International Small Cap Portfolio (Institutional)

International Small Cap Portfolio (Institutional)

    Introduction
    Highlights
    Top Five Holdings
    Sector Diversification
    Geographical Exposure
    Portfolio Characteristics
    Historical Returns
    Performance Statistics

The KAR International Small Cap Portfolio is an international small-cap portfolio that focuses exclusively on high-quality companies in developed and emerging markets and purchased at attractive valuations. It is a high-conviction strategy that utilizes a bottom-up fundamental research approach to identify what we believe are the best companies at the most attractive prices within the high-quality universe.

Highlights

Asset Class: International Small Cap Equity
Primary Index: MSCI ACWI ex. U.S. Small Cap Index
Inception Date: January 1, 2012
Holdings Range: 40-60

 

Sector Constraint: Seek broad diversification, but no sector constraints
Geographic Constraint: Seek broad diversification, but no country constraints
Portfolio Turnover: 25% – 35%

Top Five Holdings

As of December 31, 2023

This report is based on the assumptions and analysis made and believed to be reasonable by Advisor. However, no assurance can be given that Advisor’s opinions or expectations will be correct. This report is intended for informational purposes only and should be not considered a recommendation or solicitation to purchase securities. Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. Data is obtained by FactSet Research Systems and is assumed to be reliable. Numbers may not always add up due to rounding. Past performance is no guarantee of future results.

Company

Percent of equity (%)

Country

Baltic Classifieds 6.8 Lithuania
Rightmove 5.2 United Kingdom
Auto Trader 4.5 United Kingdom
Haw Par 4.0 Singapore
Grupa Pracuj 3.7 Poland
Total 24.1

Sector Diversification

As of December 31, 2023
KAR International Small Cap
MSCI®ACWI ex. U.S. Small Cap Index

Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. The sector information represented above is based on GICS sector classifications. Data is obtained by FactSet Research Systems and is assumed to be reliable.

Geographical Exposure

As of December 31, 2023
KAR International Small Cap
MSCI®ACWI ex. U.S. Small Cap Index

Holdings are subject to change. Holdings and weightings are based on a representative portfolio. Individual Investors’ holdings may differ slightly. Data is obtained by FactSet Research Systems and is assumed to be reliable.

Portfolio Characteristics

As of December 31, 2023

* Number is from MSCI factsheet as of [quarter end date].

KAR utilizes the interquartile method when calculating Debt/EBITDA. The interquartile method excludes outliers from an aggregate statistic such as weighted average. The interquartile method does not assume that data from the top or bottom of the distribution are outliers—only the extreme ends are excluded—and that it can be applied consistently as a quantitative method for most fundamental characteristics. Debt/EBITDA utilizes net debt for the calculation.
Data is obtained from FactSet Research Systems and BNY Mellon and is assumed to be reliable. Other principal consultant firms may use different algorithms to calculate selected statistics. Estimates are based on certain assumptions and historical information. Past performance is no guarantee of future results. Returns could be reduced, or losses incurred, due to currency fluctuations.

Concept

KAR
International
Small Cap

MSCI® ACWI
ex. U.S. Small
Cap Index

Quality
Return on Equity-Past 5 Years 23.0% 10.7%
Debt/EBITDA 1.4x 1.8x
Interest Expense Coverage 7.2x 4.7x
Growth
Earnings Per Share Growth-Past 5 Years 8.5% 8.9%
Earnings Per Share Growth-Past 10 Years 14.4% 7.6%
Dividend Per Share Growth-Past 5 Years 4.8% 8.4%
Dividend Per Share Growth-Past 10 Years 10.6% 7.2%
Value
P/E Ratio-Trailing 12 Months 20.1x 18.7x
Dividend Yield 2.7% 2.9%
Market Characteristics
$ Weighted Average Market Cap $2.6 B $2.5 B
Largest Market Cap $8.9 B $7.6 B*

Historical Returns (Institutional)

*January 1, 2012

†All periods less than one year are total returns and are not annualized. Returns are final.

‡Net of all fees and expenses. Assumes a 0.90% annual fee. Fees presented on the Disclosure page of the KAR International Small Cap fact sheet could vary from the assumed fee in the net-of-fee calculation, as actual fees paid by a particular client account differ depending on a variety of factors including, but not limited to, business unit and size of mandate. The fee used on the Disclosure page of the KAR International Small Cap Core fact sheet utilizes an assumed maximum fee across the firm’s business units, which is further detailed on that page.

This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR International Small Cap fact sheet. Returns of the Kayne Anderson Rudnick composite are final. For further details on the composite, please see the Disclosure page of the KAR International Small Cap fact sheet. Data is obtained from FactSet Research Systems and is assumed to be reliable. Past performance is no guarantee of future results. Returns could be reduced, or losses incurred, due to currency fluctuations.

Period KAR International
Small Cap

(gross)
KAR International
Small Cap

(net)
MSCI® ACWI ex.
U.S. Small Cap
Index
Annualized Returns (%) As of December 31, 2023
4th Quarter14.1313.8910.12
1 Year21.6120.5415.66
3 Year(2.49)(3.37)1.49
5 Year8.617.647.89
7 Year9.318.336.70
10 Year8.407.434.88
Inception*11.5310.537.13
Annual Returns (%)
202321.6120.5415.66
2022(30.43)(31.08)(19.97)
20219.588.6112.92
202025.9224.8114.24
201929.4728.3422.42
2018(5.33)(6.18)(18.20)
201730.2929.1531.65
201622.8121.733.91
2015(0.28)(1.18)2.60
2014(1.92)(2.80)(4.03)
201332.4231.2619.73
201224.8723.7718.52

Performance Statistics (Institutional)

Inception*  to December 31, 2023

*January 1, 2012

This material is deemed supplemental and complements the performance and disclosure on the Disclosure page of the KAR International Small Cap fact sheet. Returns of the Kayne Anderson Rudnick composite are final. For further details on the composite, please see the Disclosure page of the KAR International Small Cap fact sheet. Past performance is no guarantee of future results. Returns could be reduced, or losses incurred, due to currency fluctuations.

Concept

KAR
International
Small Cap (gross)

KAR
International
Small Cap (net)

MSCI® ACWI ex.
U.S. Small Cap
Index

Alpha 4.38 3.45 0.00
Sharpe Ratio 0.62 0.56 0.38
Information Ratio 0.73 0.57 N/A
Beta 0.99 0.99 1.00
Downside Capture 91.56 93.70 100.00
Tracking Error 6.01 6.01 N/A