A growth-style fund seeking long-term development in emerging markets around the world.
Is this fund right for you?
Risk Rating
How is the fund invested?
Geographic allocation (%)
Growth of $10,000
(since inception)
Data not available based on date of inception
Fund details
| Top holdings |
% |
| Total allocation in top holdings |
- |
| Portfolio characteristics |
|
| Standard deviation |
- |
| Dividend yield |
- |
| Average market cap (million) |
- |
Understanding returns
Annual compound returns (%)
| 1 MO |
3 MO |
YTD |
1 YR |
|
Data not available based on date of inception
|
| 3 YR |
5 YR |
10 YR |
INCEPTION |
|
Data not available based on date of inception
|
Calendar year returns (%)
|
2024 |
2023 |
2022 |
2021 |
|
Data not available based on date of inception
|
|
2020 |
2019 |
2018 |
2017 |
|
Data not available based on date of inception
|
Range of returns over five years
| Best return |
Best period end date |
Worst return |
Worst period end date |
|
Data not available based on date of inception
|
| Average return |
% of periods with positive returns |
Number of positive periods |
Number of negative periods |
|
Data not available based on date of inception
|
Q2 2025 Fund Commentary
Market commentary
Emerging markets navigated a challenging environment over the second quarter. Many central banks held interest rates steady, while signalling the potential for upcoming rate cuts to support slowing growth. The global gross domestic product outlook was lowered because of trade uncertainty and inflation.
Emerging markets equities gained. Latin American markets led, with Brazil and Mexico outperforming. Asian markets, including Taiwan, India and South Korea, benefited from renewed foreign investment as U.S. tariff pressures temporarily eased.
The industrials and financials sectors outperformed because of infrastructure demand and relatively strong domestic consumption. The information technology and consumer discretionary sectors underperformed because of tariff tensions. Volatility remained elevated.
Performance
Overweight exposure to HD Korea Shipbuilding & Offshore Engineering Co. Ltd., Construtora Tenda SA and Mirae Asset Securities Co. Ltd. was positive for performance. HD Korea Shipbuilding benefited from rising global demand for ships and its rising earnings prospects. Construtora Tenda’s stock rose because of improving Brazilian housing market data and progress on cost cuts. Mirae Asset Securities saw its stock rebound alongside South Korea’s equity market because of higher trading activity and capital inflows into Korean stocks.
Relative overweight exposure to JD.com Inc., TAL Education Group and AAC Technologies Holdings Inc. was negative for the Fund’s performance. Despite solid financial results, JD.com was affected by rising domestic competition and margin pressure. TAL Education Group’s stock fell as China’s private education sector faced regulatory uncertainties and uneven demand recovery following the pandemic. AAC Technologies was impacted by weaker global smartphone volumes and margin pressure.
At the sector level, stock selection in financials, consumer discretionary and health care was positive for the Fund’s performance. Stock selection in materials was negative for the Fund’s performance.
At the regional level, positioning in Asia was positive for performance, as was selection in South Korea, Brazil and India. Underweight exposure to Poland was negative for performance.
At the factor level, exposure to growth and value stocks was most positive for performance. Risk factor positioning also contributed to performance. The Fund’s preference for smaller companies was positive for performance. The Fund’s exposure to quality factor stocks was negative for performance.
Portfolio activity
Activity within the Fund was the outcome of the sub-advisor’s disciplined process, which is driven by stock selection, optimization and vetting.