INTERNATIONAL EQUITIES

All Countries World ex US

This strategy invests in non-US markets around the world with a maximum allocation of 30% to emerging markets. The portfolio ranges from 85 to 155 companies and clients typically benchmark the strategy to the MSCI AC World ex-US Index.

OVERVIEW

Why Mondrian for International Equities?

We are a value-oriented defensive manager – we invest in stocks where rigorous dividend discount analysis isolates value in terms of the long-term flow of dividends

* 2023 PRI Assessment Scores: Policy, Governance & Strategy: 4 Stars; Direct-Listed equity-Active fundamental: 5 Stars; Direct-Fixed income–SSA: 5 Stars; Direct-Fixed income–Corporate: 5 Stars; Confidence Building Measures: 4 Stars.  Please refer to www.unpri.org for the PRI assessment methodology. Mondrian’s full Assessment Report and Transparency Report may be requested via the PRI Data Portal. PRI = Principles for Responsible Investments.

Performance

As of June 30, 2024

Annualized

Mondrian All Countries World ex-US Equity Composite

Inception date: February 1, 1998
Index returns are shown with net dividends reinvested.
Past performance is not a guide to future performance. The value of investments and income from then can fall as well as rise and investors may not get back the original amount invested.
Please see important information below.
Periods over 12 months are annualized.
Mondrian Investment Partners Limited (“Mondrian”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A GIPS Composite Report is available on request from mondrian.website@mondrian.com.

Calendar Year

Mondrian All Countries World ex-US Equity Composite

Inception date: February 1, 1998
Index returns are shown with net dividends reinvested.
Past performance is not a guide to future performance. The value of investments and income from then can fall as well as rise and investors may not get back the original amount invested.
Please see important information below.
Periods over 12 months are annualized.
Mondrian Investment Partners Limited (“Mondrian”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A GIPS Composite Report is available on request from mondrian.website@mondrian.com.

Defensive Characteristics

Mondrian All Countries World ex-US Equity Composite

Index returns are shown with net dividends reinvested.
Past performance is not a guide to future performance. The value of investments and income from then can fall as well as rise and investors may not get back the original amount invested.
Please see important information below.
Periods over 12 months are annualized.
Mondrian Investment Partners Limited (“Mondrian”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A GIPS Composite Report is available on request from mondrian.website@mondrian.com.

Portfolio

As of June 30, 2024

Characteristics

Characteristic Mondrian MSCI AC World ex-US Index
P/E (trailing 12 months) 11.8 15.6
P/B (trailing 12 months) 1.3 1.9
Price/Cash Flow 6.5 10.2
Dividend Yield (%) 4.0 2.9
Number of Holdings 99 2,159
Weighted Average Market Cap (million, USD) 78,940 110,710
Median Market Cap (million, USD) 26,352 7,751
Information Ratio 0.32

Sector Allocation

Country Allocation

Top 10

News & Insights

Nigel Bliss, International Equities Update

Video: International Equities Update – Q1 2024

Senior Portfolio Manager, Nigel Bliss, reviews the international equity markets, highlights our portfolio performance and provides an outlook for the markets.
View article Video: International Equities Update – Q1 2024
LS London Liv Street Station 5

International Equity Investment Outlook – Q1 2024

Given the increased concentration in equity markets and lofty valuations on many of the largest companies, passive investing presents a very different, and arguably riskier, proposition today, than over the past ten years.
View article International Equity Investment Outlook – Q1 2024
capital preservation

Video: International Equities Update – Q4 2023

Senior Portfolio Manager, Nigel Bliss, reviews Q4 2023, our investment performance and provides an outlook for the opportunities ahead.
View article Video: International Equities Update – Q4 2023

Literature

This marketing material is designed for professional investors only. An investment involves the risk of loss. Past performance is not indicative of future results. The investment return and value of investments will fluctuate.

This introductory material is for informational purposes only and is not an offer or solicitation with respect to any securities. Any offer of securities can only be made by written offering materials, which are available solely upon request, on an exclusively private basis and only to qualified financially sophisticated investors residing in jurisdictions consistent with Mondrian’s regulatory authorisations. The information set forth herein is a summary only and does not set forth all of the risks associated with the investment strategy described herein. The products and services described in this website are not available to investors in all jurisdictions. Information from this website must not be used in a way that would be contrary to local law or legislation.

Performance results marked “Gross” do not reflect deduction of investment advisory fees but are net of transaction costs and withholding tax. Investment returns will be reduced accordingly. Performance returns marked “Net” reflect deduction of investment advisory fees and are calculated by deducting a quarterly indicative fee from the quarterly composite return.

With regards to our bull and bear charts, a Bull quarter is defined as one in which the benchmark showed a positive return, and a Bear Market quarter when the benchmark showed a negative return.

Any offer of securities can only be made by written offering materials, which are available solely upon request, on an exclusively private basis and only to qualified financially sophisticated investors residing in jurisdictions consistent with Mondrian’s regulatory authorizations. The information set forth herein is a summary only and does not set forth all of the risks associated with the investment strategy described herein.

Views expressed were current as of the date indicated, are subject to change, and may not reflect current views. Views should not be considered a recommendation to buy, hold or sell any security and should not be relied on as research or investment advice.

These materials may include forward-looking statements. All statements other than statements of historical facts are forward-looking statements (including words such as “believe,” “estimate,” “anticipate,” “may,” “will,” “should,” “expect”). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Various factors could cause actual results or performance to differ materially from those reflected in such forward-looking statements.

Calculations for P/E, P/B, dividend yield, sector country allocations, market caps, yield to maturity, modified duration, average maturity, average quality and country allocations are based on generally accepted industry standards. All characteristics are based on a representative account and derived by first calculating the characteristics for each security, and then calculating the weighted average of these values. The details of exact calculations can be provided upon request. All characteristic data provided is produced using Mondrian’s accounting system data.
There can be no assurance that the investment objectives of the strategy will be achieved.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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North American Investors

201 King of Prussia Road
Suite 620
Radnor, PA 19087 
United States

Non-North American Investors

Tenth Floor
Sixty London Wall
London EC2M 5TQ
United Kingdom

Asia-Pacific

6 Battery Road
Unit 27–04
Singapore
049909