Smead International Value Fund Class A Shares · NASDAQ:SVXAX
Smead International Value Fund Class A Shares — Smead Capital Management — Q3 2019 Earnings Presentation
15 slides from Smead International Value Fund Class A Shares's earnings presentation, Sep 30, 2019
Slide 1: Smead Capital Appreciation Strategy
Smead Capital Appreciation Strategy U.S. Large Cap Equity As of September 30, 2019 www.smeadcap.com © 2019 Smead Capital Management, All Rights Reserved. Opinions expressed are those of Smead Capital Management, are subject to change, are not guaranteed, and should not be considered recommendations
Slide 2: Smead Capital Management Overview
Smead Capital Management Overview “Investing is the only sphere of life where victory, security and success is always to the minority and never to the majority.” -John Maynard Keynes > A contrarian Smead Capital Management is a Seattle-based investment firm that manages a high approach quality, U.S.
Slide 3: Investment Team Bios
Investment Team Bios William Smead – CEO/CIO Whitman College, B.A. Economics 1980 William is the founder of Smead Capital Management, where he oversees the firm. As Chief Investment Officer he is responsible for all investment and portfolio decisions and reviewing the implementation of those decisio
Slide 4: Investment Philosophy and Portfolio Traits
Investment Philosophy and Portfolio Traits Our Investment Philosophy 1. Valuation matters dearly to investment success 2. We are business owners on behalf of our clients and shareholders 3. We seek out high-quality businesses to focus our research Portfolio Traits > Generally U.S. domiciled > Typica
Slide 5: Eight Investment Criteria
Eight Investment Criteria Our portfolio managers evaluate and purchase stocks based on the following Eight Investment Criteria: > Required over entire holding period 1. Meets an economic need 2. Strong competitive advantage (wide moats or barriers to entry) 3. Long history of profitability and stron
Slide 6: Sell Discipline
Sell Discipline Risk Management > Successful investments likely to be trimmed if weighting becomes outsized (in the 8-10% range) Change in Thesis > Company fundamentals violate our Eight Investment Criteria > Maniacal pricing Downside Protection > When a security falls 15-20% from our purchase price
Slide 7: Portfolio Holdings
Portfolio Holdings As of September 30, 2019 Ticker Weighting % S&P GICS Sector NVR Inc NVR 7.82 Consumer Discretionary Target Corp TGT 6.65 Consumer Discretionary American Express Co AXP 5.95 Financials Amgen Inc AMGN 5.78 Health Care Discovery Inc Class A DISCA 5.60 Communication Services The Home
Slide 8: Sector Weighting and Asset Allocation
Sector Weighting and Asset Allocation As of September 30, 2019 Sector Weightings Asset Allocation 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Stock 97.5% Cash 2.5% Financials Healthcare Information Discretionary Energy Telecom Utilities Industrials Consumer Services Materials Estate Technology Real St
Slide 9: Trailing Returns (%)
Trailing Returns (%) As of September 30, 2019 25% 20.55 20% 17.86 17.81 17.07 14.45 14.93 15% 14.07 13.37 13.39 13.24 11.46 11.10 10.62 10.84 10.31 9.43 9.69 9.51 10% 7.79 7.59 6.44 5.47 5% 4.00 4.25 1.46 1.23 1.36 1.70 0% Q3 2019 YTD 1 Year 3 Year 5 Year 10 Year Since Inception (3/1/2008) Smead Cap
Slide 10: Attribution Analysis
Attribution Analysis Selection Effects (Recent Quarter) – 6/30/2019 to 9/30/2019 Past performance is no guarantee of future results. The quarter end holdings of the Capital Appreciation Strategy’s representative account were provided to Morningstar to generate the selection effects. The securities i
Slide 11: Attribution vs. Russell 1000 Value (3 Year)
Attribution vs. Russell 1000 Value (3 Year) Attribution Analysis – 10/1/2016 to 9/30/2019 Portfolio Benchmark Portfolio Benchmark Rescaled Rescaled Portfolio Benchmark Portfolio Benchmark Allocation Selection Active Weights Weights Weights Weights Return Return Contribution Contribution Effect Effec
Slide 12: Attribution vs. Russell 1000 Value (5 Year)
Attribution vs. Russell 1000 Value (5 Year) Attribution Analysis – 10/1/2014 to 9/30/2019 Portfolio Benchmark Portfolio Benchmark Rescaled Rescaled Portfolio Benchmark Portfolio Benchmark Allocation Selection Active Weights Weights Weights Weights Return Return Contribution Contribution Effect Effec
Slide 13: Attribution vs. S&P 500 (3 Year)
Attribution vs. S&P 500 (3 Year) Attribution Analysis – 10/1/2016 to 9/30/2019 Portfolio Benchmark Portfolio Benchmark Rescaled Rescaled Portfolio Benchmark Portfolio Benchmark Allocation Selection Active Weights Weights Weights Weights Return Return Contribution Contribution Effect Effect Return Co
Slide 14: Attribution vs. S&P 500 (5 Year)
Attribution vs. S&P 500 (5 Year) Attribution Analysis – 10/1/2014 to 9/30/2019 Portfolio Benchmark Portfolio Benchmark Rescaled Rescaled Portfolio Benchmark Portfolio Benchmark Allocation Selection Active Weights Weights Weights Weights Return Return Contribution Contribution Effect Effect Return Co
Slide 15: Capital Appreciation Composite Presentation
Capital Appreciation Composite Presentation Total 3 Year 3 Year Composite Total Firm Standard Standard Assets Assets Total Return Total Return Russell 1000 Internal Deviation Deviation # of Portfolios End of Period End of Period Year Gross of Fees Net of Fees Value Index Dispersion Composite Benchma
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