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Behind the Rise and Fall of an Esteemed Value Shop

IVA had an auspicious launch, an unusual life, and a startling end.

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On March 10, 2021, International Value Advisers, or IVA, quietly submitted a shocking document to the SEC. There was no accompanying press release or letter to shareholders--just a terse announcement that the firm planned to liquidate its two mutual funds in short order. To prepare, both strategies would immediately start selling all the holdings in their portfolios, so that they’d only own cash and cash-like instruments until the liquidation date--which was only a month away. No reason was given.

That wasn’t all. The document stated that after the funds were liquidated, IVA itself would close down.

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Gregg Wolper has a position in the following securities mentioned above: SGOVX, SGENX. Find out about Morningstar’s editorial policies.