Fund Evaluator:

Grandeur Peak International Opps Instl Overview

Grandeur Peak International Opps Instl (GPIIX) is an actively managed International Equity Foreign Small/Mid Growth fund. Grandeur Peak Funds launched the fund in 2011.

The investment seeks long-term growth of capital. The fund invests primarily in small- and micro-cap companies economically tied to countries outside the U.S. The Adviser will invest the fund's assets primarily in equity securities of foreign companies with market capitalizations of less than $5 billion at the time of purchase. The fund will invest in companies economically tied to at least five of the countries included in the MSCI AC World Ex-U.S.A. Small Cap Index. It may invest a significant amount of its total assets at the time of purchase in securities issued by companies economically tied to emerging and frontier markets.

About Grandeur Peak International Opps Instl (GPIIX)

There are 3 members of the management team with an average tenure of 7.21 years: Blake Walker (2011), Juliette Douglas (2020), Robert Gardiner (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI Ex USA IMI GR USD index with a weighting of 100% and MSCI ACWI Ex USA Small GR USD index with a weighting of 100%. Grandeur Peak International Opps Instl has 96 securities in its portfolio. The top 10 holdings constitute 26.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Grandeur Peak International Opps Instl is part of the Equity global asset class and is within the International Equity fund group. Grandeur Peak International Opps Instl has 93.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.1%. There is 93.5% 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). Grandeur Peak International Opps Instl has 4.5% of the portfolio in cash.

Assets Under Management

The fund has $157 million in total assets, which is below the $319 million average for the Foreign Small/Mid Growth 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.

GPIIX 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 Grandeur Peak International Opps Instl expense ratio is high compared to funds in the Foreign Small/Mid Growth category. Grandeur Peak International Opps Instl has an expense ratio of 1.38%, which is 13% higher than its category average, making the fund expense ratio grade a D. 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. Grandeur Peak International Opps Instl has a portfolio turnover rate of 41%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Foreign Small/Mid Growth category.

Recently, in the month of July 2026, Grandeur Peak International Opps Instl returned -2.2%, which earned it a grade of D, as the Foreign Small/Mid Growth category had an average return of -1.5%. 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.

Grandeur Peak International Opps Instl has a trailing yield of 3.55%, which is above the 1.43% 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.

Grandeur Peak International Opps Instl Grades

Year to date, the fund has returned 6.0%, 0.7 percentage points worse than the category, which translates into a grade of C. The fund has returned 6.3% over the past year (grade of D), 3.3% over the past three years (grade of F) and -4.7% per year over the past five years (grade of F) and 5.5% per year over the past 10 years (grade of D).

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