Overview

Litman Gregory Masters International Fund invests in foreign stocks and seeks superior long-term performance relative to its peer group of international stock funds. Each of the five managers separately runs a portion of the portfolio composed of his highest conviction stocks. The fund may invest in emerging markets, although it is expected that exposure to developed markets will be significantly greater. Although each manager runs a concentrated portfolio of no fewer than 8 or more than 15 of his favorite ideas, the fund as a whole is diversified by industry, country and stocks.

Typically the fund holds between 48 and 90 securities. The fund seeks to maintain risk in line with its peer group of international stock funds.

This fund is appropriate for investors who:

• Want a core international equity investment with some exposure to emerging markets and small companies
• Seek strong market-cycle performance but are less concerned about short-term returns
• Understand the risks associated with international investing

Monthly and Quarterly Performance as of 6/30/2019

Expense Ratios*

* Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. The gross and net expense ratios can be found in the most recent Summary Prospectus (4/30/2019). There are contractual fee waivers in effect through 4/30/2020.

^† Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates, or any third party involved in or related to compiling, computing, or creating the data have any liability for any direct, indirect, special, punitive, consequential, or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. Source note: Returns prior to 1999 are the MSCI ACWI ex-US GR index. Returns from 1999 onwards are MSCI ACWI ex-US NR index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Prior to April 30, 2009, the Fund's Institutional Class was an unnamed share class. The Fund's Investor Class commenced operations on April 30, 2009. Because the fees and expenses vary between classes, performance will vary with respect to each class.

Indexes are unmanaged, do not incur fees and cannot be invested in directly. Click here for index definitions.

Calendar Year Performance

^a Performance from 12/1/97-12/31/97

Best/Worst Rolling Return Periods as of 3/31/2019

The first rolling 12 month-period is reached 12 months after each fund's inception (based on month-end dates). The starting and ending periods then "roll" forward one month at a time to comprise a new 12-month period. The first rolling three-year period is reached 36 months after each fund's inception (based on month-end dates). The starting and ending periods then "roll" forward one month at a time to comprise a new 36-month period. The first rolling five-year period is reached 60 months after each fund's inception (based on month-end dates). The starting and ending periods then "roll" forward one month at a time to comprise a new 60-month period.

View the Fact Sheet

Litman Gregory International Fund Commentary, 1st Quarter 2019

During the quarter, the fund outperformed its benchmark. Stock selection drove the outperformance in the first three months of 2019, particularly in communication services. Individual positions within the energy, financial, and materials sectors also contributed positively. ›› Read More

Sub-Advisor Q&A

We talk with International Fund sub-advisor David Herro about his firm’s value investing process, their continued conviction in the attractiveness of European financials, and the hurdles they set when considering emerging-markets stocks. ›› Read More

We talk with International Fund sub-advisor Mark Little about how he accesses new ideas, the three types of stocks he looks for, and what, if any, impact he's seeing from shorter-term events such as the strong dollar and oil price decline. ›› Read More

Performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the funds may be lower or higher than the performance quoted. To obtain the performance of the funds as of the most recently completed calendar month, please click www.mastersfunds.com. Indexes are unmanaged, do not incur fees, and cannot be invested in directly.