SMALL CAPS

International Small Cap

This strategy invests in developed non-US securities with a market capitalization of up to approximately USD 4.0 billion at purchase. The portfolio ranges from 70 to 120 issuers, and clients typically benchmark the strategy to the MSCI World ex US Small Cap Index.

OVERVIEW

Why Mondrian for International Small Cap Equities?

Mondrian’s Small Cap Equity team is comprised of 7 investment professionals based in London, UK. Our portfolio managers take pointed views at both the market and security level. Each team member is assigned country and sector research responsibilities. We employ a consensus driven decision making process with the head of the team having the casting vote. Extensive dialogue amongst the group is paramount to ensure a consistent valuation approach.

Performance

As of June 30, 2025

Annualized

Mondrian International Small Cap Equity Composite (USD)

Inception date: January 1, 1998
Index returns are shown with net dividends reinvested.
Past performance is not a guide to future performance. The value of investments and income from then can fall as well as rise and investors may not get back the original amount invested. Please see important information below.
Periods over 12 months are annualized.
Mondrian Investment Partners Limited (“Mondrian”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A GIPS Composite Report is available on request from mondrian.website@mondrian.com.

Calendar Year

Mondrian International Small Cap Equity Composite (USD)

Index returns are shown with net dividends reinvested.
Past performance is not a guide to future performance. The value of investments and income from then can fall as well as rise and investors may not get back the original amount invested. Please see important information below.
Periods over 12 months are annualized.
Mondrian Investment Partners Limited (“Mondrian”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A GIPS Composite Report is available on request from mondrian.website@mondrian.com.

Defensive Characteristics

Mondrian International Small Cap Equity Composite (USD)

Index returns are shown with net dividends reinvested.
Past performance is not a guide to future performance. The value of investments and income from then can fall as well as rise and investors may not get back the original amount invested. Please see important information below.
Periods over 12 months are annualized.
Mondrian Investment Partners Limited (“Mondrian”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A GIPS Composite Report is available on request from mondrian.website@mondrian.com.

Portfolio

As of June 30, 2025

Characteristics

Characteristic Mondrian MSCI World ex-US Small Cap Index
P/E (trailing 12 months) 14.6 17.5
P/B (trailing 12 months) 1.7 1.4
Price/Cash Flow 7.7 8.7
Dividend Yield (%) 3.7 2.9
Number of Holdings 72 2,183
Weighted Average Market Cap (million, USD) 3,361 3,761
Median Market Cap (million, USD) 2,434 1,667
Information Ratio (3 years) -0.99

Sector Allocation

Country Allocation

Top 10

News & Insights

ppp

Mondrian’s Purchasing Power Parity (PPP) Approach

Mondrian’s Purchasing Power Parity method (PPP) provides a consistent measure of value across all currencies – a process we have employed since the founding of our firm in 1990.
View article Mondrian’s Purchasing Power Parity (PPP) Approach
sustainable investing

Navigating the Decarbonization Transition within Small Cap Equities

The decarbonization journey poses both investment opportunities and challenges with implications to risk appetite, access to capital and asset valuations.
View article Navigating the Decarbonization Transition within Small Cap Equities
International Small Cap 2021 Outlook

International Small Cap 2021 Outlook

The COVID-19 crisis of 2020 was not a systemic crisis. The scale and speed of fiscal and monetary stimulus led by the US Federal Reserve drove global markets to bounce, registering strong gains for the full year.
View article International Small Cap 2021 Outlook

Literature

Quarterly Update

This marketing material is designed for professional investors only. An investment involves the risk of loss. Past performance is not indicative of future results. The investment return and value of investments will fluctuate.

This introductory material is for informational purposes only and is not an offer or solicitation with respect to any securities. Any offer of securities can only be made by written offering materials, which are available solely upon request, on an exclusively private basis and only to qualified financially sophisticated investors residing in jurisdictions consistent with Mondrian’s regulatory authorisations. The information set forth herein is a summary only and does not set forth all of the risks associated with the investment strategy described herein. The products and services described in this website are not available to investors in all jurisdictions. Information from this website must not be used in a way that would be contrary to local law or legislation.

The shares of small- and medium- capitalization companies can be more volatile than larger companies.

Performance results marked “Gross” do not reflect deduction of investment advisory fees but are net of transaction costs and withholding tax. Investment returns will be reduced accordingly. Performance returns marked “Net” reflect deduction of investment advisory fees and are calculated by deducting a quarterly indicative fee from the quarterly composite return.

This introductory material is for informational purposes only and is not an offer or solicitation with respect to any securities. Any offer of securities can only be made by written offering materials, which are available solely upon request, on an exclusively private basis and only to qualified financially sophisticated investors residing in jurisdictions consistent with Mondrian’s regulatory authorizations. The information set forth herein is a summary only and does not set forth all of the risks associated with the investment strategy described herein.

Views expressed were current as of the date indicated, are subject to change, and may not reflect current views. Views should not be considered a recommendation to buy, hold or sell any security and should not be relied on as research or investment advice.
These materials may include forward-looking statements. All statements other than statements of historical facts are forward-looking statements (including words such as “believe,” “estimate,” “anticipate,” “may,” “will,” “should,” “expect”). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Various factors could cause actual results or performance to differ materially from those reflected in such forward-looking statements.
Calculations for P/E, P/B, dividend yield, sector country allocations, market caps, yield to maturity, modified duration, average maturity, average quality and country allocations are based on generally accepted industry standards. All characteristics are based on a representative account and derived by first calculating the characteristics for each security, and then calculating the weighted average of these values. The details of exact calculations can be provided upon request. All characteristic data provided is produced using Mondrian’s accounting system data.
There can be no assurance that the investment objectives of the strategy will be achieved.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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