CAMAX — Cambiar Global Ultra Focus Fund

Data updated: 2023-03-31

CAMAX — Cambiar Global Ultra Focus Fund. Leveraged · $47.26M AUM · 1.00% expense ratio · -1.6% 1-yr return. Holdings, fees, performance and SEC filings.

CAMAX Fund Overview

CAMAX — Cambiar Global Ultra Focus Fund is a US mutual fund managed by Advisors' Inner Circle Fund, categorised as Leveraged. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Advisors' Inner Circle Fund
Category: Leveraged
Assets under management: $47.26M
1-year return: -1.6%
Ticker: CAMAX
SEC CIK: 0000878719
SEC series ID: S000018774
Share class ID: C000051940

CAMAX Investment Objective and Strategy

Cambiar Global Ultra Focus Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Advisors' Inner Circle Fund.

Investment objective

"The Cambiar Global Ultra Focus Fund (the ""Fund"") seeks long-term capital appreciation."

Principal investment strategy

"Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies located throughout the world. For purposes of this policy, equity securities include common stocks and derivative instruments with economic characteristics similar to equity securities. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The equity securities in which the Fund invests are primarily common stocks and the Fund is generally unconstrained by any particular sector or market capitalization. The Fund's investments may occasionally include derivative instruments and short positions. The derivative instruments in which the Fund invests will primarily be call options. To a lesser extent, however, the Fund may also invest in put options and swaps.

While the Fund is generally unconstrained within its equity universe, the Fund will typically invest in a portfolio of 20-30 issuers that the Adviser believes represent the best opportunities for long-term capital appreciation. Due to the highly focused nature of the Fund's investment strategy, the Fund is considered to be non-diversified, and may invest a significant portion of its assets in a relatively small number of securities. Under normal market conditions, the Fund will invest in at least three different countries and invest at least 40% (or, if conditions are not favorable, invest at least 30%) of its assets in foreign companies. The Fund may consider a company to be a ""foreign company"" if: (i) 50% of the company's assets are located outside of the United States; or (ii) 50% of the company's revenues are generated outside of the United States; or (iii) the company is domiciled or doing a substantial amount of business outside of the United States.

The Fund may invest in securities of companies in ""emerging market"" countries. An ""emerging market"" country is any country determined by the Adviser to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability, and the development of its financial and capital markets. Typically, emerging markets are in countries that are in the process of industrializing, with lower gross national products than more developed countries. The Adviser's allocation among various foreign countries does not seek to replicate any particular index's country allocation by global capitalization or regional capitalization. There is no limit on investments in securities of foreign companies, including emerging markets companies. In selecting investments for the Fund, the Adviser uses a fundamental, relative value investment approach to build a portfolio of companies that meet the following criteria: Quality The Adviser seeks to identify companies that possess strong competitive positions within their sector or industry, and offer a track record of innovation and product leadership as well as strong pricing and cost discipline.

The Adviser prefers companies that possess strong financial characteristics such as low leverage and sufficient liquidity. Valuation The Adviser uses conventional valuation metrics, such as price-to-earnings and price-to-book ratios, to identify companies that are trading at the lower end of their long-term valuation range. Catalyst The Adviser seeks to identify a fundamental positive development or catalyst (such as the onset of a new product or pricing cycle, resolution of a transitory overhang or normalization of the business's cash flow, margins and/or earnings) that it believes can positively change investors' perception of a company, but has not yet been recognized by the market. Hurdle Rate The Adviser seeks to identify companies that it believes have the ability to generate a significant investment return consisting of both capital appreciation and dividend income, typically over a 1-2 year time horizon, and is based on the company returning to its normal earnings and valuation.

The Adviser constructs the Fund's portfolio on a security-by-security basis, with the goal of building a portfolio that strikes a balance between the Adviser's conviction in an investment and portfolio diversification. The Adviser seeks to manage the Fund's risk through its research process as well as limits on individual position sizes and allocations to an economic sector or individual country. The Adviser will consider liquidating or reducing its investment in a company if: (a) the investment thesis is realized and the stock reaches its price target, (b) the stock price increases disproportionately relative to actual company developments, (c) position size, country or sector limits are reached, or (d) there is a negative change in fundamentals, or the investment thesis fails to develop as expected.

The Adviser will not sell a stock simply because of a decline in price, and may add to the position if it is determined that the investment thesis remains intact. To the extent the Fund invests in derivatives, those instruments will primarily be intended to hedge against the risk of unfavorable price movements in the underlying instruments, to increase long exposure to underlying instruments, to provide short exposure, to manage cash flows or currency exposure, or for other purposes. The Fund may buy and sell securities more frequently than other mutual funds, which could result in the Fund having a higher portfolio turnover rate than other mutual funds."

CAMAX Performance

Total returns for CAMAX (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	-1.6%
3 years (annualised)	8.2%

CAMAX Risk Information

Risk metrics for CAMAX, derived from monthly returns in SEC filings.

1-year volatility (annualised): 25.3%

CAMAX Costs and Fees

CAMAX costs about $100 per $10,000 invested per year in fund expenses.

Net expense ratio: 1.00%
Gross expense ratio: 1.22%
Portfolio turnover: 112%
Brokerage commissions: 16.13 bps of average net assets (SEC N-CEN)

CAMAX Cashflows

Over the 12 months to 2023-01, Cambiar Global Ultra Focus Fund had net inflows of $5.22M, from monthly SEC N-PORT filings.

Month	Net flow
2023-01	$128.76K
2022-12	$595.89K
2022-11	$956.79K
2022-10	$180.32K
2022-09	$204.94K
2022-08	$228.32K

CAMAX Debt Constituents

No individual debt constituents are reported in Cambiar Global Ultra Focus Fund's latest SEC N-PORT filing.

CAMAX Prospectus and SEC Filings

Official Cambiar Global Ultra Focus Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Leveraged 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.