Over Sprucegrove’s history, we have exclusively served the institutional marketplace, and this remains unchanged. We are pleased to announce that we are now able to meet the needs of consultants and registered investment advisers who construct client portfolios with mutual funds. Our ’40 Act Fund will provide access for these investors to Sprucegrove’s investment philosophy and process, consistently applied over decades, in the specialized area of international equities. We focus on seeking to build quality portfolios at attractive valuations through a bottom-up process upon which our proprietary research is the foundation.
Our ’40 Act Fund leverages the performance history of our Group Trust, which is characterized by high active share (85-95%), a long-term perspective (10-year average turnover of 10%) and 330 basis points, annualized, of value add over its 35+ year history.
The competitive pricing for the three classes of shares of the ’40 Act Fund, Institutional, Investor and Advisor, are detailed in the table below.
|Other Operating Expenses||0.37%||0.37%||0.37%|
|Distribution (12b-1) Fees||0.00%||0.00%||0.25%|
|Shareholder Servicing Fees||0.00%||0.15%||0.15%|
|Total Annual Fund Operating Expenses (Gross)||0.87%||1.02%||1.27%|
|Less: Fee Reductions and/or Expense Reimbursements||(0.27)%||(0.27)%||(0.27)%|
|Total Annual Fund Operating Expenses (Net)||0.60%||0.75%||1.00%|
For those institutional investors desiring a pooled fund, the Group Trust remains open to existing and future clients. We have ensured that management fees for Group Trust investors will be unaffected and operating costs will not increase.
Sprucegrove specializes in international and global equity mandates and remains steadfast in its disciplined approach of investing in high quality companies at attractive valuations. We manage more than US$22 billion in assets, roughly 80% of that being in the U.S., including public and private pensions, universities, foundations, endowments, insurance companies, healthcare systems and multi-employer plans. We remain a wholly employee-owned firm with the majority of our shares being held by women, minorities or both.