Prior to joining Polen Capital, Mr. Fields spent eight years in Hong Kong where he worked for GaveKal Capital and Marshall Wace LLP as a research analyst evaluating Asian growth companies. He began his career at Fisher Investments as a junior analyst analyzing emerging markets companies. Mr. Fields received a B.S. in Finance from the University of Idaho and a M.S. in Global Finance from the NYU Stern School of Business and HKUST Business School. Mr. Fields is a CFA charterholder.

Kiko Vallarta


Start Date

Tenure

Tenure Rank

Mar 18, 2022

0.2

0.2%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.35 6.22 3.25