Parsad Posted August 27, 2009 Share Posted August 27, 2009 Charles De Vaulx, protege of Jean Marie-Evillard, has set a record for the most amount of capital raised by a new mutual fund. What's interesting is the little tid-bit in this article about Garrett Van Wagoner, whose fund raised $710M in 1995, shut down when assets fell to $17.5M last year! Cheers! http://www.bloomberg.com/apps/news?pid=20601087&sid=azA3L83L_WGQ Link to comment Share on other sites More sharing options...
VersaillesinNY Posted July 27, 2020 Share Posted July 27, 2020 Challenging times at IVA where they have been holding large parts of their portfolios in cash for many years. https://www.barrons.com/articles/why-did-iva-funds-co-cio-leave-10-months-after-accepting-the-job-51594745599 Link to comment Share on other sites More sharing options...
COBFInfinity Posted July 31, 2020 Share Posted July 31, 2020 Charles De Vaulx, protege of Jean Marie-Evillard, has set a record for the most amount of capital raised by a new mutual fund. What's interesting is the little tid-bit in this article about Garrett Van Wagoner, whose fund raised $710M in 1995, shut down when assets fell to $17.5M last year! Cheers! http://www.bloomberg.com/apps/news?pid=20601087&sid=azA3L83L_WGQ Bloomberg link doesn't work. What is the fund? Link to comment Share on other sites More sharing options...
Guest Posted July 31, 2020 Share Posted July 31, 2020 A few days ago I was looking at IVA to see how they were doing and I noticed De Valux was the only listed manager. I guess this answers things a little. Thanks for the update. Link to comment Share on other sites More sharing options...
VersaillesinNY Posted July 31, 2020 Share Posted July 31, 2020 The way I read it is that: - Chuck wanted to deploy cash more aggressively, while Charles wanted to hold on the cash pile and remain "prudent". - The fund has been under performing the indexes for a long period of time, mainly because of their large cash position. This uncomfortable situation generated strong disagreements. - The share of the cake (fees) is not to be split anymore. - Most of the value shops have their own internal breakups & spin-offs (Baupost, Bestinver, First Eagle fund, IVA, Paulson, Ruane Cunniff & Goldfarb, Fairholme, GoodHaven, T2...) ---------------- "As of July 13, 2020, Chuck de Lardemelle has departed IVA. Effective immediately, all IVA products will be solely managed by Charles de Vaulx, Chief Investment Officer and Portfolio Manager. IVA believes that, during these challenging times, Charles’ solitary voice directing the investment team is in the best interest of our shareholders. The investment objectives, investment strategies and management philosophy remain unchanged. Chuck was one of the Founding Partners of IVA, and his contributions and service to IVA and our clients are greatly appreciated. We wish him success in any future endeavors. As a reminder, Charles de Vaulx joined International Value Advisers, LLC (IVA) in May 2008 as a Partner and Portfolio Manager, and serves as Chief Investment Officer. Until March 2007, Charles was the Portfolio Manager of the First Eagle Global, Overseas, U.S. Value, Gold and Variable Funds, together with a number of separately managed institutional accounts. His career has thus far spanned 3 plus decades and he has successfully navigated many market cycles and crises. His experience and leadership are vital during this volatile time. We believe our firm and its clients are in capable, wise, responsible care as Charles continues to be a prudent steward of client assets." Link to comment Share on other sites More sharing options...
VersaillesinNY Posted October 9, 2020 Share Posted October 9, 2020 The house is on fire at IVA fund, Charles de Vaulx is facing massive redemptions, their AUM melted from $17 billion in 2012, $8.3 billion in late March 2020 and $4.95 billion now :( I hope that they are able to stabilize their outflows, they have a good value approach & discipline but kept huge amounts of uninvested cash for years. Quote from Sept 2020 call - Transcript "3) Outflows have continued unabated, at least until a few weeks ago when value stocks became much more resilient than growth tech stocks. We now have in total $4.95 billion under management, down from $8.3 billion late March. So because markets have rebounded since, the net outflows that we have experienced with IVA have been approximately $4 billion, and that includes some institutional separate accounts that we have lost. The IVA Worldwide fund is now $2.7 billion in size across all the share classes. And the IVA International fund is $1.1 billion in size. As a result of that shrinkage, IVA has had to let go of four employees that became redundant from various departments a few weeks ago and we now have 38 employees and that includes the partners. We have been able to meet these outflows both by using some cash in the various portfolios, but first and foremost, by trimming most positions so as to maintain the desired individual weightings in each name. Because IVA’s AUM are down, but also because we own fewer thinly traded stocks, the liquidity portfolio of our portfolios including both funds is very good. Besides the cash position of 36% today in the Worldwide, 31% in the International Fund, we could now theoretically liquidate 26% of all equities held by all IVA products in one day, we could liquidate 44% of such equities in three days, 57% in five days, and 69% in 10 business days if we made the assumption that we would represent 20% of the average daily volume. Fifteen months ago, we could only have liquidated 30% in three days versus 44% currently." Link to comment Share on other sites More sharing options...
COBFInfinity Posted October 9, 2020 Share Posted October 9, 2020 Is this thread wrong? It sounds like Charles de Lardemelle is the one with the new fund, not de Vaulx. Link to comment Share on other sites More sharing options...
VersaillesinNY Posted October 9, 2020 Share Posted October 9, 2020 Is this thread wrong? It sounds like Charles de Lardemelle is the one with the new fund, not de Vaulx. Charles De Vaulx Fund Raises $1.7B! created on: August 27, 2009, Link to comment Share on other sites More sharing options...
COBFInfinity Posted October 9, 2020 Share Posted October 9, 2020 Is this thread wrong? It sounds like Charles de Lardemelle is the one with the new fund, not de Vaulx. Charles De Vaulx Fund Raises $1.7B! created on: August 27, 2009, So you re-started an 11-year old, 1-comment discussion instead of starting a new one? Bad etiquette. Creates confusion. Link to comment Share on other sites More sharing options...
VersaillesinNY Posted October 10, 2020 Share Posted October 10, 2020 That's in order to see the AUM evolution over a decade: $1.7 billion => $17 billion => $8.3 billion => $4.95 billion Sorry to have confused you. Link to comment Share on other sites More sharing options...
Guest Posted October 11, 2020 Share Posted October 11, 2020 I don't think it's bad etiquette. I'm glad you posted it. Thanks. Link to comment Share on other sites More sharing options...
Spekulatius Posted October 11, 2020 Share Posted October 11, 2020 I don't think it's bad etiquette. I'm glad you posted it. Thanks. Agreed. Continuing the old thread rather than starting a new one is interesting for perspective. Link to comment Share on other sites More sharing options...
jouni1 Posted October 12, 2020 Share Posted October 12, 2020 I don't think it's bad etiquette. I'm glad you posted it. Thanks. Agreed. Continuing the old thread rather than starting a new one is interesting for perspective. this. much better to have one thread for one topic. Link to comment Share on other sites More sharing options...
VersaillesinNY Posted April 2, 2021 Share Posted April 2, 2021 (edited) MARCH 11, 2021 IVA Funds Liquidation Effective March 10, 2021 International Value Advisers (IVA) and the Board of Trustees has approved the liquidation of the IVA Funds. The Adviser and Board believe that this liquidation is in the best interest of the Funds’ shareholders. https://www.ivafunds.com/documents/news/IVA Funds Supplement - Liquidation.pdf https://citywireusa.com/professional-buyer/news/they-could-have-kept-going-what-drove-iva-to-liquidate-its-funds/a1479887 https://www.barrons.com/articles/venerated-international-value-shop-iva-shuts-down-51615500015 Edited April 2, 2021 by VersaillesinNY Link to comment Share on other sites More sharing options...
VersaillesinNY Posted April 15, 2021 Share Posted April 15, 2021 (edited) Behind the Rise and Fall of an Esteemed Value Shop _ Morningstar.pdf https://www.morningstar.com/articles/708457/behind-the-rise-and-fall-of-an-esteemed-value-shop Good article and lessons learned about IVA's fund raise and dramatic fall. Edited April 15, 2021 by VersaillesinNY Link to comment Share on other sites More sharing options...
VersaillesinNY Posted April 27, 2021 Share Posted April 27, 2021 RIP Charles de Vaulx. It's a tragedy. https://www.morningstar.com/articles/1035374/iva-founder-charles-de-vaulx-has-died Charles de Vaulx, an iconoclastic value manager who co-founded IVA Funds after working for many years with investing legend Jean-Marie Eveillard, has died in an apparent suicide, the New York City Police Department confirmed Monday evening. De Vaulx, 59, entered IVA offices at 717 Fifth Ave. in Manhattan shortly before 1 p.m. Monday, the department’s public information office said in an email. Responders pronounced him dead at the scene at 1:05 p.m. The police said detectives are still investigating de Vaulx's passing, but do not suspect any criminal activity. The death of de Vaulx shocked and saddened former colleagues and others who knew him for his uncompromising investment style that prioritized buying stocks at deep discounts or not at all. He was renowned and revered across the industry for his investing acumen and opinionated views on individual companies and the market in general. IVA, the firm he formed in 2008 with former colleagues from First Eagle funds, had struggled in recent years, however. His passing comes little more than a month after IVA abruptly announced it would liquidate its funds and close shop. Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 27, 2021 Share Posted April 27, 2021 (edited) wow... rip... Edited April 27, 2021 by fareastwarriors Link to comment Share on other sites More sharing options...
Jurgis Posted April 27, 2021 Share Posted April 27, 2021 Wow. Very sad. https://www.fcc.gov/suicide-prevention-hotline Link to comment Share on other sites More sharing options...
longlake95 Posted April 27, 2021 Share Posted April 27, 2021 This past year has been very hard on many. Very sad to hear this news. Mental health doesn't get the attention it obviously deserves. RIP Charles Link to comment Share on other sites More sharing options...
Gregmal Posted April 28, 2021 Share Posted April 28, 2021 https://nypost.com/2021/04/27/charles-de-vaulxs-apparent-suicide-rattles-wall-street/ De Vaulx leaves behind a wife and two children. So I guess I'm alone in thinking this is only really sad because of what this leaves/burdens upon his wife and kids/loved ones? Otherwise its pretty selfish and pathetic IMO. Guy had everything and off's himself because his stupid financial firm shut down? I continue to be amazed at the WS/finance crowd and their MO that the only thing important in life is one's money/career. Both are shallow and miss the most important things in life. Link to comment Share on other sites More sharing options...
Guest Posted April 28, 2021 Share Posted April 28, 2021 Wow, that's sad to hear. Link to comment Share on other sites More sharing options...
Vish_ram Posted April 29, 2021 Share Posted April 29, 2021 RIP. The last decade is a tough one for high profile value investors. Not many can escape with a pivot to compounders, cinches, finches and 100 baggers. Link to comment Share on other sites More sharing options...
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