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 Literature

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Fund Overview
TickerMPIFX
Net Expense Ratio*0.60%
Gross Expense Ratio1.42%
Sales ChargeNone
Inception Date11/02/2007
BenchmarkFTSE non-US WGBI Index
Minimum Initial Investment$50,000
Minimum Subsequent Investment$100
CUSIP36381Y306
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 “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 0.60% of the Fund’s average daily net assets until February 28, 2025.
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

global green bonds

David Wakefield

CIO Global Fixed Income and Currency

track record

Matt Day

Senior Portfolio Manager

Performance

As of December 31, 2022

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 “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 0.60% of the Fund’s average daily net assets until February 28th, 2023.

As of December 31, 2022

Characteristic
Mondrian Fund
FTSE Non-US World Government Bond Index
Yield to Maturity (%)
2.9
2.7
Modified Duration
8.6
8.5
Average Maturity
10.6
10.8
Average Credit Rating
AA-
AA-
Number of Issues
42
930
Information Ratio
0.54
-
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 & Insights

US Dollar Poised to Fall Sharply

•
September 15, 2022

Reading Time: 2 minutes One thing that prior episodes of dollar overvaluation have in common is that they did not last. In each case, the US dollar, as measured by its trade-weighted exchange rate against a basket of its peers, saw a massive depreciation over a multi-year period.

Fixed Income Investment Outlook – Q2 2022

•
July 14, 2022

Reading Time: 2 minutes Against the US dollar, the Japanese yen is at a 24-year low. Over the same period, the domestic purchasing power of the dollar has almost halved, whilst that of the yen has barely moved.

Literature

Regulatory Documents

Applications

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’s 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.