Fund Evaluator:

ALPS Global Opportunity Portfolio Cl III Overview

ALPS Global Opportunity Portfolio Cl III (AVPEX) is an actively managed International Equity Global Small/Mid Stock fund. ALPS launched the fund in 2014.

The investment seeks to maximize total return, which consists of appreciation on its investments and a variable income stream. The portfolio will invest at least 80% of its net assets in securities of U.S. and non-U.S. companies, including those in emerging markets, listed on a national securities exchange, or foreign equivalent, that have a majority of their assets invested in or exposed to private companies or have as their stated intention to have a majority of their assets invested in or exposed to private companies ("Listed Private Equity Companies"). The fund is non-diversified.

About ALPS Global Opportunity Portfolio Cl III (AVPEX)

There are 1 members of the management team with an average tenure of 9.34 years: Andrew Drummond (2017). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Morningstar DM NR USD index with a weighting of 100% and Red Rocks Gbl Listed Private Eqty TR USD index with a weighting of 100%. ALPS Global Opportunity Portfolio Cl III has 54 securities in its portfolio. The top 10 holdings constitute 40.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

ALPS Global Opportunity Portfolio Cl III is part of the Equity global asset class and is within the International Equity fund group. ALPS Global Opportunity Portfolio Cl III has 33.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 52.4%. There is 33.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ALPS Global Opportunity Portfolio Cl III has 4.3% of the portfolio in cash.

Assets Under Management

The fund has $18 million in total assets, which is below the $892 million average for the Global Small/Mid Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

AVPEX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ALPS Global Opportunity Portfolio Cl III expense ratio is high compared to funds in the Global Small/Mid Stock category. ALPS Global Opportunity Portfolio Cl III has an expense ratio of 1.76%, which is 40% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. ALPS Global Opportunity Portfolio Cl III has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 57% for the Global Small/Mid Stock category.

Recently, in the month of July 2026, ALPS Global Opportunity Portfolio Cl III returned 5.2%, which earned it a grade of A, as the Global Small/Mid Stock category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

ALPS Global Opportunity Portfolio Cl III has a trailing yield of 7.17%, which is above the 1.34% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

ALPS Global Opportunity Portfolio Cl III Grades

Year to date, the fund has returned -5.8%, 16.7 percentage points worse than the category, which translates into a grade of F. The fund has returned -7.9% over the past year (grade of F), 7.7% over the past three years (grade of D) and 1.7% per year over the past five years (grade of C) and 8.4% per year over the past 10 years (grade of C).

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