For Institutional Investors in the US

HEMIX 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
$12.80
As of 06/18/2021

1-Day Change
-$0.02 (-0.16%)
As of 06/18/2021

YTD Return
8.20%
As of 06/18/2021

Overview

Quarterly Update

Watch the investment team recap this quarter.

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, Emerging Market Equity

Industry since 1995. Joined Firm in 2019.

Performance

RETURNS (%) (As of 03/31/2021)
Emerging Markets Fund - Class I Shares MSCI Emerging Markets Index℠
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2010)
Emerging Markets Fund - Class I Shares 3.30 3.30 68.88 6.45 10.07 3.86 3.40
MSCI Emerging Markets Index℠ 2.29 2.29 58.39 6.48 12.07 3.65 3.77
RETURNS (%) (As of 05/31/2021)
Emerging Markets Fund - Class I Shares MSCI Emerging Markets Index℠
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2010)
Emerging Markets Fund - Class I Shares -0.40 6.51 55.83 10.29 10.85 3.99 3.65
MSCI Emerging Markets Index℠ 3.28 7.26 51.00 9.65 13.88 4.10 4.18
CALENDAR YEAR RETURNS (%)
Emerging Markets Fund - Class I Shares MSCI Emerging Markets Index℠
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Emerging Markets Fund - Class I Shares -24.59 22.52 1.78 -2.81 -10.43 9.96 29.83 -16.54 13.88 22.74
MSCI Emerging Markets Index℠ -18.42 18.22 -2.60 -2.19 -14.92 11.19 37.28 -14.57 18.42 18.31

MORNINGSTAR PERCENTILE

(As Of 03/31/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 24 42 72 44 57
Diversified Emerging Mkts Category|Rank/Count 210/808 348/730 507/671 213/403 246/392
(As Of 05/31/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 22 34 78 48 60
Diversified Emerging Mkts Category|Rank/Count 185/811 310/737 547/679 231/421 264/394

RETURNS-BASED STATISTICS (As of 05/31/2021 Class I Shares)

RISK / REWARD
VS. MSCI Emerging Markets Index℠
3YR 5YR
Information Ratio 0.11 -0.53
Alpha 0.79 -2.21
Tracking Error 5.88 5.76
Beta 1.00 0.97
R-squared (%) 91.24 88.38
UP/DOWN MARKET CAPTURE (%)
VS. MSCI Emerging Markets Index℠
3YR 5YR
Up Capture Ratio 98.58 90.40
Down Capture Ratio 95.94 101.54
STANDARD DEVIATION 3YR 5YR
Emerging Markets Fund 19.86 16.86
MSCI Emerging Markets Index℠ 19.02 16.28
SHARPE RATIO 3YR 5YR
Emerging Markets Fund 0.45 0.58
MSCI Emerging Markets Index℠ 0.44 0.78
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/20)
CLASS I SHARES
Management Fees 1.00%
Other Expenses 0.54%
Total Gross Expenses 1.54%
Waivers -0.44%
Total Net Expenses 1.10%

Portfolio

Index represents the MSCI Emerging Markets Index℠.

Top Holdings (As of 05/31/2021)
% of Fund
Taiwan Semiconductor Manufacturing Co Ltd 8.44
Tencent Holdings Ltd 7.01
Samsung Electronics Co Ltd 6.13
Naspers Ltd 3.71
Housing Development Finance Corp Ltd 3.20
Alibaba Group Holding Ltd 3.08
Ivanhoe Mines Ltd 2.41
NAVER Corp 2.14
Meituan 2.11
Varun Beverages Ltd 1.77
Total 40.00
View Full Holdings
Portfolio Characteristics (As of 05/31/2021)
  FUND INDEX
Number of Holdings
Equity Issues
61 1424
Market Capitalization
Weighted Average
$177.05B $164.31B
Portfolio Turnover Rate
(1-year trailing)
80.03% -
Price/Earnings Ratio
(1-year forward)
25.52 22.35
Price/Book Ratio
(1-year forward)
5.29 4.55
Earnings Growth Rate
(1-year forward)
29.46% 28.42%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 05/31/2021)
Information Technology 26.98 20.31
Consumer Discretionary 21.35 16.76
Communication Services 13.90 11.30
Financials 9.61 18.46
Materials 7.93 8.69
Health Care 5.25 4.93
Industrials 3.93 4.72
Consumer Staples 3.64 5.75
Real Estate 2.62 2.16
Energy 1.61 4.88
Cash & Equivalents 3.18 -
Regional Allocations % OF FUND % of Index % OF FUND % of Index (As of May 31, 2021)
Asia/Pacific Ex Japan 76.16 78.90
Europe 7.59 4.75
Latin America 4.97 7.68
North America 4.40 0.19
Africa/Mideast 3.70 8.48
Cash & Equivalents 3.18 -
MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS % OF FUND % OF INDEX % OF FUND % OF INDEX (As of May 31, 2021)
Over $100B 28.74 30.17
$50B to $100B 20.03 16.45
$10B to $50B 12.49 33.04
$5B to $10B 12.62 11.88
$1B to $5B 16.68 6.06
$500M to $1B 3.24 0.01
$250M to $500M 1.08
Under $100M 0.51
N/A 1.43 2.39

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