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iMGP International Fund
mutual fund
MSILX
Payout Change
Pending
Price as of:
$18.33
+0.02
+0.11%
primary theme
International Large-Cap Blend Equity
share class
MSILX (Mutual Fund)
iMGP International Fund
Payout Change
Pending
Price as of:
$18.33
+0.02
+0.11%
primary theme
International Large-Cap Blend Equity
share class
MSILX (Mutual Fund)
iMGP International Fund
Payout Change
Pending
Price as of:
$18.33
+0.02
+0.11%
primary theme
International Large-Cap Blend Equity
share class
Name
As of 12/09/2024Price
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
4.0%
1 yr return
7.4%
3 Yr Avg Return
-0.5%
5 Yr Avg Return
3.2%
Net Assets
$230 M
Holdings in Top 10
35.4%
52 WEEK LOW AND HIGH
$18.3
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.09%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 99.91%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$10,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/09/2024Price
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
MSILX - Profile
Distributions
- YTD Total Return 4.0%
- 3 Yr Annualized Total Return -0.5%
- 5 Yr Annualized Total Return 3.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.63%
- Dividend Yield 0.7%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameiMGP International Fund
-
Fund Family NameIMGP Funds
-
Inception DateDec 05, 1997
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDavid Herro
Fund Description
The International Fund invests in the securities of companies that the sub‑advisors to the International Fund (each, a “manager” or “sub‑advisor”) believe have strong appreciation potential. The Advisor believes that giving highly disciplined managers latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to an arbitrary “style box.” This belief underlays the premise of the International Fund to seek skilled managers, give them broad flexibility, limit them to their highest-conviction ideas and create diversification at the overall fund level by choosing managers with complementary styles, which the Advisor believes also should reduce risk. The Advisor is responsible for recommending which sub‑advisors to hire or remove. Before hiring a sub‑advisor, the Advisor performs extensive due diligence. This includes quantitative and qualitative analysis, including (but not limited to) an evaluation of the investment process, the consistency of its execution and discipline; individual holdings; strategies employed, past mistakes, risk controls, team depth and quality; operations and compliance; and business focus and vision. The Advisor’s evaluation process includes review of literature and documents, quantitative historical performance evaluation, extensive discussions with members of the investment team and firm management and background checks through industry contacts.
There is no minimum or maximum allocation of the International Fund’s portfolio assets to each sub‑advisor. The Advisor is responsible for establishing the target allocation of International Fund assets to each manager based on the Advisor’s goal of maintaining a balance of investment styles (growth, value, and blend) and market capitalization exposure (large‑cap, mid‑cap and small‑cap companies) and may adjust the target allocations at its discretion. Market performance may result in allocation drift among the managers of the International Fund. The Advisor is responsible for periodically rebalancing the portfolios, the timing and degree of which will be determined by the Advisor based on the amount of deviation from pre‑established target allocation ranges and the Advisor’s assessment of market conditions and investment opportunities available to each sub‑advisor. The Advisor monitors the individual portfolios managed by the sub‑advisors to ensure that the overall portfolio does not include any unintentional over-weights to market capitalization levels, sectors, industries or individual securities. Under normal
conditions, each sub‑advisor manages a portion of the International Fund’s assets by independently managing a portfolio typically composed of between 8 and 15 stocks (resulting in total International Fund holdings of 24 to 45 different stocks).
Under normal market conditions, the International Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the securities of companies organized or located outside of the United States, including large-, mid‑, and small-capitalization companies, as measured by market capitalization at the time of acquisition, and companies located in emerging markets. iM Global defines an emerging market country as any country that is included in the MSCI Emerging Markets Index. The International Fund ordinarily invests in the securities markets of at least five countries outside of the United States. The International Fund may focus its investments in certain sectors – including, but not limited to, the financial and healthcare sectors – from time to time as a result of the implementation of the International Fund’s investment strategy by the sub‑advisors, but sector focus is not a principal strategy of the International Fund.
Each sub‑advisor uses its own discretion to invest in any sized company it deems appropriate. The managers have limited flexibility to invest in the securities of U.S. companies. By executing its investment strategy, the International Fund seeks to:
| • | combine the efforts of several experienced, high quality international managers; |
| • | access the highest conviction stock-picking ideas of each manager at any point in time; |
| • | deliver a portfolio that is prudently diversified in terms of stocks (typically 24 to 45) and industries while still allowing each manager to run portfolio segments focused on only its highest conviction stocks; and |
| • | further diversify across different sized companies, countries, and stock-picking styles by including managers with a variety of stock-picking disciplines. |
Generally, a security may be sold: (1) if the manager believes the security’s market price exceeds the manager’s estimate of intrinsic value; (2) if the manager’s view of the business fundamentals or management of the underlying company changes; (3) if a more attractive investment opportunity is found; (4) if general market conditions trigger a change in the manager’s assessment criteria; or (5) for other portfolio management reasons. The International Fund’s managers may trade its portfolio frequently.
| SUB‑ ADVISOR | TARGET ASSET ALLOCATION | MARKET CAPITALIZATION OF COMPANIES IN PORTFOLIO | |
| Harris Associates L.P. (“Harris”) | 33.3% | All sizes | |
| Lazard Asset Management (“Lazard”) | 33.3% | All sizes | |
| Polen Capital Management, LLC (“Polen Capital”) | 33.3% | All sizes, but mostly large- and mid‑sized companies |
MSILX - Performance
Return Ranking - Trailing
| Period | MSILX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.0% | -3.4% | 32.4% | 92.10% |
| 1 Yr | 7.4% | -1.8% | 38.8% | 96.21% |
| 3 Yr | -0.5%* | -13.6% | 48.1% | 93.32% |
| 5 Yr | 3.2%* | -34.2% | 74.9% | 96.10% |
| 10 Yr | 2.6%* | 1.2% | 32.4% | 97.11% |
* Annualized
Return Ranking - Calendar
| Period | MSILX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 16.2% | -1.4% | 22.0% | 15.70% |
| 2022 | -22.3% | -43.6% | 71.3% | 89.92% |
| 2021 | 7.6% | -28.5% | 18.9% | 28.62% |
| 2020 | 2.7% | -90.1% | 992.1% | 90.13% |
| 2019 | 25.7% | -1.9% | 38.8% | 3.90% |
Total Return Ranking - Trailing
| Period | MSILX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.0% | -3.4% | 32.4% | 92.10% |
| 1 Yr | 7.4% | -1.8% | 38.8% | 96.21% |
| 3 Yr | -0.5%* | -13.6% | 48.1% | 93.32% |
| 5 Yr | 3.2%* | -34.2% | 74.9% | 96.10% |
| 10 Yr | 2.6%* | 1.2% | 32.4% | 97.11% |
* Annualized
Total Return Ranking - Calendar
| Period | MSILX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 17.1% | 3.2% | 23.8% | 38.93% |
| 2022 | -21.6% | -43.6% | 144.8% | 94.40% |
| 2021 | 11.8% | -22.6% | 56.0% | 26.67% |
| 2020 | 5.0% | -89.7% | 1010.8% | 90.30% |
| 2019 | 29.5% | 4.3% | 38.8% | 2.84% |
NAV & Total Return History
MSILX - Holdings
Concentration Analysis
| MSILX | Category Low | Category High | MSILX % Rank | |
|---|---|---|---|---|
| Net Assets | 230 M | 3.3 M | 425 B | 74.10% |
| Number of Holdings | 53 | 1 | 10481 | 79.88% |
| Net Assets in Top 10 | 68.8 M | 1.01 M | 47.5 B | 72.39% |
| Weighting of Top 10 | 35.36% | 4.6% | 147.7% | 17.90% |
Top 10 Holdings
- ICON PLC 6.15%
- SAP SE 4.42%
- Sage Group PLC/The 3.45%
- Taiwan Semiconductor Manufacturing Co Ltd 3.22%
- Coca-Cola Europacific Partners PLC 3.16%
- Kering SA 3.05%
- Mercedes-Benz Group AG 3.02%
- Bayer AG 3.01%
- Novo Nordisk A/S 2.96%
- CNH Industrial NV 2.92%
Asset Allocation
| Weighting | Return Low | Return High | MSILX % Rank | |
|---|---|---|---|---|
| Stocks | 97.38% | 0.00% | 102.63% | 53.04% |
| Preferred Stocks | 1.63% | -0.05% | 6.89% | 11.23% |
| Cash | 0.73% | 0.00% | 44.84% | 81.75% |
| Other | 0.26% | -2.12% | 47.54% | 25.27% |
| Convertible Bonds | 0.00% | 0.00% | 4.18% | 68.08% |
| Bonds | 0.00% | 0.00% | 95.29% | 70.67% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MSILX % Rank | |
|---|---|---|---|---|
| Financial Services | 19.67% | 0.00% | 47.75% | 27.84% |
| Consumer Cyclical | 16.70% | 0.00% | 36.36% | 6.56% |
| Industrials | 14.71% | 5.17% | 99.49% | 53.12% |
| Technology | 14.60% | 0.00% | 36.32% | 21.28% |
| Communication Services | 12.69% | 0.00% | 21.69% | 3.04% |
| Healthcare | 10.71% | 0.00% | 20.35% | 65.60% |
| Utilities | 5.64% | 0.00% | 13.68% | 7.52% |
| Consumer Defense | 4.20% | 0.00% | 32.29% | 95.04% |
| Basic Materials | 1.08% | 0.00% | 23.86% | 98.72% |
| Real Estate | 0.00% | 0.00% | 14.59% | 89.92% |
| Energy | 0.00% | 0.00% | 16.89% | 98.56% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MSILX % Rank | |
|---|---|---|---|---|
| Non US | 77.17% | 0.00% | 99.44% | 83.31% |
| US | 20.21% | 0.00% | 102.01% | 11.23% |
MSILX - Expenses
Operational Fees
| MSILX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.09% | 0.01% | 19.62% | 44.06% |
| Management Fee | 0.90% | 0.00% | 1.65% | 95.29% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 1.00% | N/A |
Sales Fees
| MSILX 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% | 4.00% | N/A |
Trading Fees
| MSILX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | 62.12% |
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.
| MSILX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 99.91% | 2.00% | 247.00% | 89.28% |
MSILX - Distributions
Dividend Yield Analysis
| MSILX | Category Low | Category High | MSILX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.73% | 0.00% | 17.49% | 91.11% |
Dividend Distribution Analysis
| MSILX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| MSILX | Category Low | Category High | MSILX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.63% | -0.93% | 6.38% | 0.32% |
Capital Gain Distribution Analysis
| MSILX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 21, 2023 | $0.133 | OrdinaryDividend |
| Dec 21, 2022 | $0.133 | OrdinaryDividend |
| Dec 21, 2021 | $0.722 | OrdinaryDividend |
| Dec 22, 2020 | $0.405 | OrdinaryDividend |
| Dec 18, 2019 | $0.527 | OrdinaryDividend |
| Dec 19, 2018 | $0.104 | OrdinaryDividend |
| Dec 19, 2017 | $0.522 | OrdinaryDividend |
| Dec 22, 2016 | $0.613 | OrdinaryDividend |
| Dec 22, 2015 | $0.271 | OrdinaryDividend |
| Dec 23, 2014 | $0.211 | OrdinaryDividend |
| Dec 27, 2013 | $0.184 | OrdinaryDividend |
| Dec 28, 2012 | $0.070 | OrdinaryDividend |
| Dec 28, 2011 | $0.026 | OrdinaryDividend |
| Dec 29, 2010 | $0.691 | OrdinaryDividend |
| Dec 30, 2009 | $0.070 | OrdinaryDividend |
| Nov 05, 2008 | $0.143 | CapitalGainShortTerm |
| Nov 05, 2008 | $0.224 | CapitalGainLongTerm |
| Nov 05, 2008 | $0.389 | OrdinaryDividend |
| Dec 07, 2007 | $1.558 | CapitalGainShortTerm |
| Dec 07, 2007 | $2.307 | CapitalGainLongTerm |
| Dec 07, 2007 | $0.204 | OrdinaryDividend |
| Dec 05, 2006 | $0.901 | CapitalGainShortTerm |
| Dec 05, 2006 | $1.477 | CapitalGainLongTerm |
| Dec 05, 2006 | $0.408 | OrdinaryDividend |
| Dec 29, 2005 | $0.293 | OrdinaryDividend |
| Nov 11, 2005 | $0.173 | CapitalGainShortTerm |
| Nov 11, 2005 | $2.747 | CapitalGainLongTerm |
| Dec 28, 2004 | $0.070 | OrdinaryDividend |
| Dec 29, 2003 | $0.027 | OrdinaryDividend |
| Dec 27, 2002 | $0.033 | OrdinaryDividend |
| Nov 30, 2001 | $0.033 | OrdinaryDividend |
| Dec 01, 2000 | $0.046 | OrdinaryDividend |
| Dec 01, 2000 | $1.118 | CapitalGainShortTerm |
| Dec 01, 2000 | $1.227 | CapitalGainLongTerm |
MSILX - Fund Manager Analysis
Managers
David Herro
Start Date
Tenure
Tenure Rank
Dec 01, 1997
24.51
24.5%
David Herro is the Chief Investment Officer – International Equities at Harris Associates L.P. and serves as a Deputy Chairman and a Portfolio Manager of a number of Oakmark funds. Mr. Herro has been managing international portfolios since 1986, previously managing international portfolios for The State of Wisconsin Investment Board and The Principal Financial Group. Mr. Herro, who joined Harris Associates in 1992, holds a BS in business and economics from the University of Wisconsin – Platteville (1983) and an MA in economics from the University of Wisconsin – Milwaukee (1985).
Jeremy DeGroot
Start Date
Tenure
Tenure Rank
Apr 30, 2005
17.1
17.1%
Jeremy DeGroot, CFA MA, Principal, Chief Investment Officer Jeremy joined Litman Gregory in 1999 and became a principal in 2003. He is responsible for overseeing the firm's manager due diligence, asset class research, and portfolio allocation decisions. Jeremy is also Portfolio Manager of the Litman Gregory Masters Alternative Strategies Fund and Co-Portfolio Manager of the Litman Gregory Masters Equity, International, and Smaller Companies funds. He is frequently quoted in the national media in the areas of asset allocation and manager selection. Jeremy holds the Chartered Financial Analyst® (CFA®) designation. Prior to joining Litman Gregory, Jeremy was an Economic Consulting Services Manager with KPMG Peat Marwick and was a Senior Economist with the Law & Economics Consulting Group. Jeremy is a graduate of University of Wisconsin - Madison (BS - Economics) and University of California - Berkeley (MA - Economics).
Mark Little
Start Date
Tenure
Tenure Rank
Jan 15, 2013
9.38
9.4%
Mark Little Managing Director, Portfolio Manager/Analyst Lazard Asset Management Limited (London) Mark Little is a Portfolio Manager/Analyst on the International Strategic Equity, International Compounders, and Global Strategic Equity teams. He began working in the investment field in 1992. Prior to joining Lazard in 1997, he was a manager in the corporate finance practice of Coopers & Lybrand and earned his ACA qualification with Rees Pollock Chartered Accountants. Mark has an MA in Economics from Clare College, Cambridge University.
Todd Morris
Start Date
Tenure
Tenure Rank
Sep 30, 2021
0.67
0.7%
Todd Morris,Portfolio Manager and Analyst, is lead portfolio manager for the International Growth Strategy and a member of the investment team at Polen Capital. Mr. Morris joined Polen Capital in 2011. During his time at Polen Capital he has served as a Research Analyst and the Director of Research. Prior to joining Polen Capital, Mr. Morris worked in research and marketing roles with Prudential Insurance and Millennium Global Asset Management, respectively, and served for seven years in the U.S. Navy. During his naval career Mr. Morris navigated a warship on three deployments, taught at the U.S. Merchant Marine Academy and served with the U.S. Army in Iraq. Mr. Morris received a B.S. in History from the U.S. Naval Academy where he was a student athlete, and an MBA from Columbia Business School.
Daniel Fields
Start Date
Tenure
Tenure Rank
Sep 30, 2021
0.67
0.7%
Mr. Fields joined Polen Capital in 2017 and is responsible for the day-to-day portfolio management and investment analysis for the Fund. Prior to joining Polen Capital, Mr. Fields spent eight years in Hong Kong where he worked for GaveKal Capital and Marshall Wace LLP as a research analyst evaluating Asian growth companies. He began his career at Fisher Investments as a junior analyst analyzing emerging markets companies. Mr. Fields received a B.S. in Finance from the University of Idaho and a M.S. in Global Finance from the NYU Stern School of Business and HKUST Business School. Mr. Fields is a CFA charterholder.
Kiko Vallarta
Start Date
Tenure
Tenure Rank
Mar 18, 2022
0.2
0.2%
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 30.35 | 6.32 | 3.25 |
