The Fund will attempt to achieve over the long term a total return in excess of that of the MSCI EAFE Index (with net dividends reinvested) through investment in a concentrated portfolio of equity securities, across a mixture of large, medium, and smaller capitalisation companies, selected from the major markets (except the U.S.) and to a lesser extent from some emerging markets, worldwide. The approach is classic contrarian value, based on bottom-up fundamental research of individual companies.
| Launch date | 01 June 2006 |
|---|---|
| Domicile | Ireland |
| Structure | QIAIF |
| Base currency | USD |
| Dealing | Daily |
| Min. investment | €100,000 |
| Benchmark | MSCI EAFE |
| Fund size | US$33.1m |
| Strategy size | US$33.1m |
Richard Garstang joined OP in November 2006. He was previously employed by Man Securities as a research analyst covering the banking and specialty finance sector. He has also worked as a consultant for Deloitte in London and San Francisco. He graduated from St. Andrews University and is a CFA Charterholder. He is Managing Partner of OP, co-manages the international all cap select portfolios, and contributes to the overall investment.
Christoph joined OP in August 2015. He previously worked as an analyst at Marlborough Partners, providing financing advice to private equity firms. Before that, he worked in the valuation team at Duff & Phelps. He graduated from Aston Business School and Free University of Berlin, and is a CFA Charterholder. He co-manages the international all cap select portfolios, and contributes to the overall investment selection.
| Annualised | ||||||
|---|---|---|---|---|---|---|
| 1 month | YTD | 1 year | 3 years | 5 years | Launch* | |
| Fund (I shares) | +4.1 | +40.2 | +32.5 | +26.4 | +18.4 | +8.0 |
| MSCI EAFE | +4.3 | +22.8 | +13.9 | +17.0 | +10.2 | +6.4 |
| Annual performance | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Fund (I shares) | +0.5 | +31.1 | -14.7 | +15.2 | -2.2 |
| MSCI EAFE | +3.8 | +18.2 | -14.5 | +11.3 | +7.8 |
Performance is calculated net of all fees and expenses and on a total return basis, inclusive of all distributions to unit holders. *Launch reflects performance since the I share class was created on 01 October 2009.
The value of all investments and the income from them can go down as well as up; this may be due, in part, to exchange rate fluctuations. Past performance is not a guide to future performance
| Consumer Staples | 19.8 | |
| Consumer Discretionary | 15.0 | |
| Banks | 14.3 | |
| Industrials | 12.5 | |
| Materials | 9.3 | |
| Energy | 7.8 | |
| Information Technology | 7.6 | |
| Communication Services | 4.9 | |
| Real Estate | 3.8 | |
| Financial Services | 3.0 | |
| Cash | 2.1 |
| United Kingdom | 30.9 | |
| Netherlands | 14.6 | |
| South Korea | 9.9 | |
| China/Hong Kong | 7.3 | |
| Germany | 7.2 | |
| Greece | 5.3 | |
| Ireland | 4.4 | |
| Sweden | 4.2 | |
| Switzerland | 3.8 | |
| Italy | 2.8 | |
| France | 2.7 | |
| Canada | 2.6 | |
| Japan | 2.3 | |
| Cash | 2.1 |
| Alpha Bank | 5.3 |
| JDE Peet's | 5.1 |
| BT | 4.9 |
| Lloyds | 4.8 |
| Ryanair | 4.4 |
| First Pacific | 4.4 |
| Handelsbanken | 4.2 |
| KT&G | 4.0 |
| Elmos Semiconductor | 4.0 |
| IWG | 3.8 |
| Fund | Benchmark | |
|---|---|---|
| P/E ratio (fwd) | 10.3 | 16.0 |
| P/B ratio (hist) | 1.3 | 2.1 |
| Gross div. yield (fwd) | 3.2 | 2.9 |
| Active share (%)* | 96.8 |
Overstone International Value Fund is a constituent of the Oldfield Partners International Value Composite.
Oldfield Partners LLP claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Oldfield Partners LLP has been independently verified for the periods 1 January 2000 to 31 December 2011 by HSBC Securities Services and from 1 January 2012 to 31 December 2023 by Ernst & Young LLP. To receive a copy of a GIPS® compliant presentation and/or a list and description of our composites, please contact us.
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