For Financial Professionals in the US

HEMSX 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
$8.47
As of 09/25/2023

1-Day Change
-$0.02 (-0.24%)
As of 09/25/2023

YTD Return
1.32%
As of 09/25/2023

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

Portfolio Manager

Industry since 1995. Joined Firm in 2019.

Matthew Culley

Portfolio Manager | Research Analyst

Industry since 2008. Joined Firm in 2019.

Performance

RETURNS (%) (As of 08/31/2023)
Emerging Markets Fund - Class S Shares MSCI Emerging Markets IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2010)
Emerging Markets Fund - Class S Shares 0.58 3.23 -2.71 -4.50 -0.59 1.37 -0.32
MSCI Emerging Markets IndexSM 3.47 4.55 1.25 -1.39 0.98 2.99 1.20
RETURNS (%) (As of 06/30/2023)
Emerging Markets Fund - Class S Shares MSCI Emerging Markets IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2010)
Emerging Markets Fund - Class S Shares 0.57 6.22 -0.11 0.09 -0.48 1.64 -0.09
MSCI Emerging Markets IndexSM 0.90 4.89 1.75 2.32 0.93 2.95 1.24
Calendar Year Returns (%)
Emerging Markets Fund - Class S Shares MSCI Emerging Markets IndexSM
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Emerging Markets Fund - Class S Shares -26.80 -2.08 22.37 13.86 -16.89 29.03 9.39 -10.96 -3.40 1.15
MSCI Emerging Markets IndexSM -20.09 -2.54 18.31 18.44 -14.58 37.28 11.19 -14.92 -2.19 -2.60

MORNINGSTAR PERCENTILE

(As Of 06/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 86 79 84 82 89
Diversified Emerging Mkts | Rank/Count 700/821 535/746 573/688 400/492 333/376
(As Of 08/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 95 81 86 89 91
Diversified Emerging Mkts | Rank / Count 767/814 541/739 585/681 435/491 338/375
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 08/31/2023 Class I Shares)

RISK / REWARD
VS. MSCI Emerging Markets Net Index
3YR 5YR
Information Ratio -0.53 -0.22
Alpha -2.55 -1.04
Tracking Error 5.20 5.59
Beta 1.03 1.01
R-squared (%) 92.46 92.50
UP/DOWN MARKET CAPTURE (%)
VS. MSCI Emerging Markets Net Index
3YR 5YR
Up Capture Ratio 106.75 100.72
Down Capture Ratio 112.65 104.14
STANDARD DEVIATION 3YR 5YR
Emerging Markets Fund 19.03 20.20
MSCI Emerging Markets Net Index 17.86 19.20
SHARPE RATIO 3YR 5YR
Emerging Markets Fund -0.30 -0.09
MSCI Emerging Markets Net Index -0.17 -0.03
ANNUAL FEES & EXPENSES (As of the most recent prospectus)
CLASS S SHARES
Management Fees 1.00%
12b-1 Fees 0.25%
Other Expenses 3.99%
Total Gross Expenses 5.24%
Waivers -3.70%
Total Net Expenses 1.54%

Portfolio

Index represents the MSCI Emerging Markets Index℠.

Top Holdings (As of 08/31/2023)
% of Fund
Taiwan Semiconductor Manufacturing Co Ltd 9.36
Samsung Electronics Co Ltd 8.84
Tencent Holdings Ltd 3.54
HDFC Bank Ltd 3.48
Wal-Mart de Mexico SAB de CV 3.12
ICICI Bank Ltd 2.79
BDO Unibank Inc 2.32
Bharti Airtel Ltd 2.28
Becle SAB de CV 2.15
3R PETROLEUM OLEO E GAS SA 2.13
Total 40.01
View full holdings
Portfolio Characteristics (As of 08/31/2023)
  FUND INDEX
Number of Holdings
Equity Issues
57 1421
Market Capitalization
Weighted Average
$91.57B $71.76B
Portfolio Turnover Rate
(1-year trailing)
65.11% -
Price/Earnings Ratio
(1-year forward)
15.40 11.78
Price/Book Ratio
2.60 1.79
Earnings Growth Rate
(1-year forward)
34.48% 19.65%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)
Market Capitalization Range of Equity Holdings % OF FUND % of Index % OF FUND % of Index (As of 08/31/2023)

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