Mondrian Investment Partners is pleased to announce a reduction in the management fee for Mondrian International Value Equity Fund (MPIEX) and changes to the Fund’s contractual expense limit.
US MUTUAL FUNDS
International Value Equity Fund
Our international equity strategy dates back to 1991 and has utilized the same philosophy and process described below. In total, we manage approximately $20 billion across all international equity assets.
Fund Objective
The Mondrian International Value Equity Fund (formerly Mondrian International Equity Fund) seeks long-term total return.
Fund Overview
Ticker
Net Expense Ratio*
Gross Expense Ratio
Sales Charge
Inception Date
MPIEX
0.74%
0.89%
None
02/04/1992
Morningstar Rating (Nov 27, 2020)
Benchmark
Minimum Initial Investment
Minimum Subsequent Investment
CUSIP
★★★
MSCI EAFE
$50,000
$100
36381Y108
Effective March 1, 2019, The Fund changed it’s name to the Mondrian International Value Equity Fund (formerly Mondrian International Equity Fund), the ticker to MPIEX (formerly DPIEX) and the minimum initial investment to $50,000 (formerly $1 million).
*Mondrian Investment Partners Limited (the “Adviser”) 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 0.74% of the Fund’s average daily net assets until February 28, 2023.
*Mondrian Investment Partners Limited (the “Adviser”) 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 0.74% of the Fund’s average daily net assets until February 28, 2023.
© 2020 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 rising from any use of this information. Past performance is no guarantee of future results.
The Morningstar Rating™ 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 mutualfunds 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.
The Mondrian International Value Equity Fund was rated against the following numbers of U.S.-domiciled Foreign Large value funds over the following time periods: 311 funds in the last three years, 272 funds in the last five years and 179 funds in the last ten years. With respect to these Foreign Large Value funds, the Mondrian International Value Equity Fund received a Morningstar Rating of 3 stars, 3 stars and 4 stars for the three, five and ten-year periods, respectively. Past performance is no guarantee of future results.
Management Team
Asset management at Mondrian is carried out by a well-resourced, highly experienced and stable group of approximately 55 investment professionals in our London office. All of our investment staff work in a team structure and share a common investment philosophy and process.
Our Non-US Equity Team is responsible for the management of the Mondrian International Value Equity Mutual Fund. Under the leadership of CIO Elizabeth Desmond, seven seasoned professionals work together in a collegial environment utilizing income-oriented value disciplines that have been successfully applied for almost three decades.
Within this broader team structure, the named portfolio managers below are primarily involved in the management of the Mondrian International Value Equity Fund.
Named Portfolio Managers
Deputy CEO, CIO International Equities
Years with Mondrian: 30
Years with Industry: 34
Ms. Desmond holds a BA from Wellesley College and an MA in East Asian Studies from Stanford University. After working for the Japanese government for two years, she began her investment career as a Pacific Basin investment manager with Shearson Lehman Global Asset Management. In 1991 Ms. Desmond joined Mondrian Investment Partners’ predecessor organization as a founding member after previously working as a Pacific Basin equity analyst and senior portfolio manager at Hill Samuel Investment Advisers Ltd. She is a Director and leads the International Equity investment team; in addition she chairs the International Equity Strategy Committee. Ms. Desmond is a CFA Charterholder, and a member of the CFA Institute and the CFA Society of the UK. She sits on the CFA UK’s Advisory Council.
Senior Portfolio Manager
Years with Mondrian: 25
Years with Industry: 27
Mr. Bliss is a graduate of the University of Manchester, holds the ASIP designation and is a member of the CFA Institute and the CFA Society of the UK. He commenced his career at Cazenove & Co. in 1993 and moved to join Mondrian in 1995. Mr. Bliss is a senior portfolio manager in the Non-US Equity Team and a member of Mondrian’s Non-US Equity Strategy Committee. He has had significant experience analyzing securities in the Pacific Basin region and in the global materials, utilities, property and industrials sectors. In recent years Mr. Bliss has taken responsibility for leading coverage of securities listed in the UK and Scandinavian markets whilst still maintaining his sector specialization.
Portfolio Manager
Years with Mondrian: 7
Years with Industry: 9
Mr. Mester holds a BSc (First Class) and an MSc (with Distinction) in Financial Economics from the University of London and an MPhil in Economics from the University of Oxford. After graduation, Mr. Mester worked for three years as an equity research analyst. Mr. Mester joined Mondrian in 2014 in the International Equities team. Mr. Mester is a CFA Charterholder and a member of the CFA Institute and the CFA Society of the UK.
Performance
As of June 30, 2021
Annualized
Calendar Year
Defensive Characteristics
Returns are annualized for periods over 1 year.
Fund Inception February 4th, 1992.
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 February 4th, 1992 when the Fund was the Delaware Pooled Trust International Equity Fund. The Fund was reorganized into the Mondrian International Equity Fund on March 14th, 2016. It continues to be managed in the same way.
Gross expense ratio: 0.89%, net expense ratio: 0.79%. 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 0.79% of the Fund’s average daily net assets until February 28th, 2023.
Effective March 1, 2019, The Fund changed it’s name to the Mondrian International Value Equity Fund (formerly Mondrian International Equity Fund).
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada. Index returns are shown with net dividends reinvested.
As of June 30, 2021
Characteristics
Country Allocation
Sector Allocation
Top 10
| Characteristic | ||
|---|---|---|
| P/E (trailing 12 months) | ||
| P/B (trailing 12 months) | ||
| Price/Cash Flow | ||
| Number of Holdings | ||
| Weighted Average Market Cap (million, USD) | ||
| Median Market Cap (million, USD) |
Price to Earnings – The Price to Earnings Ratio is a stock’s current price divided by the company’s trailing 12-month earnings per share from continuous operations.
Price to Book – The Price to Book Ratio links the stock/share price of a company with the book or accounting value of shareholders equity per share.
Price to Cash Flow – The Price to Cash Flow Ratio is the ratio of a stocks price to its cash flow per share.
Weighted Average Market Cap – The portfolio-weighted average market capitalizations of all equity securities.
Median Market Cap – The median market capitalization of all equity securities
Effective March 1, 2019, The Fund changed it’s name to the Mondrian International Value Equity Fund (formerly Mondrian International Equity Fund), the ticker to MPIEX (formerly DPIEX) and the minimum initial investment to $50,000 (formerly $1 million).
*Mondrian Investment Partners Limited (the “Adviser”) 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 0.74% of the Fund’s average daily net assets until February 28, 2023.
© 2020 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 rising from any use of this information. Past performance is no guarantee of future results.
The Morningstar Rating™ 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 mutualfunds 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.
The Mondrian International Value Equity Fund was rated against the following numbers of U.S.-domiciled Foreign Large value funds over the following time periods: 311 funds in the last three years, 272 funds in the last five years and 179 funds in the last ten years. With respect to these Foreign Large Value funds, the Mondrian International Value Equity Fund received a Morningstar Rating of 3 stars, 3 stars and 4 stars for the three, five and ten-year periods, respectively. Past performance is no guarantee of future results.
Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
News and Insights
Mondrian Investment Partners Limited is pleased to announce that Morningstar has awarded the Mondrian International Value Equity Fund a Morningstar Analyst Rating of Silver and maintains its 4-star Overall rating as of December 31, 2019.
Literature
Fund Literature
Regulatory Documents
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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© 2021 Mondrian Investment Partners Limited is authorised and regulated by the Financial Conduct Authority – Firm Reference Number 149507.
All information is as of March 31, 2021 unless otherwise noted.
