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
$9.09
As of 02/06/2023

1-Day Change
-$0.20 (-2.15%)
As of 02/06/2023

YTD Return
9.65%
As of 02/06/2023

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, Emerging Market Equity

Industry since 1995. Joined Firm in 2019.

Matthew Culley

Portfolio Manager | Research Analyst

Industry since 2008. Joined Firm in 2019.

Performance

RETURNS (%) (As of 12/31/2022)
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 6.97 -26.51 -26.51 -3.90 -3.34 0.65 -0.12
MSCI Emerging Markets Index℠ 9.70 -20.09 -20.09 -2.69 -1.40 1.44 0.89
RETURNS (%) (As of 01/31/2023)
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 22.53 10.86 -15.53 0.51 -2.22 1.53 0.74
MSCI Emerging Markets Index℠ 22.16 7.90 -12.12 1.40 -1.48 2.07 1.52
Calendar Year Returns (%)
Emerging Markets Fund - Class I Shares MSCI Emerging Markets Index℠
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Emerging Markets Fund - Class I Shares -26.51 -1.60 22.74 13.88 -16.54 29.83 9.96 -10.43 -2.81 1.78
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 12/31/2022)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 84 71 87 74 79
Diversified Emerging Mkts Category|Rank/Count 642/825 470/756 593/697 370/514 310/391
(As Of 01/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 75 69 72 67 76
Diversified Emerging Mkts Category|Rank/Count 570/826 469/758 483/699 339/513 297/391

RETURNS-BASED STATISTICS (As of 12/31/2022 Class I Shares)

RISK / REWARD
VS. MSCI Emerging Markets Index℠
3YR 5YR
Information Ratio -0.22 -0.34
Alpha -0.68 -1.83
Tracking Error 5.61 5.82
Beta 1.08 0.99
R-squared (%) 94.51 91.16
UP/DOWN MARKET CAPTURE (%)
VS. MSCI Emerging Markets Index℠
3YR 5YR
Up Capture Ratio 114.53 98.92
Down Capture Ratio 113.57 106.12
STANDARD DEVIATION 3YR 5YR
Emerging Markets Fund 22.85 19.55
MSCI Emerging Markets Index℠ 20.55 18.83
SHARPE RATIO 3YR 5YR
Emerging Markets Fund -0.20 -0.24
MSCI Emerging Markets Index℠ -0.17 -0.14
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2022)
CLASS I SHARES
Management Fees 1.00%
Other Expenses 0.45%
Total Gross Expenses 1.45%
Waivers -0.33%
Total Net Expenses 1.12%

Portfolio

Index represents the MSCI Emerging Markets Index℠.

Top Holdings (As of 12/31/2022)
% of Fund
Taiwan Semiconductor Manufacturing Co Ltd 7.08
Samsung Electronics Co Ltd 5.84
Tencent Holdings Ltd 5.31
ICICI Bank Ltd 3.69
Alibaba Group Holding Ltd 3.59
Housing Development Finance Corp Ltd 3.47
JD.com Inc 2.98
Bank Negara Indonesia Persero Tbk PT 2.63
HDFC Bank Ltd 2.59
Saudi Telecom Co 2.51
Total 39.69
View full holdings
Portfolio Characteristics (As of 12/31/2022)
  FUND INDEX
Number of Holdings
Equity Issues
56 1375
Market Capitalization
Weighted Average
$81.21B $64.58B
Portfolio Turnover Rate
(1-year trailing)
64.82% -
Price/Earnings Ratio
(1-year forward)
13.20 11.18
Price/Book Ratio
2.32 1.78
Earnings Growth Rate
(1-year forward)
26.19% 14.00%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 12/31/2022)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of December 31, 2022)
Market Capitalization Range of Equity Holdings % OF FUND % of Index % OF FUND % of Index (As of 12/31/2022)

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