RMB International Fund

RMBTX

$237.8M

AUM as of 01/31/2024

0.96%

Expense Ratio as of 05/01/2023

74968B860

CUSIP

0.00%

Maximum Sales Charge

12/27/2017

Inception Date

Investment Philosophy  

The Fund seeks capital appreciation. The Fund pursues its goal by investing, under normal conditions, in at least three different countries and by investing at least 40% of its total assets in securities of non-U.S. issuers—companies that either are organized or have their principal place of business outside the U.S. or that do a majority of their business outside the U.S. The Fund’s non-U.S. investments will be primarily in developed markets, but the Fund may invest in emerging markets. There are no geographic limits on the Fund’s non-U.S. investments.

The Fund may invest in companies of any size. The portion of the Fund’s assets invested in small, medium, or large companies is expected to vary over time. The Fund will target a balanced approach with allocations across the market-capitalization spectrum. At times, the Fund may increase the relative emphasis of its investments in a particular region, country, sector, industry, or other segment of the market.

The Adviser uses a fundamental, bottom-up approach to identify what it believes are quality companies, as evidenced by the durability of a company’s business model (strong competitive advantages and high barriers to entry), a company’s financial strength (greater returns on capital, free cash flow generation, healthy balance sheets), the presence of long-term growth, and a value-accretive management team. From time to time, the Fund may invest in companies that are experiencing unusual and possibly unique developments. Potential investments in the stock of these companies are usually the result of the research process, which can uncover companies that are otherwise outside of the standard investment criteria employed by the Fund, but may have opportunities for significant returns.

 

Investment Approach    

  • Seek companies with strong management, sound financial practices, and a defensible business niche
  • Focus on firms with sustainable growth in earnings, revenue, and cash flow
  • Identify undervalued equities that are temporarily mispriced relative to their long-term potential and where their stock prices reflect reasonable valuations

Performance

Portfolio Characteristics

As of 12/31/2023

Turnover Ratio

Turnover Ratio or Turnover Rate is the percentage of a mutual fund or other portfolio's holdings that have been replaced in a 12-month period.

43.74%

Weighted Average Market Cap

Weighted Average Market Capitalization refers to a type of stock market index construction that is based on the market capitalization of the index's constituent stocks; large companies would, therefore, account for a greater portion of an index than smaller stocks.

$111,671M

Active Share

Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differs from the benchmark index.

80.44%

Standard Deviation

Standard Deviation is a statistic that measures the dispersion of a dataset relative to its mean. The standard deviation is calculated as the square root of variance by determining each data point's deviation relative to the mean. If the data points are further from the mean, there is a higher deviation within the data set; thus, the more spread out the data, the higher the standard deviation.

17.11%

Beta vs. Benchmark

Beta is a measure of a stock's volatility in relation to the overall market. If a stock moves less than the market, the stock's beta is less than 1.0. High-beta stocks are supposed to be riskier but provide higher return potential; low-beta stocks pose less risk but also lower returns.

0.95

Top Ten Holdings View full list of holdings

As of 01/31/2024

Top Ten Holdings Top Ten Holdings Circle Graph Novartis AG 5.34% Chart segment spanning Novartis AG% of the whole. 111.54233870968 Chart segment spanning 86.542338709677% of the whole. Shell PLC 4.41% Chart segment spanning Shell PLC% of the whole. 100.42842741935 Chart segment spanning 75.428427419355% of the whole. Schneider Electric SE 4.41% Chart segment spanning Schneider Electric SE% of the whole. 89.314516129032 Chart segment spanning 64.314516129032% of the whole. AstraZeneca PLC 4.39% Chart segment spanning AstraZeneca PLC% of the whole. 78.251008064516 Chart segment spanning 53.251008064516% of the whole. Compass Group PLC 4.21% Chart segment spanning Compass Group PLC% of the whole. 67.641129032258 Chart segment spanning 42.641129032258% of the whole. Nestle SA 3.91% Chart segment spanning Nestle SA% of the whole. 57.787298387097 Chart segment spanning 32.787298387097% of the whole. Mitsubishi UFJ Financial Group Inc. 3.33% Chart segment spanning Mitsubishi UFJ Financial Group Inc.% of the whole. 49.395161290323 Chart segment spanning 24.395161290323% of the whole. ASML Holding NV 3.28% Chart segment spanning ASML Holding NV% of the whole. 41.129032258065 Chart segment spanning 16.129032258065% of the whole. Orix Corp. 3.20% Chart segment spanning Orix Corp.% of the whole. 33.064516129032 Chart segment spanning 8.0645161290323% of the whole. ITOCHU Corp. 3.20% Chart segment spanning ITOCHU Corp.% of the whole. 25 Chart segment spanning 2.1316282072803E-14% of the whole.

Number of Holdings

39

% in Top Ten Holdings

39.69%

Total Fund AUM

$237.8M

Sector Weights

As of 12/31/2023

Sector Weights Sector Weights Circle Graph Financials 20.84% Chart segment spanning Financials% of the whole. 103.7995930824 Chart segment spanning 78.799593082401% of the whole. Industrials 17.70% Chart segment spanning Industrials% of the whole. 85.793489318413 Chart segment spanning 60.793489318413% of the whole. Consumer Discretionary 13.08% Chart segment spanning Consumer Discretionary% of the whole. 72.487283825025 Chart segment spanning 47.487283825025% of the whole. Health Care 12.93% Chart segment spanning Health Care% of the whole. 59.333672431333 Chart segment spanning 34.333672431333% of the whole. Information Technology 9.36% Chart segment spanning Information Technology% of the whole. 49.811800610376 Chart segment spanning 24.811800610376% of the whole. Consumer Staples 6.83% Chart segment spanning Consumer Staples% of the whole. 42.863682604273 Chart segment spanning 17.863682604273% of the whole. Materials 5.25% Chart segment spanning Materials% of the whole. 37.522889114954 Chart segment spanning 12.522889114954% of the whole. Energy 5.05% Chart segment spanning Energy% of the whole. 32.385554425229 Chart segment spanning 7.3855544252289% of the whole. Utilities 2.80% Chart segment spanning Utilities% of the whole. 29.537131230926 Chart segment spanning 4.5371312309257% of the whole. Real Estate 2.44% Chart segment spanning Real Estate% of the whole. 27.05493387589 Chart segment spanning 2.0549338758901% of the whole. Communication Services 2.02% Chart segment spanning Communication Services% of the whole. 25 Chart segment spanning -1.4210854715202E-14% of the whole.

Life Cycle Learn more about this approach

As of 12/31/2023

Rockets

Golden Goodies

Falling Angels

Corks

Turn Arounds

30%

20%

10%

0%

Country Weights

As of 12/31/2023

31.23%Japan

25.15%United Kingdom

10.58%Switzerland

10.13%France

5.16%Netherlands

5.11%Germany

4.40%Australia

3.08%Finland

2.27%Sweden

1.70%Denmark

0.16%United States

Documents

RMB International Fund Materials

Archive

 

 

The Funds’ investment adviser, RMB Capital Management, LLC, has adopted a contractual expense limitation agreement for each Fund through April 30, 2024, reducing the applicable Fund’s operating expenses so that the Fund’s total return and yield is increased. This may be continued from year to year thereafter if agreed upon by all parties. In the absence of such waivers and/or reimbursements, the applicable Fund’s total return and yield would be lower.

Principal Risks
As with any mutual fund, there is no guarantee that the Fund will achieve its objective. The Fund’s share price fluctuates, which means you could lose money by investing in the Fund. The Fund is not a complete investment program and should be considered only as part of an investment portfolio. The principal risks of investing in the Fund are detailed in the Summary Prospectus.

Foreign Investing Risk — Foreign securities may underperform U.S. securities and may be more volatile than U.S. securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; imposition of foreign withholding and other taxes; country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.

REIT Risk — The Fund’s investments in real estate related securities (primarily REITs) are subject to the risk that the value of the real estate underlying the securities will go down, which can be caused by deteriorating economic conditions and rising interest rates, and may also be subject to the risk that borrowers or tenants may default on their payment obligations. Investments in REITs involve additional risks.

Index Definition

  • The MSCI EAFE Index measures international equity performance. It comprises the MSCI country indices that represent developed markets outside of North America: Europe, Australasia, and the Far East. The index does not reflect investment management fees, brokerage commissions, or other expenses associated with investing in equity securities. A direct investment in an index is not possible. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.