US MUTUAL FUNDS

International Government Fixed Income Fund

The Fund invests in international markets that offer high income in real (inflation-adjusted) terms, measured by a market’s Prospective Real Yield (PRY). We define PRY as the 10 year government bond yield minus Mondrian’s inflation forecast. 

Fund Objective

The investment objective of the Fund is to seek long-term total return consistent with its value-oriented investment approach.

Fund Overview

Ticker
Net Expense Ratio*
Gross Expense Ratio
Sales Charge
Inception Date

MPIFX
0.60%
1.02%
None
11/02/2007

Benchmark
Minimum Initial Investment
Minimum Subsequent Investment
CUSIP

FTSE non-US WGBI Index
$50,000
$100
36381Y306

Effective March 1, 2019, The Fund changed the ticker to MPIFX (formerly LIFNX) and the minimum initial investment to $50,000 (formerly $1 million).
The Fund was previously the Laudus Mondrian International Government Fixed Income Fund and was reorganized into the Mondrian International Government Fixed Income Fund effective September 24, 2018. The Fund continues to be managed in the same way.
*Effective September 24, 2018, Mondrian Investment Partners Limited (the ‚ÄúAdvisor‚ÄĚ) 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 0.60% of the Fund‚Äôs average daily net assets until February 28, 2021.
The FTSE non-US Dollar World Government Bond Index A market capitalization index that measures the total rate of return performance for the government bonds of 22 countries, excluding the U.S., with a remaining maturity of at least 1 year.
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Management Team

  • David Wakefield

    Chief Investment Officer, Global Fixed Income and Currency
    Bio
  • Matt Day

    Senior Portfolio Manager
    Bio

CIO Global Fixed Income and Currency
Years with Mondrian: 18
Years with Industry: 27

Mr. Wakefield joined Mondrian in 2001. He took both a BSc and an MSc in Economics from the University of Warwick. Prior to joining Mondrian, Mr. Wakefield was an economic adviser to the Monetary Policy Committee of the Bank of England, and formerly an economic adviser to the UK Treasury Department, specializing in inflation forecasting in both positions. At Mondrian, he is the team’s Chief Investment Officer and chairs the Global Fixed Income and Currency Committee meetings, where he utilizes his extensive inflation forecasting experience. Mr. Wakefield is a CFA Charterholder and is a member of the CFA Institute.

Senior Portfolio Manager
Years with Mondrian: 12
Years with Industry: 18

Mr. Day joined the Mondrian Global Fixed Income & Currency Team in 2007. Prior to this, Mr. Day worked in actuarial consulting, specializing in the development of stochastic asset and liability models for UK pension schemes at Buck Consultants. At Mondrian, Mr. Day has a quantitative research focus and is responsible for the continuing development of the company’s proprietary inflation and mortgage backed securities models. Mr. Day has a BSc in Economics with Actuarial Studies from the University of Southampton and is a Fellow of the Institute of Actuaries.

Performance

As of September 30, 2020

Mondrian International Government Fixed Income Fund (USD)

Returns are annualized for periods over 1 year.
Fund Inception November 2nd, 2007.
The performance data quoted represents past performance. Past performance is no guarantee of 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 performance quoted. For performance data current to the most recent month end, please call 888-832-4386. NAV returns since inception of November 2nd, 2007 when the Fund was the Laudus Mondrian International Government Fixed Income Fund. The Fund was reorganized into the Mondrian International Government Fixed Income Fund on September 24, 2018. It continues to be managed in the same way.
Mondrian Investment Partners Limited (the ‚ÄúAdvisor‚ÄĚ) 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 0.60% of the Fund‚Äôs average daily net assets until February 28th, 2021.

Portfolio

As of September 30, 2020

Characteristic
Mondrian Fund
FTSE Non-US World Government Bond Index
Modified Duration (years)
9.8
9.8
Portfolio Turnover (1-Year Trailing)
12.6%
-
Average Maturity (years)
11.3
10.6
Number of Issues
46
813
The Portfolio Turnover rate is a measure of the Fund’s trading activity which represents the portion of the Fund’s holdings that has changed over a year. There is no assurance that the Fund will maintain its current level of turnover.
The Weighted Average Maturity (WAM) of a fund is dollar-weighted based upon the market value of a fund’s securities at the time of the calculation.  Maturity of a bond will generally be determined using a portfolio security’s final maturity date (date on which the final principal payment of a bond is scheduled to be paid); however, for securitized products, such as mortgage-backed securities and certain other asset-backed securities, maturity will be determined on an average life basis (weighted average time to receipt of all principal payments) by the investment adviser. Because pre-payment rates of individual mortgage pools vary widely, the average life of a particular pool cannot be predicted precisely. For securities with embedded demand features, such as puts or calls, either the demand date or the final maturity date will be used depending on interest rates, yields and other market conditions.
The Average Duration is a measure of an individual bond’s sensitivity to interest rates, expressed in years. Calculations of duration generally take into account the bond’s yield, interest payments, maturity date and call features. Weighted Average Duration is a measure of the duration of all bonds in a fund’s portfolio, also expressed in years, based on the market value weighted average duration of each bond in the portfolio.

News and Insights

Mondrian’s CEO/Group CIO, Clive Gillmore, was one of three featured presenters on P&I’s Managing Volatility Amid the Coronavirus webinar in early May. The panelists discussed the recent spike in the markets and economic volatility, what investors might expect for the long term and the implications of corporate bailouts for investors.

As featured recently in Fin daily, ‚ÄúAsset Managers Have Clashing Views On Coronavirus Severity: Webinar,‚ÄĚ Clive Gillmore, Group CIO and CEO of Mondrian, provided insight and perspective on the international investment landscape and the coronavirus.

The US dollar is extremely overvalued and if history is any guide it is poised for a substantial multi-year fall. According to our Purchasing Power Parity (PPP) valuations, it is now overvalued against every major currency in the world.

Literature

This website is intended for persons in the United States only.

To determine if the Fund is an appropriate investment for you, carefully consider the Fund‚Äôs investment objectives, risk, and charges and expenses. This and other information can be found in the Fund’s full and summary prospectus which can be obtained by calling¬†888-832-4386¬†or by visiting¬†www.mondrian.com/mutualfunds. Please read the prospectus carefully before investing.

Investing involves risk, including the possible loss of principal. International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors, as well as increased volatility and lower trading volume. 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. The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses.

The Mondrian Investment Partners Limited Funds are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with the advisor, Mondrian Investment Partners Limited.

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The FTSE non-US Dollar World Government Bond Index A market capitalization index that measures the total rate of return performance for the government bonds of 22 countries, excluding the U.S., with a remaining maturity of at least 1 year.

¬© 2020 Mondrian Investment Partners Limited is authorised and regulated by the Financial Conduct Authority ‚Äď Firm Reference Number 149507.
All information is as of September 30, 2020 unless otherwise noted.

David Wakefield, CFA

CIO Global Fixed Income and Currency,
Managing Partner

19

Years with Mondrian

28

Years with Industry

Mr. Wakefield joined Mondrian in 2001. He took both a BSc and an MSc in Economics from the University of Warwick. Prior to joining Mondrian, Mr. Wakefield was an economic adviser to the Monetary Policy Committee of the Bank of England, and formerly an economic adviser to the UK Treasury Department, specializing in inflation forecasting in both positions. At Mondrian, he is the team’s Chief Investment Officer and chairs the Global Fixed Income and Currency Committee meetings, where he utilizes his extensive inflation forecasting experience. Mr. Wakefield is a CFA Charterholder and is a member of the CFA Institute.

Matt Day, FIA

Senior Portfolio Manager, Partner

13

Years with Mondrian

18

Years with Industry

Mr. Day joined the Mondrian Global Fixed Income & Currency Team in 2007. Prior to this, Mr. Day worked in actuarial consulting, specializing in the development of stochastic asset and liability models for UK pension schemes at Buck Consultants. At Mondrian, Mr. Day has a quantitative research focus and is responsible for the continuing development of the company’s proprietary inflation and mortgage backed securities models. Mr. Day has a BSc in Economics with Actuarial Studies from the University of Southampton and is a Fellow of the Institute of Actuaries.

North American Investors

201 King of Prussia Road
Suite 6201
Radnor, PA 19087 
United States

Non-North American Investors

Fifth Floor
10 Gresham Street
London EC2V 7JD
United Kingdom

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