Series

Investment Approach

Larry Sarbit uses a value investment style and seeks out companies with a substantial barrier to entry, ability to generate attractive return on capital, growing stream of free cash flow and honest/capable management. Investment time horizon is similar to length of a business ownership; years, decades or generations. To ensure capital protection the Fund may hold significant cash, determined by availability of companies that meet the Portfolio Advisor's quality and price criteria.

Key reasons to invest

Fund provides focused exposure to U.S. Equity market, number of companies held ranges between 15 to 25

Fund invests in companies that trade at "margin of safety" prices - value approach

U.S. dollar denominated assets are hedged in order to reduce exchange rate volatility

Medium Risk Image

Daily Price

Calendar Year Returns (%)

Distributions

Distribution Frequency: Annually

Daily Price

Support Material

Commentaries

The Fund held in excess of 20% cash for almost the entire period, and at times more than 35%. The Portfolio Sub-Advisor comments that in hindsight, it might have been beneficial to be more invested, but maintains its conviction that cash can be used as a powerful strategic asset. The Portfolio Sub-Advisor also believes that fear in the market results in falling stock prices; as a result, cash transforms immediately from being a burden in rising markets to the most desired asset.

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Larry_Sarbit

Larry Sarbit
Chief Investment Officer and Portfolio Manager
Sarbit Advisory Services Inc.

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Facts & Fees

Purchase Minimums

Minimum Initial Buy: $500
Each Additional Investment:
(may be waived)
$50

Legal

*IA Clarington Investments Inc., manager of the IA Clarington Sarbit U.S. Equity Fund A (the "Fund"), currently waives some of its management fees or absorbs some expenses that would normally be charged to the Fund. This is done at the manager’s discretion, and may continue for an indeterminate period of time but may also be terminated at any time. The management expense ratio ("MER") for this series of the Fund published above is calculated after waivers and absorptions have been taken into account, using information available from the interim period ending 03/31/2014. The actual MER of the this series of the Fund before waivers and or absorptions is 2.72%
Important information and disclaimer

**The portfolio sub-advisor, Sarbit Advisory Services Inc. has requested that holdings be disclosed on a quarterly basis.

Returns are calculated, and year-by-year returns are shown, from June 5, 2009, the date of a material reorganization of the Fund.