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iMGP GLOBAL SELECT FUND MSEFX

Seeking superior long-term growth relative to the overall U.S. stock market.

Overview

Investment Objective

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

iMGP Global Select Fund, formerly known as iMGP Equity Fund, seeks superior long-term growth relative to the overall U.S. stock market. 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 portfolio composed of no fewer than 5 or more than 15 of their most compelling stock picks. Because of the mix of managers, we expect 50% to 85% of the fund's portfolio, in normal conditions, to be invested in mid- and large-cap stocks. The fund is primarily invested in the U.S. market, although the managers have limited flexibility to invest in the stocks of foreign companies. We expect typical overseas exposure to be less than 15% of total assets. The multimanager structure results in a broadly diversified portfolio in terms of styles, industries, and stocks. Typically, the fund holds between 75 and 105 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
ALL CAP
Dedicated global small/mid cap managers taking advantage of under-the-radar companies
UNIQUE MANDATES
Access to customized strategies capitalizing on the best ideas from skilled investors

DUE DILIGENCE TOOLKIT

NET ASSET VALUE

14.14

As of 12/06/2022

1 DAY NAV CHANGE

-1.19%

As of 12/06/2022

YTD RETURN

-24.79%

As of 12/06/2022

TOTAL EXPENSE RATIO

1.23%

Managers

Polen Capital

Target Manager Allocation: 20%

Stock-Picking Style: Global Large-Cap Growth

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Damon Ficklin

Head of Team, Portfolio Manager & Analyst
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Damon joined Polen Capital in 2003. He heads the Large Company Growth strategy. From 2012 through June 30, 2019, Damon was a co portfolio manager on the Focus Growth strategy. Prior to joining Polen Capital, Damon spent one year working as an equity analyst with Morningstar and four years as a tax consultant to Fortune 500 companies with Price Waterhouse. Damon graduated Magna Cum Laude from the University of South Florida with a B.S. in Accounting, earned an M.S. in Accounting (magna cum laude) from Appalachian State University, and earned an M.B.A. with high honors from The University of Chicago Booth School of Business. He serves on the Investment Committee to the Board of the Make A Wish Foundation of Southern Florida.

 

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Jeff Mueller

Portfolio Manager & Analyst
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Jeff joined Polen Capital in 2013. He is co-portfolio manager of the spent 10 years in the U.S. Marine Corps, during which he flew over 200 combat missions in F/A 18s. Jeff received his B.A. in Communications and Business Administration from Trinity University in San Antonio, where he was Captain of the Men’s Tennis Team, an All American, and NCAA Champion. Jeff is a Tillman Scholar and earned his M.B.A. with honors and distinction from Columbia Business School, where he was a graduate of the Value Investing Program. Jeff serves as an adjunct faculty member at Columbia Business School, where he teaches the Compounders course within the Value Investing Program. Jeff is a member of the Board of Trustees at Trinity University in San Antonio, where he serves on the investment committee.

Polen Capital is a team of experienced investment industry professionals who share an unwavering commitment to our clients, investors, community and each other. We have been dedicated to serving investors by providing concentrated portfolios of the highestquality companies 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 of researching and analyzing the highest-quality companies around the globe
• They invest for the long haul and with a business owner’s mindset—giving these companies time to grow
• They remain passionate about our mission to protect and grow capital
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Scharf Investments

Target Manager Allocation: 30%

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.

 

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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Polen Capital

Target Manager Allocation: 20%

Stock-Picking Style: Global SMID Growth

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Rob Forker

Portfolio Manager & Analyst
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Rob joined Polen Capital in 2018. Rob is the lead portfolio manager Company Growth strategies. Prior to joining Polen Capital, Rob worked for 10 years at Loomis, Sayles & Company with six of those years dedicated to the Global Opportunities Growth Fund as a senior equity analyst and four years as an equity analyst in central research. Before business school, Rob worked on the sell side for five years in New York City. Rob received a B.A. and M.B.A. from the University of Virginia. Rob is a member of the Boston Economic Club.

 

Polen Capital is a team of experienced investment industry professionals who share an unwavering commitment to our clients, investors, community and each other. We have been dedicated to serving investors by providing concentrated portfolios of the highestquality companies 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 of researching and analyzing the highest-quality companies around the globe
• They invest for the long haul and with a business owner’s mindset—giving these companies time to grow
• They remain passionate about our mission to protect and grow capital
MORE

Nuance Investments

Target Manager Allocation: 30%

Stock-Picking Style: Global Mid-Cap Value

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Scott Moore

President, CIO
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Scott Moore is the President and Chief Investment Officer of Nuance. He founded the firm in November, 2008 and is also the Lead Portfolio Manager for all products within Nuance. Moore has over 28 years of investment experience, more than 26 years of value investment analyst experience and more than 20 years of portfolio management experience using a classic value approach.
For the decade before co-founding Nuance, Moore managed more than $10 billion in institutional, intermediary and mutual fund assets for American Century Investments (ACI). Prior to becoming a Portfolio Manager, he spent three years as an Investment Analyst at ACI, specializing in the telecommunications, utility and industrial sectors. He also worked as an Investment Analyst at Boatmen’s Trust Company in St. Louis, Missouri, and at ACI as a Fixed Income Investment Analyst. Moore holds a Bachelor of Science (BS) in finance from Southern Illinois University, and a Masters of Business Administration (MBA) with an emphasis in finance from the University of Missouri. He is a CFA® charterholder.

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Chad Baumler

Vice President, Co-CIO
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Chad is the Vice President & Co-Chief Investment Officer of Nuance and is a co-owner of the firm. Chad is the Co-Portfolio Manager for Nuance Concentrated Value and Nuance Mid Cap Value, and he is the lead Portfolio Manager on Nuance Concentrated Value Long Short. Chad also focuses his analytical skills on the Energy, Financial, and Real Estate sectors. He has over 13 years of investment analyst experience and 6 years of portfolio management experience using a classic value approach.

Before joining Nuance, Chad was a Portfolio Manager for ACI, where he co-managed the American Century Value fund and the American Century Market Neutral Value Fund. Prior to becoming a Portfolio Manager at ACI, he spent six years as an Investment Analyst specializing in the energy and finance sectors. Chad also has experience working in the commercial real estate industry at CB Richard Ellis, Inc. in Kansas City, Missouri.

Chad graduated from the University of Northern Iowa with a Bachelor of Arts (BA) in finance. He has an MBA with a concentration in finance from the University of Texas, McCombs School of Business. He is a CFA® charterholder and a member of the CFA Institute.

Nuance is a classic value investment firm headquartered in Kansas City, Missouri and is 100% employee owned. Nuance has been managing portfolios for individuals and institutions using the same classic value investment philosophy since first registering as an investment advisor in 2008. Nuance was formed on the belief that the ability to outperform the broad stock market is predicated on a consistent and disciplined value investing approach. The Nuance Investment Team’s sole focus is generating investment returns for clients by diligently reviewing one company at a time on its own investment merits. Through long-term study of each company and thorough analysis of financial statements, management strategy and competitive position, our Investment Team becomes familiar with each company bought and sold in the portfolios over time. This familiarity allows for consistent and prompt execution with the sole focus being the generation of excess returns over the long-term. Further, we are intensely focused on ensuring that we manage the appropriate amount of assets to allow future performance that has the opportunity to mirror that of the historical performance. We aim to outperform our primary and secondary benchmarks on an absolute and risk-adjusted basis over the long-term.

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Performance

The value of a hypothetical $10,000 investment in the iMGP Equity Fund compared with the MSCI World NR USD, Russell 3000 TR USD, and US Fund 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.

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 (4/30/2022). There are contractual fee waivers in effect through 4/30/2023.

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.

Portfolio Composition (As Of 03.31.2022)

Market Capitalization
Small-Cap: < $5.0 Billion
Mid-Cap: $5.0 - $35.5 Billion
Large-Cap: > $35.5 Billion

Sector Allocation vs. Russell 3000 Index (as of 03.31.2022)

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 $4.4b; from $4.4b to $29.4b; and greater than $29.4b, respectively. Market cap breakouts are based on the Russell index reconstitution as of June 30, 2017.

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.