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Zacks Investment Research
Standard & Poor's
3 / 5 Stars
#235 in Large Value
U.S. News evaluated 330 Large Value Funds. Our list highlights the top-rated funds for long-term investors based on the ratings of leading fund industry researchers.
The fund has returned 12.98 percent over the past year and [RET_3YR]] over the past three years.
|Trailing Returns||Updated 04.30.2013|
|Year to date||12.5%|
|3 Years (Annualized)||7.3%|
|5 Years (Annualized)||5.2%|
|10 Years (Annualized)||N/A|
Cambiar Aggressive Value has been on a tear lately.
As of May 03, 2013, the fund has assets totaling almost $134.98 million invested in 35 different holdings. Its portfolio consists primarily of shares of large companies.
Relative to its large-cap value peers, this fund is aggressive in a number of ways. First, as of the end of January, the fund owned shares in just 29 companies. This concentrated, high-octane portfolio pushes the fund's performance, for better or worse, toward the extremes in any given year. The fund also has a fairly large part of its portfolio invested in small-cap names, which tend to be more volatile than their large-cap counterparts. And it is heavily invested in the technology sector, in which stocks are more commonly associated with fast growth than deep value. Meanwhile, the fund's turnover ratio exceeds 200 percent. This points to an opportunistic management team that is willing to trade quite frequently. Lately, this strategy has paid off extraordinarily well. The fund launched in 2007, and finished 2009 and 2010 in the top percentile of Morningstar's large-value category. Through the first quarter, the fund was once again in the top percentile of its group for 2011. Its returns over that three-month period beat the average for its Morningstar group by 13 percentage points. Its trailing three-year returns, as of the end of the first quarter, beat those of the S&P 500 by a whopping 18 percentage points per year.
Another distinguishing characteristic is the fund's exposure to international companies. One of its top holding, Flextronics International, is based in Singapore. Another big holding, Bombardier Inc., is based in Canada. As for U.S. companies, the fund's largest domestic positions are Apache and United States Steel Corporation. The fund has returned 12.98 percent over the past year and 7.33 percent over the past three years.
The fund follows an aggressive strategy. Management looks for companies whose prices are artificially low, often due to short-term losses of momentum. Management follows a highly compact strategy, which tends to push the fund's returns toward the extremes. The fund is heavily invested in foreign companies and, relative to its peers, in small-cap stocks. Management does quite a bit of trading, as is reflected in the fund's high turnover ratio. Meanwhile, when management doesn't see opportunities, it is willing to sit on a fairly substantial cash stake.
Role in Portfolio
This fund could lend support to a well-balanced portfolio.
Brian Barish manages the fund.
Cambiar Aggressive Value Fund has an expense ratio of 1.35 percent.
Like all stock funds, this one comes with some risks.