Smead International Value Fund
We advise investors that fear stock market failure through a low-turnover, differentiated value discipline seeking wonderful companies to build wealth.
Smead Capital Management is the adviser to the Smead International Value Fund. Smead Capital Management’s investors are individuals, advisors, family offices and institutions globally who invest with the firm through the Smead Funds, separate accounts and other investment vehicles.
The Fund invests in non-US large capitalization companies and offers an Investor Share Class (SVXLX), A Share Class (SVXAX), C Share Class (SVXCX), I1 Share Class (SVXFX), I2 Share Class (SVXIX) and Y Share Class (SVXYX). The Fund is managed by Lead Portfolio Manager Cole Smead, CFA and Co-Portfolio Manager Bill Smead.
Required over entire holding period
- Meets an economic need
- Strong competitive advantage (wide moats or barriers to entry)
- Long history of profitability and strong operating metrics
- Generates high levels of free cash flow
- Available at a low price in relation to intrinsic value
Favored, but not required
- Management’s history of shareholder friendliness
- Strong balance sheet
- Strong insider ownership (Preferably with recent purchases)
Average Annualized Total Returns as of December 31, 2021
|QTR||YTD||One Year||Three Year||Five Year||Ten Year||Since Inception
|Smead Value Fund Investor Class||12.31%||-7.66%||0.69%||7.22%||7.94%||13.90%||7.81%|
|Smead Value Fund A Share w/ Load||5.84%||-12.96%||-5.10%||5.17%||6.70%||13.14%||7.18%|
|Smead Value Fund A Share w/o Load||12.30%||-7.65%||0.69%||7.26%||7.97%||13.82%||7.69%|
|Russell 1000® Value Index||7.53%||-9.35%||0.84%||4.50%||7.53%||11.05%||5.99%|
|Smead Value Fund Class C||12.12%||-7.52%||0.85%||7.27%||7.97%||13.92%||7.82%|
|Smead Value Fund* I1 Share Class||12.37%||-7.50%||0.95%||7.51%||8.23%||14.19%||8.04%|
|Smead Value Fund R1 Share Class||12.22%||-7.86%||0.36%||6.92%||7.63%||13.62%||7.54%|
|Smead Value Fund R2 Share Class||12.25%||-7.78%||0.48%||8.13%||8.41%||14.04%||7.85%|
|Smead Value Fund Y Share Class||12.43%||-7.40%||1.09%||7.68%||8.39%||14.20%||8.03%|
Below are the Smead International Value Fund’s top 10 holdings and the Top 5 Sectors. For more holdings information, refer to the Fund Fact Sheet.
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|Top 10 Holdings as of 12/31/2021|
|Continental Resources Inc. (CLR)||7.50%|
|Lennar Corp. (LEN)||5.85%|
|NVR Inc. (NVR)||5.59%|
|American Express Co. (AXP)||5.38%|
|Simon Property Group Inc. (SPG)||5.34%|
|Target Corp. (TGT)||5.32%|
|D.R. Horton Inc. (DHI)||4.70%|
|Amgen Inc. (AMGN)||4.69%|
|Macerich Co. (MAC)||4.40%|
|Top 5 Sectors as of 12/31/2021|
Investor Shares (SVXLX) Gross Expense Ratio 1.25%
A Shares (SVXAX) Gross Expense Ratio 1.42%
C Shares (SVXCX) Gross Expense Ratio 2.00%
I1 Shares (SVXFX) Gross Expense Ratio 1.15%
I2 Shares (SVXIX) Gross Expense Ratio x.xx%
Y Shares (SVXYX) Gross Expense Ratio 1.00%
Performance data quoted represents past performance; past performance does not guarantee 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. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 877-807-4122. The Fund is a newly registered mutual fund and does not have a full calendar year of performance as a mutual fund.
On 1/12/2022, the Smead International Value Fund (the “Fund”) succeeded to substantially all of the assets of the Smead International Value Fund L.P. (the “Partnership”). The investment objectives, policies and restrictions of the Fund are materially equivalent to those of the Partnership, and the Partnership was managed at all times with full investment authority by the Investment Adviser. The performance information includes performance for the Partnership. The Partnership was not registered under the Investment Company Act of 1940 and, therefore, was not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If the Partnership had been registered under the 1940 Act, the Partnership’s performance might have been adversely affected.
Please refer to the prospectus for important information about the investment company including objectives, risks, charges, and expenses. Read and consider it carefully before investing. You may also obtain a hard copy of the prospectus by calling 1.877.807.4122.
Mutual fund investing involves risk. Principal loss is possible.
Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Click here for current Fund holdings.
The Smead International Value Fund is offered to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Smead International Value Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.
MSCI EAFE Index (Net) (Europe, Australasia, Far East) is a broad based, unmanaged equity market index designed to measure the equity market performance of 21 developed markets, excluding the US and Canada. An index cannot be invested in directly. This benchmark calculates reinvested dividends net of withholding taxes using Luxembourg tax rates.
MSCI ACWI ex-U.S. Index (Net) is a free float-adjusted market capitalization index that is designed to large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. This benchmark calculates reinvested dividends net of withholding taxes using Luxembourg tax rates.
One cannot invest directly in an index.
Free Cash Flow (FCF): measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.
The Smead International Value Fund is distributed by UMB Distribution Services, LLC. UMB Distribution Services, and Smead Capital Management are not affiliated