| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -3% | -3.9% |
The Mercator International Opportunity Fund employs an opportunistic and contrarian approach to investing in developed international markets, focusing on companies listed in MSCI EAFE countries. The fund's strategy centers on thematic and bottom-up fundamental research, with management believing that stock prices follow business performance over the long term, making short-term market fluctuations less relevant. The portfolio maintains very low turnover by letting winners run, reflecting a patient capital approach. Top holdings include technology and semiconductor companies like MercadoLibre, ASM International, and BE Semiconductor Industries, alongside consumer discretionary names like Future PLC and Brunello Cucinelli. The fund has generated a 2.45% annualized return since inception in April 2018, though it has experienced significant volatility including a maximum drawdown of 55.96%. The strategy targets long-term capital appreciation through geographic diversification across developed markets, with minimum investments of $1,000 for Class I shares.
Generate long-term capital gains through opportunistic and contrarian investing in a geographically diverse portfolio of foreign equities, employing thematic and bottom-up research with very low portfolio turnover by letting winners run.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 31 2024 | 2024 Q2 | ASM, BC.MI, BESI, FUTR.L, MELI | Bottom-up, contrarian, Developed Markets, EAFE, international | - | International developed markets fund employing contrarian, bottom-up research with thematic focus. Very low turnover strategy letting winners run, concentrated in technology and consumer discretionary names. Generated 2.45% annualized returns since 2018 inception despite high volatility. Geographic diversification across EAFE markets with patient capital approach targeting long-term appreciation. |
| Apr 15 2024 | 2024 Q1 | 4755.T, 6920.T, 8035.T, MELI, WOSG.L | contrarian, E-Commerce, international, Japan, semiconductors | - | International equity fund employing contrarian investing across MSCI EAFE markets. Concentrated portfolio led by semiconductor exposure in Japan and Latin American e-commerce. Low turnover strategy focuses on long-term business performance over short-term volatility. Experienced manager with 30+ years in international markets targets capital appreciation through thematic research and bottom-up selection. |
| Jan 17 2024 | 2023 Q4 | - | ETFs, Europe, growth, international, Japan, rates, value | - | Mercator returned 11.12% in 2023 as international markets remain neglected and trade at historic discounts. ETF-driven selling has created attractive valuations for fundamentally strong growth companies. European rate cuts and pro-business political changes plus Japan's comeback driven by weak yen and semiconductor initiatives present compelling opportunities for patient long-term investors. |
| Sep 30 2023 | 2023 Q3 | AIXA.DE, CRESY, MELI, WOSG.L | contrarian, EAFE, international, semiconductors, thematic | - | International equity fund employing contrarian and thematic investing across EAFE markets. Manager focuses on long-term business fundamentals with low turnover strategy. Current positioning emphasizes technology sectors including semiconductors and software. Top holdings include Mercadolibre and Watches of Switzerland. Strategy designed to capitalize on market inefficiencies through patient, research-driven approach. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2024 Q1 |
SemiconductorsThe fund has significant exposure to semiconductor companies including Tokyo Electron Ltd and Lasertec Corp, representing over 13% of the portfolio in semiconductor-related holdings. |
Semi Equipment Semiconductors Japan |
E-commerceMercadolibre represents the largest holding at nearly 5% of the portfolio, reflecting exposure to Latin American e-commerce growth. |
Marketplaces Latin America Growth | |
| 2023 Q4 |
ETFsETFs and momentum investing magnify market moves and create indiscriminate selling. ETFs have the obligation to sell the baby with the bathwater, leading to attractive valuations for fundamentally strong companies. |
ETFs Momentum Selling Valuations |
RatesInterest rates were the major factor influencing stock prices in 2023. The apparent end of Fed rate hikes in November propelled the fund's performance. European Central Bank expected to lead the coming cycle of rate cuts. |
Interest Rates Fed ECB Monetary Policy | |
EuropeEurope is experiencing political upheaval with traditional parties under pressure from conservative movements. New conservative parties favor more pragmatic approaches to business with fewer constraints and lower fiscal pressure, which could benefit growth and profitability. |
Politics Conservative Regulation Business | |
JapanJapan is experiencing a comeback driven by weak yen making exports competitive, government initiative to regain semiconductor dominance, and improved corporate governance. The Nikkei is about to break through its 1989 all-time high. |
Yen Exports Semiconductors Governance Nikkei |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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| TICKER | COMMENTARY |
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