WCM Developing World Equity Fund
Name
As of 09/13/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$1.78 M
Holdings in Top 10
41.3%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 15.62%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 41.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/13/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
WCMUX - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.24%
- Dividend Yield 0.9%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameWCM Developing World Equity Fund
-
Fund Family NameINVESTMENT MANAGERS SERIES TRUST
-
Inception DateMar 31, 2020
-
Shares OutstandingN/A
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerPablo Echavarria
Fund Description
Under normal market conditions, the Fund invests at least 80% of its net assets (including amounts borrowed for investment purposes) in equity securities of companies located in developing countries. In determining whether a country is a developing country, the Fund’s investment advisor will consider, among other things, whether the country is generally considered to be a developing country by the international financial community; the country’s per capita gross domestic product; the percentage of the country’s economy that is industrialized; market capital as a percentage of the country’s gross domestic product; and the overall regulatory environment of the country, including the presence of governmental regulation limiting or banning foreign ownership and restrictions on repatriation of initial capital, dividends, interest and/or capital gains. For example, the investment advisor expects that most countries classified by the World Bank as having low- to middle-income economies, or that are included in any of the Morgan Stanley Capital International (“MSCI”) emerging markets or frontier markets indices, will be treated as developing countries. 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 located 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 located in one or a few developing 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.
The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (the “1940 Act”), which means that it may invest more of its assets in a smaller number of issuers than “diversified”.
WCMUX - Performance
Return Ranking - Trailing
Period | WCMUX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -12.4% | 39.1% | 76.22% |
1 Yr | N/A | -4.5% | 47.7% | 73.71% |
3 Yr | N/A* | -12.2% | 12.9% | 26.35% |
5 Yr | N/A* | -3.1% | 13.1% | N/A |
10 Yr | N/A* | -2.4% | 7.1% | N/A |
* Annualized
Return Ranking - Calendar
Period | WCMUX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.5% | -6.5% | 35.5% | 79.75% |
2022 | -14.8% | -50.1% | -2.4% | 4.03% |
2021 | -5.4% | -33.1% | 22.5% | 52.13% |
2020 | N/A | -22.1% | 80.1% | N/A |
2019 | N/A | -0.7% | 42.0% | N/A |
Total Return Ranking - Trailing
Period | WCMUX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | -12.4% | 39.1% | 76.22% |
1 Yr | N/A | -4.5% | 47.7% | 73.71% |
3 Yr | N/A* | -12.2% | 12.9% | 26.35% |
5 Yr | N/A* | -3.1% | 13.1% | N/A |
10 Yr | N/A* | -2.4% | 7.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | WCMUX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.6% | -2.7% | 42.0% | 85.06% |
2022 | -13.8% | -42.2% | 1.9% | 7.78% |
2021 | -2.2% | -32.5% | 33.1% | 56.40% |
2020 | N/A | -20.0% | 81.6% | N/A |
2019 | N/A | 2.3% | 42.0% | N/A |
NAV & Total Return History
WCMUX - Holdings
Concentration Analysis
WCMUX | Category Low | Category High | WCMUX % Rank | |
---|---|---|---|---|
Net Assets | 1.78 M | 682 K | 103 B | 99.30% |
Number of Holdings | 35 | 10 | 7534 | 97.77% |
Net Assets in Top 10 | 731 K | 290 K | 23.8 B | 98.88% |
Weighting of Top 10 | 41.27% | 2.9% | 100.2% | 24.02% |
Top 10 Holdings
- Taiwan Semiconductor Manufacturing Co., Ltd. 5.60%
- Samsung Electronics Co., Ltd. 5.03%
- United Overseas Bank Ltd. 4.67%
- HDFC Bank Ltd. - ADR 4.56%
- AIA Group Ltd. 4.53%
- Bid Corp. Ltd. 3.66%
- Tencent Holdings Ltd. 3.35%
- MercadoLibre, Inc. 3.34%
- TOTVS S.A. 3.29%
- Baker Hughes Co. 3.24%
Asset Allocation
Weighting | Return Low | Return High | WCMUX % Rank | |
---|---|---|---|---|
Stocks | 88.65% | 0.00% | 107.82% | 96.23% |
Cash | 1.69% | -2.03% | 16.88% | 51.19% |
Preferred Stocks | 0.00% | 0.00% | 13.31% | 97.21% |
Other | 0.00% | -0.46% | 26.93% | 87.31% |
Convertible Bonds | 0.00% | 0.00% | 7.40% | 92.84% |
Bonds | 0.00% | 0.00% | 88.10% | 93.72% |
Stock Sector Breakdown
Weighting | Return Low | Return High | WCMUX % Rank | |
---|---|---|---|---|
Financial Services | 23.52% | 0.00% | 48.86% | 34.75% |
Consumer Cyclical | 17.22% | 0.00% | 48.94% | 16.53% |
Communication Services | 16.68% | 0.00% | 39.29% | 2.12% |
Technology | 12.58% | 0.00% | 47.50% | 92.66% |
Industrials | 8.75% | 0.00% | 43.53% | 22.60% |
Healthcare | 7.17% | 0.00% | 16.53% | 17.94% |
Basic Materials | 5.14% | 0.00% | 30.03% | 73.59% |
Consumer Defense | 4.74% | 0.00% | 25.90% | 76.13% |
Energy | 2.99% | 0.00% | 24.80% | 65.25% |
Real Estate | 1.23% | 0.00% | 17.15% | 61.72% |
Utilities | 0.00% | 0.00% | 39.12% | 97.60% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | WCMUX % Rank | |
---|---|---|---|---|
Non US | 73.73% | 0.00% | 101.28% | 85.63% |
US | 14.92% | 0.00% | 100.13% | 33.47% |
WCMUX - Expenses
Operational Fees
WCMUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 15.62% | 0.03% | 29.98% | 0.84% |
Management Fee | 0.95% | 0.00% | 2.00% | 67.60% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 56.86% |
Administrative Fee | N/A | 0.01% | 0.85% | N/A |
Sales Fees
WCMUX 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
WCMUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 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.
WCMUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 41.00% | 0.00% | 189.00% | 47.95% |
WCMUX - Distributions
Dividend Yield Analysis
WCMUX | Category Low | Category High | WCMUX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.92% | 0.00% | 9.74% | 75.17% |
Dividend Distribution Analysis
WCMUX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | SemiAnnual | Annual |
Net Income Ratio Analysis
WCMUX | Category Low | Category High | WCMUX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.24% | -1.98% | 17.62% | 83.50% |
Capital Gain Distribution Analysis
WCMUX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Quarterly | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 06, 2023 | $0.124 | OrdinaryDividend |
Dec 07, 2022 | $0.143 | OrdinaryDividend |
Dec 08, 2021 | $0.474 | OrdinaryDividend |
Dec 09, 2020 | $0.441 | OrdinaryDividend |
WCMUX - 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 |
---|---|---|---|
0.09 | 33.71 | 6.64 | 13.42 |