Fund Evaluator:
VELA International A (VEILX)
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Best Performing in Foreign Small/Mid Value Over the Last Year
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| 16.2% | Pzena International Small Cap Value Inv (PZVIX) |
Fund Details
VELA International A Overview
VELA International A (VEILX) is an actively managed International Equity Foreign Small/Mid Value fund. VELA Funds launched the fund in 2020.
The investment seeks to provide long-term capital appreciation. The fund, under normal market conditions, invests its assets primarily in non-U.S. equity securities of companies of any size that the Adviser believes are undervalued. Equity securities consist of common and preferred stocks. The Adviser intends to diversify its investments across different countries and regions. The fund may invest up to 30% of its total assets in securities of companies located in emerging market countries.
About VELA International A (VEILX)
There are 1 members of the management team with an average tenure of 5.92 years: Robert Sharpe (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI World ex USA NR USD index with a weighting of 100%. VELA International A has 58 securities in its portfolio. The top 10 holdings constitute 26.3% 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.
VELA International A is part of the Equity global asset class and is within the International Equity fund group. VELA International A has 87.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 8.2%. There is 87.6% 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). VELA International A has 4.2% of the portfolio in cash.
Assets Under Management
The fund has $630 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.
VEILX 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 VELA International A expense ratio is high compared to funds in the Foreign Small/Mid Value category. VELA International A has an expense ratio of 1.35%, which is 37% 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. VELA International A has a portfolio turnover rate of 35%, 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, VELA International A returned 3.3%, which earned it a grade of D, 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.
VELA International A has a trailing yield of 1.18%, which is below 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.
VELA International A Grades
Year to date, the fund has returned 11.0%, 4.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 16.8% over the past year (grade of D), 16.3% over the past three years (grade of D) and 9.4% per year over the past five years (grade of C).
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VEILX 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 |
|
| VEILX Return (NAV) | 3.3% | 4.9% | 16.8% | 16.3% | 9.4% | na |
| VEILX Grade | D | C | D | D | C | na |
| +/- Category | -1.2% | -0.7% | -4.9% | -4.4% | -1.6% | na |
| Foreign Small/Mid Value Avg | 4.6% | 5.6% | 21.8% | 20.7% | 11.0% | 10.1% |
| VEILX Tax Cost Ratio | na | na | 2.0% | 1.3% | 0.9% | na |
VEILX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VEILX Return (NAV) | 11.0% | 30.6% | 3.4% | 15.6% | -7.1% | 6.9% | na | na | na | na | na |
| VEILX Grade | D | D | C | D | A | F | na | na | na | na | na |
| +/- Category | -4.1% | -5.3% | -2.2% | -4.2% | 4.6% | -8.7% | na | na | na | na | 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: | 12.1% |
| Total Risk Index: | 0.99 - Average |
| Category Risk Index: | 0.84 - Low |
| Category Risk Grade: | A (7% Rank) |
| Beta: | 0.74 |
| R-Squared: | 67% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $83 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 35% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.9 years | |||
| Average Tenure: 5.9 years | |||
| Managers (Year): Sharpe Robert (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 58 |
| % in Top 10 Holdings: | 26.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 87.6% |
Portfolio Allocation |
|
| Domestic Stock: | 8.2% |
| Foreign Stock: | 87.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.2% |
Purchase Information
| Fund Family: | VELA Funds |
| Phone Number: | 833-399-1001 |
| Website: |
| Status: | Open |
| Inception Date: | September 30, 2020 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 5.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.35% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | VELA International I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
