For Financial Professionals in the US

HEMRX Emerging Markets Fund

By investing in emerging market companies at the intersection of attractive country, governance and fundamental analysis, we seek to deliver strong risk-adjusted returns

NAV
$8.67
As of 05/26/2023

1-Day Change
$0.06 (0.70%)
 As of 05/26/2023

YTD Return
4.33%
As of 05/26/2023

Overview

ABOUT THIS FUND

This style-agnostic fund seeks to identify the most compelling emerging market opportunities across countries and corporations in various stages of political and economic development.

WHY INVEST IN THIS FUND

All-Cap, Style-Agnostic Portfolio
We seek to uncover the most compelling opportunities across countries and regimes in various stages of economic and political development. We broaden the investable universe by looking outside of the index and diluting state-owned enterprises (SOEs) to create a pool of best ideas.

Robust Approach Focuses on the Intersection of Country, Governance and Fundamental Analysis
We identify investment ideas through an improving direction of travel in country, governance or fundamental analysis. Governance is a crucial factor in the investment process. Our belief is controlling shareholders often do not oversee the company in a manner that would benefit all shareholders and not all political regimes provide predictable rule of law.

Experienced Investment Manager Strives for Compelling Results
The Portfolio Manager has nearly a quarter-century of investment experience in this volatile asset class and has developed a unique perspective through his experience, background and culture. The Manager is supported by a sophisticated team of dedicated analysts that closely collaborates with the broader Firm’s complete roster of sector analysts.

PORTFOLIO MANAGEMENT

Daniel J. Graña, CFA

Daniel J. Graña, CFA

Portfolio Manager, Emerging Market Equity

Industry since 1995. Joined Firm in 2019.

Matthew Culley

Matthew Culley

Portfolio Manager | Research Analyst

Industry since 2008. Joined Firm in 2019.

Performance

RETURNS (%) (As of 03/31/2023)
Emerging Markets Fund - Class N Shares MSCI Emerging Markets Index℠
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2010)
Emerging Markets Fund - Class N Shares 5.90 5.90 -11.20 7.84 -2.17 1.27 0.27
MSCI Emerging Markets Index℠ 3.96 3.96 -10.70 7.83 -0.91 2.00 1.19
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Performance for Class N Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 04/30/2023)
Emerging Markets Fund - Class N Shares MSCI Emerging Markets Index℠
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2010)
Emerging Markets Fund - Class N Shares -6.62 3.61 -7.02 3.47 -2.17 0.92 0.09
MSCI Emerging Markets Index℠ -4.74 2.78 -6.51 4.33 -1.05 1.80 1.09
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Performance for Class N Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Emerging Markets Fund - Class N Shares MSCI Emerging Markets Index℠
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Emerging Markets Fund - Class N Shares -26.46 -1.60 22.80 14.08 -16.51 29.97 9.99 -10.80 -3.08 1.50
MSCI Emerging Markets Index℠ -20.09 -2.54 18.31 18.42 -14.57 37.28 11.19 -14.92 -2.19 -2.60

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 72 60 75 67 78
Diversified Emerging Mkts | Rank/Count 585/833 387/759 504/695 329/505 304/390
(As Of 04/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 80 74 79 71 80
Diversified Emerging Mkts | Rank / Count 644/821 478/744 519/677 335/487 310/388
GROWTH OF A HYPOTHETICAL INVESTMENT
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $10,000 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 04/30/2023 Class I Shares)

RISK / REWARD
VS. MSCI Emerging Markets Index℠		 3YR 5YR
Information Ratio -0.17 -0.21
Alpha -0.95 -0.97
Tracking Error 5.46 5.69
Beta 1.08 1.03
R-squared (%) 93.22 92.18
UP/DOWN MARKET CAPTURE (%)
VS. MSCI Emerging Markets Index℠		 3YR 5YR
Up Capture Ratio 115.60 104.28
Down Capture Ratio 117.99 107.33
STANDARD DEVIATION 3YR 5YR
Emerging Markets Fund 20.30 20.26
MSCI Emerging Markets Index℠ 18.21 18.94
SHARPE RATIO 3YR 5YR
Emerging Markets Fund 0.12 -0.18
MSCI Emerging Markets Index℠ 0.18 -0.13
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2022)
CLASS N SHARES
Management Fees 1.00%
Other Expenses 0.35%
Total Gross Expenses 1.35%
Waivers -0.32%
Total Net Expenses 1.03%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the MSCI Emerging Markets Index℠.

Top Holdings (As of 04/30/2023)
% of Fund
Taiwan Semiconductor Manufacturing Co Ltd 8.97
Samsung Electronics Co Ltd 8.04
Tencent Holdings Ltd 3.64
HDFC Bank Ltd 2.67
Alinma Bank 2.65
Wal-Mart de Mexico SAB de CV 2.62
ICICI Bank Ltd 2.61
CITIC Securities Co Ltd 2.46
BDO Unibank Inc 2.29
New Horizon Health Ltd 2.13
Total 38.08
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  FUND INDEX
Number of Holdings
Equity Issues		 63 1376
Market Capitalization
Weighted Average		 $90.02B $69.39B
Portfolio Turnover Rate
(1-year trailing)		 71.84% -
Price/Earnings Ratio
(1-year forward)		 14.56 11.56
Price/Book Ratio
 2.37 1.81
Earnings Growth Rate
(1-year forward)		 24.49% 15.66%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)
Market Capitalization Range of Equity Holdings % OF FUND % of Index % OF FUND % of Index (As of 04/30/2023)

Documents

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