Continue to site >
Trending ETFs

Name

As of 05/21/2024

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

CAMBIAR SMID FUND

CAMUX | Fund

$24.35

$193 M

0.76%

$0.19

1.04%

Vitals

YTD Return

1.0%

1 yr return

12.0%

3 Yr Avg Return

2.6%

5 Yr Avg Return

10.1%

Net Assets

$193 M

Holdings in Top 10

29.6%

52 WEEK LOW AND HIGH

$24.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.04%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 52.00%

Redemption Fee 2.00%


Min Investment

Standard (Taxable)

$500,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/21/2024

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

CAMBIAR SMID FUND

CAMUX | Fund

$24.35

$193 M

0.76%

$0.19

1.04%

CAMUX - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return 2.6%
  • 5 Yr Annualized Total Return 10.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.89%
DIVIDENDS
  • Dividend Yield 0.8%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    CAMBIAR SMID FUND
  • Fund Family Name
    Cambiar Funds
  • Inception Date
    May 31, 2011
  • Shares Outstanding
    1061700
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Colin Dunn

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks of small- to mid-sized companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund generally considers small- and mid-sized companies to be those with market capitalizations not greater than either that of the largest company in the Russell 2500® Value Index ($22.25 billion as of December 31, 2023) or $12 billion, whichever is greater at the time of initial purchase.

In selecting investments for the Fund, the Adviser uses a fundamental, relative value investment approach to build a diversified portfolio of companies. Companies entering the portfolio generally need to satisfy Cambiar’s criteria on four levels: quality, valuation, value creation/catalyst, and risk-reward criteria:

Quality – Cambiar’s analysts seek companies that are best-of-breed operators within their industries. Eligible businesses for the portfolio are evaluated based on the following characteristics:

Management – Management teams should have a track record of success that has benefitted not just public shareholders such as the Fund, but a wide range of stakeholders, e.g., employees, customers, suppliers.

Consistent margins – Companies with above average and consistent margins suggest a relatively high value-add product or service and defensible market position.

Return on invested capital (ROIC) – Demonstrates a pattern of value creation and capital discipline.

Low leverage – Companies with strong balance sheets do not need to depend on the vagaries of the debt and/or equity markets to sustain their businesses.

Free cash flow (“FCF”) – We view FCF to be a better measure of economic value creation versus alternative metrics such as earnings before interest, taxes, depreciation, and amortization (“EBITDA”) or earnings per share (“EPS”) because Cambiar believes that FCF is less subject to manipulation.

Valuation – Cambiar evaluates broadly accepted and recognized financial measures in gauging valuation. An underlying premise of the Cambiar philosophy is that certain industries tend to follow certain valuation ranges; the market does not randomly value stocks. Our preference is to invest in companies that are trading at a reasonable valuation relative to their historical trading range. The Cambiar team will use a variety of metrics in gauging valuation; examples include Price/Earnings, Price/Book Value and FCF Yield.

Value Creation/Catalyst – Cambiar’s research process also seeks to identify some form of fundamental positive development(s) that we believe the market is overlooking/underappreciating. Such catalysts may come in varying forms – examples include new product introductions, managerial changes, divestiture of an underperforming division, or simply better financial performance. Valuation, in and of itself, is not a catalyst – there must be some identifiable event that we believe will cause investors to positively reassess the business.

Risk-Reward Criteria – The final criteria is the investment team’s assessment of the issuer’s upside potential: companies entering the portfolio should possess an attractive total return potential that includes both price appreciation and dividends (if applicable) over a forward 1- to 2-year timeframe. While Cambiar

may not achieve this return target over the desired timeframe – or at all – the return requirement is intended to channel research efforts toward those situations that appear to offer the most compelling risk/return tradeoffs.

The Adviser constructs the Fund’s portfolio on a security-by-security basis, with the goal of building a portfolio that strikes a balance between the Adviser’s conviction in an investment and portfolio diversification. The Adviser seeks to manage the Fund’s risk through its research process as well as limits on individual position sizes and allocations to an economic sector.

The Adviser will consider liquidating or reducing its investment in a company if: (a) the investment thesis is realized and the stock reaches its price target, (b) the stock price increases disproportionately relative to actual company developments, (c) position size, country or sector limits are reached, or (d) there is a negative change in fundamentals, or the investment thesis fails to develop as expected. The Adviser will not sell a stock simply because of a decline in price, and may add to the position if the investment thesis remains intact.

Read More

CAMUX - Performance

Return Ranking - Trailing

Period CAMUX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -6.8% 23.5% 99.17%
1 Yr 12.0% -0.5% 51.5% 96.96%
3 Yr 2.6%* -19.4% 19.1% 80.34%
5 Yr 10.1%* -0.5% 22.7% 61.18%
10 Yr N/A* 2.3% 13.1% 9.93%

* Annualized

Return Ranking - Calendar

Period CAMUX Return Category Return Low Category Return High Rank in Category (%)
2023 12.1% -12.9% 28.8% 58.89%
2022 -6.9% -52.6% 20.1% 2.52%
2021 10.1% -43.8% 32.4% 54.29%
2020 8.9% -10.6% 82.1% 51.79%
2019 25.9% -8.5% 37.5% 27.44%

Total Return Ranking - Trailing

Period CAMUX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -6.8% 23.5% 99.17%
1 Yr 12.0% -0.5% 51.5% 96.96%
3 Yr 2.6%* -19.4% 19.1% 80.34%
5 Yr 10.1%* -0.5% 22.7% 61.18%
10 Yr N/A* 2.3% 13.1% 9.97%

* Annualized

Total Return Ranking - Calendar

Period CAMUX Return Category Return Low Category Return High Rank in Category (%)
2023 13.0% 1.2% 31.3% 71.67%
2022 -6.0% -45.7% 21.1% 6.44%
2021 22.4% -30.2% 52.8% 66.00%
2020 9.7% -8.4% 84.3% 67.86%
2019 31.1% 1.0% 43.4% 19.24%

NAV & Total Return History


CAMUX - Holdings

Concentration Analysis

CAMUX Category Low Category High CAMUX % Rank
Net Assets 193 M 728 K 160 B 67.68%
Number of Holdings 39 1 2667 85.36%
Net Assets in Top 10 54.2 M 155 K 11.7 B 61.33%
Weighting of Top 10 29.64% 4.3% 100.0% 30.47%

Top 10 Holdings

  1. LINCOLN ELECTRIC HOLDINGS COMMON STOCK 3.11%
  2. EPAM SYSTEMS INC COMMON STOCK 3.03%
  3. CHARLES RIVER LABORATORIES COMMON STOCK 3.01%
  4. REINSURANCE GROUP OF AMERICA COMMON STOCK 2.99%
  5. FIRST AMERICAN TREASURY OBLIGATIONS FUND CLASS X 2.98%
  6. WATERS CORP COMMON STOCK 2.95%
  7. ARCH CAPITAL GROUP LTD COMMON STOCK 2.91%
  8. ULTA BEAUTY INC COMMON STOCK 2.91%
  9. FIDELITY NATIONAL FINANCIAL COMMON STOCK 2.88%
  10. GENTEX CORP COMMON STOCK 2.86%

Asset Allocation

Weighting Return Low Return High CAMUX % Rank
Stocks
96.93% 14.60% 101.42% 82.04%
Cash
3.07% 0.00% 27.80% 27.07%
Preferred Stocks
0.00% 0.00% 14.30% 5.80%
Other
0.00% -1.04% 23.02% 29.83%
Convertible Bonds
0.00% 0.00% 1.78% 5.52%
Bonds
0.00% 0.00% 62.14% 11.33%

Stock Sector Breakdown

Weighting Return Low Return High CAMUX % Rank
Industrials
23.85% 0.00% 45.89% 6.93%
Financial Services
22.06% 0.00% 46.10% 6.09%
Technology
16.01% 0.00% 40.65% 46.26%
Healthcare
13.56% 0.00% 24.06% 15.79%
Real Estate
7.96% 0.00% 25.82% 50.69%
Consumer Cyclical
7.60% 2.49% 46.48% 84.21%
Utilities
5.82% 0.00% 18.97% 20.78%
Consumer Defense
3.14% 0.00% 32.18% 78.67%
Energy
0.00% 0.00% 58.13% 85.87%
Communication Services
0.00% 0.00% 30.98% 87.53%
Basic Materials
0.00% 0.00% 16.35% 95.84%

Stock Geographic Breakdown

Weighting Return Low Return High CAMUX % Rank
US
96.93% 14.60% 101.42% 75.41%
Non US
0.00% 0.00% 10.11% 18.51%

CAMUX - Expenses

Operational Fees

CAMUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.04% 0.03% 19.40% 43.45%
Management Fee 0.80% 0.00% 1.50% 83.06%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.30% 23.78%

Sales Fees

CAMUX 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% 4.00% N/A

Trading Fees

CAMUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 8.70%

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.

CAMUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 52.00% 0.00% 304.00% 56.97%

CAMUX - Distributions

Dividend Yield Analysis

CAMUX Category Low Category High CAMUX % Rank
Dividend Yield 0.76% 0.00% 29.78% 57.73%

Dividend Distribution Analysis

CAMUX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Annual Annual

Net Income Ratio Analysis

CAMUX Category Low Category High CAMUX % Rank
Net Income Ratio 0.89% -2.06% 3.38% 21.94%

Capital Gain Distribution Analysis

CAMUX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

CAMUX - Fund Manager Analysis

Managers

Colin Dunn


Start Date

Tenure

Tenure Rank

May 31, 2011

11.01

11.0%

Colin Dunn is an Investment Principal at Cambiar Investors. In addition to his research responsibilities, Colin also serves as co-Portfolio Manager of the Cambiar Small-Mid Value strategy. Prior to joining Cambiar in 2011, he worked at Keefe, Bruyette & Woods, Inc., in the Investment Banking and Equity Research Departments. Mr. Dunn began his career in 2000 as an Analyst in the Investment Banking Division at UBS. Mr. Dunn received a BS in Finance and International Business from Georgetown University and holds the Chartered Financial Analyst designation.

Brian Barish


Start Date

Tenure

Tenure Rank

May 31, 2011

11.01

11.0%

Brian Barish is the President and CIO at Cambiar Investors and is responsible for the oversight of all investment functions at the firm. Prior to joining Cambiar in 1997, Mr. Barish served as Director of Emerging Markets Research for Lazard Freres & Co., a New York-based investment bank. Mr. Barish also worked as a securities analyst with Bear, Stearns & Co. and Arnhold & S. Bleichroeder, a New York-based research firm. Mr. Barish received a BA in Economics and Philosophy from the University of California, Berkeley, and holds the Chartered Financial Analyst designation.

Andrew Baumbusch


Start Date

Tenure

Tenure Rank

May 31, 2011

11.01

11.0%

Andy Baumbusch is an Investment Principal at Cambiar Investors. In addition to his research responsibilities, Mr. Baumbusch also serves as a portfolio Manager of the Cambiar Small Cap Value and Small-Mid Value strategies. Prior to joining Cambiar in 2004, Andy served in an investment analyst capacity at Franklin Templeton, Atrium Capital and Alex Brown & Sons. Mr. Baumbusch received an MBA from the Stanford Graduate School of Business and a BA in Economics from Princeton University.

Anna (Ania) Aldrich


Start Date

Tenure

Tenure Rank

May 31, 2011

11.01

11.0%

Ania Aldrich is an Investment Principal at Cambiar Investors. In addition to her research responsibilities, Ania also serves as co-Portfolio Manager of the Cambiar Global Equity strategy. Prior to joining Cambiar in 1999, Ms. Aldrich was a global equity analyst at Bankers Trust, where she covered the financial services and transportation sectors. Ania began her investment career as a senior investor relations professional at BET PLC, a New York based communications firm. Ms. Aldrich received an MBA in Finance from Fordham University, a BA in Computer Science from Hunter College and holds the Chartered Financial Analyst designation.

Joseph Chin


Start Date

Tenure

Tenure Rank

Feb 01, 2019

3.33

3.3%

Joseph S. Chin, CFA, Investment Principal, joined Cambiar Investors, LLC in 2019. He serves on the investment team for the Cambiar Opportunity Fund, Cambiar SMID Fund, and Cambiar Small Cap Fund. Prior to that, Mr. Chin worked at Obermeyer Wood Investment Counsel, where he was a Portfolio Manager and Senior Analyst. Previously, Chin works at The Boston Company since July 2006. He also has been employed by Founders since January 2007. Chin was formerly a senior research analyst with both AIM Investments (from 2004 to 2006) and Marsico Capital Management (from 1998 to 2004). He began his investment career as a Senior Research Analyst at Marsico Capital. Mr. Chin received a BA in Economics from Wesleyan University and holds the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 38.44 7.26 5.78