0001752724-21-045342.txt : 20210301 0001752724-21-045342.hdr.sgml : 20210301 20210301114741 ACCESSION NUMBER: 0001752724-21-045342 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210301 PERIOD START: 20210930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IVA Fiduciary Trust CENTRAL INDEX KEY: 0001437921 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22211 FILM NUMBER: 21695862 BUSINESS ADDRESS: STREET 1: 717 FIFTH AVENUE, 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-584-3570 MAIL ADDRESS: STREET 1: 717 FIFTH AVENUE, 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 0001437921 S000023283 IVA Worldwide Fund C000068091 Class A IVWAX C000068092 Class C IVWCX C000068093 Class I IVWIX NPORT-P 1 primary_doc.xml NPORT-P false 0001437921 XXXXXXXX S000023283 C000068091 C000068092 C000068093 IVA Fiduciary Trust 811-22211 0001437921 549300O4JUUOSNO9O442 717 FIFTH AVENUE, 10TH FLOOR NEW YORK 10022 866-941-4482 IVA Worldwide Fund S000023283 AC1PQ0QINZFABDSHRZ87 2021-09-30 2020-12-31 N 2116418553.91 4939324.55 2111479229.36 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 330788.37000000 USD N Astronics Corp 549300NNXCF8H4MSMK17 Astronics Corp 046433108 86353.00000000 NS USD 1142450.19000000 0.054106626961 Long EC CORP US N 1 N N N Boskalis Westminster 724500W1FESNTNY5DL70 Boskalis Westminster 000000000 315731.00000000 NS 8693966.56000000 0.411747671448 Long EC CORP NL N 1 N N N Grupo Mexico SAB de CV 529900JWLZAYET2ZGW20 Grupo Mexico SAB de CV 000000000 8919497.00000000 NS 37825892.70000000 1.791440435408 Long EC CORP MX N 1 N N N First Resources Ltd 5493007RRD817HUP4O49 First Resources Ltd 000000000 2723099.00000000 NS 2637384.02000000 0.124906936489 Long EC CORP SG N 1 N N N Consolidated Edison Co of New York Inc VZFZPMWDHTQCFKYOBP05 Consolidated Edison Co of New York Inc 20911LN47 60000000.00000000 PA USD 59998999.80000000 2.841562396907 Long STIV CORP US Y 2 2021-01-04 Fixed 0.16000000 N N N N N N Gruma SAB de CV 5493000XJLJ6C4T0PG82 Gruma SAB de CV 000000000 1004495.00000000 NS 11971963.07000000 0.566994119739 Long EC CORP MX N 1 N N N Wells Fargo & Co PBLD0EJDB5FWOLXP3B76 Wells Fargo & Co 949746101 1340915.00000000 NS USD 40468814.70000000 1.916609651531 Long EC CORP US N 1 N N N H.U. Group Holdings Inc N/A H.U. Group Holdings Inc 000000000 1327700.00000000 NS 35787717.62000000 1.694912131854 Long EC CORP JP N 2 N N N Rohto Pharmaceutical Co Ltd N/A Rohto Pharmaceutical Co Ltd 000000000 719600.00000000 NS 21328301.20000000 1.010111816561 Long EC CORP JP N 2 N N N Berkshire Hathaway Inc 5493000C01ZX7D35SD85 Berkshire Hathaway Inc 084670108 161.00000000 NS USD 55998215.00000000 2.652084577548 Long EC CORP US N 1 N N N Publicis Groupe SA 2138004KW8BV57III342 Publicis Groupe SA 000000000 910241.00000000 NS 45324956.67000000 2.146597325692 Long EC CORP FR N 1 N N N Daou Technology Inc N/A Daou Technology Inc 000000000 262069.00000000 NS 5322644.41000000 0.252081305654 Long EC CORP KR N 2 N N N State Street Bank and Trust Company 571474TGEMMWANRLN572 PURCHASED USD / SOLD THB 000000000 1.00000000 NC -2833.84000000 -0.00013421112 N/A DFE US N 2 State Street Bank and Trust Company 571474TGEMMWANRLN572 33436000.00000000 THB 1113327.23000000 USD 2021-03-09 -2833.84000000 N N N CDK Global Inc 5493000L10CYRTHIJ385 CDK Global Inc 12508E101 396942.00000000 NS USD 20573503.86000000 0.974364491676 Long EC CORP US N 1 N N N Hyundai Mobis Co Ltd 988400HJA9E0ZVDHRS65 Hyundai Mobis Co Ltd 000000000 120134.00000000 NS 28339768.91000000 1.342176068603 Long EC CORP KR N 2 N N N KT&G Corp 988400ZJV6ISYBLQX875 KT&G Corp 000000000 221565.00000000 NS 16970257.19000000 0.803714142863 Long EC CORP KR N 2 N N N Western Union Co/The 28ID94QU1140NC23S047 Western Union Co/The 959802109 2203081.00000000 NS USD 48335597.14000000 2.289181748411 Long EC CORP US N 1 N N N Airbus SE MINO79WLOO247M1IL051 Airbus SE 000000000 223146.00000000 NS 24474596.25000000 1.159120862269 Long EC CORP NL N 1 N N N Exxon Mobil Corp J3WHBG0MTS7O8ZVMDC91 Exxon Mobil Corp 30229ANS4 54500000.00000000 PA USD 54495709.76000000 2.580925684810 Long STIV CORP US N 2 2021-01-26 Fixed 0.08000000 N N N N N N Bollore SA 969500LEKCHH6VV86P94 Bollore SA 000000000 2151568.00000000 NS 8889462.63000000 0.421006397145 Long EC CORP FR N 1 N N N SINA Corp 549300ICDICMKPZEUY61 SINA Corp 000000000 323710.00000000 NS USD 13718829.80000000 0.649726012420 Long EC CORP KY N 1 N N N Jardine Strategic Holdings Ltd 213800BZ6VW56K2S6677 Jardine Strategic Holdings Ltd 000000000 470000.00000000 NS USD 11693600.00000000 0.553810799433 Long EC CORP BM N 1 N N N Qurate Retail Inc 549300PSXEKU4PHLCR04 Qurate Retail Inc 74915M100 358678.00000000 NS USD 3934697.66000000 0.186347921650 Long EC CORP US N 1 N N N Bangkok Bank PCL 549300CCL2BKJGMYXV60 Bangkok Bank PCL 000000000 5307200.00000000 NS 20993779.61000000 0.994268819606 Long EC CORP TH N 2 N N N Alphabet Inc 5493006MHB84DD0ZWV18 Alphabet Inc 02079K305 7290.00000000 NS USD 12776745.60000000 0.605108751359 Long EC CORP US N 1 N N N Wendel SE 969500M98ZMIZYJD5O34 Wendel SE 000000000 90464.00000000 NS 10824978.83000000 0.512672759432 Long EC CORP FR N 1 N N N Sodexo SA 969500LCBOG12HXPYM84 Sodexo SA 000000000 492778.00000000 NS 41670598.13000000 1.973526310397 Long EC CORP FR N 1 N N N WPP PLC 549300LSGBXPYHXGDT93 WPP PLC 000000000 618375.00000000 NS 6765026.44000000 0.320392753380 Long EC CORP JE N 1 N N N L'Oreal USA Inc 529900MBZ0PRAP172T60 L'Oreal USA Inc 50211TN51 18300000.00000000 PA USD 18299761.00000000 0.866679659716 Long STIV CORP US Y 2 2021-01-05 Fixed 0.08000000 N N N N N N WEC Energy Group Inc 549300IGLYTZUK3PVP70 WEC Energy Group Inc 92930VN66 3000000.00000000 PA USD 2999925.00000000 0.142076936314 Long STIV CORP US Y 2 2021-01-06 Fixed 0.16000000 N N N N N N Newmont Corp 549300VSP3RIX7FGDZ51 Newmont Corp 651639106 1097187.00000000 NS USD 65710529.43000000 3.112061369882 Long EC CORP US N 1 N N N Swedbank AB M312WZV08Y7LYUC71685 Swedbank AB 87019RN69 48000000.00000000 PA USD 47999208.00000000 2.273250303984 Long STIV CORP SE N 2 2021-01-06 Fixed 0.08000000 N N N N N N Barrick Gold Corp 0O4KBQCJZX82UKGCBV73 Barrick Gold Corp 067901108 715726.00000000 NS USD 16304238.28000000 0.772171378874 Long EC CORP CA N 1 N N N Toronto-Dominion Bank/The PT3QB789TSUIDF371261 Toronto-Dominion Bank/The 89119ANK0 56000000.00000000 PA USD 55995950.64000000 2.651977337090 Long STIV CORP CA Y 2 2021-01-19 Fixed 0.21000000 N N N N N N Cie Financiere Richemont SA 549300YIPGJ6UX2QPS51 Cie Financiere Richemont SA 000000000 818390.00000000 NS 73951614.54000000 3.502360502140 Long EC CORP CH N 2 N N N Bureau Veritas SA 969500TPU5T3HA5D1F11 Bureau Veritas SA 000000000 1558026.00000000 NS 41417170.00000000 1.961523912908 Long EC CORP FR N 1 N N N Exxon Mobil Corp J3WHBG0MTS7O8ZVMDC91 Exxon Mobil Corp 30229ANT2 30000000.00000000 PA USD 29997547.50000000 1.420688732471 Long STIV CORP US N 2 2021-01-27 Fixed 0.08000000 N N N N N N Astellas Pharma Inc 529900IB708DY2HBBB35 Astellas Pharma Inc 000000000 5060700.00000000 NS 78235773.51000000 3.705258968316 Long EC CORP JP N 2 N N N Adtalem Global Education Inc 549300Z467EZLMODV621 Adtalem Global Education Inc 00737L103 1019653.00000000 NS USD 34617219.35000000 1.639477143258 Long EC CORP US N 1 N N N Nestle SA KY37LUS27QQX7BB93L28 Nestle SA 000000000 145171.00000000 NS 17090820.48000000 0.809424039903 Long EC CORP CH N 2 N N N Flowserve Corp 6Y0GK87T6V7NJKZJVM41 Flowserve Corp 34354P105 178081.00000000 NS USD 6562284.85000000 0.310790878676 Long EC CORP US N 1 N N N Berkshire Hathaway Inc 5493000C01ZX7D35SD85 Berkshire Hathaway Inc 084670702 327544.00000000 NS USD 75947627.28000000 3.596891990409 Long EC CORP US N 1 N N N Skechers USA Inc 529900D2R54KZPA4XR56 Skechers USA Inc 830566105 215172.00000000 NS USD 7733281.68000000 0.366249479155 Long EC CORP US N 1 N N N Mastercard Inc AR5L2ODV9HN37376R084 Mastercard Inc 57636Q104 44437.00000000 NS USD 15861342.78000000 0.751195775901 Long EC CORP US N 1 N N N State Street Bank and Trust Company 571474TGEMMWANRLN572 PURCHASED USD / SOLD THB 000000000 1.00000000 NC -560.84000000 -0.00002656147 N/A DFE US N 2 State Street Bank and Trust Company 571474TGEMMWANRLN572 4776000.00000000 THB 158871.67000000 USD 2021-03-09 -560.84000000 N N N Bayerische Motoren Werke AG YEH5ZCD6E441RHVHD759 Bayerische Motoren Werke AG 000000000 911463.00000000 NS 80451266.33000000 3.810185068900 Long EC CORP DE N 2 N N N Inchcape PLC 213800RGEH1MPPNM2T57 Inchcape PLC 000000000 535828.00000000 NS 4715215.47000000 0.223313372181 Long EC CORP GB N 1 N N N State Street Bank and Trust Company 571474TGEMMWANRLN572 PURCHASED USD / SOLD THB 000000000 1.00000000 NC -154085.14000000 -0.00729749731 N/A DFE US N 2 State Street Bank and Trust Company 571474TGEMMWANRLN572 589896000.00000000 THB 19537832.24000000 USD 2021-03-09 -154085.14000000 N N N L'Oreal USA Inc 529900MBZ0PRAP172T60 L'Oreal USA Inc 50211TNE2 18000000.00000000 PA USD 17999440.02000000 0.852456409218 Long STIV CORP US Y 2 2021-01-14 Fixed 0.08000000 N N N N N N Anheuser-Busch InBev SA/NV 5493008H3828EMEXB082 Anheuser-Busch InBev SA/NV 000000000 167201.00000000 NS 11644926.19000000 0.551505599869 Long EC CORP BE N 1 N N N Vodafone Group PLC 213800TB53ELEUKM7Q61 Vodafone Group PLC 92857LN83 20900000.00000000 PA USD 20899289.40000000 0.989793747880 Long STIV CORP US Y 2 2021-01-08 Fixed 0.31000000 N N N N N N WEC Energy Group Inc 549300IGLYTZUK3PVP70 WEC Energy Group Inc 92930VN41 22000000.00000000 PA USD 21999633.26000000 1.041906212199 Long STIV CORP US Y 2 2021-01-04 Fixed 0.16000000 N N N N N N WEC Energy Group Inc 549300IGLYTZUK3PVP70 WEC Energy Group Inc 92930VN58 38600000.00000000 PA USD 38599195.96000000 1.828064203676 Long STIV CORP US Y 2 2021-01-05 Fixed 0.20000000 N N N N N N DREYFUS TREASURY SECURITIES CA 549300U78VESCW509025 DREYFUS TREASURY SECURITIES CA DREYFUS TR SEC CSH MGMT INST 261941108 125200000.00000000 NS USD 125200000.00000000 5.929492379517 Long EC RF US N 1 N N N L'Oreal USA Inc 529900MBZ0PRAP172T60 L'Oreal USA Inc 50211TND4 21300000.00000000 PA USD 21299384.64000000 1.008742323572 Long STIV CORP US Y 2 2021-01-13 Fixed 0.08000000 N N N N N N Danone SA 969500KMUQ2B6CBAF162 Danone SA 000000000 651629.00000000 NS 42796326.55000000 2.026840991610 Long EC CORP FR N 1 N N N Dassault Aviation SA 969500CVFTUT88V8QN95 Dassault Aviation SA 000000000 9310.00000000 NS 10202085.36000000 0.483172423301 Long EC CORP FR N 1 N N N Aena SME SA 959800R7QMXKF0NFMT29 Aena SME SA 000000000 70164.00000000 NS 12188794.78000000 0.577263304820 Long EC CORP ES N 1 N N N UBS Group AG 549300SZJ9VS8SGXAN81 UBS Group AG 000000000 2766408.00000000 NS 38692170.35000000 1.832467485921 Long EC CORP CH N 2 N N N DNB Bank ASA 549300GKFG0RYRRQ1414 DNB Bank ASA 2332K0N65 60000000.00000000 PA USD 59999010.00000000 2.841562879980 Long STIV CORP NO Y 2 2021-01-06 Fixed 0.05000000 N N N N N N State Street Bank and Trust Company 571474TGEMMWANRLN572 PURCHASED THB / SOLD USD 000000000 1.00000000 NC 535.13000000 0.000025343843 N/A DFE TH N 2 State Street Bank and Trust Company 571474TGEMMWANRLN572 557578.79000000 USD 16719000.00000000 THB 2021-03-09 535.13000000 N N N F&N Communications Inc N/A F&N Communications Inc 000000000 111500.00000000 NS 453324.87000000 0.021469539633 Long EC CORP JP N 2 N N N American Honda Finance Corp B6Q2VFHD1797Q7NZ3E43 American Honda Finance Corp 02665JNB2 50000000.00000000 PA USD 49996257.00000000 2.367830869695 Long STIV CORP US Y 2 2021-01-11 Fixed 0.21000000 N N N N N N NESTLE FIN FRANCE S. N/A NESTLE FIN FRANCE S. 64106GNC3 35000000.00000000 PA USD 34999136.55000000 1.657564804016 Long STIV CORP US Y 2 2021-01-12 Fixed 0.10000000 N N N N N N Baidu Inc 254900AL64IANZYI1E02 Baidu Inc 056752108 47437.00000000 NS USD 10257776.88000000 0.485809982753 Long EC CORP KY N 1 N N N Bayer AG 549300J4U55H3WP1XT59 Bayer AG 000000000 403104.00000000 NS 23693538.78000000 1.122129853353 Long EC CORP DE N 2 N N N LKQ Corp DS830JTTZQN6GK0I2E41 LKQ Corp 501889208 1855673.00000000 NS USD 65393916.52000000 3.097066530927 Long EC CORP US N 1 N N N AIB Group PLC 635400AKJBGNS5WNQL34 AIB Group PLC 000000000 8826014.00000000 NS 18125047.53000000 0.858405201338 Long EC CORP IE N 1 N N N Societe Generale SA O2RNE8IBXP4R0TD8PU41 Societe Generale SA 83369BN44 49600000.00000000 PA USD 49599448.94000000 2.349037975383 Long STIV CORP FR Y 2 2021-01-04 Fixed 0.10000000 N N N N N N State Street Bank and Trust Company 571474TGEMMWANRLN572 PURCHASED THB / SOLD USD 000000000 1.00000000 NC 10840.07000000 0.000513387479 N/A DFE TH N 2 State Street Bank and Trust Company 571474TGEMMWANRLN572 1583651.90000000 USD 47765000.00000000 THB 2021-03-09 10840.07000000 N N N Promotora y Operadora de Infraestructura SAB de CV 52990035X6RK8DBUWA73 Promotora y Operadora de Infraestructura SAB de CV 000000000 606092.00000000 NS 5373947.71000000 0.254511038293 Long EC CORP MX N 1 N N N Vodafone Group PLC 213800TB53ELEUKM7Q61 Vodafone Group PLC 92857LN83 35000000.00000000 PA USD 34998810.00000000 1.657549338555 Long STIV CORP US Y 2 2021-01-08 Fixed 0.34000000 N N N N N N Nitto Kohki Co Ltd N/A Nitto Kohki Co Ltd 000000000 26100.00000000 NS 442763.16000000 0.020969335328 Long EC CORP JP N 2 N N N Benesse Holdings Inc 549300XOPEJA8L2IV934 Benesse Holdings Inc 000000000 225700.00000000 NS 4406118.95000000 0.208674510681 Long EC CORP JP N 2 N N N Kangwon Land Inc N/A Kangwon Land Inc 000000000 656168.00000000 NS 14191519.11000000 0.672112655084 Long EC CORP KR N 2 N N N QURATE RETAIL INC 549300PSXEKU4PHLCR04 Qurate Retail Inc 74915M308 10867.00000000 NS USD 1075833.00000000 0.050951625999 Long EP CORP US N 1 N N N Roche Holdings Inc PVJRP0EQNV6OGDPZGY95 Roche Holdings Inc 77119LN54 15000000.00000000 PA USD 14999833.35000000 0.710394549064 Long STIV CORP US Y 2 2021-01-05 Fixed 0.07000000 N N N N N N American Express Co R4PP93JZOLY261QX3811 American Express Co 025816109 68835.00000000 NS USD 8322839.85000000 0.394171050052 Long EC CORP US N 1 N N N Heineken NV 724500K5PTPSST86UQ23 Heineken NV 000000000 252334.00000000 NS 28119828.58000000 1.331759658773 Long EC CORP NL N 1 N N N 2021-01-29 IVA Fiduciary Trust Stefanie Hempstead Stefanie Hempstead CFO XXXX NPORT-EX 2 NPORT_1038789181922111.htm

 

IVA Worldwide Fund (unaudited) IVA Funds

 

Schedule of Investments

December 31, 2020

 

COMMON STOCKS — 64.2% 
  
Shares   Description  Fair Value 
Belgium  — 0.5% 
167,201   Anheuser-Busch InBev SA/NV  $11,644,926 
Bermuda  — 0.5%       
470,000   Jardine Strategic Holdings Ltd.   11,693,600 
Canada  — 0.8%       
715,726   Barrick Gold Corp.    16,304,238 
China  — 1.1%       
47,437   Baidu Inc., ADR  (a)   10,257,777 
323,710   SINA Corp.  (a)   13,718,830 
        23,976,607 
France  — 9.6%     
2,151,568   Bolloré SA   8,889,463 
1,558,026   Bureau Veritas SA  (a)   41,417,170 
651,629   Danone SA   42,796,326 
9,310   Dassault Aviation SA  (a)   10,202,085 
910,241   Publicis Groupe SA   45,324,957 
492,778   Sodexo SA   41,670,598 
90,464   Wendel SE   10,824,979 
        201,125,578 
Germany  — 5.0%     
403,104   Bayer AG   23,693,539 
911,463   Bayerische Motoren Werke AG   80,451,266 
        104,144,805 
Ireland  — 0.9%     
8,826,014   AIB Group Plc  (a)   18,125,048 
Japan  — 6.7%     
5,060,700   Astellas Pharma Inc.   78,235,773 
225,700   Benesse Holdings Inc.   4,406,119 
111,500   Fan Communications Inc.   453,325 
1,327,700   H.U. Group Holdings Inc.   35,787,718 
26,100   Nitto Kohki Co., Ltd.   442,763 
719,600   Rohto Pharmaceutical Co., Ltd.   21,328,301 
        140,653,999 
Mexico  — 2.0%     
8,919,497   Grupo México SAB de CV, Series ‘B’   37,825,892 
606,092   Promotora y Operadora de Infraestructura SAB de CV, Series ‘A’   5,373,948 
        43,199,840 
Netherlands  — 2.9%     
223,146   Airbus SE  (a)   24,474,596 
252,334   Heineken NV   28,119,829 
315,731   Royal Boskalis Westminster NV  (a)   8,693,966 
        61,288,391 
Singapore  — 0.1%     
2,723,099   First Resources Ltd.   2,637,384 
South Korea  — 3.1%     
262,069   Daou Technology Inc.   5,322,645 
120,134   Hyundai Mobis Co., Ltd.   28,339,769 
656,168   Kangwon Land Inc.   14,191,519 

 

 

See Notes to Schedule of Investments.

 

Page 1

 

IVA Worldwide Fund (unaudited) IVA Funds

 

Schedule of Investments

December 31, 2020

 

Shares   Description  Fair Value 
South Korea  — 3.1% (continued)
221,565   KT&G Corp.  $16,970,257 
        64,824,190 
Spain  — 0.6%
70,164   Aena SME, SA  (a)   12,188,795 
Switzerland  — 6.2%
818,390   Compagnie Financière Richemont SA   73,951,615 
145,171   Nestlé SA   17,090,820 
2,766,408   UBS Group AG   38,692,170 
        129,734,605 
Thailand  — 1.0%
5,307,200   Bangkok Bank PCL, NVDR   20,993,780 
United Kingdom  — 3.7%
535,828   Inchcape Plc  (a)   4,715,216 
1,097,187   Newmont Corp.   65,710,529 
618,375   WPP Plc   6,765,026 
        77,190,771 
United States  — 19.5%
1,019,653   Adtalem Global Education Inc.  (a)   34,617,219 
7,290   Alphabet Inc., Class ‘A’  (a)   12,776,746 
68,835   American Express Co.   8,322,840 
86,353   Astronics Corp.  (a)   1,142,450 
161   Berkshire Hathaway Inc., Class ‘A’  (a)   55,998,215 
327,544   Berkshire Hathaway Inc., Class ‘B’  (a)   75,947,627 
396,942   CDK Global Inc.   20,573,504 
178,081   Flowserve Corp.   6,562,285 
1,004,495   Gruma SAB de CV, Series ‘B’   11,971,963 
1,855,673   LKQ Corp.  (a)   65,393,916 
44,437   Mastercard Inc., Class ‘A’   15,861,343 
358,678   Qurate Retail, Inc., Series ‘A’   3,934,698 
215,172   Skechers USA Inc., Class ‘A’  (a)   7,733,282 
1,340,915   Wells Fargo & Co.   40,468,815 
2,203,081   Western Union Co.   48,335,597 
        409,640,500 
    TOTAL COMMON STOCKS
(Cost — $926,734,300)		   1,349,367,057 
          
PREFERRED STOCKS — 0.1%        
United States  — 0.1%        
10,867   Qurate Retail, Inc., 8% Series ‘A’   1,075,833 
    TOTAL PREFERRED STOCKS
(Cost — $473,514)		   1,075,833 

 

Principal
Amount		         
SHORT-TERM INVESTMENTS — 36.2% 
  
Commercial Paper  — 30.2%     
50,000,000  USD American Honda Finance Corp., 0.21% due 1/11/2021 (b)   49,996,257 
60,000,000  USD Consolidated Edison Co. of New York, Inc., 0.16% due 1/4/2021 (b)   59,999,000 
60,000,000  USD DNB of New York, Bank ASA, 0.05% due 1/6/2021 (b)   59,999,010 
     Exxon Mobil Corp.:     
54,500,000  USD 0.08% due 1/26/2021   54,495,710 
30,000,000  USD 0.08% due 1/27/2021   29,997,547 

 

 

See Notes to Schedule of Investments.

 

Page 2

 

IVA Worldwide Fund (unaudited) IVA Funds

 

Schedule of Investments

December 31, 2020

 

Principal
Amount		    Description  Fair Value 
Commercial Paper  — 30.2% (continued)     
     L’Oréal USA Inc.:     
18,300,000  USD 0.08% due 1/5/2021 (b)  $18,299,761 
21,300,000  USD 0.08% due 1/13/2021 (b)   21,299,385 
18,000,000  USD 0.08% due 1/14/2021 (b)   17,999,440 
35,000,000  USD Nestlé Finance International Ltd., 0.1% due 1/12/2021 (b)   34,999,137 
15,000,000  USD Roche Holding, Inc., 0.07% due 1/5/2021 (b)   14,999,833 
49,600,000  USD Societe Generale, 0.1% due 1/4/2021 (b)   49,599,449 
48,000,000  USD Swedbank AB, 0.08% due 1/6/2021   47,999,208 
56,000,000  USD Toronto Dominion Bank, 0.21% due 1/19/2021 (b)   55,995,951 
     Vodafone Group Plc:     
20,900,000  USD 0.31% due 1/8/2021 (b)   20,899,289 
35,000,000  USD 0.34% due 1/8/2021 (b)   34,998,810 
     WEC Energy Group Inc.:     
22,000,000  USD 0.16% due 1/4/2021 (b)   21,999,633 
38,600,000  USD 0.2% due 1/5/2021 (b)   38,599,196 
3,000,000  USD 0.16% due 1/6/2021 (b)   2,999,925 
         635,176,541 
Investment Company  — 6.0%     
125,200,000  USD Dreyfus Treasury Prime Cash Management Fund, 0.01% (c)   125,200,000 
     TOTAL SHORT-TERM INVESTMENTS
(Cost — $760,377,051)		   760,376,541 
     TOTAL INVESTMENTS — 100.5% (Cost — $1,687,584,865)   2,110,819,431 
     Liabilities In Excess of Other Assets — (0.5)%   (11,362,283)
     TOTAL NET ASSETS — 100.0%  $2,099,457,148 

 

The IVA Worldwide Fund had the following open forward foreign currency contracts at December 31, 2020:            

 

FOREIGN
CURRENCY		  COUNTERPARTY  SETTLEMENT
DATES
THROUGH		      LOCAL CURRENCY
AMOUNT		 

USD

EQUIVALENT

  

USD

VALUE AT

DECEMBER

31, 2020

   NET UNREALIZED
DEPRECIATION		 
Contracts to Sell:                         
Thai baht  State Street Bank
& Trust Co.		  03/09/2021     THB 563,624,000   18,668,800   $18,814,905   $(146,105)
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts         $(146,105)

 

Abbreviations used in this schedule: 

ADR - American Depositary Receipt
NVDR - Non-voting Depositary Receipt
THB - Thai baht
USD - United States dollar

 

(a) Non-income producing investment.
(b) Security is exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 (the “1933 Act”).  Any resale of these securities must generally be effected through a sale that is registered under the 1933 Act or otherwise exempted from such registration requirements.
(c) Rate disclosed is the daily yield on December 31, 2020.

 

Sector Allocation (As a Percent of Total Net Assets)  
Consumer Discretionary   17.2%
Holding Company   7.3%
Consumer Staples   7.1%
Health Care   6.6%
Financials   6.4%

 

 

See Notes to Schedule of Investments.

 

Page 3

 

IVA Worldwide Fund (unaudited) IVA Funds

 

Schedule of Investments

December 31, 2020

 

Industrials   5.3%
Communication Services   4.6%
Technology   4.0%
Gold & Gold Mining   4.0%
Materials   1.8%
Short-Term Investments   36.2%
Other (a)   (0.5)%

 

(a) Other represents unrealized gains and losses on forward foreign currency contracts and other assets and liabilities.

 

 

See Notes to Schedule of Investments.

 

Page 4

 

IVA International Fund (unaudited) IVA Funds

 

Schedule of Investments 

December 31, 2020

 

COMMON STOCKS — 63.3%

 

Shares   Description  Fair Value 
Argentina — 0.4%    
493,401   Loma Negra Companía Industrial Argentina SA, ADR  $3,034,416 
Australia — 0.2%     
3,021,539   WPP AUNZ Ltd. (a)   1,618,972 
Belgium — 0.9%     
109,386   Anheuser-Busch InBev SA/NV   7,618,327 
Bermuda — 0.6%     
193,626   Jardine Strategic Holdings Ltd.   4,817,415 
Canada — 0.8%     
279,536   Barrick Gold Corp.   6,367,830 
China — 1.8%     
38,668   Baidu Inc., ADR (a)   8,361,568 
322,657   Phoenix New Media Ltd., ADR   387,189 
163,163   SINA Corp. (a)   6,914,848 
        15,663,605 
France — 12.7%     
1,459,399   Bolloré SA   6,029,683 
804,573   Bureau Veritas SA (a)   21,388,049 
423,582   Danone SA   27,819,132 
5,333   Dassault Aviation SA (a)   5,844,009 
80,473   Ipsos SA   2,713,352 
419,724   Publicis Groupe SA   20,899,929 
224,281   Sodexo SA   18,965,789 
35,902   Wendel SE   4,296,056 
        107,955,999 
Germany — 6.1%     
253,375   Bayer AG   14,892,808 
416,118   Bayerische Motoren Werke AG   36,729,105 
        51,621,913 
Hong Kong — 0.4%     
14,887,000   APT Satellite Holdings Ltd.   3,341,315 
India — 0.6%     
129,819   Bajaj Holdings and Investment Ltd.   5,479,342 
Ireland — 0.8%    
3,360,519   AIB Group Plc (a)   6,901,141 
Japan — 8.5%    
2,574,000   Astellas Pharma Inc.   39,792,693 
128,200   Benesse Holdings Inc.   2,502,722 
42,000   Fan Communications Inc.   170,759 
497,600   H.U. Group Holdings Inc.   13,412,645 
30,900   Hi-Lex Corp.   460,228 
9,800   Nitto Kohki Co., Ltd.   166,248 
375,400   Rohto Pharmaceutical Co., Ltd.   11,126,521 
113,800   San-A Co., Ltd.   4,826,178 
        72,457,994 
Mexico — 3.3%    
2,146,620   Grupo Comercial Chedraui SAB de CV   3,095,957 
3,506,579   Grupo México SAB de CV, Series ‘B’   14,870,735 
413,151   Promotora y Operadora de Infraestructura SAB de CV, Series ’A’   3,663,226 

 

 

See Notes to Schedule of Investments.

 

Page 1

 

IVA International Fund (unaudited) IVA Funds

 

Schedule of Investments

December 31, 2020

 

Shares   Description  Fair Value 
Mexico — 3.3% (continued)     
943,000   Quálitas Controladora, SAB de CV  $5,065,317 
202,300   Regional SAB de CV (a)   935,686 
        27,630,921 
Netherlands — 3.7%     
95,873   Airbus SE (a)   10,515,326 
144,032   Heineken NV   16,050,770 
188,528   Royal Boskalis Westminster NV (a)   5,191,306 
        31,757,402 
Singapore — 1.1%     
1,064,200   First Resources Ltd.   1,030,702 
495,720   Haw Par Corp. Ltd.   4,013,471 
245,600   United Overseas Bank Ltd.   4,198,021 
        9,242,194 
South Korea — 4.9%     
197,801   Daou Technology Inc.   4,017,356 
46,046   DONGKOOK Pharmaceutical Co., Ltd.   1,242,904 
58,953   Hyundai Mobis Co., Ltd.   13,907,090 
404,640   Kangwon Land Inc.   8,751,503 
146,738   KT&G Corp.   11,239,057 
180,725   WHANIN Pharmaceutical Co., Ltd.   2,783,113 
        41,941,023 
Spain — 0.9%     
44,503   Aena SME, SA (a)   7,731,001 
Switzerland — 8.0%     
372,815   Compagnie Financière Richemont SA   33,688,426 
93,110   Nestlé SA   10,961,737 
1,636,395   UBS Group AG   22,887,323 
        67,537,486 
Thailand — 1.5%     
3,130,000   Bangkok Bank PCL, NVDR   12,381,393 
United Arab Emirates — 0.1%     
852,069   Emaar Malls PJSC (a)   424,509 
United Kingdom — 5.4%     
613,323   Inchcape Plc (a)   5,397,161 
2,568,247   Mitie Group Plc   1,439,953 
594,453   Newmont Corp.   35,601,790 
327,002   WPP Plc   3,577,404 
        46,016,308 
United States — 0.6%     
460,715   Gruma SAB de CV, Series ‘B’   5,490,981 
    TOTAL COMMON STOCKS     
    (Cost — $398,531,431)   537,031,487 
PREFERRED STOCKS — 0.3%     
Chile — 0.3%     
788,898   Embotelladora Andina SA, Series ‘B’   2,001,097 
          
    TOTAL PREFERRED STOCKS     
    (Cost — $1,688,647)   2,001,097 

 

 

See Notes to Schedule of Investments.

 

Page 2

 

IVA International Fund (unaudited) IVA Funds

 

Schedule of Investments

December 31, 2020

         
Principal
Amount		   Description  Fair Value 
SHORT-TERM INVESTMENTS — 37.8%     
Commercial Paper — 29.1%     
8,000,000  USD American Honda Finance Corp., 0.25% due 1/5/2021 (b)  $7,999,778 
25,000,000  USD Consolidated Edison Co. of New York, Inc., 0.16% due 1/4/2021 (b)   24,999,583 
25,000,000  USD DNB of New York, Bank ASA, 0.05% due 1/6/2021 (b)   24,999,588 
     Exxon Mobil Corp.:     
24,500,000  USD 0.08% due 1/26/2021   24,498,071 
9,200,000  USD 0.08% due 1/27/2021   9,199,248 
7,000,000  USD Florida Power & Light Co., 0.1% due 1/28/2021   6,999,069 
     L’Oréal USA Inc.:     
10,000,000  USD 0.08% due 1/5/2021 (b)   9,999,869 
15,000,000  USD 0.08% due 1/13/2021 (b)   14,999,567 
7,000,000  USD 0.08% due 1/14/2021 (b)   6,999,782 
13,900,000  USD Nestlé Finance International Ltd., 0.101% due 1/12/2021 (b)   13,899,657 
10,000,000  USD Roche Holding, Inc., 0.071% due 1/5/2021 (b)   9,999,889 
22,900,000  USD Swedbank AB, 0.08% due 1/6/2021   22,899,622 
22,000,000  USD Toronto Dominion Bank, 0.21% due 1/19/2021 (b)   21,998,409 
     Vodafone Group Plc:     
11,400,000  USD 0.31% due 1/8/2021 (b)   11,399,613 
10,000,000  USD 0.34% due 1/8/2021 (b)   9,999,660 
     WEC Energy Group Inc.:     
10,000,000  USD 0.16% due 1/4/2021 (b)   9,999,833 
13,200,000  USD 0.2% due 1/5/2021 (b)   13,199,725 
2,700,000  USD 0.16% due 1/6/2021 (b)   2,699,933 
         246,790,896 
Investment Company — 8.7%     
74,100,000  USD Dreyfus Treasury Prime Cash Management Fund, 0.01% (c)   74,100,000 
     TOTAL SHORT-TERM INVESTMENTS     
     (Cost — $320,891,260)   320,890,896 
     TOTAL INVESTMENTS — 101.4% (Cost — $721,111,338)   859,923,480 
     Liabilities In Excess of Other Assets — (1.4)%   (11,643,650)
     TOTAL NET ASSETS — 100.0%  $848,279,830 

 

The IVA International Fund had the following open forward foreign currency contracts at December 31, 2020:

 

FOREIGN
CURRENCY		  COUNTERPARTY  SETTLEMENT
DATES
THROUGH		  LOCAL CURRENCY
AMOUNT		   USD
EQUIVALENT		   USD VALUE AT
DECEMBER 31, 2020		   NET UNREALIZED
DEPRECIATION		 
Contracts to Sell:                     
Thai baht  State Street Bank
& Trust Co.		  03/09/2021    THB 332,406,000    10,999,843  $11,096,382  $(96,539)
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts        $(96,539)

 

Abbreviations used in this schedule:

ADR      - American Depositary Receipt

NVDR    - Non-voting Depositary Receipt

THB       - Thai baht

USD       - United States dollar

 

(a)Non-income producing investment.

(b)Security is exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 (the “1933 Act”). Any resale of these securities must generally be effected through a sale that is registered under the 1933 Act or otherwise exempted from such registration requirements.

 

 

See Notes to Schedule of Investments.

 

Page 3

 

IVA International Fund (unaudited) IVA Funds

 

Schedule of Investments 

December 31, 2020

 

(c)Rate disclosed is the daily yield on December 31, 2020.

 

Sector Allocation (As a Percent of Total Net Assets)    
Consumer Discretionary   14.1%
Consumer Staples   11.9%
Health Care   9.1%
Financials   7.3%
Industrials   6.5%
Communication Services   6.3%
Gold & Gold Mining   5.0%
Materials   2.2%
Holding Company   1.1%
Real Estate   0.1%
Short-Term Investments   37.8%
Other (a)   (1.4)%

 

(a) Other represents unrealized gains and losses on forward foreign currency contracts and other assets and liabilities.

 

 

See Notes to Schedule of Investments.

 

Page 4

 

Notes to Schedules of Investments (unaudited)

IVA Funds

 

Note 1 - Organization and Significant Accounting Policies

 

IVA Fiduciary Trust (the “Trust”) consists of the IVA Worldwide Fund (the “Worldwide Fund”) and IVA International Fund (the “International Fund”) (each, a “Fund” and, together, the “Funds”). The Worldwide Fund and the International Fund are each a diversified investment portfolio of the Trust, an open-end series management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and organized as a Massachusetts business trust. The Funds commenced investment operations on October 1, 2008. The Worldwide Fund seeks long-term growth of capital by investing in a range of securities and asset classes from markets around the world, including U.S. markets. The International Fund seeks long-term growth of capital by investing in a range of securities and asset classes from markets around the world.

 

The following are significant accounting policies followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In accordance with U.S. GAAP, each Fund has been defined as an investment company and as such complies with investment company and reporting guidance of the Financial Accounting Standards Board. As of result, there are no changes to measurement or disclosure required in the Funds’ financial statements.

 

Valuation of the Funds. The net asset value per share (“NAV”) of a Fund’s shares of a particular class is calculated each day that the New York Stock Exchange (“NYSE”) is open.

 

Listed equity securities are generally valued at the last sale price on the exchange that is the primary market for such securities. Equity securities listed on the NASDAQ Stock Exchange (“NASDAQ”) are generally valued using the NASDAQ Official Closing Price (“NOCP”). If no sales or NOCPs are reported during the day, equity securities are generally valued at the mean of the last available bid and asked quotations on the exchange or market on which the security is primarily traded, or using other market information obtained from a quotation reporting system, established market makers, or pricing services. If there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long and short positions, respectively. Over-the-counter (“OTC”) equity securities not listed on NASDAQ are generally valued at the mean of the last available bid and asked quotations on the market on which the security is primarily traded, or using other market information obtained from a quotation reporting system, established market makers or pricing services. If there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively.

 

Precious metals, including gold bullion, are valued at the spot price at the time trading on the NYSE closes (normally 4:00 p.m. E.S.T.).

 

Debt securities, other than commercial paper, for which market quotations are readily available are generally valued at the evaluated mean primarily based on the last bid and asked prices received from an independent pricing service. When no asked price is available, debt securities are valued at the evaluated bid price alone. Commercial paper is generally valued at the evaluated bid price provided by an independent pricing service. An evaluated price may include a variety of factors including the issue’s coupon rate, maturity, credit rating, yield, trade data, quoted prices of similar fixed income securities, and any other relevant market or security specific information.

 

Short-term investments in other open-end investment companies registered under the 1940 Act are valued at such investment companies’ NAV.

 

Forward foreign currency contracts are valued at the current cost of offsetting such contracts.

 

The value of any investment that is listed or traded on more than one exchange or market is based on the exchange or market determined by International Value Advisers, LLC (the “Adviser”) to be the primary trading venue for that investment. A quotation from the exchange or market deemed by the Adviser to be the secondary trading venue for a particular investment may be relied upon in instances where a quotation is not available on the primary exchange or market.

 

The Board of Trustees of the Trust (the “Board”) has established a Pricing and Fair Valuation Committee (the “Committee”) comprised of officers of the Adviser to which it has delegated the responsibility for overseeing the implementation of the Funds’ valuation procedures and fair value determinations made on behalf of the Board. The Committee may determine that market quotations are not readily available due to events relating to a single issuer (e.g., corporate actions or announcements) or events relating to multiple issuers (e.g., governmental actions or natural disasters). The Committee may determine that there has been a significant decrease in the volume and level of activity for an asset or liability whereby transactions or quoted prices may not be determinative of fair value. The Committee may determine the fair value of investments based on information provided by pricing services and other third parties, including broker-dealers and other market intermediaries, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. For securities that do not trade during NYSE hours or securities for which there is a foreign market holiday when the NYSE is open, fair valuation determinations are based on analyses of market movements after the close of those securities’ primary markets, and include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities or baskets of foreign securities. Fair value pricing may require subjective determinations about the value of an asset or liability. Fair values used to determine the Funds’ NAVs may differ from quoted or published prices, or from prices that are used by others, for the same investments. The use of fair value pricing may not always result in adjustments to the prices of securities or other assets or liabilities held by the Funds.

 

 

 

Notes to Schedules of Investments (unaudited) IVA Funds

 

Fair Value Measurement. The Funds adhere to U.S. GAAP fair value accounting standards that establish a single definition of fair value, create a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Funds’ assets and liabilities, and require additional disclosure about fair value. The hierarchy of inputs is summarized below:

 

●Level 1 – last traded/quoted prices in active markets for identical unrestricted investments

 

●Level 2 – other significant observable inputs (including quoted prices for similar or identical investments, amortized cost, interest rates, prepayment speeds, credit risk, other observable market data, etc.)

 

●Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

 

The following is a summary of the inputs used in valuing the Worldwide Fund’s assets and liabilities at fair value: 

 

ASSETS  Last Traded/Quoted Prices in Active Markets for Identical Unrestricted Investments
(Level 1)		   Other Significant Observable Inputs
(Level 2)		   Significant Unobservable Inputs
(Level 3)		   Total 
Common stocks:                    
    Foreign  $479,375,178   $460,351,379    —   $939,726,557 
    United States   409,640,500    —    —    409,640,500 
Preferred stocks   1,075,833    —    —    1,075,833 
Short-term investments   125,200,000    635,176,541    —    760,376,541 
Total assets  $1,015,291,511   $1,095,527,920    —   $2,110,819,431 
LIABILITIES                    
Unrealized depreciation on open forward foreign currency contracts   —   $146,105    —   $146,105 

For the year ended September 30, 2020 and the period ended December 31, 2020, there were no level 3 assets or liabilities held in the Worldwide Fund.

 

 

 

Notes to Schedules of Investments (unaudited) IVA Funds

 

The following is a summary of the inputs used in valuing the International Fund’s assets and liabilities at fair value:

 

ASSETS  Last Traded/Quoted Prices in Active Markets for Identical Unrestricted Investments
(Level 1)		   Other Significant Observable Inputs
(Level 2)		   Significant Unobservable Inputs
(Level 3)		   Total 
Common stocks:                    
    Foreign  $285,600,697   $245,939,809    —   $531,540,506 
    United States   5,490,981    —    —    5,490,981 
Preferred stocks   —    2,001,097    —    2,001,097 
Short-term investments   74,100,000    246,790,896    —    320,890,896 
Total assets  $365,191,678   $494,731,802    —   $859,923,480 
LIABILITIES                    
Unrealized depreciation on open forward foreign currency contracts   —   $96,539    —   $96,539 

For the year ended September 30, 2020 and the period ended December 31, 2020, there were no level 3 assets or liabilities held in the International Fund.

 

Foreign Currency Translation. Portfolio securities and other assets and liabilities initially valued in currencies other than the U.S. dollar are translated to U.S. dollars using exchange rates obtained from pricing services.

 

Portfolio Transactions. Portfolio transactions are recorded on a trade date basis.

 

Forward Foreign Currency Contracts. Each Fund engages in buying and selling forward foreign currency contracts to seek to manage the exposure of investments denominated in non-U.S. currencies against fluctuations in relative value. A forward foreign currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date, at a price set at the time of the contract.

 

Foreign Investment Risk. Each Fund invests in foreign investments. Foreign investments can involve additional risks relating to political, economic or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. Since foreign exchanges may be open on days when a Fund does not price its shares, the value of the investments in such Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.

 

Other Investment Risks. Beginning in January 2020, global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19 have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds’ performance.

 

Note 2 - Derivative Instruments and Hedging Activities

 

The Funds enter into transactions involving derivative financial instruments in connection with their investing activities. During the period ended December 31, 2020, these instruments included forward foreign currency contracts. These instruments are subject to various risks similar to non-derivative instruments including market, credit and liquidity risks.

 

The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in investments. Specifically, derivative instruments expose a Fund to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise to honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. If the counterparty defaults, a Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that, in the event of default, a Fund will succeed in enforcing them. During the period ended December 31, 2020, the Funds had exposure to OTC derivatives in the form of forward foreign currency contracts.

 

 

 

Notes to Schedules of Investments (unaudited) IVA Funds

 

The following summary for each Fund is grouped by risk type and provides information about the fair value of derivatives at December 31, 2020.

 

Worldwide Fund

 

Risk-Type Category    Fair Value 
Foreign exchange Unrealized depreciation on open forward foreign currency contracts  $(146,105)

 

International Fund

 

Risk-Type Category    Fair Value 
Foreign exchange Unrealized depreciation on open forward foreign currency contracts  $(96,539)

 

During the period ended December 31, 2020, the Worldwide Fund had average notional values of $32,612,809 on open forward foreign currency contracts to sell.

 

During the period ended December 31, 2020, the International Fund had average notional values of $23,301,357 on open forward foreign currency contracts to sell.