Independent Franchise Partners US Equity Fund
Name
As of 10/09/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
19.3%
1 yr return
26.7%
3 Yr Avg Return
9.4%
5 Yr Avg Return
14.7%
Net Assets
$1.94 B
Holdings in Top 10
48.3%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.65%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 23.67%
Redemption Fee 0.25%
Min Investment
Standard (Taxable)
$3,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/09/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
IFPUX - Profile
Distributions
- YTD Total Return 19.3%
- 3 Yr Annualized Total Return 9.4%
- 5 Yr Annualized Total Return 14.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.42%
- Dividend Yield 1.3%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameIndependent Franchise Partners US Equity Fund
-
Fund Family NameState Farm Investment Management Corp.
-
Inception DateDec 20, 2011
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerHassan Elmasry
Fund Description
• | Durable intangible assets (e.g. brands, licenses, patents); |
• | Domestic/international growth potential; |
• | Low capital intensity; |
• | High free-cash generation; |
• | Financial strength: comfortable coverage of fixed charges; and |
• | Capable management. |
IFPUX - Performance
Return Ranking - Trailing
Period | IFPUX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 19.3% | 4.4% | 35.1% | 55.95% |
1 Yr | 26.7% | 8.4% | 55.4% | 82.83% |
3 Yr | 9.4%* | -5.2% | 16.8% | 54.51% |
5 Yr | 14.7%* | -7.8% | 111.4% | 49.17% |
10 Yr | 11.0%* | 0.0% | 52.9% | 75.65% |
* Annualized
Return Ranking - Calendar
Period | IFPUX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.5% | -42.6% | 47.4% | 79.63% |
2022 | -23.2% | -56.3% | -4.2% | 67.08% |
2021 | 10.0% | -27.2% | 537.8% | 76.02% |
2020 | 5.5% | -22.5% | 2181.7% | 81.19% |
2019 | 21.5% | -13.5% | 40.4% | 62.35% |
Total Return Ranking - Trailing
Period | IFPUX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 19.3% | 4.4% | 35.1% | 55.95% |
1 Yr | 26.7% | 8.4% | 55.4% | 82.83% |
3 Yr | 9.4%* | -5.2% | 16.8% | 54.51% |
5 Yr | 14.7%* | -7.8% | 111.4% | 49.17% |
10 Yr | 11.0%* | 0.0% | 52.9% | 75.65% |
* Annualized
Total Return Ranking - Calendar
Period | IFPUX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 21.0% | -5.0% | 47.4% | 68.51% |
2022 | -10.8% | -36.8% | -2.2% | 11.60% |
2021 | 17.9% | 3.0% | 537.8% | 94.44% |
2020 | 19.0% | -15.8% | 2266.0% | 30.89% |
2019 | 35.2% | -0.4% | 241.3% | 3.53% |
NAV & Total Return History
IFPUX - Holdings
Concentration Analysis
IFPUX | Category Low | Category High | IFPUX % Rank | |
---|---|---|---|---|
Net Assets | 1.94 B | 2.34 M | 1.55 T | 43.77% |
Number of Holdings | 30 | 2 | 4002 | 95.39% |
Net Assets in Top 10 | 916 M | 979 K | 517 B | 41.26% |
Weighting of Top 10 | 48.28% | 0.3% | 112.9% | 12.10% |
Top 10 Holdings
- Philip Morris International Inc. COM NPV 5.91%
- RB Global Inc COM 5.83%
- Oracle Corp. COM USD0.01 5.25%
- Intercontinental Exchange Inc COM USD0.01 4.92%
- Aon PLC SHS CL A 4.81%
- TKO Group Holdings Inc. CL A 4.67%
- Warner Music Group Corporation COM CL A 4.53%
- Corteva Inc COM USD0.01 4.16%
- Fox Corporation COM USD0.01 CL A 4.11%
- Johnson Johnson COM USD1.00 4.09%
Asset Allocation
Weighting | Return Low | Return High | IFPUX % Rank | |
---|---|---|---|---|
Stocks | 99.05% | 0.00% | 105.85% | 46.76% |
Cash | 0.95% | 0.00% | 99.07% | 52.02% |
Preferred Stocks | 0.00% | 0.00% | 2.53% | 66.59% |
Other | 0.00% | -13.91% | 100.00% | 73.46% |
Convertible Bonds | 0.00% | 0.00% | 5.54% | 65.99% |
Bonds | 0.00% | 0.00% | 94.06% | 68.53% |
Stock Sector Breakdown
Weighting | Return Low | Return High | IFPUX % Rank | |
---|---|---|---|---|
Communication Services | 27.84% | 0.00% | 27.94% | 0.25% |
Healthcare | 16.30% | 0.00% | 60.70% | 20.92% |
Financial Services | 13.39% | 0.00% | 55.59% | 52.55% |
Technology | 10.42% | 0.00% | 48.94% | 94.73% |
Consumer Cyclical | 10.17% | 0.00% | 30.33% | 59.80% |
Industrials | 8.93% | 0.00% | 29.90% | 50.91% |
Consumer Defense | 8.67% | 0.00% | 47.71% | 18.95% |
Basic Materials | 4.29% | 0.00% | 25.70% | 18.37% |
Utilities | 0.00% | 0.00% | 20.91% | 94.98% |
Real Estate | 0.00% | 0.00% | 31.91% | 95.96% |
Energy | 0.00% | 0.00% | 41.64% | 95.22% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | IFPUX % Rank | |
---|---|---|---|---|
US | 81.60% | 0.00% | 105.85% | 96.84% |
Non US | 17.45% | 0.00% | 64.54% | 0.65% |
IFPUX - Expenses
Operational Fees
IFPUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.65% | 0.01% | 19.75% | 62.95% |
Management Fee | 0.58% | 0.00% | 1.90% | 60.57% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.00% | 0.85% | N/A |
Sales Fees
IFPUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
IFPUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 0.25% | 0.25% | 2.00% | 100.00% |
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.
IFPUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 23.67% | 0.00% | 268.00% | 47.66% |
IFPUX - Distributions
Dividend Yield Analysis
IFPUX | Category Low | Category High | IFPUX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.25% | 0.00% | 25.47% | 7.14% |
Dividend Distribution Analysis
IFPUX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | SemiAnnual | Annual |
Net Income Ratio Analysis
IFPUX | Category Low | Category High | IFPUX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.42% | -54.00% | 2.44% | 7.52% |
Capital Gain Distribution Analysis
IFPUX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 13, 2023 | $0.274 | OrdinaryDividend |
Dec 13, 2023 | $0.194 | CapitalGainShortTerm |
Dec 13, 2023 | $1.051 | CapitalGainLongTerm |
Dec 14, 2022 | $2.772 | OrdinaryDividend |
Dec 15, 2021 | $1.501 | OrdinaryDividend |
Dec 16, 2020 | $2.471 | OrdinaryDividend |
Dec 18, 2019 | $0.373 | OrdinaryDividend |
Dec 18, 2019 | $0.084 | CapitalGainShortTerm |
Dec 18, 2019 | $1.597 | CapitalGainLongTerm |
Dec 19, 2017 | $0.294 | CapitalGainShortTerm |
Dec 19, 2017 | $0.367 | CapitalGainLongTerm |
Dec 19, 2017 | $0.239 | OrdinaryDividend |
Dec 20, 2016 | $0.217 | OrdinaryDividend |
Dec 20, 2016 | $0.052 | CapitalGainShortTerm |
Dec 20, 2016 | $0.311 | CapitalGainLongTerm |
IFPUX - Fund Manager Analysis
Managers
Hassan Elmasry
Start Date
Tenure
Tenure Rank
Dec 20, 2011
10.45
10.5%
Hassan is a partner and lead portfolio manager at Independent Franchise Partners, LLP. Prior to founding the Firm in June 2009, Hassan was Managing Director and lead portfolio manager at Morgan Stanley Investment Management. Hassan joined Morgan Stanley in 1995 and responsibility for the Global Franchise strategy in April 2002 and launching American Franchise in June 2005. Previously, Hassan was an international equity portfolio manager for Mitchell Hutchins Asset Management and worked as an international equity analyst for First Chicago Corporation. He has 37 years of investment experience.
Jayson Vowles
Start Date
Tenure
Tenure Rank
Dec 20, 2011
10.45
10.5%
Jayson is a partner and portfolio manager at Independent Franchise Partners, LLP. Prior to founding the Firm in June 2009, Jayson was Vice President and a portfolio manager/ research analyst for Global and American Franchise portfolios at Morgan Stanley Investment Management, which he joined in August 2003. Previously, Jayson worked at Goldman Sachs and Deloitte & Touche. Jayson received a BComm. and a post-graduate diploma in Accounting from the University of Natal. He is a CFA® Charterholder, a Qualified Chartered Accountant and a member of the South African Institute of Chartered Accountants (SAICA). He has 20 years of investment experience.
Karim Ladha
Start Date
Tenure
Tenure Rank
Dec 20, 2011
10.45
10.5%
Karim Ladha is a partner and member of investment team at Independent Franchise Partners, LLP. He joined the Firm in May 2011 and has 14 years of investment experience. Prior to joining the Firm, Karim worked at Neptune Investment Management in London. Previously, Karim performed both equity and fixed income research at Morgan Stanley Investment Management, including working with the Franchise team. Karim received a B.A. (Hons) in Philosophy, Politics and Economics at St John’s College, University of Oxford and an MBA from the University of Chicago, and is a CFA® Charterholder.
Michael Allison
Start Date
Tenure
Tenure Rank
Dec 20, 2011
10.45
10.5%
Michael is a partner and portfolio manager at Independent Franchise Partners, LLP. Prior to founding the Firm in June 2009, Michael was Executive Director and a portfolio manager/ research analyst for Global and American Franchise portfolios at Morgan Stanley Investment Management. Michael joined Morgan Stanley in 2000 and served as a portfolio manager for global and European equity portfolios before joining the Franchise team in February 2005. Previously, Michael worked at NatWest Markets and Unilever. He received a BComm. and a post-graduate diploma in Management Accounting, both from the University of Natal. He is a CFA® Charterholder and a Chartered Global Management Accountant. Mr. Allison has 24 years of investment experience.
Richard Crosthwaite
Start Date
Tenure
Tenure Rank
Jan 31, 2014
8.33
8.3%
Richard is a partner and investor at Independent Franchise Partners, LLP. He joined the Firm in January 2014 and has 15 years of investment experience. Prior to joining the Firm, Richard was a fund manager at Legal & General Investment Management. In this role he continued his previous analyst responsibility for the TMT sector. Previously, Richard was a senior equity research associate at Sanford C Bernstein Ltd, working with the firm’s Telecoms and European Media teams, following earlier experience working in corporate finance. Richard received an M.A. in Classics from the University of Cambridge.
Terence Fisher
Start Date
Tenure
Tenure Rank
Jun 30, 2021
0.92
0.9%
Terence joined Independent Franchise Partners, LLP in October 2015 and has 11 years of industry experience. Terence was previously a senior associate in the top ranked Accounting and Valuation equity research team at Citigroup. In that role he was responsible for monitoring and analysing the impact of accounting standards on company reporting and valuation. Before joining Citigroup, Terence was a manager at Deloitte. Terence received a B.Sc. in Accounting and Finance from the London School of Economics and Political Science, is a Chartered Accountant and member of the Institute of Chartered Accountants in England and Wales (ICAEW). He is a CFA® Charterholder.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 39.02 | 7.24 | 2.42 |