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HEMRX

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Emerging Markets Fund

Identifying High Quality Emerging Market Companies at Reasonable Prices
NAV As of 12/14/18 $9.01

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of MM/dd/yy)
12/31/10 Inception Date
$158.65M Total Net Assets (As of 11/30/18)
GROSS 1.16%
NET 1.03%
Annual Expense Ratio
(Estimated)
-0.99% 1 Day Return
-16.73% YTD Return
Category
-
Important Morningstar Information

Overview

Client Commitment

A fund that aims to achieve a long-term return in excess of the return that is typically achieved from emerging equity markets. The investment team is comprised of bottom-up investors seeking to create high-conviction portfolios of reasonably valued, high-quality companies.

Why Invest in the Fund

    Long-Term, Quality Focus

  1. The investment team considers companies on the basis that the stocks would be bought and held for five years – allowing the team to select companies in the absence of short-term market noise. The team prefers to focus on quality companies with proven track records, strong franchises and management teams with a history of integrity.
  2. Non-Index Portfolio Construction

  3. The benchmark is not used as a starting point for portfolio construction with sector and geographic exposures the result of stock selection.
  4. Risk-Aware Approach to Capital Appreciation

  5. The Fund provides exposure to the emerging markets opportunity set but in a risk-aware way. The team employs an absolute mindset to risk rather than considering risk as relative underperformance.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Dec 31, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Emerging Markets Fund – N Shares -2.65% -11.83% -5.53% 7.51% 2.53% - 0.21%
MSCI Emerging Markets Index℠ -1.09% -7.68% -0.81% 12.36% 3.61% 5.40% 1.26%
Inception: Dec 31, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Emerging Markets Fund – N Shares -3.24% -14.33% -9.17% 6.39% 1.17% - -0.16%
MSCI Emerging Markets Index℠ -5.45% -12.24% -9.09% 9.41% 1.90% 9.13% 0.58%
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.
View Fees and Expenses
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.

MORNINGSTAR PERCENTILE

(As of 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 70 81 56 - 64
Diversified Emerging Mkts Category
Rank/Count
560/860 634/792 363/616 -/- 284/416
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 36 63 52 - 57
Diversified Emerging Mkts Category
Rank/Count
241/867 503/791 333/629 -/- 249/413

CALENDAR YEAR PERFORMANCE

RETURNS-BASED STATISTICS

(As of 11/30/18 CLASS I SHARES)

RISK / REWARD
VS. MSCI EMERGING MARKETS INDEX℠

3 YEAR 5 YEAR
Information Ratio -0.53 -0.11
Alpha -1.37 -0.29
Tracking Error 5.77 5.93
Beta 0.84 0.80
R-Squared (%) 84.75 84.99

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI EMERGING MARKETS INDEX℠

3 YEAR 5 YEAR
Up Capture Ratio 84.72 83.07
Down Capture Ratio 96.95 87.36

STANDARD DEVIATION

3 YEAR 5 YEAR
Emerging Markets Fund 13.43 13.11
MSCI Emerging Markets Index℠ 14.78 15.15

SHARPE RATIO

3 YEAR 5 YEAR
Emerging Markets Fund 0.40 0.05
MSCI Emerging Markets Index℠ 0.57 0.09

ANNUAL FEES & EXPENSES

ESTIMATED

CLASS N SHARES
Management Fees 1.00%
12b-1 Fees -
Other Expenses 0.16%
Total Gross Expenses 1.16%
Waivers -0.13%
Total Net Expenses 1.03%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the MSCI Emerging Markets Index℠.

TOP HOLDINGS

(As of 11/30/2018)

% of Fund
Uni-President Enterprises Corp 4.77
Tiger Brands Ltd 4.42
Newcrest Mining Ltd 3.45
Tata Consultancy Services Ltd 3.25
Fomento Economico Mexicano SAB de CV (ADR) 3.14
Heineken Holding NV 3.06
Unilever PLC 2.98
LG Corp 2.82
Grasim Industries Ltd 2.74
Cia Cervecerias Unidas SA (ADR) 2.72
TOTAL 33.35

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
67
1150
Market Capitalization
Weighted Average
$17.39B
$84.37B
Portfolio Turnover Rate
(1-year trailing)
24.66%
-
Price/Earnings Ratio
(1-year forward)
19.04
16.48
Price/Book Ratio
(1-year forward)
2.67
2.89
Earnings Growth Rate
(1-year forward)
5.03%
11.24%

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Consumer Staples 39.83 6.56
Financials 13.35 24.66
Materials 10.97 7.45
Information Technology 9.65 14.61
Consumer Discretionary 6.13 10.47
Utilities 5.09 2.61
Industrials 4.93 5.48
Health Care 3.65 2.91
Energy 0.91 8.22
Communication Services 0.77 14.01
Cash & Equivalents 4.72 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
Over $100B 3.25 24.31
$50B to $100B 3.97 9.52
$10B to $50B 29.26 34.56
$5B to $10B 16.33 14.83
$1B to $5B 32.14 12.87
$500M to $1B 7.13 0.07
$250M to $500M 0.87 0.01
N/A 2.33 3.83

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Asia/Pacific Ex Japan 47.28 73.47
Latin America 18.75 12.04
Africa/Mideast 18.46 7.96
Europe 8.97 6.53
North America 1.82 -
Cash & Equivalents 4.72 -

Commentary & Literature