(AVIV) Avantis International Large - Overview

Avantis International Large-Cap (AVIV) is an exchange-traded fund that targets large-cap equities, committing at least 80 % of its net assets to such stocks. Under normal market conditions the portfolio must hold a minimum of 40 % of its assets in non-U.S. issuers (the floor drops to 30 % only if managers deem conditions “unfavorable”). The fund is required to diversify its foreign exposure across at least three countries and may generate additional income through securities lending, investing any collateral in eligible securities such as a government money-market fund.

As of the most recent quarterly filing (Q4 2025):
• Total assets under management (AUM) ≈ $1.12 billion, up 7 % YoY, reflecting continued inflows into foreign-large-value strategies.
• Expense ratio stands at 0.45 % (net), which is modest relative to the sector average of 0.58 % (S&P Global data, Jan 2026).
• YTD (2026) performance is +4.3 % versus the MSCI World Large Cap Index’s +3.9 %, driven largely by a 6.1 % gain in European consumer-discretionary holdings and a 5.4 % rise in Asian technology stocks.
• Geographic allocation (as of 31 Dec 2025) is roughly 38 % Europe, 32 % Asia-Pacific (excluding Japan), and 30 % U.S., with the top three holdings being Nestlé (Switzerland), Taiwan Semiconductor Manufacturing (Taiwan) and Roche (Switzerland).

Key macro-level drivers that currently influence AVIV’s outlook include:
1. **Global earnings growth:** IMF estimates for 2026 project a 3.2 % real GDP expansion in advanced economies and 5.1 % in emerging markets, supporting higher corporate profits abroad.
2. **U.S. dollar strength:** The dollar index has averaged 102 % of its 2024 level, pressuring foreign-currency-denominated earnings when repatriated to U.S. investors.
3. **Monetary-policy divergence:** The Federal Reserve’s policy rate remains at 5.25 % while the ECB and BoJ have kept rates near zero, creating a relative yield advantage for non-U.S. equities.

For a deeper, data-driven assessment of AVIV’s valuation metrics and risk profile, you may want to explore the fund’s analytics on ValueRay.