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International Small Cap Portfolio
mutual fund
IRCZX
Payout Change
Pending
Price as of:
$12.33
-0.04
-0.32%
primary theme
International Mid-Cap Blend Equity
share class
IRCZX (Mutual Fund)
International Small Cap Portfolio
Payout Change
Pending
Price as of:
$12.33
-0.04
-0.32%
primary theme
International Mid-Cap Blend Equity
share class
IRCZX (Mutual Fund)
International Small Cap Portfolio
Payout Change
Pending
Price as of:
$12.33
-0.04
-0.32%
primary theme
International Mid-Cap Blend Equity
share class
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
10.6%
1 yr return
16.9%
3 Yr Avg Return
0.1%
5 Yr Avg Return
4.8%
Net Assets
$1.15 B
Holdings in Top 10
13.2%
52 WEEK LOW AND HIGH
$12.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.09%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 48.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
IRCZX - Profile
Distributions
- YTD Total Return 10.6%
- 3 Yr Annualized Total Return 0.1%
- 5 Yr Annualized Total Return 4.8%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.22%
- Dividend Yield 2.7%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameInternational Small Cap Portfolio
-
Fund Family NameALLIANCEBE
-
Inception DateDec 21, 2015
-
Shares OutstandingN/A
-
Share ClassZ
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAndrew Birse
Fund Description
The Portfolio invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization companies or other securities or instruments with similar economic characteristics, including
derivatives related to equity securities. Equity securities are primarily common stocks, although, for purposes of the 80% policy, equity securities may also include preferred stocks, warrants, convertible securities, sponsored or unsponsored American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) and equity real estate investment trusts (“REITs”). You will be notified at least 60 days prior to any change to the Portfolio’s 80% investment policy.
AllianceBernstein L.P. serves as the Portfolio’s investment manager (“Manager”). The Manager invests the assets of the Portfolio primarily in a diversified portfolio of equity securities of small-capitalization companies located outside of the United States. Under normal circumstances, at least 65% of the Portfolio’s net assets are invested in companies located outside of the United States. The Portfolio defines small-capitalization companies as those that, at the time of investment, have market capitalizations within the market capitalization range of the Portfolio’s benchmark, the Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) ex USA Small Cap Index. The market capitalizations of companies in the MSCI ACWI ex USA Small Cap Index were between approximately $10.24 million and $7.59 billion at December 29, 2023. The market capitalization of the companies included in the Portfolio’s definition of “small-capitalization” companies changes over time as the capitalization of the securities included in the MSCI ACWI ex USA Small Cap Index changes.
The Portfolio’s exposure to non-U.S. companies may change over time based on the Manager’s assessment of market conditions and the investment merit of non-U.S. issuers. Under normal circumstances, the Manager invests in companies located in at least three countries other than the United States and expects to have exposure to issuers in several different countries. In determining a company’s location for purposes of the Portfolio’s investment policies and restrictions, the Manager may consider: (1) the place of domicile; (2) where the company has an established presence and conducts its business; and (3) where the company conducts a significant part of its economic activities. The Portfolio may invest in both developed and emerging market countries and, at times, may invest significantly in emerging markets.
The Manager seeks to identify attractive investment opportunities primarily through its fundamental investment research or quantitative analysis. In applying its fundamental research, the Manager generally seeks to identify companies that possess both attractive valuation and compelling company- and/or industry-level investment catalysts. In applying its quantitative analysis, the Manager typically considers a number of metrics that historically have provided some indication of favorable future returns, including metrics related to valuation, quality, investor behavior and corporate behavior. Utilizing these resources, the Manager expects to allocate the Portfolio’s assets among issuers, industries and geographic locations to attempt to create a diversified portfolio of investments.
The Portfolio may invest in established companies and also in new and less-seasoned issuers. The Portfolio may also invest in exchange-traded funds (“ETFs”) and other investment companies from time to time.
The Portfolio expects to utilize derivatives, such as options, futures contracts, forwards and swaps. For example, the Portfolio may invest in currency derivatives as discussed below and in futures contracts to gain exposure to certain markets. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Portfolio’s exposure.
Fluctuations in currency exchange rates can have a dramatic impact on the returns of foreign equity securities. The Manager may employ currency hedging strategies, including the use of currency-related derivatives, to seek to reduce currency risk in the Portfolio, but it is not required to do so. The Manager may also take long and short positions in currencies or related derivatives for investment purposes, independent of any security positions. The Manager may use stock index futures contracts to gain access to certain markets.
IRCZX - Performance
Return Ranking - Trailing
| Period | IRCZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 10.6% | -2.2% | 14.0% | 6.10% |
| 1 Yr | 16.9% | 5.7% | 21.3% | 7.32% |
| 3 Yr | 0.1%* | -5.1% | 6.0% | 46.25% |
| 5 Yr | 4.8%* | 1.2% | 8.4% | 61.04% |
| 10 Yr | N/A* | 3.6% | 7.3% | N/A |
* Annualized
Return Ranking - Calendar
| Period | IRCZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.7% | 1.1% | 25.3% | 84.15% |
| 2022 | -21.7% | -35.4% | -13.9% | 67.50% |
| 2021 | 8.3% | -5.3% | 14.4% | 37.66% |
| 2020 | 7.0% | 3.1% | 17.0% | 64.94% |
| 2019 | 17.0% | 13.1% | 25.4% | 88.57% |
Total Return Ranking - Trailing
| Period | IRCZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 10.6% | -2.2% | 14.0% | 6.10% |
| 1 Yr | 16.9% | 5.7% | 21.3% | 7.32% |
| 3 Yr | 0.1%* | -5.1% | 6.0% | 46.25% |
| 5 Yr | 4.8%* | 1.2% | 8.4% | 61.04% |
| 10 Yr | N/A* | 3.6% | 7.3% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | IRCZX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 13.2% | 2.5% | 25.8% | 76.83% |
| 2022 | -20.9% | -35.4% | -10.9% | 67.50% |
| 2021 | 12.5% | 7.7% | 18.9% | 62.34% |
| 2020 | 8.2% | 3.5% | 18.1% | 75.32% |
| 2019 | 19.4% | 17.4% | 32.7% | 88.57% |
NAV & Total Return History
IRCZX - Holdings
Concentration Analysis
| IRCZX | Category Low | Category High | IRCZX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.15 B | 6.37 M | 12.1 B | 30.49% |
| Number of Holdings | 358 | 2 | 4796 | 30.49% |
| Net Assets in Top 10 | 152 M | 1.72 M | 12.6 B | 32.93% |
| Weighting of Top 10 | 13.23% | 5.7% | 102.9% | 56.10% |
Top 10 Holdings
- AB Fixed Income Shares, Inc. - Government Money Market Portfolio 2.26%
- International Games System Co Ltd 1.80%
- E Ink Holdings Inc 1.37%
- Asics Corp 1.20%
- Capital Power Corp 1.16%
- Nexans SA 1.13%
- Kawasaki Heavy Industries Ltd 1.10%
- Sega Sammy Holdings Inc 1.08%
- Capstone Copper Corp 1.08%
- Balfour Beatty PLC 1.04%
Asset Allocation
| Weighting | Return Low | Return High | IRCZX % Rank | |
|---|---|---|---|---|
| Stocks | 97.02% | 91.15% | 102.39% | 37.80% |
| Cash | 3.10% | 0.00% | 8.90% | 36.59% |
| Preferred Stocks | 0.00% | 0.00% | 3.71% | 58.54% |
| Convertible Bonds | 0.00% | 0.00% | 0.00% | 37.04% |
| Bonds | 0.00% | 0.00% | 0.21% | 40.24% |
| Other | -0.12% | -2.44% | 44.35% | 97.56% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | IRCZX % Rank | |
|---|---|---|---|---|
| Industrials | 20.76% | 12.46% | 32.63% | 70.37% |
| Technology | 14.91% | 9.14% | 22.43% | 20.99% |
| Consumer Cyclical | 13.77% | 9.23% | 27.42% | 29.63% |
| Financial Services | 10.70% | 2.16% | 21.69% | 77.78% |
| Basic Materials | 9.28% | 0.02% | 13.14% | 37.04% |
| Healthcare | 7.37% | 0.00% | 18.67% | 38.27% |
| Real Estate | 6.32% | 0.00% | 12.22% | 70.37% |
| Communication Services | 6.19% | 1.47% | 8.56% | 8.64% |
| Consumer Defense | 5.10% | 2.29% | 12.17% | 64.20% |
| Utilities | 2.90% | 0.00% | 4.57% | 34.57% |
| Energy | 2.71% | 0.00% | 12.34% | 54.32% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | IRCZX % Rank | |
|---|---|---|---|---|
| Non US | 95.97% | 0.00% | 99.39% | 31.71% |
| US | 1.05% | 0.00% | 102.39% | 70.73% |
IRCZX - Expenses
Operational Fees
| IRCZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.09% | 0.08% | 7.36% | 63.41% |
| Management Fee | 1.00% | 0.05% | 1.03% | 85.37% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.03% | 0.25% | N/A |
Sales Fees
| IRCZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 0.00% | 1.00% | N/A |
Trading Fees
| IRCZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 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.
| IRCZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 48.00% | 1.00% | 185.00% | 48.68% |
IRCZX - Distributions
Dividend Yield Analysis
| IRCZX | Category Low | Category High | IRCZX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.66% | 0.00% | 3.84% | 17.07% |
Dividend Distribution Analysis
| IRCZX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| IRCZX | Category Low | Category High | IRCZX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.22% | 0.03% | 2.41% | 38.27% |
Capital Gain Distribution Analysis
| IRCZX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 06, 2023 | $0.329 | OrdinaryDividend |
| Dec 07, 2022 | $0.108 | OrdinaryDividend |
| Dec 08, 2021 | $0.503 | OrdinaryDividend |
| Dec 09, 2020 | $0.136 | OrdinaryDividend |
| Dec 11, 2019 | $0.219 | OrdinaryDividend |
| Dec 12, 2018 | $0.094 | CapitalGainShortTerm |
| Dec 12, 2018 | $0.665 | CapitalGainLongTerm |
| Dec 12, 2018 | $0.222 | OrdinaryDividend |
| Dec 12, 2017 | $0.144 | CapitalGainShortTerm |
| Dec 12, 2017 | $0.174 | CapitalGainLongTerm |
| Dec 12, 2017 | $0.168 | OrdinaryDividend |
| Dec 13, 2016 | $0.158 | OrdinaryDividend |
| Dec 13, 2016 | $0.115 | CapitalGainShortTerm |
IRCZX - Fund Manager Analysis
Managers
Andrew Birse
Start Date
Tenure
Tenure Rank
Dec 21, 2015
6.45
6.5%
Andrew Birse was appointed Portfolio Manager of European Value Equities in March 2016 and has managed the International Small Cap Equities service since its inception in 2014. He is also a Senior Research Analyst. Prior to joining the firm as a research analyst in 2010, Birse spent seven years in the Corporate Finance Group at McKinsey & Company, working in the firm’s London, Sydney and Auckland offices. He holds a BCom (Hons) in finance and a BA in history and economics from the University of Auckland, and an MSc in economics and philosophy from the London School of Economics. Location: London
Peter Chocian
Start Date
Tenure
Tenure Rank
Dec 21, 2015
6.45
6.5%
Vice President of the Manager, with which he has been associated in a similar capacity since prior to 2015. Peter Chocian is a Senior Quantitative Analyst at AB. He joined the firm in 2006 as a quantitative analyst for Value Equities. Previously, he worked for four years as a senior analyst/modeler in the Numerical Weather Prediction division of the UK Met Office. Chocian earned a BSc in physics from Imperial College London and a PhD in theoretical physics from Royal Holloway, University of London, followed by research fellowships at University College London and the Max Planck Institute for the Physics of Complex Systems in Dresden, Germany. Location: London
Nelson Yu
Start Date
Tenure
Tenure Rank
Sep 01, 2016
5.75
5.8%
Senior Vice President and Portfolio Manager of AllianceBernstein L.P. since prior to 2014. Head—Blend Strategies since 2017 and Head of Quantitative Research—Equities since prior to 2014. Nelson Yu was appointed Head of Blend Strategies in early 2017. He is also a Portfolio Manager and Head of Quantitative Research for Equities, with responsibility for overseeing the research and application of risk and return models across the firm’s equity portfolios. In addition, Yu manages the currency overlay strategy across equity portfolios and is an advisory member of the Global Value, Emerging Markets Value and Strategic Core portfolios. He joined the firm in 1997 as a programmer and analyst, and served as deputy head of Value Equities Quantitative Research from 2009 until 2014. Yu was previously a supervising consultant at Grant Thornton. He holds a BSE in systems engineering and a BS in economics from the University of Pennsylvania, and is a CFA charterholder. Location: New York
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 21.76 | 7.63 | 18.43 |
