The folks at a $7.17-billion-AUM (as of December 31) Arizona fund firm are celebrating a pair of big milestones for their second mutual fund.

Today, Cole Smead, president and CEO of Smead Capital Management [profile], highlights highlights the recent third birthday of the mutual fund form of the Smead International Value Fund, which now has $150.2 million in AUM. That can be a key distribution milestone for funds, as many intermediary screening tools and procedures will automatically exclude offerings with less than a three-year track record.

Last month was both the third anniversary, and the tenth, of the launch of the Smead International Value Fund. The fund's first inception date, in hedge fund form, was January 12, 2015. Seven years later, the Smead team transformed that hedge fund and relaunched it as an open-end mutual fund on January 11, 2022.

The Smead International Value Fund comes in six flavors:

Investor shares (SVXLX), with a $3,000 minimum initial investment, no load, an expense ratio of 125 basis points (which bakes in a 25bps fee waiver);

A shares (SVXAX), with a $3,000 minimum initial investment, up to 575bps in up-front load, up to 100bps in deferred load, and an expense ratio of 142bps (baking in a 29bps fee waiver);

C shares (SVXCX), with a $25,000 minimum initial investment, up to 100bps in deferred load, and an expense ratio of 200bps (baking in a 35bps fee waiver);

I1 shares (SVXFX), with a $1 million minimum inintial investment, no load, and an expense ratio of 115bps (baking in a 29bps fee waiver); I2 shares (SVXIX), with a $1 million minimum initial investment, no load, and an expense ratio of 110bps (baking in a 25bps fee waiver); and

Y shares (SVXYX), with a $10 million minimum initial investment, no load, and an expense ratio of 100bps (baking in a 31bps fee waiver).

(All of the fee waivers are set to expire on March 31.)

Smead describes the Smead International Value Fund as representing the essence of the Phoenix-based firm's "investing philosophy — disciplined patience and high conviction in quality companies."

"Over the past three years, we’ve been honored to provide investors with a vehicle to capitalize on opportunities in international markets, guided by the same principles created by our founder and my father, Bill Smead, that have defined Smead Capital for close to two decades," Cole Smead states. "As we look ahead, we remain confident in our ability to navigate evolving global markets and continue delivering value to our investors."

Smead Capital Management, Inc. serves as investment advisor to the Smead International Value Fund. Cole Smead is the fund's lead portfolio manager. Bill Smead, chief investment officer, serves as the fund's co-PM.

The Smead International Value Fund is a series of Smead Funds. The fund's other service providers include: Cohen & Company, Ltd. as independent accounting firm; ACA Foreside's Distribution Services, LLC as distributor; Godfrey & Kahn, S.C. as counsel; the Northern Trust Company as administrator, custodian, and fund accountant; and UMB Fund Services, Inc. as dividend paying agent and transfer agent. 

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