WCM International Equity Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
9.2%
1 yr return
21.8%
3 Yr Avg Return
4.2%
5 Yr Avg Return
N/A
Net Assets
$87.4 M
Holdings in Top 10
39.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.48%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 19.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
$100,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
WCMMX - Profile
Distributions
- YTD Total Return 9.2%
- 3 Yr Annualized Total Return 4.2%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.08%
- Dividend Yield 0.8%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameWCM International Equity Fund
-
Fund Family NameINVESTMENT MANAGERS SERIES TRUST
-
Inception DateMar 31, 2020
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerPablo Echavarria
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets (including amounts borrowed for investment purposes) in equity securities of non-U.S. domiciled companies. The Fund may invest in equity securities or depositary receipts of companies located in developed countries and in emerging market and frontier market countries. Emerging market and frontier market countries are those countries with low- to middle-income economies as classified by the World Bank, or included in any of the Morgan Stanley Capital International (“MSCI”) emerging markets or frontier markets indices. The Fund’s advisor considers a company to be located in a country if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the country, or if the company derives at least 50% of its revenues or net profits from, or has at least 50% of its assets or production capacities in, the country.
The Fund’s investments in equity securities may include common stock and depositary receipts. The Fund’s investments in depositary receipts may include American, European, Canadian and Global Depositary Receipts (“ADRs”, “EDRs”, “CDRs” and “GDRs”, respectively). ADRs and CDRs are receipts that represent interests in foreign securities held on deposit by U.S. and Canadian banks or trust companies, respectively. EDRs and GDRs have the same qualities as ADRs, although they may be traded in several international trading markets. Under normal market conditions, the Fund invests in the securities of companies domiciled in at least three different countries outside of the United States, and the Fund may invest in securities of any market capitalization. From time to time, the Fund may invest a significant portion of its assets in the securities of companies domiciled in one or a few countries or regions.
The advisor’s investment process begins with bottom-up, fundamental research, which involves examining and ranking companies based on the following factors: (i) the company’s corporate performance; (ii) the company’s competitive position; (iii) the company’s potential future growth; and (iv) the company’s intrinsic value. The advisor’s fundamental research also involves an analysis of a company’s environmental, social and governance (“ESG”) characteristics. The Fund’s advisor utilizes a proprietary, qualitative analysis in screening companies for the Fund’s portfolio that satisfy its ESG criteria. Industry-specific, material ESG value drivers are identified for each company based on the internally derived criteria as well as from information sourced from corporate disclosures, specialized datasets and other publicly filed information. The advisor’s strategy is focused on identification and analysis of material ESG drivers, which are the most relevant and financially important ESG aspects of the company’s business model. In the advisor’s view, these ESG drivers can have a significant short- or long-term impact on the company’s financial performance and the sustainability of that
performance. The advisor’s methodology determines what it believes the impact each of the drivers has on the metrics such as revenue, profits, cash flow, returns and risks. These drivers serve as a tool to identify companies’ with improving ESG characteristics (i.e., the company’s “ESG Trajectory”). The advisor’s approach is also informed by industry-based standards for material ESG factors established by the Sustainability Accounting Standards Board. In addition, the Fund’s advisor will review company financial filings, proxy disclosures, corporate sustainability reports, Carbon Disclosure Project scores, government databases, Bloomberg ESG analytics, Institutional Shareholder Services Inc. (“ISS”) reports and engage with company management as part of its screening process. The advisor’s environmental assessment includes identifying companies that provide products or services that are tied to an environmental competitive advantage as compared to their peers. For example, the Fund may invest in companies offering products or services with superior energy efficiency, better management of energy, water and waste resources, or offer solutions to emissions regulations. Social assessment includes identifying companies that promote societal benefits or address societal challenges. For example, the Fund may invest in companies with good diversity practices, lower employee turnover, and solid employee safety track-records. Governance assessment includes a focus on shareholder rights, senior management compensation, board structure, and audit/accounting risk. Based on the advisor’s deeper qualitative ESG assessment, the Fund’s advisor selects companies that demonstrate a strong or improving ESG Trajectory and generally excludes companies with weak ESG performance. The Fund’s ESG screening process is designed to exclude companies that are involved in and derive significant revenue from certain industries or product lines, including:
● | tobacco, |
● | gambling, |
● | civil firearms (i.e., those firearms typically available for consumer use in the United States), |
● | controversial weapons (e.g., land mines), and |
● | pornography. |
The Fund’s ESG screening process does not exclude traditional defense contractors nor does it exclude all alcohol. The Fund’s advisor does not utilize third-party ESG rankings or a scoring mechanism in the Fund’s portfolio construction process.
WCMMX - Performance
Return Ranking - Trailing
Period | WCMMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 9.2% | -0.1% | 35.6% | 76.80% |
1 Yr | 21.8% | 13.7% | 53.7% | 79.90% |
3 Yr | 4.2%* | -8.2% | 9.8% | 9.61% |
5 Yr | N/A* | 0.6% | 15.4% | N/A |
10 Yr | N/A* | 2.4% | 10.3% | N/A |
* Annualized
Return Ranking - Calendar
Period | WCMMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.2% | -0.4% | 28.6% | 81.23% |
2022 | -13.3% | -49.5% | -13.3% | 0.26% |
2021 | 8.1% | -22.2% | 19.3% | 17.96% |
2020 | N/A | -3.7% | 85.0% | N/A |
2019 | N/A | -4.0% | 45.1% | N/A |
Total Return Ranking - Trailing
Period | WCMMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 9.2% | -0.1% | 35.6% | 76.80% |
1 Yr | 21.8% | 13.7% | 53.7% | 79.90% |
3 Yr | 4.2%* | -8.2% | 9.8% | 9.61% |
5 Yr | N/A* | 0.6% | 15.4% | N/A |
10 Yr | N/A* | 2.4% | 10.3% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | WCMMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 13.8% | 1.8% | 28.6% | 77.12% |
2022 | -13.3% | -44.4% | -11.0% | 2.59% |
2021 | 11.3% | -20.6% | 20.5% | 24.93% |
2020 | N/A | 7.6% | 97.1% | N/A |
2019 | N/A | 0.5% | 45.3% | N/A |
NAV & Total Return History
WCMMX - Holdings
Concentration Analysis
WCMMX | Category Low | Category High | WCMMX % Rank | |
---|---|---|---|---|
Net Assets | 87.4 M | 191 K | 140 B | 88.95% |
Number of Holdings | 42 | 4 | 1830 | 83.29% |
Net Assets in Top 10 | 34.5 M | 65.4 K | 36.7 B | 89.46% |
Weighting of Top 10 | 39.25% | 10.6% | 99.9% | 28.53% |
Top 10 Holdings
- AstraZeneca PLC - ADR 4.84%
- United Overseas Bank Ltd. 4.70%
- MSILF Treasury Portfolio - Class Institutional 4.62%
- Canadian National Railway Co. 3.90%
- Iberdrola S.A. 3.79%
- Compass Group PLC 3.77%
- London Stock Exchange Group PLC 3.69%
- HDFC Bank Ltd. - ADR 3.44%
- Baker Hughes Co. 3.35%
- Samsung Electronics Co., Ltd. 3.15%
Asset Allocation
Weighting | Return Low | Return High | WCMMX % Rank | |
---|---|---|---|---|
Stocks | 85.22% | 85.22% | 105.20% | 100.00% |
Cash | 4.82% | 0.00% | 11.43% | 13.62% |
Preferred Stocks | 0.00% | 0.00% | 10.21% | 98.20% |
Other | 0.00% | -0.31% | 3.49% | 94.86% |
Convertible Bonds | 0.00% | 0.00% | 2.45% | 97.16% |
Bonds | 0.00% | 0.00% | 0.03% | 97.17% |
Stock Sector Breakdown
Weighting | Return Low | Return High | WCMMX % Rank | |
---|---|---|---|---|
Financial Services | 27.37% | 0.00% | 38.62% | 1.80% |
Consumer Cyclical | 16.57% | 0.00% | 46.28% | 20.10% |
Healthcare | 12.78% | 1.36% | 29.58% | 66.24% |
Technology | 10.26% | 1.51% | 38.21% | 93.81% |
Communication Services | 9.17% | 0.00% | 41.13% | 16.75% |
Industrials | 8.55% | 0.68% | 31.28% | 91.75% |
Basic Materials | 6.20% | 0.00% | 23.15% | 56.19% |
Consumer Defense | 5.29% | 0.00% | 25.77% | 82.73% |
Energy | 2.06% | 0.00% | 24.97% | 43.56% |
Real Estate | 1.77% | 0.00% | 6.64% | 8.76% |
Utilities | 0.00% | 0.00% | 9.05% | 98.20% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | WCMMX % Rank | |
---|---|---|---|---|
Non US | 63.67% | 0.00% | 99.95% | 91.26% |
US | 21.55% | 0.00% | 99.87% | 28.28% |
WCMMX - Expenses
Operational Fees
WCMMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.48% | 0.01% | 13.07% | 23.26% |
Management Fee | 0.85% | 0.00% | 1.50% | 84.58% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 0.80% | N/A |
Sales Fees
WCMMX 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
WCMMX 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.
WCMMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 19.00% | 7.00% | 149.00% | 29.24% |
WCMMX - Distributions
Dividend Yield Analysis
WCMMX | Category Low | Category High | WCMMX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.84% | 0.00% | 12.70% | 10.82% |
Dividend Distribution Analysis
WCMMX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | SemiAnnual | Annual |
Net Income Ratio Analysis
WCMMX | Category Low | Category High | WCMMX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.08% | -1.69% | 3.16% | 61.04% |
Capital Gain Distribution Analysis
WCMMX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 06, 2023 | $0.135 | OrdinaryDividend |
Dec 06, 2023 | $0.284 | CapitalGainShortTerm |
Dec 06, 2023 | $0.042 | CapitalGainLongTerm |
Dec 07, 2022 | $0.004 | OrdinaryDividend |
Dec 08, 2021 | $0.444 | OrdinaryDividend |
Dec 09, 2020 | $0.236 | OrdinaryDividend |
WCMMX - Fund Manager Analysis
Managers
Pablo Echavarria
Start Date
Tenure
Tenure Rank
Mar 31, 2020
2.17
2.2%
Pablo joined WCM in 2018; his primary responsibilities are portfolio management and equity research for our global ESG strategies. Since the start of his investment career in 2007, Pablo’s experience includes positions as Associate Portfolio Manager / Equity Research Analyst at Thornburg Investment Management in Santa Fe, NM, as Global Equity Analyst at Turner Investments, and an internship at BlackRock. Pablo graduated summa cum laude from Drexel University (Pennsylvania) with a B.S. in Business Administration (Finance / Accounting concentration). He is also a CFA® charterholder.
Rolf Kelly
Start Date
Tenure
Tenure Rank
Mar 31, 2020
2.17
2.2%
Rolf Kelly has 14 years of investment experience. He has served as Portfolio Manager and Business Analyst for the WCM Investment Management, LLC since 2018. He is a member of the firm’s Investment Strategy Group and his primary responsibilities include portfolio management and equity research for the WCM Investment Management, LLC’s global ESG strategies. Since he began his investment career in 2005. Polf Kelly was portfolio manager for Thornburg Investment Management. Rolf joined the Thornburg Investment Management in 2007 as an equity research analyst. He was promoted to associate portfolio manager in 2011 and portfolio manager in February 2013. Prior to that, Mr. Kelly worked as an Analyst at NCM Capital. He earned a BA in geological engineering from the Colorado School of Mines and an MBA from Duke University’s Fuqua School of Business. He is a CFA charterholder. Prior to graduate school, Rolf worked as a reservoir engineer for ExxonMobil, managing oil and gas fields in South Texas, the Rocky Mountains, and the North Slope of Alaska.
Rob Quirk
Start Date
Tenure
Tenure Rank
Jun 30, 2021
0.92
0.9%
Rob Quirk began his investment career in 2008. He joined the Advisor in 2018 as a Business Analyst and has served as Portfolio Manager and Business Analyst since 2021. He is a member of the firm’s ISG and his primary responsibilities include portfolio management and equity research for the firm’s global ESG strategies. Since he began his investment career in 2008, Mr. Quirk’s experience includes a position as Equity Research Analyst at Thornburg Investment Management. Prior to that, he also worked with Thornburg’s Sales and Marketing groups. Mr. Quirk graduated from Southern Methodist University (Texas) with a B.B.A. in Finance.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 26.94 | 7.71 | 20.01 |