Chuck de Lardemelle, Charles de Vaulx and their team at International Value Advisers [see profile] are closing the New York City firm's two mutual funds to new investors next month. The $7.9 billion IVA Worldwide Fund and the $1.9 billion IVA International Fund will close to new investors effective the close of business on February 18. [SEC filing]

“We have always been open with our financial advisers and shareholders about the fact that we are mindful of the firm's overall capacity constraints," said Michael Malafronte, managing partner at IVA and president of IVA Funds, in a press release. "The Board of Trustees, our Portfolio Managers, Charles de Vaulx and Chuck de Lardemelle, and I believe that this is in the best interest of the Funds’ shareholders.”

IVA was started by First Eagle alums in October 2007. The company launched its two mutual funds in October 2008.

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Company Announcement

IVA FUNDS

January 21, 2011

Effective as of the close of business on February 18, 2011, the IVA Worldwide Fund and the IVA International Fund will close to new investors. The close is designed to be a "soft close" meaning the Funds will remain open to existing shareholders. Further, where operationally feasible, financial advisers who currently have clients invested in the Funds may continue to buy shares for existing and future clients and participants in retirement plans which utilize the Funds as investment options may continue to direct contributions to the Funds. Additional exceptions may also apply.

Michael Malafronte, Managing Partner at International Value Advisers, LLC and President of IVA Funds, recently remarked, "We have always been open with our financial advisers and shareholders about the fact that we are mindful of the firm's overall capacity constraints. The Board of Trustees, our portfolio managers, Charles de Vaulx and Chuck de Lardemelle, and I believe that this is in the best interest of the Funds' shareholders."

Additional information regarding the close of the Funds will be made available in a supplement to the prospectus. The supplement will set forth the details of the soft close and will be posted on the Funds’ website at www.ivafunds.com. If you have further questions, please call the IVA Mutual Funds Sales Desk at (877) 874-2999. Thank you for your continued confidence in IVA Funds.

With best regards,
IVA Funds

 

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