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Emerging Markets Fund

Identifying High Quality Emerging Market Companies at Reasonable Prices
NAV As of 06/14/19 $9.20

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Fund Facts

Details Performance (As of 06/14/19) Morningstar (As of 05/31/19)
12/31/10 Inception Date
$99.09M Total Net Assets (As of 05/31/19)
GROSS 1.46%
NET 1.29%
Annual Expense Ratio
(As of fiscal year end 09/30/18)
-0.43% 1 Day Return
5.63% YTD Return
Category
Diversified Emerging Mkts
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
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.

Performance

RETURNS

(As of 03/31/2019)
(As of 05/31/2019)
Inception: Dec 31, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Emerging Markets Fund – T Shares 6.08% 6.08% -11.63% 5.50% 1.93% - 0.08%
MSCI Emerging Markets Index℠ 9.91% 9.91% -7.41% 10.68% 3.68% 8.94% 1.39%
Inception: Dec 31, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Emerging Markets Fund – T Shares -1.74% 3.90% -6.53% 5.05% 0.81% - -0.17%
MSCI Emerging Markets Index℠ -4.51% 4.08% -8.70% 9.88% 1.79% 5.03% 0.71%
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 T Shares that includes periods prior to 6/5/17 reflects the performance of a share class 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 03/31/2019)
(As of 05/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 73 89 67 - 72
Diversified Emerging Mkts Category
Rank/Count
613/855 694/779 452/660 -/- 301/406
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 34 86 56 - 64
Diversified Emerging Mkts Category
Rank/Count
288/857 679/781 385/658 -/- 276/407

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 05/31/19 CLASS I SHARES)

RISK / REWARD
VS. MSCI EMERGING MARKETS INDEX℠

3 YEAR 5 YEAR
Information Ratio -0.76 -0.10
Alpha -2.28 -0.31
Tracking Error 5.96 6.27
Beta 0.79 0.77
R-Squared (%) 80.84 84.46

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

3 YEAR 5 YEAR
Up Capture Ratio 77.49 80.75
Down Capture Ratio 95.93 85.35

STANDARD DEVIATION

3 YEAR 5 YEAR
Emerging Markets Fund 12.00 13.04
MSCI Emerging Markets Index℠ 13.62 15.58

SHARPE RATIO

3 YEAR 5 YEAR
Emerging Markets Fund 0.34 0.03
MSCI Emerging Markets Index℠ 0.63 0.06

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/18)

CLASS T SHARES
Management Fees 1.00%
12b-1 Fees -
Other Expenses 0.46%
Total Gross Expenses 1.46%
Waivers -0.17%
Total Net Expenses 1.29%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/20.

Characteristics

Index represents the MSCI Emerging Markets Index℠.

TOP HOLDINGS

(As of 05/31/2019)

% of Fund
Uni-President Enterprises Corp 5.48
Tata Consultancy Services Ltd 4.70
Fomento Economico Mexicano SAB de CV (ADR) 4.48
Newcrest Mining Ltd 4.10
Tiger Brands Ltd 3.46
Remgro Ltd 3.37
Unilever PLC 3.35
LG Corp 3.05
Cipla Ltd/India 2.99
Heineken Holding NV 2.94
TOTAL 37.92

PORTFOLIO CHARACTERISTICS

(As of 05/31/19)

FUND INDEX
Number of Holdings
Equity Issues
62
1198
Market Capitalization
Weighted Average
$21.84B
$82.85B
Portfolio Turnover Rate
(1-year trailing)
24.60%
-
Price/Earnings Ratio
(1-year forward)
19.93
16.68
Price/Book Ratio
(1-year forward)
2.92
2.66
Earnings Growth Rate
(1-year forward)
7.76%
8.54%

SECTOR ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
Consumer Staples 39.39 6.73
Financials 14.81 25.52
Information Technology 10.45 13.73
Materials 10.11 7.60
Consumer Discretionary 5.37 13.02
Industrials 5.12 5.33
Health Care 4.13 2.72
Utilities 3.64 2.69
Communication Services 1.16 11.52
Energy 0.76 8.11
Cash & Equivalents 5.06 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 05/31/2019)

% OF FUND % OF INDEX
Over $100B 4.70 23.29
$50B to $100B 6.00 10.04
$10B to $50B 30.78 35.35
$5B to $10B 21.82 15.41
$1B to $5B 22.23 12.25
$500M to $1B 6.30 -
$250M to $500M 0.97 -
N/A 2.14 3.66

REGIONAL ALLOCATION

(As of 05/31/19)

% OF FUND % OF INDEX
Asia/Pacific Ex Japan 48.90 72.09
Africa/Mideast 18.48 9.21
Latin America 17.62 12.25
Europe 8.45 6.45
North America 1.49 -
Cash & Equivalents 5.06 -

Commentary & Literature