Smead International Value Fund
Monthly Update

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), 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 April 30, 2024

Three Months YTD One Year Three Year Five Year Since Inception
1/12/2015
Smead International Value Fund Investor Class 11.42% 11.21% 18.68% 13.05% 16.04% 10.05%
Smead International Value Fund Class A w/ Load 4.99% 4.76% 11.69% 10.65% 14.50% 9.18%
Smead International Value Fund Class A w/o Load 11.38% 11.15% 18.50% 12.86% 15.86% 9.88%
Smead International Value Fund Class C 11.23% 10.94% 17.80% 12.24% 15.19% 9.24%
Smead International Value Fund Class I1 11.45% 11.25% 18.82% 13.17% 16.18% 10.18%
Smead International Value Fund Class Y 11.49% 11.30% 18.99% 13.35% 16.33% 10.32%
MSCI EAFE Net (USD) 2.49% 3.08% 9.28% 2.86% 6.18% 5.78%
MSCI AC WORLD INDEX ex USA Net (USD) 3.84% 2.81% 9.33% 0.35% 5.03% 5.11%

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.

Download Full Portfolio Holdings PDF

Download Prior Fiscal Quarter Holdings PDF

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 3/31/2024
MEG Energy Corp. (MEG) 10.28%
Unicredit SpA (UCG) 10.25%
Cenovus Energy Inc. (CVE) 6.84%
Frontline Ltd (FROT) 5.91%
Bawag Group Ag (BG) 5.71%
Occidental Petroleum Corp. Wt (OXY/WS) 5.14%
West Fraser Timber (WFG) 4.55%
Assic Generali SpA (G) 4.17%
Pandora A/S (PNDORA) 4.09%
Occidental Petroleum Corp. (OXY) 3.83%
Top 5 Sectors as of 3/31/2024
Energy 32.87%
Financials 24.78%
Consumer Discretionary 18.33%
Materials 10.18%
Industrials 6.00%

Investor Shares (SVXLX) Gross Expense Ratio 1.50%
A Shares (SVXAX) Gross Expense Ratio 1.71%
C Shares (SVXCX) Gross Expense Ratio 2.35%
I1 Shares (SVXFX) Gross Expense Ratio 1.44%
Y Shares (SVXYX) Gross Expense Ratio 1.31%

As of 05/17/2024


Investor Share Class

SVXLX

Price: $61.86

A Share Class

SVXAX

Price: $61.2

I1 Share Class

SVXFX

Price: $62.51

Y Share Class

SVXYX

Price: $63.19

C Share Class

SVXCX

Price: $58.2

Investor Share Class

SVXLX

Price: $61.86

CUSIP: 83178C840

Minimum Investment: $3,000

A Share Class

SVXAX

Price: $61.2

CUSIP: 83178C832

Minimum Investment: $3,000

I1 Share Class

SVXFX

Price: $62.51

CUSIP: 83178C816

Minimum Investment: $1,000,000

Y Share Class

SVXYX

Price: $63.19

CUSIP: 83178C782

Minimum Investment: $10,000,000

C Share Class

SVXCX

Price: $58.2

CUSIP: 83178C824

Minimum Investment: $25,000

Click here for a Fund Prospectus or Application.

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.

The Predecessor Fund did not have multiple share classes. The performance of each Fund share class presented below represents the performance of the Predecessor Fund as a whole restated to account for sales charges (if any) applicable to that share class. Once the Fund commences operations, the performance of each class of shares will differ as a result of different levels of fees and expenses applicable to each class of shares. Class I1 shares are not subject to any sales charges or distribution (12b-1 fees). The bar charts and the best and worst performance quarters shown below do not reflect sales charges or distribution (12b_1 fees) applicable to certain classes of Fund shares. Further, while Class I1 shares are subject to a shareholder servicing fee, some classes of Fund shares are not. Returns of different Fund share classes will differ depending on the sales charges, distribution (12b-1 fees) and/or shareholder servicing fees applicable to each class (if any). Class I1 shares fees and expenses are lower than those of Investor Class shares, Class A shares and Class C shares. As a result, the performance for the Investor Class shares, Class A shares and Class C shares would be lower than the performance shown for Class I1 shares. For the remaining two share classes – Class Y – because the fees and expenses for these share classes are lower than those of the Class I1 shares, the performance for the Class Y shares would be higher than the performance shown for Class I1. 

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. Performance for SVXAX (w/load) reflects maximum sales charge of 5.75%. Performance for SVXAX (w/o load) does not reflect maximum sales charge of 5.75%. If reflected, the load would reduce the performance amount quoted. SVXAX imposes a 1.00% deferred sales charge on purchases of $1,000,000 or more that are redeemed within 18 months of purchases. Performance data does not reflect the deferred sales charge. If it had, returns would be reduced.

Smead Capital Management, Inc., The Advisor, has agreed to waive its fees and/or absorb expenses of the Fund to ensure that Total Annual Operating Expenses do not exceed 1.42% for Class A shares, 2.00% for Class C shares, 1.15% for Class I1 shares and 1.00% for Class Y shares respectively, through March 31, 2023. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. See the prospectus for additional details. 

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

As of 05/17/2024


Investor Share Class

SVXLX

Price: $61.86

A Share Class

SVXAX

Price: $61.2

I1 Share Class

SVXFX

Price: $62.51

Y Share Class

SVXYX

Price: $63.19

C Share Class

SVXCX

Price: $58.2

Investor Share Class

SVXLX

Price: $61.86

CUSIP: 83178C840

Minimum Investment: $3,000

A Share Class

SVXAX

Price: $61.2

CUSIP: 83178C832

Minimum Investment: $3,000

I1 Share Class

SVXFX

Price: $62.51

CUSIP: 83178C816

Minimum Investment: $1,000,000

Y Share Class

SVXYX

Price: $63.19

CUSIP: 83178C782

Minimum Investment: $10,000,000

C Share Class

SVXCX

Price: $58.2

CUSIP: 83178C824

Minimum Investment: $25,000

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This concentrated fund looks for a few high-quality stocks at bargain prices.

by Ryan Ermey

P/E (Price to Earnings) is the ratio for valuing a company that measures its current share price relative to its per-share earnings. P/FCF (Price to Free-Cash-Flow) is a valuation method used to compare a company’s current share price to its per-share free cash flow.
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