The Aegis Value Fund, a Small-Cap Deep Value fund, underperformed its benchmark in the first half of 2023. The fund's performance was impacted by the strong performance of tech-focused stocks in the S&P 500. Additionally, the banking system experienced strains due to rising interest rates, resulting in bank failures and losses on investment portfolios. Despite these challenges, the Fund's top performer was Bank of Cyprus, which benefited from higher interest rates and reduced non-performing assets. The Fund has an annualized gross expense ratio of 1.48% and a net annualized expense ratio of 1.50%. The portfolio manager believes that energy stocks and precious metals mining equities are well positioned for strong returns. The manager also highlights the potential risks in the technology sector, which has seen high valuations. The Fund continues to monitor emerging risks and maintains a focus on risk management [5edf2577].
The Moerus Worldwide Value Fund had a strong performance in Fiscal Year 2023, surpassing the MSCI ACWI and MSCI ACWI ex USA indices. The fund's positive performance was driven by investments in Offshore Energy Services, Financial Services, and Latin America. Tidewater, a provider of Offshore Energy Services, was the largest contributor to the fund's performance. Additionally, the fund's holdings in Financial Services, including Türkiye Sigorta and UniCredit, performed well. In Latin America, Despegar.com and Arcos Dorados Holdings were significant contributors to the fund's performance. The fund also benefited from value-accretive corporate events such as spin-offs and acquisitions. However, the fund's holdings in Materials and Real Estate detracted from its overall performance. During the year, the fund made new investments in Latin America, Natural Resources, and John Wood Group PLC, while exiting positions in Banco Itaú Chile, Yamana Gold Inc., Emaar Properties PJSC, and other holdings. The fund's performance can be attributed to a combination of stock selection, corporate events, and market conditions [d99d09b0].
Areca Capital Sdn Bhd has won the Best Equity Malaysia award for the seventh consecutive year at the LSEG Lipper Fund Awards 2024. The fund house's Areca equityTRUST fund received the award in the five- and 10-year categories. CEO Danny Wong attributes the fund's success to its agile investment philosophy and emphasis on appropriate asset allocation. The fund performed well in 2023 by increasing cash holdings during peak-pessimistic levels and making sectoral calls in utilities, property, and healthcare stocks. The Areca equityTRUST fund, launched in 2007, generated a cumulative return of 5.21% over the past year, with returns of 80.41% and 170.57% over the past five and 10 years, respectively. The fund's sector allocation is primarily in construction and properties, technology, and industrial sectors. Areca Capital plans to continue its investment formula, which has proven successful over nearly two decades [25752e10].
NCM Investments has been selected as a finalist for the 2024 Mutual Fund Provider of The Year by the Wealth Professional Awards. The winners will be announced on June 6 at The Liberty Grand in Toronto. This is NCM's fourth nomination for Mutual Fund Provider of the Year in the past 6 years. NCM is an award-winning investment manager offering actively-managed mutual funds and alternative investments. Commissions, trailing commissions, management fees, and expenses may be associated with mutual fund investments. [607ca59f]