Chautauqua International Growth Fund
The Chautauqua International Growth Fund invests primarily in equity securities of both U.S. and non-U.S. companies with medium to large market capitalizations (i.e., those with market capitalizations in excess of U.S. $5 billion at the time of purchase). Equity securities in which the Fund may invest include common stocks, preferred stocks, depository shares and receipts, rights, warrants and exchange-traded funds (ETFs). Under normal market conditions, the Fund will invest at least 65% of its total assets at the time of purchase in non-U.S. companies. The Fund will normally be diversified among at least three countries in addition to the United States. The Fund invests primarily in developed markets but may invest in emerging and less developed markets. In evaluating potential investments, the advisor considers companies with growth characteristics that the advisor believes are likely to benefit from current macroeconomic and global trends and sustainable competitive advantages. The Fund will normally hold a concentrated number (generally 25 to 35) of companies.
A redemption Fee of 2.00% is assessed on shares held for 90 days or fewer, as a percentage of the amount redeemed.
The net expense ratio is the gross expense ratio minus any reimbursement from the Advisor. The Advisor has contractually agreed to waive its fees and/or reimburse expenses at least through April 30, 2021, to the extent necessary to ensure that the total operating expenses do not exceed 1.05% of the Investor Class's average daily net assets and 0.80% of the Institutional Class's average daily net assets. Investor class expense ratios include a 0.25% 12b-1 fee.
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The funds' current performance may be lower or higher than the performance data quoted. A redemption Fee of 2.00% is assessed on shares held for 90 days or fewer, as a percentage of the amount redeemed. Performance data does not reflect this redemption fee.
The net expense ratio is the gross expense ratio minus any reimbursement from the Advisor. The Advisor has contractually agreed to waive its fees and/or reimburse expenses at least through April 30, 2021, to the extent necessary to ensure that the total operating expenses do not exceed 1.20% of the Investor Class's average daily net assets and 0.95% of the Institutional Class's average daily net assets. Investor class expense ratios include a 0.25% 12b-1 fee.
The Fund may hold fewer securities than other diversified funds, which increases the risk and volatility because each investment has a greater effect on the overall performance. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulations.
The MSCI ACWI ex-U.S. Index® is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the United States.
Brian Beitner, CFA
Managing Partner
Brian is managing partner of Chautauqua Capital Management and lead portfolio manager for Chautauqua’s strategies. Prior to forming Chautauqua in January 2009, he was a member of the TCW Concentrated Core Equities portfolio management team. Brian joined TCW in 1998 where he held multiple positions including director of equity research, senior equity strategist and portfolio manager for international and global equity portfolios. Prior to working at TCW, he worked with Scudder, Stevens & Clark; Bear, Stearns & Co.; and Security Pacific Bank. Brian earned a bachelor's degree in public affairs and an MBA from the University of Southern California, Los Angeles.
Jesse Flores, CFA
Partner
Jesse is partner of Chautauqua Capital Management and serves as portfolio manager on Chautauqua strategies. Prior to joining Chautauqua in 2013, he was an investment analyst at Blavin & Company where he was a generalist responsible for both equity and high-yield debt securities. Additionally, he covered U.S. semiconductors and hardware as a research analyst at Lehman Brothers and Roth Capital Partners. Jesse has a bachelor’s degree from Cornell University (McMullen Dean’s Scholar, Rawlings Presidential Research Scholar) and an MBA from the Stanford Graduate School of Business.
Haicheng Li, CFA
Partner
Haicheng is partner of Chautauqua Capital Management and serves as co-lead portfolio manager for Chautauqua’s strategies. Prior to joining Chautauqua in 2016, she was a senior analyst and portfolio manager at TCW with specific expertise in healthcare. Haicheng earned an MBA from Stanford, a master's degree in biological and biomedical sciences from Harvard's Graduate School of Arts and Sciences and a master's degree in medical sciences from Harvard Medical School, where she was a research fellow. She graduated summa cum laude from Rutgers University and was awarded a prestigious Phi Beta Kappa key for academic achievement.
Nathaniel Velarde
Partner
Nate is partner of Chautauqua Capital Management and serves as portfolio manager on Chautauqua strategies. Prior to joining Chautauqua in 2019, he was senior financial analyst at j2 Cloud Services and senior vice president, global equity analyst at PIMCO, London. At Nuveen Investments, Nate worked in the Tradewinds Global Investors and NWQ Investment Management divisions as managing director, senior equity analyst and director of research. He also served as vice president, equity analyst at TCW primarily covering industrials, business services and basic materials. Nate earned a bachelor’s degree in economics and an MBA with concentrations in finance and strategic management from the University of Chicago, and a Master’s of Information and Data Science from the University of California – Berkeley.