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Marmont Partners, LLC
925 W. Lancaster Avenue, Suite 220, Bryn Mawr, PA 19010
inquiries@marmontpartners.com
833-MARMONT / (833)-627-6668

Marmont Redwood International Equity Fund

Fund Snapshot

 
TickerMRILXMRIDX
CUSIP56170L88556170L877
Inception
Date
02/14/1809/17/18
Sales
Charge
No Load*No Load*
Net Expense
Ratio
1.02%**1.27%**
Gross Expense
Ratio
11.33%***11.58%***
Minimum Initial
Investment
$100k$3k
Subsequent Minimum
Investments
NoneNone
*While the fund is no-load, management fees and other charges still apply. Please refer to the prospectus for further details.

** The Adviser has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit the Fund’s total annual fund operating expenses to an amount equal to the Management Fees until February 14, 2021.

***As of the Prospectus dated February 28, 2019.

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Fund Performance

Daily Price Change

MARMONT REDWOOD INTERNATIONAL EQUITY FUND
DAILY PERFORMANCE AS OF 11/15/2019

MARMONT REDWOOD INTERNATIONAL EQUITY FUND
DAILY PERFORMANCE AS OF 11/15/2019
Fund Ticker Price Change
Institutional MRILX $10.33 +$0.08
Retail MRIDX $10.29 +$0.07

 
Quarterly Fund Performance
(As of 9/30/2019)
MRILX^MSCI World Ex-USA
Q3 2019-1.50%-0.85%
1 Year*-5.65%-0.40%
Since Inception*
(^Inception Date: 2/14/18)
-0.86%-0.18%
*Annualized as of previous quarter end September 30, 2019

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance on the fund may be lower or higher than the performance quoted. Returns shown are cumulative. All performance rounded to the nearest hundredth.

Fund Portfolio Data as of 9/30/2019

DIVERSIFICATION
REGION / COUNTRY (Ex-Cash)

FUND MSCI World Ex-USA
NORTHERN EUROPE 31.02 18.59
  Switzerland 16.48 8.53
  Germany 10.41 7.74
  Sweden 4.13 2.32
WESTERN EUROPE 22.94 15.50
  France 8.18 10.29
  Finland 2.61 0.90
  Israel 2.48 0.51
  Netherlands 6.47 3.60
  Austria 3.20 0.20
FAR EAST 19.06 25.44
  Japan 18.86 22.24
  Hong Kong 0.20 3.20
ENGLISH 15.58 24.25
  United Kingdom 13.60 14.82
  Canada 1.98 9.43
SOUTHERN EUROPE 9.65 4.75
  Spain 5.55 2.63
  Italy 4.10 2.12
NEW ZEALAND 1.75 0.22
  New Zealand 1.75 0.22
Market Cap Distribution* (%)
FUNDMSCI World Ex-USA
Greater than $50 Billion20.7938.80
$20 Billion – $50 Billion24.3930.78
$10 Billion – $20 Billion24.0415.57
Less than $10 Billion30.7714.85
*The above listed Market Cap Breakdown is shown Ex-Cash

Sector Breakdown* (%)
FUNDMSCI World Ex-USA
Information Technology16.586.66
Consumer Staples14.8611.31
Consumer Discretionary14.0610.81
Industrials11.2814.20
Health Care11.2310.61
Financials10.4020.51
Communication Services7.375.16
Energy6.696.41
Materials4.337.28
Utilities3.203.73
Real Estate0.003.33
*The above listed sectors are shown Ex-Cash
PORTFOLIO CHARACTERISTICS
FUNDMSCI World Ex-USA
P/E (FY2)18.2x13.1x
Historical 3-YR EPS Growth19.0%9.7%
Weighted Avg. Market Cap$53.9B$62.2B
Median Market Cap$13.8B$10.2B
Beta1.001.00
Active Share91.2
Number of Holdings411,013

TOP 10 HOLDINGS* (%)
FUNDFUND
Nestle S.A.4.57L’Oreal SA3.11
Roche Holding Ltd.4.10JD Sports Fashion Plc3.10
MTU Aero Engines AG3.37VERBUND AG Class A3.09
Cellnex Telecom SA3.36NXP Semiconductors NV3.00
PUMA SE3.34Taiyo Nippon Sanso Corporation2.96
*The above listed top ten holdings represent 34.02% of the Fund’s portfolio.

MSCI World Ex-USA Index is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. It is not possible to invest directly in an index.

The price to earnings ratio (P/E Ratio) is the measure of the share price relative to the annual net income earned by the firm per share.

Dividend Yield is a divided expressed as a percentage of a current share price.

Earnings per share (EPS) growth is a company’s profit divided by its number of common outstanding shares.

Weighted average market capitalization is refers to a type of stock market index construction based on the market capitalization of the index’s constituent stocks.

The Median Market Cap is the midpoint of market capitalization (market price multiplied by the number of shares outstanding) of the stocks in a portfolio.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.

Active Share is a measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.

Morningstar Foreign Large Blend Category represents an average of all of the funds in the Morningstar Foreign Large Blend Category.

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

WHY MARMONT REDWOOD INTERNATIONAL EQUITY FUND

TEAM

Redwood Investments International Equities team is comprised of our three portfolio managers who have over 45 years of combined investment expertise. The group is aligned behind the philosophy and process, and makes decisions as a team.

APPROACH

Redwood Investments has a universal investment philosophy across all products: they believe that stocks are largely priced as a multiple of consensus earnings estimates, and that these estimates are typically flawed due to human nature and market structure. Further, these inefficiencies can be exploited by diligent investors to clients’ advantage. The inefficiencies may be more pronounced in non-US markets.

RISK AVERSE

At its core, Redwood is a qualitative investment firm focused on fundamental analysis. Critical to the approach, however, is a proprietary quantitative model that serves as a first step in their investment process. The model narrows the broad universe of companies and allows the analysts to prioritize their qualitative research. The model is also used to provide objective feedback on individual stocks, and to continuously manage risk and exposures in the overall portfolio.