Mondrian Global Listed Infrastructure Fund

Fund Facts

Ticker MGIFX
Net Expense Ratio* 0.95%
Gross Expense Ratio* 12.78%
Sales Charge None
Inception Date 12/17/2018
Minimum Initial Investment $1 million
Minimum Subsequent Investment $100
CUSIP 36381Y603

*Mondrian Investment Partners Limited (the “Advisor”) has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and non-routine expenses) from exceeding 0.95% of the Fund’s average daily net assets until February 28, 2021.

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Fund Features

Universe of Securities

The Fund’s universe is considered to be securities of companies that:

(a) Derive the majority of their revenues from infrastructure activities

(b) Have sufficient liquidity

(c) Provide adequate investor protection and good repatriation procedures

Detailed screening of this universe is used to concentrate our research efforts on the most promising potential investments.

Security Selection

Security selection is the most important part of Mondrian’s equity investment process. Mondrian uses the same dividend discount valuation model of future income streams across all markets, securities and industries. Securities which are significantly mispriced relative to the dividend discount valuation are purchase and sale candidates.

Key to the security selection process is fundamental company analysis and a regular program of meeting with companies. Meeting with the management of holdings is important to the investment process. The firm uses forward looking valuations, and therefore, the business plans and projections for a company’s future are extremely important.

Sector/Industry Selection

Sector and industry selection form a secondary part of the Fund’s portfolio construction process. Allocations to sectors are monitored to ensure prudent diversification. Sector allocations can vary substantially from the index.

Currency Selection

We believe that in the long-term currencies adjust back to their long term purchasing power parity value relative to the US dollar. Over the short-term, currencies can fluctuate significantly around this value. Consequently, Mondrian may defensively hedge a foreign currency back to the US dollar if we feel that currency is materially overvalued.

Market Cap

Capitalization size is not a major factor in the investment process. There is no set percentage of the Fund that will be invested in certain capitalization size ranges. The majority of the Fund is invested in medium and large capitalization stocks.

In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. Concentration in infrastructure-related securities involves sector risk and concentration risk, particularly greater exposure to adverse economic, regulatory, political, legal, liquidity, and tax risks associated with MLPs and REITs.