Return is shown net of fees. See performance below for additional disclosure.
Overall rating based on risk-adjusted returns out of 385 mid-cap blend funds as of 12/31/23
The Cambiar SMID Fund is a diversified strategy that invests primarily in small and midcap companies domiciled in the U.S. This equal-weight portfolio will hold between 35-45 stocks with a starting universe that includes any company with a market cap primarily between $2-$12 billion.
Diversification does not ensure a profit or guarantee against a loss.
Returns greater than 1 year are annualized. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance current to the most recent month-end, please call 1-866-777-8227.
Returns assume reinvestment of all dividend and capital gains distributions. Investor Share Class: Expense ratio is 1.09% (gross); 0.92% (net). Cambiar Investors, LLC has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses from exceeding 0.85% of the average daily net assets of each of the Fund’s share classes until March 1, 2024. Absent these waivers, total return would be reduced. The Russell 2500® Value Index measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. The Russell Indices are unmanaged and returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index.
The fund charges a 2.00% redemption fee on redemptions of shares held for less than 90 days.
Target strong operating performance – Above average internal financial/operating performance reflective of sound capital allocation, structural product, and/or advantaged market position.
Pursuing persistence of these metrics is key.
Low leverage – Owned companies should possess a strong balance sheet and low leverage (typically less than 3x for non-financial businesses).
* See Disclosure
Individual stock valuation levels and associated price-sensitivity at entry are critical investment process inputs.
Portfolio will not sacrifice quality to achieve low aggregate statutory valuation metrics.
Value creation from intangible assets (and thus not considered in book value) also taken into consideration.
Portfolio seeks to achieve a balance between high conviction and prudent diversification across sector/industry and drivers of return.
Bottom-up portfolio construction is willfully agnostic to the index, yet PMs maintain an ongoing awareness of relative exposures.
Diversification does not ensure a profit or guarantee against a loss.
Top 10 holdings
Holdings subject to change. Excludes cash.
Sector Weights (%)
We examine the historical trend of value stocks outperforming growth stocks during election years, a pattern evident since 1980 and is particularly pronounced in small cap stocks.
Cap Gains & Income
Mutual fund investing involves risk, including the possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. There can be no assurance that the Fund will achieve its stated objectives.
To determine if a Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s summary or statutory prospectus which can be obtained by clicking here or calling 1-866-777-8227. Please read it carefully before investing.
©2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The mutual fund performance awards was judged based on 2022 performance and flows. Funds must have at least $50 million in assets under management.
The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. CAMMX was rated against 385 Mid-Cap Blend funds over a three-year period, 363 funds over a five-year period, and 241 over a ten-year period. With respect to these Mid-Cap Blend funds, CAMMX received a rating of 4 stars, 4 stars, and 4 stars, respectively. Past performance is no guarantee of future results. Morningstar Rating is for the investor share class only; other classes may have different performance characteristics.
Active Share – A measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. calculated by taking the sum of the absolute value of the differences of the weight of each holding in the manager\’s portfolio versus the weight of each holding in the benchmark index and dividing by two.
EBITDA – Earnings before interest, taxes, depreciation and amortization. EBITDA is one indicator of a company’s financial performance and is used as a proxy for the earning potential of a business.
Market Cap – Refers the total dollar market value of a company’s outstanding shares. Commonly referred to as “market cap,” it is calculated by multiplying a company’s shares outstanding by the current market price of one share.
Median – The median is the middle number in a sorted, ascending or descending, list of numbers and can be more descriptive of that data set than the average.
Net Debt to EBITDA – A leverage ratio calculated as a company’s interest-bearing liabilities minus cash or cash equivalents, divided by its EBITDA.
Price to Book (P/B) – A ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share.
Price to Earnings (P/E) – The ratio for valuing a company that measures its current share price relative to its per-share earnings.
Return on Assets (ROA) – An indicator of how profitable a company is relative to its total assets, calculated by dividing net income by total assets.
Return on Equity (ROE) – A measure of financial performance calculated by dividing net income by common shareholders’ equity. Because shareholders’ equity is equal to a company’s assets minus its debt, ROE is considered the return on net assets. ROE is considered a measure of how effectively management is using a company’s assets to create profits. 5-Year average is used for this metric.
Return on Invested Capital (ROIC) – A calculation used to assess a company’s efficiency at allocating the capital under its control to profitable investments. The return on invested capital ratio gives a sense of how well a company is using its money to generate returns.
Weighted Average – An average in which each quantity to be averaged is assigned a weight, and these weightings determine the relative importance of each quantity on the average.
These calculations are not a forecast of the Fund’s future performance.
Total Assets represents assets under management for all share classes combined and are subject to change.
This material represents the portfolio manager’s opinion and is an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice or a specific recommendation of securities. There is no guarantee that any forecasts made will come to pass.
Cambiar Funds are distributed by SEI Investments Distribution Co., 1 Freedom Valley Dr. Oaks, PA 19456, which is not affiliated with the Advisor. Cambiar Funds are available to US investors only. Strategies included within the Separate Account section are not mutual funds and are not affiliated with SEI Investments Distribution Co.
* Quality and Valuation objectives analyzed when assessing individual portfolio companies are necessarily subjective and, therefore, may not be consistent with benchmark metrics, due to a number or factors including current investment sentiment, portfolio and benchmark composition, and other factors.