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PartnerSelect Oldfield International Value Fund POIVX

Authentic international value managed by a firm that does nothing else.

Overview

The PartnerSelect Oldfield International Value Fund (the "Fund") seeks long-term growth of capital; that is, the increase in the value of your investment over the long term.

  • The Fund is a contrarian-value, high active-share, limited-capacity investment vehicle, run by a team with a strong investing pedigree. It follows a highly disciplined investment process executed by seasoned investors who are value-minded and independent thinkers.
  • The Team’s contrarian value strategy focuses on bottom-up identification of investment ‘bargains’ - those stocks that the team believes are currently trading at an attractive discount to their intrinsic worth. Intrinsic worth is an intermediate term assessment of the underlying value of a business based on an objective, risk-assessed view of earnings, book value, and free cash flow, among other considerations. Such shares are lowly valued in absolute terms, i.e., they are “cheap”, and relative to their own history. These stocks may attract a skeptical view from investors and commentators which may create low expectations for the stock for the short term and could provide an attractive entry point.
  • True bargains are not simply statistically cheap companies – they must be rigorously researched and risk-assessed with the goal of creating an adequate gap between price and estimated intrinsic worth to compensate for risks. The strategy combines fundamental analysis of intrinsic worth with patience to wait until the price of those investments reflects that value, seeking to deliver appealing long-term performance.
  • The strategy delivers a highly active but diversified portfolio, driven by a bottom-up investment philosophy, focused on markets other than North America. Asset allocation is purely a result of stock selection, eschewing macro calls or themes, resulting in a portfolio that is clearly distinct from the index.

DUE DILIGENCE TOOLKIT

Managers

Oldfield Partners

Target Manager Allocation: 100%

Strategy: Value

Andrew Goodwin

Partner, Portfolio Manager
Read the full manager bio

Andrew joined OP in March 2013. He had previously been employed by SVG Capital in London for seven years managing mainly European equity portfolios. Before joining SVG, he held portfolio management positions at Sovereign Asset Management, American Express Asset Management and Phillips & Drew Fund Management. He graduated from Cambridge University. He co-manages the global and EAFE equity portfolios and contributes to the overall investment selection.

Nigel Waller

CEO, CIO, Portfolio Manager
Read the full manager bio

Nigel is one of the founding partners of OP. He was previously at MLIM for 13 years. He was a director and portfolio manager on the global team. At MLIM he was also a member of the emerging markets and European teams in London and, from 1997 to 1999, the Asia team in Singapore. He graduated from City University. He is Chief Investment Officer and Chief Executive. He co-manages the global and EAFE equity portfolios and contributes to the overall investment selection.

Nigel Waller and Andrew Goodwin of Oldfield Partners LLP (“Oldfield”) are the portfolio managers for the PartnerSelect Oldfield International Value Fund. Waller is one of the founding partners of Oldfield, which was established in 2005, and is Chief Investment Officer and Chief Executive Officer. Waller co-manages Oldfield’s global and Europe, Australasia, Far East (EAFE) equity portfolios and contributes to the overall investment selection. Prior to joining Oldfield, Waller was at Merrill Lynch Investment Managers for 13 years and was a director and portfolio manager on the global team and was also a member of the emerging markets and European teams in London and, from 1997 to 1999, the Asia team in Singapore. Goodwin joined Oldfield in 2013. He co-manages Oldfield’s global and EAFE equity portfolios and contributes to the overall investment selection. Prior to joining Oldfield, Goodwin was at SVG Capital in London for seven years managing mainly European equity portfolios. Before joining SVG Capital, he held portfolio management positions at Sovereign Asset Management, American Express Asset Management, and Phillips & Drew Fund Management.

The firm was established and started in March 2005 by Richard Oldfield. He started his career at SG Warburg-Mercury Asset Management in 1977 and ultimately headed the global equity team there. After approximately 20 years at Mercury, he left to lead the Rausing Family investment office, Alta Advisors. Alta was and is among the largest family offices in Europe. At Alta, he ran the global equity strategy that we see in its current form at Oldfield Partners. He became Chairman of the Oxford University investment committee and Oxford University Endowment Management Ltd in January 2007.

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Performance

Select the set of performance tables to view.

AVERAGE ANNUAL TOTAL RETURN

Fund launching on November 30, 2020.

Fund Data

The gross and net expense ratios can be found in the most recent Summary Prospectus (11/9/2020). There are contractual fee waivers in effect through 4/30/2022. While the fund is no-load, management and other expenses still apply.

Stay Informed

The PartnerSelect Funds monthly email provides investors a way to stay in touch with us and receive information regarding the funds and investment principles in general. Topics may include updates on the funds and managers, further insights into Litman Gregoryʼs processes, and commentary on various aspects of investing.

DISCLOSURE

The funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and it may be obtained by calling 1-800-960-0188, or visiting partnerselect.com. Read it carefully before investing.

Mutual fund investing involves risk. Principal loss is possible. Past performance does not guarantee future results. The Oldfield International Value Fund is new and performance information is not available. Once performance is available, it may be obtained by calling 1-800-960-0188 or by visiting www.partnerselectfunds.com.

The fund will invest in foreign securities. Investing in foreign securities exposes investors to economic, political and market risks and fluctuations in foreign currencies. Though not a small-cap fund, the fund may invest in the securities of small companies. Small-company investing subjects investors to additional risks, including security price volatility and less liquidity than investing in larger companies. Investments in emerging market countries involve additional risks such as government dependence on a few industries or resources, government-imposed taxes on foreign investment or limits on the removal of capital from a country, unstable government and volatile markets. A value investing style subjects the fund to the risk that the valuations never improve or that the returns on value equity securities are less than returns on other styles of investing or the overall stock market.

Active Share measures the degree of difference between a fund portfolio and its benchmark index.

The PartnerSelect Funds are distributed by ALPS Distributors, Inc.