Fund Evaluator:

Dynamic International Opportunity I Overview

Dynamic International Opportunity I (ICCIX) is an actively managed International Equity Foreign Large Blend fund. Innealta Capital launched the fund in 2011.

The investment seeks capital appreciation. The fund invests primarily in ETFs that offer exposure to companies domiciled in developed, emerging, and frontier international markets. The fund's strategy is based on a proprietary quantitative framework that informs the investment decision-making process regarding potential investment opportunities in non-U.S. equity markets based on the specific risk/reward characteristics of each individual market by investing in vehicles that seek exposure to a specific country, or region or market. It may also directly invest in derivative instruments such as futures contracts and options.

About Dynamic International Opportunity I (ICCIX)

There are 2 members of the management team with an average tenure of 8.17 years: Vito Sciaraffia (2015), Franco Fava (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and Morningstar Global xUS TME NR USD index with a weighting of 100%. Dynamic International Opportunity I has 31 securities in its portfolio. The top 10 holdings constitute 64.0% 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.

Dynamic International Opportunity I is part of the Equity global asset class and is within the International Equity fund group. Dynamic International Opportunity I has 91.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.9%. There is 91.9% allocated to foreign stock, and 0.1% 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). Dynamic International Opportunity I has 6.1% of the portfolio in cash.

Assets Under Management

The fund has $61 million in total assets, which is below the $2 billion average for the Foreign Large Blend 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.

ICCIX 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 Dynamic International Opportunity I expense ratio is high compared to funds in the Foreign Large Blend category. Dynamic International Opportunity I has an expense ratio of 1.52%, which is 62% 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. Dynamic International Opportunity I has a portfolio turnover rate of 98%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Blend category.

Recently, in the month of August 2026, Dynamic International Opportunity I returned 4.0%, which earned it a grade of A, as the Foreign Large Blend 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.

Dynamic International Opportunity I has a trailing yield of 2.34%, which is above the 2.13% 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.

Dynamic International Opportunity I Grades

Year to date, the fund has returned 16.2%, 2.3 percentage points better than the category, which translates into a grade of B. The fund has returned 26.3% over the past year (grade of B), 16.7% over the past three years (grade of D) and 7.1% per year over the past five years (grade of D) and 7.7% per year over the past 10 years (grade of F).

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