The fund seeks long-term capital appreciation through patient investing. The fund invests in mainly developed international equities and seeks superior long-term performance relative to its index and peer group.
David Herro is the Chief Investment Officer-International Equities at Harris Associates L.P. and serves as the Portfolio Manager of The Oakmark International Fund, The Oakmark International Small Cap Fund, The Oakmark Global Select Fund and The Oakmark Global Fund. He was named Morningstar’s International-Stock Fund Manager of the Year for 2006; and International-Stock Fund Manager of the Decade for 2000-2009*.
Herro has been managing international portfolios since 1986, previously managing international portfolios for The State of Wisconsin Investment Board and The Principal Financial Group. Herro, who joined Harris Associates in 1992, holds a B.S. in Business and Economics from the University of Wisconsin-Platteville (1983) and an M.A. in Economics from the University of Wisconsin-Milwaukee (1985). He is a CFA charterholder.
*According to Morningstar, the Morningstar Manager of the Year award is presented to portfolio managers based on the managers’ (i) “ability to generate exceptional returns;” (ii) “willingness to align their interests with shareholders;” and (iii) “courage to stay with their strategies in order to produce superior risk-adjusted returns in the end.“
According to Morningstar, the Fund Manager of the Decade award, which is a new award from Morningstar, recognizes fund managers who have achieved superior risk-adjusted results over the past 10 years and have an established record of serving shareholders well. While the awards focus on performance over the past decade, Morningstar takes into consideration other factors, including the fund manager’s strategy, approach to risk, size of the fund, and stewardship. Both individual fund managers and management teams are eligible, and being a previous winner of the Morningstar Fund Manager of the Year award isn’t a prerequisite. Morningstar’s fund analysts select the Fund Manager of the Decade award winners based on Morningstar’s proprietary research and in-depth evaluation.
David Herro is the Chief Investment Officer-International Equities at Harris Associates L.P. and serves as the Portfolio Manager of The Oakmark International Fund, The Oakmark International Small Cap Fund, The Oakmark Global Select Fund and The Oakmark Global Fund. He was named Morningstar’s International-Stock Fund Manager of the Year for 2006; and International-Stock Fund Manager of the Decade for 2000-2009*.
Herro has been managing international portfolios since 1986, previously managing international portfolios for The State of Wisconsin Investment Board and The Principal Financial Group. Herro, who joined Harris Associates in 1992, holds a B.S. in Business and Economics from the University of Wisconsin-Platteville (1983) and an M.A. in Economics from the University of Wisconsin-Milwaukee (1985). He is a CFA charterholder.
*According to Morningstar, the Morningstar Manager of the Year award is presented to portfolio managers based on the managers’ (i) “ability to generate exceptional returns;” (ii) “willingness to align their interests with shareholders;” and (iii) “courage to stay with their strategies in order to produce superior risk-adjusted returns in the end.“
According to Morningstar, the Fund Manager of the Decade award, which is a new award from Morningstar, recognizes fund managers who have achieved superior risk-adjusted results over the past 10 years and have an established record of serving shareholders well. While the awards focus on performance over the past decade, Morningstar takes into consideration other factors, including the fund manager’s strategy, approach to risk, size of the fund, and stewardship. Both individual fund managers and management teams are eligible, and being a previous winner of the Morningstar Fund Manager of the Year award isn’t a prerequisite. Morningstar’s fund analysts select the Fund Manager of the Decade award winners based on Morningstar’s proprietary research and in-depth evaluation.
Herro employs Harris’ value investment philosophy and process to manage his portion of the fund’s assets. This investment philosophy is based upon the belief that, over time, a company’s stock price converges with the company’s intrinsic or true business value. By “true business value,” Harris means an estimate of the price a knowledgeable buyer would pay to acquire the entire business. In making its investment decisions, Harris uses a “bottom-up” approach focused on individual companies, rather than focusing on specific economic factors or specific industries.
The chief consideration in the selection of stocks is the size of the discount of a company’s stock price compared to the company’s perceived true business value. In addition, Harris looks for companies with the following characteristics, although not all companies will have all of these attributes: free cash flows and intelligent investment of excess cash, earnings that are growing and are reasonably predictable, and a high level of management ownership in the company. Once Harris determines that a stock is selling at a significant discount and that the company has some of the aforementioned attributes, Harris generally will consider buying that stock for a strategy. Harris usually sells a stock when the price approaches its estimated worth. This means Harris sets specific “buy” and “sell” targets for each stock held in its clients’ discretionary accounts. Harris also monitors each holding and adjusts those price targets as warranted to reflect changes in a company’s fundamentals. Harris attempts to manage some of the risks of investing in stocks of companies by purchasing stocks whose prices it considers low relative to the companies’ intrinsic values. In addition, Harris seeks companies with solid finances and proven records and continuously monitors each portfolio holding. Harris attempts to manage some of the risks of investing in foreign securities by considering the relative political and economic stability of a company’s home country, the company’s ownership structure, and the company’s accounting practices.
Target Manager Allocation: 33%
Stock-Picking Style: Blend/Relative Value
Jimmie Bork is a Portfolio Manager/Analyst on the International Strategic Equity, Global Strategic Equity, and Global Equity Income teams. He began working in the investment field in 2011. Prior to joining Lazard in 2016, Jimmie was an Equity Analyst with Legal & General and Credit Suisse. He has an MSc in Accounting & Finance from London School of Economics and a BSc in Psychology from University of Copenhagen. Jimmie is a CFA® charterholder.
Robin Jones is a Portfolio Manager/Analyst on the International Strategic Equity and Global Strategic Equity teams. Robin began working in the investment field in 2002 at Lazard Asset Management, before leaving in 2006 for Bluecrest Capital Management where he worked as a Portfolio Manager. Robin re-joined Lazard in 2007. He has a BA Hons in Economics from Durham University and a PGCE in Mathematics from Cambridge University.
Jimmie Bork is a Portfolio Manager/Analyst on the International Strategic Equity, Global Strategic Equity, and Global Equity Income teams. He began working in the investment field in 2011. Prior to joining Lazard in 2016, Jimmie was an Equity Analyst with Legal & General and Credit Suisse. He has an MSc in Accounting & Finance from London School of Economics and a BSc in Psychology from University of Copenhagen. Jimmie is a CFA® charterholder.
Robin Jones is a Portfolio Manager/Analyst on the International Strategic Equity and Global Strategic Equity teams. Robin began working in the investment field in 2002 at Lazard Asset Management, before leaving in 2006 for Bluecrest Capital Management where he worked as a Portfolio Manager. Robin re-joined Lazard in 2007. He has a BA Hons in Economics from Durham University and a PGCE in Mathematics from Cambridge University.
Established in 1848, Lazard has long held a preeminent position in the global financial marketplace. Lazard Asset Management LLC, an indirect, wholly-owned subsidiary of Lazard Ltd., is known for its global view on investing and its vast experience with global, regional, and domestic portfolios. With more than 340 investment personnel and offices in 23 cities across 16 countries, we offer investors an array of traditional and alternative investment solutions. Our team-based approach to portfolio management allows us to deliver robust and consistent performance over time, and strong client relationships enhance our ability to employ our capabilities to our clients’ advantage.
As of 30 September 2019, Lazard managed approximately $207.7 billion in assets.*
* Total assets under management include those of Lazard Asset Management LLC (New York) and its affiliates, but do not include those of Lazard Frères Gestion (Paris) or other asset management businesses of Lazard Ltd.
Todd Morris joined Polen Capital in 2011. Todd is lead portfolio manager of the firm’s International Growth strategy. He also works as an analyst, identifying and researching investments for the strategy. During his time at Polen Capital, he has served as a Research Analyst and the Director of Research. Prior to joining Polen Capital, Todd worked in research and marketing roles with Prudential Insurance and Millennium Global Asset Management, respectively, and served for seven years in the U.S. Navy. During his naval career, Todd navigated a warship on three deployments, taught at the U.S. Merchant Marine Academy, and served with the U.S. Army in Iraq. Todd received a B.S. in History from the U.S. Naval Academy where he was a student-athlete and an M.B.A. from Columbia Business School.
Daniel Fields joined Polen Capital in 2017. He is co-portfolio manager of the firm’s International Growth strategy. Prior to joining Polen Capital, Daniel spent eight years in Hong Kong where he worked for GaveKal Capital and Marshall Wace LLP as a Research Analyst evaluating Asian growth companies. He began his career at Fisher Investments as a Junior Analyst analyzing Emerging Markets companies. Daniel received a B.S. in Finance from the University of Idaho and M.S. in Global Finance from the NYU Stern School of Business and HKUST Business School. Daniel is a CFA® charterholder.
Todd Morris joined Polen Capital in 2011. Todd is lead portfolio manager of the firm’s International Growth strategy. He also works as an analyst, identifying and researching investments for the strategy. During his time at Polen Capital, he has served as a Research Analyst and the Director of Research. Prior to joining Polen Capital, Todd worked in research and marketing roles with Prudential Insurance and Millennium Global Asset Management, respectively, and served for seven years in the U.S. Navy. During his naval career, Todd navigated a warship on three deployments, taught at the U.S. Merchant Marine Academy, and served with the U.S. Army in Iraq. Todd received a B.S. in History from the U.S. Naval Academy where he was a student-athlete and an M.B.A. from Columbia Business School.
Daniel Fields joined Polen Capital in 2017. He is co-portfolio manager of the firm’s International Growth strategy. Prior to joining Polen Capital, Daniel spent eight years in Hong Kong where he worked for GaveKal Capital and Marshall Wace LLP as a Research Analyst evaluating Asian growth companies. He began his career at Fisher Investments as a Junior Analyst analyzing Emerging Markets companies. Daniel received a B.S. in Finance from the University of Idaho and M.S. in Global Finance from the NYU Stern School of Business and HKUST Business School. Daniel is a CFA® charterholder.
Polen Capital is an independently owned, employee-controlled global investment management firm. They specialize in providing concentrated, high-quality growth equity strategies and serve a client base that includes public funds, sovereign wealth clients, corporate retirement plans, endowments and foundations, family offices, and high net worth individuals. Since 1989, they have been committed to attracting, developing, and retaining exceptional professionals who are aligned with their goal of preserving and growing their clients’ assets to protect their present and enable their future.
The value of a hypothetical $10,000 investment in the iMGP International Fund compared with the MSCI EAFE NR USD, MSCI ACWI Ex USA NR USD, and US Fund Foreign Large Blend.
The hypothetical $10,000 investment at fund inception includes changes due to share price and reinvestment of dividends and capital gains. The chart does not imply future performance. Indexes are unmanaged, do not incur fees, expenses or taxes, and cannot be invested in directly.
Performance quoted does not include a deduction for taxes that a shareholder would pay on the redemption of fund shares.
Select the set of performance tables to view.
† Source: MSCI. 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. Source note: Returns prior to 1999 are the MSCI ACWI ex-US GR index. Returns from 1999 onwards are MSCI ACWI ex-US NR index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.
Prior to April 30, 2009, the Fund’s Institutional Class was an unnamed share class.
Indexes are unmanaged, do not incur fees and cannot be invested in directly.
Returns less than one year are not annualized.
Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. The gross and net expense ratios can be found in the most recent Summary Prospectus (4/30/2024). There are contractual fee waivers in effect through 4/30/2025.
While the fund is no-load, management and other expenses still apply.
Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
The fund benefited modestly from its sector allocation during the quarter. An overweight to the health care sector was the main contributor from a sector standpoint. Security selection within consumer discretionary and materials sectors was strong. MORE
For the three months ending March 31, 2024, the iMGP International Fund returned 6.70%, outperforming the MSCI EAFE Index benchmark, which gained 5.78%. The Fund benefited from its sector allocation during the quarter. An overweight to the tech secto MORE
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iMGP Fundsʼ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be viewed here or by calling 1-800-960-0188. Read it carefully before investing.
Mutual fund investing involves risk. Principal loss is possible.
The fund will invest in foreign securities. Investing in foreign securities exposes investors to economic, political, and market risks and fluctuations in foreign currencies. Though not a small-cap fund, the fund may invest in the securities of small companies. Small-company investing subjects investors to additional risks, including security price volatility and less liquidity than investing in larger companies. Investments in emerging-market countries involve additional risks such as government dependence on a few industries or resources, government-imposed taxes on foreign investment or limits on the removal of capital from a country, unstable government, and volatile markets. Multi-investment management styles may lead to higher transaction expenses compared to single investment management styles. Outcomes depend on the skill of the sub-advisors and advisor and the allocation of assets amongst them.
Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.
Diversification does not assure a profit nor protect against loss in a declining market.
Index Definitions | Industry Terms and Definitions
The iMGP Funds are distributed by ALPS Distributors, Inc.