Objective

Long-term capital appreciation

Strategy

Combines two skilled and complementary active managers, designed for enhanced risk-adjusted returns

Fund Facts
Asset Manager
  • Lazard Asset Management (Since 12/19)
  • Global Alpha (Since 12/19)
Benchmark MSCI All Country World ex US Small-Cap Index
Fund Inception Date December 30, 2019
Mimimum Investment Class B: $1 million
Expense Ratio Class B: 1.15%

Characteristics as of 06/30/2020

Statistics Data Fund Index
Weighted Median Market Cap $1.7B $1.7B
Price/Book 1.6x 1.2x
Price/Earnings 13.7x 13.8x
Return on Equity 16.7% 10.3%
Dividend Yield 2.5% 3.0%
5-year Earnings Growth 18.0% 11.2%
Beta 0.9 0.0
10 Largest Holdings 13.2% 0.4%
# of Equity Securities 458 4,070
Market Sector Analysis Fund Index
Communication Services 4.4 4.2
Consumer Discretionary 10.2 12.1
Consumer Staples 9.5 6.4
Energy 1.3 2.2
Financials 9.1 10.1
Healthcare 9.2 8.4
Industrials 20.7 19.4
Information Technology 12.2 12.4
Materials 8.2 10.2
Real Estate 10.7 11.3
Utilities 2.9 3.4
Cash 1.6 0.0
Geographic Distribution Fund Index
United Kingdom 12.6 11.4
France 6.1 1.9
Germany 3.2 3.9
Japan 26.3 22.8
USA* 1.6 0.5
Canada 3.3 6.4
Other Europe 25.0 22.3
Developed Asia 10.8 10.4
Emeg.Mkts Asia 9.0 15.8
Other Emeg.Mkts 2.1 4.7
Top Ten Holdings %
Kerry Logistics Network Ltd. 1.6
Ain Holdings Inc. 1.4
Rothschild & Co. SCA 1.4
Sopra Steria Group SA 1.4
Savills plc 1.3
L'Occitane International S.A. 1.3
Tecan Group AG 1.3
Internet Initiative Japan Inc. 1.3
Clipper Logistics PLC 1.2
Seven Bank, Ltd. 1.2

 

Source: FactSet

*U.S. allocation includes ADRs and cash.

The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. For a complete list of securities offered during the period, please contact CBIS.

  • Q2 2020 Performance Review

    3-Month Review

    • Excluding the Cash allocation, relative performance was driven by negative stock selection, particularly in the two best performing sectors for the quarter, Materials and Information Technology.
    • Overall stock selection was negative with detractors in Materials, Information Technology, and Health Care. The Fund was also negatively impacted by not holding a number of the best performing companies in each of these sectors.

    Current Positioning

    • The Fund’s positioning is relatively stable from quarter to quarter. The overall positioning is determined by security selection.
    • The Fund’s characteristics are in line with the benchmark. The Fund’s P/E ratio was slightly lower while the P/B ratio was slightly higher, and its dividend yield is slightly lower than the benchmark.
    • The Fund currently has about 89% of its market value invested in developed nation securities and 11% in emerging markets. Other than the underweight to emerging markets, significant variations from the benchmark include the Fund’s approximately 4% overweight to Japan and 3% overweight to France.
    • Sector weights are in line with the benchmark.

All attribution is based on gross portfolio performance.

  • Fund Fact Sheet

    PDF
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