Investment Objective
The Fund’s investment objective is long-term capital appreciation.
CONTRARIAN AND
VALUE-ORIENTED APPROACH
Actively managed and historically generating high active share, this low-turnover, contrarian and value-oriented approach invests across the capitalization spectrum. The Fund seeks securities that are depressed in price, out of favor with investors and trading at a substantial discount to intrinsic value. Tocqueville emphasizes free cash flow generation, balance sheet quality and the fundamental strength of a business franchise as attributes to identify the most attractive risk/reward proposition across all market capitalizations.
Firm inception: 1985
Portfolio manager:
- James Hunt; industry since 1984
INVESTMENT STRATEGY
- Employ bottom-up, fundamental security analysis to select primarily non-U.S. equities
- Seek securities that are depressed in price, out of favor with investors and trading at a substantial discount to intrinsic value
- Identify the most attractive risk/reward propositions across all market capitalizations
- Target holdings with potential for significant upside over three years with limited downside risk
- Employ portfolio risk management through qualitative and quantitative processes
Total Fund Assets
$374.8 Million
Sub-Advisor (%)
Tocqueville Asset Management LP |
100% |
FUND overview flyer*
Contrarian and
Value-Oriented Approach
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COUNTRY Weightings (%)
Japan |
22.4
|
Germany |
21.6
|
France |
15.3
|
Switzerland |
7.5
|
United Kingdom |
6.2
|
South Korea |
3.5
|
Ireland |
3.1
|
Hong Kong/China |
3.0
|
Belgium |
2.6
|
Netherlands |
2.5
|
Portfolio Statistics
Forward Price-to-Earnings Ratio (P/E) | 16.40 |
Price-to-Book Ratio (P/B) | 1.70 |
1-Year ROE | 11.20 |
Weighted Avg. Market Cap ($ bil) | 68.60 |
3-YEAR RISK Summary
Beta | 1.03 |
Sharpe Ratio | -0.19 |
Standard Deviation | 16.38 |
R2 | 0.93 |
Alpha | -2.05 |
Top 10 Holdings (%)
Siemens AG |
3.5
|
Samsung Electronics Co., Ltd. |
3.4
|
FANUC Corp. |
3.3
|
Makita Corp. |
3.1
|
CRH PLC |
3.0
|
Alibaba Group Holding Ltd. |
2.9
|
Sanofi |
2.9
|
Hitachi Ltd. |
2.9
|
Infineon Technologies AG |
2.8
|
Amano Corp. |
2.7
|
Total Fund Holdings |
46
|
American Beacon Funds and American Beacon
Tocqueville International Value
Fund
are service marks of American Beacon Advisors, Inc.