The KAR International Small-Mid Cap Portfolio focuses exclusively on small and mid-cap high-quality companies located primarily in developed non-U.S. markets. 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-Mid Cap Equity
Primary Index: MSCI ACWI ex. U.S. Small-Mid Cap Index
Inception Date: July 1, 2019
Holdings Range: 30-60
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
Company |
Percent of equity (%) |
Country |
---|---|---|
Baltic Classifieds Group | 9.2 | Lithuania |
Rightmove | 5.4 | United Kingdom |
AJ Bell | 4.6 | United Kingdom |
Corporacion Moctezuma | 4.6 | Mexico |
FinecoBank | 4.5 | Italy |
Total | 28.3 |
Sector Diversification
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
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
Concept | KAR |
MSCI® ACWI |
---|---|---|
Quality | ||
Return on Equity-Past 5 Years | 24.9% | 11.9% |
Debt/EBITDA | 1.0x | 1.7x |
Interest Expense Coverage | 12.9x | 2.1x |
Growth | ||
Earnings Per Share Growth-Past 5 Years | 9.6% | 11.4% |
Earnings Per Share Growth-Past 10 Years | 10.0% | 8.3% |
Dividend Per Share Growth-Past 5 Years | 13.0% | 11.5% |
Dividend Per Share Growth-Past 10 Years | 8.9% | 8.2% |
Value | ||
P/E Ratio-Trailing 12 Months | 19.9x | 18.9x |
Dividend Yield | 3.0% | 2.8% |
Market Characteristics | ||
$ Weighted Average Market Cap | $4.5 B | $6.9 B |
Largest Market Cap | $14.2 B | $35.8 B* |
Historical Returns (Institutional)
Period | KAR International Small-Mid Cap (gross) |
KAR International Small-Mid Cap (net)‡ |
MSCI® ACWI ex. U.S. Small-Mid Cap Index |
---|---|---|---|
Annualized Returns (%)† As of June 30, 2024 | |||
2nd Quarter | 1.78 | 1.55 | (0.07) |
Year to Date | 1.04 | 0.59 | 2.38 |
1 Year | 9.89 | 8.92 | 10.30 |
3 Year | (6.93) | (7.77) | (1.65) |
5 Year | 5.58 | 4.63 | 5.05 |
Inception* | 5.58 | 4.63 | 5.05 |
Annual Returns (%) | |||
2023 | 23.46 | 22.37 | 15.79 |
2022 | (33.40) | (34.02) | (19.49) |
2021 | 5.64 | 4.69 | 10.16 |
2020 | 30.66 | 29.51 | 12.01 |
2019|| | 14.39 | 13.89 | 8.66 |
Performance Statistics (Institutional)
Concept | KAR |
KAR |
MSCI® ACWI ex. |
---|---|---|---|
Alpha | 0.71 | (0.19) | 0.00 |
Sharpe Ratio | 0.15 | 0.11 | 0.15 |
Information Ratio | 0.06 | (0.05) | N/A |
Beta | 1.12 | 1.12 | 1.00 |
Downside Capture | 120.34 | 122.15 | 100.00 |
Tracking Error | 8.33 | 8.33 | N/A |