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Emerging Markets ADR

November 8th, 2013

Investment Strategy

The Emerging Markets ADR Strategy primarily invests in American Depository Receipts (ADRs) of companies domiciled outside the United States. These stocks represent companies primarily in the emerging markets of Eastern Europe, the Middle East, Africa, Latin America, the Far East and the Indian Sub-Continent, and to a lesser extent in the developed markets of Europe and Asia.

Product Assets:$174.2 million (as of September 30, 2018)
Inception:March 31, 2011
Portfolio Manager:Senior Investment Committee
Asset Class:Emerging Markets Equity ADR
Capitalization:Mid-to-Large Cap
Discipline:Bottom-Up/Active Management
Process:Hybrid (Quantitative & Fundamental)
Style:Core-value
Stated Benchmarks:MSCI Emerging Markets Index

Our Emerging Markets ADR product is currently available as a separately managed account or through Wrap Program sponsor UBS Financial Services.

 

The TWI Emerging Markets ADR Composite contains fully discretionary Emerging Markets ADR accounts and for comparison purposes is measured against the MSCI Emerging Markets (net) Index. The MSCI Emerging Markets (net) Index uses withholding tax ranges applicable to Luxembourg based holding companies. Thomas White International, Ltd. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Thomas White International, Ltd. has been independently verified for the periods July 1, 1992 through June 30, 2012.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Thomas White International, Ltd. is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

The Emerging Markets ADR Composite was created April 1, 2011. Results are based on fully discretionary accounts under management. Non-fee-paying accounts are not included in this composite. Leverage is not used in this composite. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. All dividends are included in performance calculations as net dividends. Net of fee performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.

Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

The investment management fee schedule for the composite is as follows: 1.00% on the first $5 million; 0.90% on the next $5 million; 0.75% on the next $15 million; 0.70% on the next $25 million; 0.60% on the next $25 million; 0.55% on the next $25 million; and 0.50% on amounts over $100 million.

Actual investment advisory fees incurred by clients may vary.

Inception date 03/31/2011.

Thomas White American Opportunities Fund (TWAOX)

June 17th, 2013

Fund Strategy

The Fund is designed to benefit from domestic economic opportunities within the United States, and invests principally in securities issued by mid- and small-capitalization U.S. companies. Up to 20% of the investment portfolio of the Fund can be invested in securities issued by foreign companies, including emerging market companies.

Inception Date: 03/04/1999
Portfolio Managers:

Jinwen Zhang, Ph.D., CFA

Ramkumar Venkatramani, CFA, CIPM

Douglas M. Jackman, CFA

Wei Li, Ph.D., CFA

John Wu, Ph.D., CFA

Rex Mathew, CFA, CMA

Fund Assets $45.77 million (as of September 30, 2018)
Fund Price: $16.06 (November 13, 2018)
CUSIP: 543917306
Primary Benchmark: Russell Midcap Index1
Secondary Benchmark: S&P 500 Index2
Sales charge: None. A no load fund
Minimum Initial Investment: Non-Retirement Plan $ 2,500
Retirement Plan $ 1,000
Redemption Fee: 0 – 60 days: 2.00%
More than 60 days: 0.00%
Fees and Expenses: Gross Annual Operating Expenses : 1.15%
Net Annual Operating Expenses: 1.24%3

1. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which measures the performance of the 1,000 largest US companies based on total market capitalization.

2. The S&P 500 Index measures the performance of 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. Both indices are unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

3. Gross Expenses are based on the most recent prospectus. The Advisor has contractually agreed to reimburse the American Opportunities Fund Investor Shares to the extent that the Fund’s total operating expenses exceed 1.24% of the Fund’s average daily net assets. This agreement expires on February 28, 2016 and automatically renews, unless terminated by the Fund’s Board of Trustees.

While the Funds are no-load, management fees and other expenses still apply. Please refer to the prospectus for further details.

Mutual fund investing involves risk. Principal loss is possible. Investing in international markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investments in smaller companies involved additional risks such as limited liquidity and greater volatility.

Investor International Equity ADR

June 17th, 2013

Investment Strategy

The International ADR Strategy primarily invests in American Depository Receipts (ADRs) of companies domiciled outside the United States. These stocks represent companies in the developed markets of Europe and Asia, and to a lesser extent in the emerging markets of Eastern Europe, the Middle East, Africa, Latin America, the Far East and the Indian Sub-Continent.

Product Assets: $252.8 million (as of September 30, 2018)
Inception: October 1, 2000
Portfolio Manager: Senior Investment Committee
Minimum Initial Investment: Typically $500 Thousand USD
Asset Class: Non-US Equity ADR
Capitalization: Large-to-Mid-Cap
Style: Relative-Value
Discipline: Bottom-Up/Active Management
Process: 70% Quantitative – 30% Fundamental
Stated Benchmarks: MSCI EAFE
BNY ADR

MSCI All-country World ex US

The TWI International ADR Composite contains fully discretionary international ADR accounts and for comparison purposes is measured against the MSCI EAFE (net), MSCI All-Country World ex US (net) Index and the Bank of New York ADR Total Return Index. Prior to December 31, 2002, the Bank of New York ADR index is price only. The MSCI AC World ex US (net) Index is used to represent the international exposure of the strategy in certain regions, and the BNY ADR Index is used to represent the universe of securities that the strategy invests in. The MSCI EAFE (net) is also presented as supplemental information, and used as a general market indicator for international strategies. The MSCI AC World ex US (net) and the MSCI EAFE (net) indices use withholding tax ranges applicable to Luxembourg based holding companies.

Thomas White International, Ltd. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Thomas White International, Ltd. is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying accounts are not included in this composite. Leverage is not used in this composite. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. All dividends are included in performance calculations as net dividends. Net of fee performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding the policies for calculating and reporting returns is available upon request.

Inception date 10/1/2000.

Click here to view the International ADR Composite GIPS compliant presentation.

Emerging Markets ADR

June 17th, 2013

Investment Strategy

The Emerging Markets ADR Strategy primarily invests in American Depository Receipts (ADRs) of companies domiciled outside the United States. These stocks represent companies primarily in the emerging markets of Eastern Europe, the Middle East, Africa, Latin America, the Far East and the Indian Sub-Continent, and to a lesser extent in the developed markets of Europe and Asia.

Product Assets:$174.2 million (as of September 30, 2018)
Inception:March 31, 2011
Portfolio Manager:Senior Investment Committee
Asset Class:Emerging Markets Equity ADR
Capitalization:Mid-to-Large Cap
Discipline:Bottom-Up/Active Management
Process:Hybrid (Quantitative & Fundamental)
Style:Core-value
Stated Benchmarks:MSCI Emerging Markets Index

Our Emerging Markets ADR product is currently available as a separately managed account or through a Wrap Program sponsor.

 

The TWI Emerging Markets ADR Composite contains fully discretionary Emerging Markets ADR accounts and for comparison purposes is measured against the MSCI Emerging Markets (net) Index. The MSCI Emerging Markets (net) Index uses withholding tax ranges applicable to Luxembourg based holding companies. Thomas White International, Ltd. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Thomas White International, Ltd. has been independently verified for the periods July 1, 1992 through June 30, 2012.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Thomas White International, Ltd. is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

The Emerging Markets ADR Composite was created April 1, 2011. Results are based on fully discretionary accounts under management. Non-fee-paying accounts are not included in this composite. Leverage is not used in this composite. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. All dividends are included in performance calculations as net dividends. Net of fee performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.

Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

The investment management fee schedule for the composite is as follows: 1.00% on the first $5 million; 0.90% on the next $5 million; 0.75% on the next $15 million; 0.70% on the next $25 million; 0.60% on the next $25 million; 0.55% on the next $25 million; and 0.50% on amounts over $100 million.

Actual investment advisory fees incurred by clients may vary.

Inception date 03/31/2011.

Investors Emerging Markets

June 17th, 2013

Investment Strategy

The Emerging Markets Composite invests at least 80% of its net assets in securities of companies located in or whose businesses are closely associated with the world’s emerging markets countries. The Composite may invest up to 20% of its net assets in securities of companies in other less developed countries, sometimes known as “frontier market” countries, as well as developed market countries, including the U.S.

Product Assets: $98.1 million (as of September 30, 2018)
Inception Date: 01/01/2000
Portfolio Manager: Senior Investment Committee
Asset Class: Emerging Markets Equity
Capitalization: Large-to-Mid-Cap
Style: Relative-Value
Discipline: Bottom-Up/Active Management
Minimum Initial Investment:$20 million USD for Separate Account
Stated Benchmark:MSCI Emerging Markets Index

The TWI Emerging Markets Equity Composite contains fully discretionary Emerging Markets equity accounts and for comparison purposes is measured against the MSCI Emerging Markets (net) Index. The MSCI Emerging Markets (net) Index uses withholding tax ranges applicable to Luxembourg based holding companies

Thomas White International, Ltd. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Thomas White International, Ltd. is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying accounts are not included in this composite. Leverage is not used in this composite. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. All dividends are included in performance calculations as net dividends. Net of fee performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding the policies for calculating and reporting returns is available upon request.

 

Inception date 01/01/2000.

Click here to view the Emerging Markets Equity Composite GIPS compliant presentation.

Investor Global Equity

June 17th, 2013

Investment Strategy

The Global Equity Composite primarily invests in common stocks of companies domiciled all over the world. These stocks trade in the developed markets of the United States, Europe and Asia, and to a lesser extent in the emerging markets of Eastern Europe, the Middle East, Africa, Latin America, the Far East and the Indian Sub-Continent.

Product Assets: $30.1 million (as of September 30, 2018)
Inception Date: June 30, 1989
Portfolio Manager: Senior Investment Committee
Minimum Initial Investment: Typically $10 Million USD
Asset Class: Global Equity
Capitalization: Large-to-Mid Cap
Style: Core/Value
Discipline: Bottom-up/Active Management
Process: 70% Quantitative – 30% Fundamental
Stated Benchmarks: MSCI All-Country World
MSCI World

Global Value Equity Composite I contains fully discretionary global value equity accounts managed using bottom-up stock selections across Global industry groups. For comparative purposes, the Global Value Equity Composite I is measured against the MSCI All-Country World (net) Index. Prior to January 1, 1999 the index returns are the MSCI All-Country World (gross) as net returns are not available. Prior to January 1, 2001 the composite was measured against the MSCI World Index (gross). The benchmark was changed to better reflect the strategy of the composite which includes emerging markets. Returns include the effect of foreign currency exchange rates. The exchange rate source of the MSCI benchmarks is WM/Reuters which takes the closing spot rates in the local markets. TWI composite utilizes mid/bid-ask exchange rate at approximately 1pm Eastern. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The standard deviation is not presented for 1993 through 2010 because it is not required for periods prior to 2011. Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

Thomas White International, Ltd. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Thomas White International, Ltd. is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying accounts are not included in this composite. Leverage is not used in this composite. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. All dividends are included in performance calculations as net dividends. Net of fee performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.

Inception date 6/30/1989.

Click here to view the Global Equity Composite compliant presentation.

Investor International Equity

June 17th, 2013

Investment Strategy

The International Equity Composite primarily invests in common stocks of companies domiciled outside the United States. These stocks trade in the developed markets of Europe and Asia, and to a lesser extent in the emerging markets of Eastern Europe, the Middle East, Africa, Latin America, the Far East and the Indian Sub-Continent.

Product Assets: $289.0 million (as of September 30, 2018)
Inception Date: 01/01/1991
Portfolio Manager: Senior Investment Committee
Asset Class: Non-US Equity
Capitalization: Large-to-Mid-Cap
Style: Relative-Value
Discipline: Bottom-Up/Active Management
Minimum Initial Investment: $20 million USD for Separate Account
$2 million USD for Commingled Fund
Stated Benchmarks: MSCI All-country World ex US
MSCI EAFE

The TWI International Equity Composite contains fully discretionary international equity accounts and for comparison purposes is measured against the MSCI All-Country World ex US (net) Index. Prior to January 1, 1999, index returns are the MSCI All-Country World ex US (gross) Index as net returns are not available. Prior to January 1, 2001, the composite was measured against the MSCI World ex US index (gross). The benchmark was changed to better reflect the strategy of the composite which includes emerging markets. Returns include the effect of foreign currency exchange rates. The exchange rate source of the MSCI benchmarks is WM/Reuters which takes the closing spot rates in the local markets. TWI composite utilizes mid/bid-ask exchange rate at approximately 1pm Eastern.

Thomas White International, Ltd. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Thomas White International, Ltd. is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying accounts are not included in this composite. Leverage is not used in this composite. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. All dividends are included in performance calculations as net dividends. Net of fee performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding the policies for calculating and reporting returns is available upon request.

Inception date 01/01/1991.

Click here to view the International Equity Composite GIPS compliant presentation.

Thomas White Emerging Markets Fund (TWIIX)

June 17th, 2013

Fund Strategy

The Fund is designed to benefit from opportunities for future economic growth in the world’s emerging market countries. Portfolio holdings are principally in securities issued by large emerging market companies across the globe, or whose businesses are closely associated with developing countries. Up to 20% of the investment portfolio of the Fund may include securities issued by developed market companies, as well as less developed countries, such as frontier markets.

Inception Date: 8/31/2012
Portfolio Managers:

Jinwen Zhang, Ph.D., CFA

Ramkumar Venkatramani, CFA, CIPM

Douglas M. Jackman, CFA

Wei Li, Ph.D., CFA

John Wu, Ph.D., CFA

Rex Mathew, CFA, CMA

Fund Assets: $36.32 million (as of September 30 2018)
Fund Price: $9.99 (November 13, 2018)
CUSIP: 543917876
Benchmark: MSCI Emerging Markets Index1
Sales charge: None
Minimum Initial Investment: Non-Retirement Plan $ 1,000,000
Retirement Plan $ 1,000,000
Redemption Fee: 0 – 60 days: 2.00%
More than 60 days: 0.00%
Fees and Expenses: Gross Annual Operating Expenses: 1.26%
Net Annual Operating Expenses: 1.10%2

1. The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index of 21 emerging market countries. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index.

2. Gross Expenses are based on the most recent prospectus. The Advisor has contractually agreed to reimburse the Emerging Markets Fund I Shares to the extent that the Fund’s total operating expenses exceed 1.10% of the Fund’s average daily net assets. This agreement expires on February 28, 2016 and automatically renews, unless terminated by the Fund’s Board of Trustees.

While there are no sales charges, management fees and other expenses still apply. Please refer to the prospectus for further details.

Mutual fund investing involves risk. Principal loss is possible. Investing in international markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. These risks are greater for emerging markets. Investments in smaller companies involved additional risks such as limited liquidity and greater volatility.

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© Thomas White International, Ltd. 2018