Fund Evaluator:
Moerus Worldwide Institutional (MOWIX)
Follow This Fund
Best Performing in Foreign Small/Mid Value Over the Last Year
| 32.8% | Causeway International Small Cap Inv (CVISX) |
| 25.2% | Moerus Worldwide N (MOWNX) |
| 20.1% | Harbor International Small Cap Instl (HAISX) |
| 19.7% | Harbor International Small Cap Investor (HIISX) |
| 16.2% | Pzena International Small Cap Value Inv (PZVIX) |
Fund Details
Moerus Worldwide Institutional Overview
Moerus Worldwide Institutional (MOWIX) is an actively managed International Equity Foreign Small/Mid Value fund. Moerus Funds launched the fund in 2016.
The investment seeks long-term capital appreciation. The adviser pursues the fund's investment objective by investing primarily in foreign (including frontier and emerging markets) and domestic common stocks that the adviser believes are undervalued. Under normal market conditions, the fund invests in at least three different countries and invests at least 80% of its total assets in securities of issuers organized or having their principal place of business outside the U.S. or doing a substantial amount (more than 50%) of business outside the U.S.
About Moerus Worldwide Institutional (MOWIX)
There are 3 members of the management team with an average tenure of 3.70 years: John Mauro (2026), Amit Wadhwaney (2016), Michael Campagna (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI ACWI Ex USA NR USD index with a weighting of 100%. Moerus Worldwide Institutional has 42 securities in its portfolio. The top 10 holdings constitute 30.9% 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.
Moerus Worldwide Institutional is part of the Equity global asset class and is within the International Equity fund group. Moerus Worldwide Institutional has 80.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 12.1%. There is 80.7% 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). Moerus Worldwide Institutional has 7.2% of the portfolio in cash.
Assets Under Management
The fund has $319 million in total assets, which is below the $845 million average for the Foreign Small/Mid Value 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.
MOWIX 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 Moerus Worldwide Institutional expense ratio is high compared to funds in the Foreign Small/Mid Value category. Moerus Worldwide Institutional has an expense ratio of 1.26%, which is 28% 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. Moerus Worldwide Institutional has a portfolio turnover rate of 46%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 42% for the Foreign Small/Mid Value category.
Recently, in the month of August 2026, Moerus Worldwide Institutional returned 5.7%, which earned it a grade of B, as the Foreign Small/Mid Value category had an average return of 4.6%. 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.
Moerus Worldwide Institutional has a trailing yield of 4.25%, which is above the 2.74% category average. The fund normally distributes its income 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.
Moerus Worldwide Institutional Grades
Year to date, the fund has returned 13.9%, 1.3 percentage points worse than the category, which translates into a grade of C. The fund has returned 25.5% over the past year (grade of B), 25.9% over the past three years (grade of A) and 21.1% per year over the past five years (grade of A) and 11.8% per year over the past 10 years (grade of A).
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MOWIX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MOWIX Return (NAV) | 5.7% | 3.7% | 25.5% | 25.9% | 21.1% | 11.8% |
| MOWIX Grade | B | F | B | A | A | A |
| +/- Category | 1.1% | -2.0% | 3.8% | 5.2% | 10.1% | 1.8% |
| Foreign Small/Mid Value Avg | 4.6% | 5.6% | 21.8% | 20.7% | 11.0% | 10.1% |
| MOWIX Tax Cost Ratio | na | na | 3.3% | 2.4% | 1.9% | 1.2% |
MOWIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MOWIX Return (NAV) | 13.9% | 40.4% | 16.0% | 24.8% | 6.4% | 18.3% | -10.1% | 15.3% | -19.5% | 19.4% | na |
| MOWIX Grade | C | B | A | A | A | B | F | D | B | D | na |
| +/- Category | -1.3% | 4.4% | 10.4% | 5.1% | 18.0% | 2.8% | -16.9% | -2.8% | 0.2% | -7.6% | na |
| Foreign Small/Mid Value Avg | 15.2% | 36.0% | 5.6% | 19.7% | -11.6% | 15.6% | 6.9% | 18.1% | -19.6% | 27.0% | 9.4% |
| Risk Measures | |
| Standard Deviation: | 14.9% |
| Total Risk Index: | 1.22 - Above Average |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (71% Rank) |
| Beta: | 0.87 |
| R-Squared: | 61% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 4.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $336 Mil |
| Fund Total Assets: | $ 320 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 46% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 3.7 years | |||
| Managers (Year): Wadhwaney Amit (2016), Campagna Michael (2026), Mauro John (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 42 |
| % in Top 10 Holdings: | 30.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 80.7% |
Portfolio Allocation |
|
| Domestic Stock: | 12.1% |
| Foreign Stock: | 80.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.2% |
Purchase Information
| Fund Family: | Moerus Funds |
| Phone Number: | 844-663-7871 |
| Website: |
| Status: | Open |
| Inception Date: | May 31, 2016 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.26% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Moerus Worldwide Institutional |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
