Mondrian Global Equity Fund

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Fund Facts as of December 31st, 2016

ISIN IE00BSVYGT76
Total Expense Ratio* 0.70%
Management Fee 0.55%
Benchmark MSCI World (NDR) Index
Inception Date 12/29/2014
Base Currency USD
Entry / Exit Charge 0.25% / 0.15%
Minimum Initial Investment $5,000,000
Minimum Subsequent Investment $1,000,000
NAV price (Previous BD price)
NAV date (Previous BD date)
Hedged No

Global Equity Fund Disclosure

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Fund Features

Universe of Securities

The Fund’s universe spans markets covered in the MSCI Developed Markets Indices with adequate investor protection and good repatriation procedures.

We narrow the universe to a list of approximately 200- 300 securities on the basis of value criteria such as price to book, price to cash flow ratio, price to earnings ratio , yield and liquidity considerations.

Security Selection

Security selection is the most important part of Mondrian’s equity investment process. Mondrian uses the same dividend discount valuation model of future income streams across all markets, securities and industries. Securities which are significantly mispriced relative to the dividend discount valuation are purchase and sale candidates.

Key to the security selection process is fundamental company analysis and a regular program of meeting with companies. Meeting with the management of holdings is important to the investment process. The firm uses forward looking valuations, and therefore, the business plans and projections for a company’s future are extremely important.

Country Selection

Tied to the security selection is a top-down country allocation overlay that helps to structure the portfolio. Markets are analysed by the relevant regional specialist who uses an aggregated dividend discount model to assess each market’s real return potential. This analysis is combined with shorter term political and monetary considerations to assist the Global Equity team in screening for potential ideas and to guide them in building the portfolio’s country allocations. These allocations can vary substantially from the index.

Sector/ Industry Selection

Sector / Industry selection forms a secondary part of the Fund’s portfolio construction process. Levels of all allocations to sectors are monitored to ensure prudent diversification. Sector allocations can vary substantially from the index.

Currency Selection

We believe in the long term, currencies adjust back to their long term purchasing power parity value relative to the US dollar. Over the short-term, currencies can fluctuate significantly around this value. Consequently, Mondrian may defensively hedge a foreign currency back to the US dollar if we feel that currency is materially overvalued.

Market Cap

Capitalization size is not a major factor in the Mondrian equity investment process. There is no set percentage of the Fund that will be invested in certain capitalization size ranges. The majority of the Fund is invested in medium and large capitalization stocks.

The MSCI World Index is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. Index returns are shown with net dividends reinvested.

* Mondrian Investment Partners Limited (the Investment Manager) has contractually agreed to cap Administrative Expenses at 0.15% of the daily Net Asset Value of the Fund. This limit does not apply to or include the Management Fee, transaction related expenses and any nonrecurring expenses.

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