CAMFX — Cambiar International Small Cap Fund
Data updated: 2024-01-17
CAMFX — Cambiar International Small Cap Fund. Europe Small Cap Blend / Core Equity · $2.95M AUM. Holdings, fees, performance and SEC filings.
CAMFX Fund Overview
CAMFX — Cambiar International Small Cap Fund is a US mutual fund managed by Advisors' Inner Circle Fund, categorised as Europe 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: Advisors' Inner Circle Fund
- Category: Europe Small Cap Blend / Core Equity
- Assets under management: $2.95M
- 1-year return: 2.6%
- Ticker: CAMFX
- SEC CIK: 0000878719
- SEC series ID: S000047296
- Share class ID: C000148333
CAMFX Investment Objective and Strategy
Cambiar International Small Cap 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 International Small Cap 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 small-cap foreign companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund expects, under normal market conditions, to invest in at least three different countries. The equity securities in which the Fund invests are generally common stocks traded on foreign exchanges, although it may also purchase American Depositary Receipts (""ADRs""), which are traded on U.S. exchanges and represent an ownership interest in a foreign security. The Fund generally considers small-cap foreign companies to be those with market capitalizations not greater than either that of the largest company in the MSCI EAFE Small Cap Index ($8 billion as of December 31, 2017) or $5 billion, whichever is greater at the time of initial purchase.
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 majority of these companies operate in ""established"" markets; however, the Fund may invest up to 25% of its assets 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 market countries are in the process of industrializing, with lower gross national products than more developed countries.
In some circumstances, the Fund may purchase ADRs, rather than foreign shares that are traded on foreign exchanges, because the ADRs have greater liquidity or for other reasons. From time to time, the Fund may also focus its investments in a particular geographic region, such as Europe or Asia. In selecting investments for the Fund, the Adviser uses a fundamental, relative value investment approach to build a diversified 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."
CAMFX Performance
Total returns for CAMFX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 2.6% |
| 3 years (annualised) | -4.6% |
CAMFX Risk Information
Risk metrics for CAMFX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 19.3%
CAMFX Costs and Fees
CAMFX costs about $103 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.03%
- Gross expense ratio: 1.36%
- Portfolio turnover: 61%
- Brokerage commissions: 15.95 bps of average net assets (SEC N-CEN)
CAMFX Cashflows
Over the 12 months to 2023-10, Cambiar International Small Cap Fund had net inflows of $48.91M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-10 | $138.31K |
| 2023-09 | $127.45K |
| 2023-08 | $13.10K |
| 2023-07 | $672.51K |
| 2023-06 | $16.20M |
| 2023-05 | $203.05K |
CAMFX Debt Constituents
No individual debt constituents are reported in Cambiar International Small Cap Fund's latest SEC N-PORT filing.
CAMFX Prospectus and SEC Filings
Official Cambiar International Small Cap Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-02-28
- Prospectus (485BPOS) — filed 2021-02-26
- Prospectus supplement (497) — filed 2022-03-01
- Portfolio holdings (N-PORT) — filed 2023-12-29
- Portfolio holdings (N-PORT) — filed 2023-09-26
- Portfolio holdings (N-PORT) — filed 2023-06-29
- Annual census (N-CEN) — filed 2024-01-17
- Annual census (N-CEN) — filed 2023-01-17
Related Funds
Other Europe 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.