US MUTUAL FUNDS

U.S. Small Cap Equity Fund

Our U.S. small cap equity strategy dates back to 2015 and has utilized the same philosophy and process described below. In total, we manage over $5 billion in both international and domestic small cap equity assets.
 

Fund Objective

The Mondrian U.S. Small Cap Equity Fund seeks long-term total return.

Fund Overview

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

MPUSX
0.90%
4.94%
None
12/18/2018

Benchmark
Minimum Initial Investment
Minimum Subsequent Investment
CUSIP

Russell 2000
$50,000
$100
36381Y504

Effective March 1, 2019, The Fund changed the minimum initial investment to $50,000 (formerly $500,000). *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 0.90% of the Fund’s average daily net assets until February 28, 2021.
 
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased smallcap opportunity barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.
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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. Within this broader team structure, the named portfolio managers below are primarily involved in the management of the Mondrian U.S. Small Cap Equity Fund.
  • Brendan Baker

    Senior Portfolio Manager
    Bio
  • Alastair Cornwell

    Portfolio Manager
    Bio

Senior Portfolio Manager
Years with Mondrian: 18
Years with Industry: 30

Mr. Baker has a BA in History and an MSc in Economics from the University of London. He commenced his career as a financial journalist covering small cap stocks quoted on the London Stock Exchange. On completing his MSc, Mr. Baker moved to Lombard Street Research, a leading UK economics consultancy. As a Senior Economist there, he worked on global economic analysis and financial markets strategy. He joined Mondrian in 2001. Previously at Mondrian he worked on International and Global Equity strategies. From 2014 he focused on the analysis of US small cap equities and established Mondrian’s US Small Cap strategy in 2015.

Portfolio Manager
Years with Mondrian: 12
Years with Industry: 13

Mr. Cornwell graduated from Imperial College, London with a BSc (Hons) degree in Physics. He started his career at Mondrian in 2008 as an Investment Administrator, before joining the Small Capitalization Team in 2010. Mr. Cornwell is a CFA Charterholder and a member of the CFA Institute and the CFA Society of the UK.

Performance

As of September 30, 2020

Mondrian U.S. Small Cap Equity Fund  (USD)

Returns are annualized for periods over 1 year.
Fund Inception December 17, 2018.
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.
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 0.90% of the Fund’s average daily net assets until February 28, 2021.
 
The Russell 2000 Index is a free float-adjusted market capitalization-weighted stock market index of approximately the bottom 2,000 stocks in the Russell 3000 Index. It is a widely used index for US small capitalization stocks.

Portfolio

As of September 30, 2020

Characteristic
Mondrian Fund
Russell 2000 Index
P/E (trailing 12 months)
15.1
18.6
P/B (trailing 12 months)
1.9
2
Price/Cash Flow
8.8
9.8
Number of Holdings
37
2,019
Weighted Average Market Cap (million, USD)
2,308
2.484
Median Market Cap (million, USD)
1,941
643
Russell 2000 – The Russell 2000 Index is a free float-adjusted market capitalization-weighted stock market index of approximately the bottom 2,000 stocks in the Russell 3000 Index. It is a widely used index for US small capitalization stocks.
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.
 
All fund characteristics are produced using the GICS methodology.
 
Neither Russell nor any other party involved in or related to compiling, computing or creating the Russell 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 Russell, 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 Russell data is permitted without Russell’s express written consent.

News and Insights

Clive Gillmore, CEO and Group CIO at Mondrian Investment Partners, discusses the international markets and global equities. Hosted by Paul Sweeney and Vonnie Quinn.

This paper sets out the relevance of international small cap investment in a post Covid-19 world.

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, “Asset Managers Have Clashing Views On Coronavirus Severity: Webinar,” Clive Gillmore, Group CIO and CEO of Mondrian, provided insight and perspective on the international investment landscape and the coronavirus.

As featured in Pensions & Investments, Mondrian’s Brendan Baker, Senior Portfolio Manager on the U.S. Small Cap Equities team, shares his thoughts on why the low interest rate environment has resulted in more loss-making within U.S. small-cap companies.

As a long-term value manager Mondrian Investment Partners has always believed in carrying out analysis which captures all potential material risks and opportunities; understanding and integrating the impacts of ESG factors has therefore consistently been part of our long-term modeling.

Mondrian Investment Partners Limited announced the launch of the Mondrian U.S. Small Cap Equity Fund, an active value-oriented defensive strategy.

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

Brendan Baker

Senior Portfolio Manager, Partner

19

Years with Mondrian

30

Years with Industry

Mr. Baker has a BA in History and an MSc in Economics from the University of London. He commenced his career as a financial journalist covering small cap stocks quoted on the London Stock Exchange. On completing his MSc, Mr. Baker moved to Lombard Street Research, a leading UK economics consultancy. As a Senior Economist there, he worked on global economic analysis and financial markets strategy. He joined Mondrian in 2001. Previously at Mondrian he worked on International and Global Equity strategies. From 2014 he focused on the analysis of US small cap equities and established Mondrian’s US Small Cap strategy in 2015.

Alastair Cornwell, CFA

Portfolio Manager, Partner

12

Years with Mondrian

13

Years with Industry

Mr. Cornwell graduated from Imperial College, London with a BSc (Hons) degree in Physics. He started his career at Mondrian in 2008 as an Investment Administrator, before joining the Small Capitalization Team in 2010. Mr. Cornwell is a CFA Charterholder and a member of the CFA Institute and the CFA Society of the UK.

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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