International Equity

“We have a preference for companies that are growing, as we believe the market’s myopia often leaves them undervalued.”
– Tom Record

Companies that disprove the ‘regression to mean’ hypothesis, and instead can create a future for themselves that is very different from the past, can be very rewarding for the long-term investor.

The International Equity Fund is our global ex-US fund, managed by Tom Record. Fundamental analysis is at the core of the growth investing approach. We have the flexibility to be opportunistically contrarian and the conviction to add at times of drawdown.

We seek to capture opportunities in Developed and Emerging Markets and take a long-term view. We expect relatively low portfolio turnover of 15–20% per annum.

Portfolios are concentrated, with typically 40 stocks and diverse drivers of returns.

We look for companies that may be investing heavily in growth opportunities or deepening competitive moats, such that near-term earnings are depressed. We also seek management teams who founded their business and retain a substantial shareholding, as well as situations where the returns on capital for the steady state business are high and, importantly, provide options for the deployment of that capital.

We tend to look five years out to value a business using free cash flow, sum of the parts analysis, or various other valuation metrics specific to each investment. Different companies and business models merit different valuation approaches.


Irish Domiciled Fund – Majedie Asset Management (International) Investment Fund Company PLC

Document type Share Class Acc/Inc Currency File
KIID F Acc GBP International Equity Fund Class F KIID (GBP)
KIID F Acc USD International Equity Fund Class F KIID (USD)
Prospectus & Supplement MAMIIFCo Prospectus
Prospectus & Supplement MAMIIFCo Prospectus – International Equity Fund Supplement
Application Form International Equity Fund Application Form

Irish Domiciled Fund – Majedie Asset Management (International) Investment Fund Company PLC

Share Class Currency Acc/Inc ISIN Price Price swing Pricing date Valuation point
F GBP Acc IE00BKY59Z89 0.8758 none 02 Apr 2020 Noon
F USD Acc IE00BKY5B078 0.8252 none 02 Apr 2020 Noon

The prices shown are historic (calculated at the valuation point on the date shown) and are indicative only. Transactions will be effected at the price next calculated after receipt of a valid dealing instruction.

Share Class: For further information, please refer to the Prospectus and/or KIIDs
Acc / Inc: With accumulation shares, income from the Fund’s investments will be included in the value of your shares rather than being paid out via a dividend. With income shares, income from the Fund’s investments will be paid out via a dividend.

Irish Domiciled Fund – Majedie Asset Management (International) Investment Fund Company PLC

Share Class Currency Acc/Inc ISIN OCF (%) AMC (%) ACC (%) One-off entry/exit cost (%) Transaction costs (%) Performance fees (%) Pricing basis Dilution Rates (%)
F GBP acc IE00BKY59Z89 0.25 0.25 0.00 0.00 / 0.00 0.04 Single Swing 0.05 / 0.05
F USD acc IE00BKY5B078 0.25 0.25 0.00 0.00 / 0.00 0.04 Single Swing 0.05 / 0.05

Charges shown are predicted (calculated at the valuation point on 29 February 2020 and estimated as of 06 March 2020), are for indicative purposes only and subject to change.

Share Class: For further information, please refer to the Prospectus and/or KIIDs.
Acc / Inc: With accumulation shares, income from the Fund’s investments will be included in the value of your shares rather than being paid out via a dividend. With income shares, income from the Fund’s investments will be paid out via a dividend.
OCF (%): Ongoing Charges Figure. This is the annual cost that is incurred through the regular operation of the Fund. The figure is normally based the actual costs of the previous year, but for new funds or a new share class of existing funds, the figure provided may be an estimate based on expected costs. These charges are deducted from the daily quoted price of the Fund. The two components of the OCF, Annual Management Charge (AMC) and Admin Cost Charges (ACC) are described separately. The OCF does not include Entry Charges, Exit Charges or Transaction Costs (such as taxes and execution) which are quoted separately in this table. Research Costs are paid for by Majedie.
AMC (%): Annual Management Charge. This is the annual charge received by Majedie Asset Management Limited.
ACC (%): Admin Cost Charge. This is the annual charge for all other administrative costs incurred in the regular operation of the Fund, including for example daily fund accounting, safe custody of assets, transfer agency services, trustee & depositary oversight, regulatory fees, external audit and where applicable, hedged share class administration fees. Where Majedie Asset Management has elected to pay certain costs, the ACC quotes only those costs that will be paid by the Fund. The ACC is the difference between the OCF and the AMC.
Entry / Exit Charge: No entry or exit fees are charged for any fund.
Transaction costs (%): This figure includes explicit costs (taxes such as stamp duty‚ exchange fees‚ and commission paid to brokers for execution)‚ an estimate of implicit costs or “slippage” (using intraday arrival prices)‚ and – where relevant – an offset from any anti-dilution mechanisms applied. These ex-ante costs are projected using the actual costs incurred over the most recent 3 year period‚ annualised (but excluding commissions paid for research pre-2018 which are now absorbed by Majedie). For the International Equity Fund, transaction costs are estimated based on 3 years of a representative portfolio’s costs.
Performance Fees (%): The Fund does not charge a performance fee.
Pricing Basis: The Fund operates on a single swinging pricing basis. Prices are swung up/down whenever there are net inflows/outflows of $50,000 (or currency equivalent) or higher on any dealing day. Please see the prospectus for further information.
Dilution Rates (%): These are the current bid/offer rates applied to prices when swung down/up. Dilution compensates the Fund for transaction taxes, trade execution costs and market spread incurred by the Fund in actioning trades resulting from investor subscriptions or redemptions. Dilution rates are reviewed regularly and therefore subject to change.

This information is not intended to be an offer or solicitation of an offer to buy or sell securities. All rights in the referenced index are vested in the index owner and/or its licensors, who do not accept any liability for any errors or omissions in the index or any underlying data.

Notes
For further information, please refer to the Prospectus and/or KIIDs.