IVA Funds Year In Review 2018

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About: IVA Worldwide Fund A (IVWAX), IVWCX, IVWIX, IVIOX, IVICX, IVIQX, Includes: ABLGF, AIBSF, ALPMF, ALPMY, ALTKY, AON, ARCO, BMWYY, BRK.A, BRK.B, BVVBY, CFRHF, CFRUY, DOX, ESV, HYEVF, HYMLF, MA, MMC, MRCHF, RBWNY, RDC, SLB, SSNLF, THLEF, XEC, YAHOF, YAHOY
by: Fund Letters
Summary

IVA offers investment management services to institutions, qualified high net worth individuals, and financial intermediaries worldwide. The firm is a RIA.

The key elements of our investment philosophy are: A search for fundamental (as opposed to relative) value. Stock picking based upon rigorous, in-house research. Flexible approach to investing with a diverse asset class, geographic and capitalization mix.

The IVA Worldwide Fund Class A (NAV) ended the year on December 31, 2018 with a return of -7.55% vs. the MSCI All Country World Index (Net) (“Index”) return of -9.42%. The IVA International Fund Class A (NAV) ended the period with a return of -13.15% vs. the MSCI All Country World Index (ex-U.S.) (Net) return of -14.20%.

There were many instances of what we believe to be temporary unrealized losses (our assessment of value not being recognized by the market). We acted on many of those opportunities and added to these positions.