Salient International Small Cap Fund
Data updated: 2019-11-25
C000003323 — Salient International Small Cap Fund. Emerging Markets Small Cap Blend / Core Equity · $36.67M AUM. Holdings, fees, performance and SEC filings.
C000003323 Fund Overview
Salient International Small Cap Fund is a US mutual fund managed by Forward Funds, categorised as Emerging Markets Small Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Forward Funds
- Category: Emerging Markets Small Cap Blend / Core Equity
- Assets under management: $36.67M
- SEC CIK: 0000889188
- SEC series ID: S000001224
- Share class ID: C000003323
C000003323 Investment Objective and Strategy
Salient International Small Cap Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Forward Funds.
Investment objective
The Fund seeks to achieve long-term growth of capital.
Principal investment strategy
Under normal conditions, the Fund invests at least 80% of its net assets plus borrowings for investment purposes, if any, in equity securities of companies with small market capitalizations located outside the United States. For purposes of the Funds investment strategy, small capitalization companies may include any company with a market capitalization equal to or less than any company in the MSCI EAFE SMID Cap Index at the time of purchase. The Fund may invest up to 20% of its net assets plus borrowings for investment purposes, if any, as measured at the time of investment, in medium and large capitalization companies. The Fund normally will invest its assets among at least fifteen but not fewer than eight countries throughout the world including countries considered to be emerging market countries.
The Fund may also invest in securities of other investment companies, including exchange-traded funds (ETFs), and exchange-traded notes (ETNs). Henry James International Management Inc. (HJIM or the Sub-Advisor) typically focuses its research on companies with market capitalizations equal to or less than any company in the Funds primary benchmark, the MSCI EAFE Small Cap Index and secondary benchmark the MSCI EAFE SMID Cap Index. As of June 30, 2018, the market capitalization range of the MSCI EAFE Small Cap and MSCI EAFE SMID Cap indices was $81 million to $23.1 billion. The Sub-Advisor does not apply a strict minimum size test in determining which securities to purchase but rather looks to the liquidity of the security. As a result, the Sub-Advisor normally does not invest in companies with a market capitalization lower than $100 million, although it may do so.
The Sub-Advisor uses a bottom-up approach to identify 50-70 top investment opportunities using a systematic approach to stock selection and portfolio construction consisting of four stages: It begins with an approximately 1,300 stock universe, which the Sub-Advisor screens based on proprietary methods to identify stocks it believes have a positive Risk-Reward Ratio. Second, it screens the high Risk-Reward equities with its adaptive fundamental model that points to companys fundamentals that the Sub-Advisor believes may perform better in the current market environment. Third, it reviews the equities the previous step highlighted with proprietary fundamental analysis. Fourth, it models the portfolio with a proprietary top-down country ranking scheme, which seeks a lower turnover portfolio that targets overweight positions in higher ranked and fundamentally strong stocks and countries.
While the Funds exposure is monitored at the regional, sector and stock level, the Fund may focus its investments in one or more sectors of the economy and/or geographic regions. The Fund may employ leveraged investment techniques to increase the Funds exposure to specific investment opportunities, including the use of a credit line and delayed delivery and forward commitment transactions, such as repurchase and reverse repurchase agreements, as well as credit default swaps, currency swaps and interest rate swaps.
C000003323 Costs and Fees
C000003323 costs about $120 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.20%
- Gross expense ratio: 1.55%
- Portfolio turnover: 47%
- Brokerage commissions: 8.27 bps of average net assets (SEC N-CEN)
C000003323 Cashflows
Over the 12 months to 2019-09, Salient International Small Cap Fund had net outflows of $5.55M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2019-09 | −$579.01K |
| 2019-08 | −$488.57K |
| 2019-07 | −$4.48M |
C000003323 Debt Constituents
No individual debt constituents are reported in Salient International Small Cap Fund's latest SEC N-PORT filing.
C000003323 Prospectus and SEC Filings
Official Salient International Small Cap Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Emerging Markets Small Cap Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.