Iva worldwide fs 12 31-13


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Iva worldwide fs 12 31-13

  1. 1. December 31, 2013 IV Worldwide Fund A Portfolio Managers Objective Charles de Vaulx The IVA Worldwide Fund will seek long-term growth of capital by investing in a range of securities and asset classes from markets around the world, including the U.S. market. M anager of fund since inception (October 2008) n 6 years of investment experience 2 n Fund Highlights n T he fund employs a flexible approach to value investing. This approach may include securities across all asset classes (stocks, bonds, gold and cash) and securities throughout the capitalization spectrum (small, mid, large caps). n T he portfolio management team attempts to mitigate risk by focusing on what can go wrong and striving to avoid bubbles, with an eye towards capital preservation. Chuck de Lardemelle M anager of fund since inception (October 2008) n 7 years of investment experience 1 n n T he Fund Data Total Net Assets (millions): n $9,585.4 Expense Ratio (Class A): Inception Date: 1.28% October 1, 2008 Class Ticker Cusip A IVWAX 45070A107 C IVWCX 45070A503 I IVWIX 45070A206 fund strives to be well-diversified, and never seeks to replicate a benchmark. T he investment team utilizes in-house, fundamental research conducted by experienced analysts. Performance Information (as of December 31, 2013) Average Annual Total Returns Class A (NAV) A (w/ 5% sales charge) C I MSCI All Country World Index (Net) 3 Months 3.80% -1.37% 3.60% 3.88% YTD 16.93% 11.06% 16.05% 17.20% 1 Year 16.93% 11.06% 16.05% 17.20% 3 Year 6.83% 5.02% 6.02% 7.09% 5 Year 11.95% 10.80% 11.12% 12.23% Since Inception 11.93% 10.85% 11.09% 12.20% 7.31% 22.80% 22.80% 9.73% 14.92% 8.78% Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Returns are shown net of fees and expenses and assume reinvestment of dividends and other income. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-866-941-4482. Maximum sales charge for the A shares is 5.00%. C shares include a 1% CDSC Fee for the first year only. The expense ratios for the fund are as follows: 1.28% (A Shares); 2.03% (C Shares); 1.03% (I Shares). Top 10 Positions (as of December 31, 2013) Position Names % of Total SIGB (Singapore Government) 3.625% 2014; 2.875% 2015; 3.75% 2016 4.7% Wendel 4.875% 2016; 4.375% 2017; 6.75% 2018 4.0% Investment Risks Astellas Pharma Inc. 3.4% There are risks associated with investing in funds that invest in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. Nestle SA 3.2% Gold bullion 3.0% Devon Energy Corp. 2.6% Berkshire Hathaway Inc. CI A; CI B 2.6% Oracle Corp. 2.3% Genting Malaysia Berhad 2.1% Expeditors International of Washington Inc. 1.5% Top 10 positions represent 29.4% of net assets. Effective February 22, 2011, this fund is closed to new investors. www.ivafunds.com Portfolio is actively managed and holdings are subject to change. This is not a recommendation to buy or sell any of the securities shown.
  2. 2. December 31, 2013 Portfolio Characteristics Number of Holdings: 126 Median Market Cap (millions): Weighted Average Market Cap (millions): $4,789 $63,326 P/E Ratio (weighted harmonic average): 17.2 Forward P/E Ratio (FY1) (weighted harmonic average): Allocation By Asset n Equity 52.8% n Fixed Income 12.5% n Gold 3.0% n Other1 0.0% n Cash and Cash Equivalents2 31.7% 16.6 By Sector Investment Style VALUE BLEND Consumer Discretionary 9.6% Other1 0.0% Consumer Staples GROWTH 7.0% 5.7% Financials 4.6% Technology 10.1% Telecommunication Services Health Care 3.5% Utilities 0.8% Holding Company MEDIUM 0.1% Sovereign Fixed Income Gold 3.0% LARGE Real Estate Energy 7.7% 7.3% Cash and Cash Equivalents2 Total Industrials 6.4% SMALL 1.3% 31.7% 100.0% Materials 1.2% By Region n Equity n Fixed Income n Gold n Other1 n Cash and Cash Equivalents2 31.7% 27.2% 17.1% 11.0% 8.4% 3.0% 0.8% United States Europe Ex-UK Asia Ex-Japan Japan Gold 0.8% 0.0% Other Countries United Kingdom Other1 Cash and Cash Equivalents2 Includes options and unrealized gains or losses on currency forwards. Includes 0.4% T-bills and cash held as collateral. 1 2 MSCI All Country World Index (Net) is an unmanaged index comprised of 44 country indices comprising 23 developed and 21 emerging market country indices and is calculated with dividends reinvested after deduction of withholding tax. The Index is a trademark of Morgan Stanley Capital International and is not available for direct investment. International Value Advisers, LLC 717 Fifth Avenue, 10th Floor New York, NY 10022 877.874.2999 www.ivafunds.com An investor should read and consider the funds’ investment objectives, risks, charges and expenses carefully before investing. This and other important information are detailed in our prospectus and summary prospectus, which can be obtained by calling 1-866-941-4482 or visiting www.ivafunds.com. The IVA Funds are offered by IVA Funds Distributors, LLC. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. Price to Earnings (P/E) ratio is the valuation of a company’s current share price compared to its per-share earnings. Forward P/E Ratio (FY1) is calculated using the closing price of a security divided by its earnings estimate for the next unreported fiscal year. NOT FDIC INSURED • NOT BANK GUARANTEED • MAY LOSE VALUE