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iMGP GLOBAL SELECT FUND MSEFX

Seeking superior long-term growth relative to global equities.

Overview

Investment Objective

The fund seeks long-term capital appreciation. The fund invests primarily in U.S. and non-U.S. equity securities. The fund is built by combining the highest conviction positions of the underlying sub-advisors.

iMGP Global Select Fund seeks superior long-term growth relative to global equities. Each of the managers separately runs a portion of the fund's portfolio, and each represents a different stock-picking approach or market-cap segment. Working independently, each manager runs a focused portfolio typically composed of at least 10, but not more than 25 stocks (resulting in total Fund holdings of 20 to 50 stocks).  Because of the mix of managers, we expect, under normal conditions, to be invested in global large-cap stocks. The specific allocation to U.S. and non-U.S. securities will vary based on the mangers’ assessment of domestic and international market conditions.  There is no minimum portion of the fund’s assets required to be invested in any single country, but the fund will typically invest more than 25% of its assets in non-U.S. countries. The multi-manager structure results in a broadly diversified portfolio in terms of styles, industries, and stocks.

This fund is appropriate for investors who:

  • Want a core equity investment with exposure to a broad slice of the market
  • Seek strong market-cycle performance but are less concerned about short-term returns
  • Understand the short-term risks associated with the stock market

CORE GLOBAL EQUITY SOLUTION
Sourcing highest-conviction ideas from around the world
LARGE-CAP BLEND
Dedicated global large-cap managers capturing both growth and value companies
UNIQUE MANDATES
Access to strategies capitalizing on the best ideas from skilled investors

DUE DILIGENCE TOOLKIT

NET ASSET VALUE

11.38

As of 05/01/2025

1 DAY NAV CHANGE

0.26%

As of 05/01/2025

YTD RETURN

-1.90%

As of 05/01/2025

Gross Expense Ratio

1.19%

Net Expense Ratio

0.98%

*The Advisor has contractually agreed to limit the expenses through 4/30/2026.

Managers

Polen Capital

Target Manager Allocation: 50%

Stock-Picking Style: Global Large-Cap Growth

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Damon Ficklin

Head of Team, Portfolio Manager & Analyst
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Damon is Head of Team for Polen Capital’s Large Company Growth team, where he is responsible for leading the Large Company Growth team and maintaining the investment philosophy. Damon also serves as lead Portfolio Manager of Polen Capital’s Global Growth strategy and co-Portfolio Manager of the firm’s flagship Focus Growth Strategy. Damon began his career at the firm in 2003, serving as Research Analyst. Prior to joining Polen Capital in 2003, Damon was an Equity Analyst at Morningstar covering the health care sector, and a tax consultant at Price Waterhouse helping Fortune 500 companies implement tax strategies. Damon graduated magna cum laude from the University of South Florida with a B.S. in Accounting. Damon earned an M.S. in Accounting from Appalachian State University and an M.B.A. with high honors from The University of Chicago Booth School of Business with concentrations in Finance and Economics. Damon is a member of the Board of Directors and serves on the Investment Committee for Make-A-Wish Southern Florida.

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Bryan Power, CFA

Portfolio Manager, Director of Research & Analyst
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Bryan is Director of Research & Analyst and co-Portfolio Manager of Polen Capital’s Global Growth strategy. Prior to joining Polen Capital in 2016, Bryan spent two years as an Associate in equity research and institutional equity sales at Oppenheimer & Co. Prior to that, he spent almost three years working in various equity-related analytical roles at Bloomberg LP. Bryan received a B.A. in Economics and Business (cum laude) from Johns Hopkins University, where he was a student-athlete, and earned an M.B.A. from The University of Chicago Booth School of Business. Bryan is a CFA® charterholder and member of the CFA Society of South Florida.

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Polen Capital is a team of experienced investment industry professionals who share an unwavering commitment to its clients, investors, community and each other. They have been dedicated to serving investors by managing active, high-conviction portfolios for more than three decades. At Polen Capital, they have built a culture of results, and in this, an inherent belief in going beyond what’s expected for the people and communities they serve.

  • They adhere to a time-tested process driven by rigorous fundamental research
  • They invest for the long haul and with a business owner’s mindset
  • They remain passionate about their mission to protect and grow capital
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Scharf Investments

Target Manager Allocation: 50%

Stock-Picking Style: Global Large-Cap Value

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Brian Krawez, CFA

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Brian Krawez is Scharf Investments’ President and Investment Committee Chairman, as well as Lead Portfolio Manager. He began his career more than 20 years ago with Smith Barney in San Francisco. He later moved to their investment banking division in New York City, where he was ranked as a top-rated analyst focused on health care.

Prior to joining Scharf Investments in 2007, Mr. Krawez was a partner and head of research for Belden and Associates Investment Counsel, managing a successful Large Blend portfolio. He has also held research analyst positions at Dodge & Cox, Telegraph Hill Investment Counsel, and SC Fundamental, a successful value oriented hedge fund.

Mr. Krawez earned both a Bachelor of Science with honors in business administration and a Master of Business Administration from the Haas School of Business at the University of California, Berkeley. While at UC Berkeley he worked for Professor Yellen, the former Chair of the Board of Governors of the Federal Reserve. Mr. Krawez is a Chartered Financial Analyst and a member of the Security Analysts of San Francisco.

 

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Gabe Houston, CFA

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Gabe Houston serves as a Senior Research Analyst and Portfolio Manager, as well as an investment committee member. He is responsible for new idea generation, research, analysis and valuation. Mr. Houston joined Scharf Investments in 2006, after completing his university degree.

Mr. Houston earned a Bachelor of Arts in business management economics from the University of California, Santa Cruz. He earned his Chartered Financial Analyst designation and is a member of the CFA Society of San Francisco. He also holds a FINRA Series 65 license.

 

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Established in 1983, Scharf Investments is an independent and employee-controlled global asset and wealth management organization with a differentiated approach to quality value investing. Its time-tested investment process identifies high quality companies with sustainable earnings that may provide downside risk mitigation and outperform over the course of a market cycle. The firm provides investment solutions offering exposure to U.S. and global value, multi-asset, and alternative investment strategies to institutions, intermediaries, and individual investors.

Scharf Investments identifies compelling investment opportunities among companies of varying market caps, styles and countries that share a common characteristic: an inefficiency in their price points to the opportunity to deliver attractive returns.
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Performance

The value of a hypothetical $10,000 investment in the iMGP Equity Fund compared with the MSCI World Index, MSCI ACWI Index, and Morningstar Global Large Stock 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.

Quarterly Performance
AVERAGE ANNUAL TOTAL RETURN

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.

Returns less than one year are not annualized.

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. Click here for index definitions.

Fund Data

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 (4/30/2025). There are contractual fee waivers in effect through 4/30/2026.

While the fund is no-load, management and other expenses still apply.

Portfolio Holdings

  • To view our most recent portfolio holdings, please click here.

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

Related

Stay Informed

iMGP Funds emails provide investors a way to stay in touch with us and receive information regarding the funds and investment principles in general. Topics may include updates on the funds and managers, further insights into our investment team’s processes, and commentary on various aspects of investing.

DISCLOSURE

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. 

Though not an international fund, the fund may 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. 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.

Diversification does not assure a profit nor protect against loss in a declining market.

Small-cap, mid-cap, and large-cap companies have market capitalizations of less than $2b; from $2b to $10b; and greater than $10b, respectively.

Index Definitions | Industry Terms and Definitions

References to other mutual funds should not be deemed an offer to sell or solicitation of an offer to buy shares of such funds.

The iMGP Funds are distributed by ALPS Distributors, Inc.