HomeStrategiesEmerging Markets Fund

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HEMIX

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Emerging Markets Fund

Capturing an Emerging World of Mispriced Opportunities

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Overview

Client Commitment

This fund seeks strong risk-adjusted returns by looking to identify the most compelling opportunities within countries across various stages of economic and political development. By seeking to combine bottom-up, fundamental research, top-down macro analysis, a keen focus on governance and quantitative input; this portfolio captures price inefficiencies across the market-cap spectrum.

Why Invest in the Fund

    Style-Agnostic, Best Ideas Approach

  1. A disciplined investment process combines a bottom-up, fundamental research approach with top-down macro analysis that looks to create an all-cap portfolio of best ideas which seeks consistent risk-adjusted returns through market cycles. Key to this approach is filtering these ideas through a lens of political and corporate governance to better understand country-specific risks.

    2. Seeks to Capture Price Inefficiencies

  2. We believe mispriced securities, driven by lack of coverage and misunderstanding of growth drivers, represent the greatest opportunity, especially in private sector small- and mid-cap stocks. Our proprietary risk management system seeks to balance risk and potential return of our greatest convictions.

    3. Experienced Investment Manager Strives for Compelling Results

  3. The Portfolio Manager has nearly a quarter-century of investment experience in this dynamic 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

Featured Insights

Performance

RETURNS

(As of 09/30/2019)
(As of 09/30/2019)
Inception: Dec 31, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Emerging Markets Fund – I Shares -7.38% 0.80% -4.48% 1.28% 0.65% - -0.19%
MSCI Emerging Markets Index℠ -4.25% 5.89% -2.02% 5.97% 2.33% 3.37% 0.88%
Inception: Dec 31, 2010 3M YTD 1YR 3YR 5YR 10YR Since Inception
Emerging Markets Fund – I Shares -7.38% 0.80% -4.48% 1.28% 0.65% - -0.19%
MSCI Emerging Markets Index℠ -4.25% 5.89% -2.02% 5.97% 2.33% 3.37% 0.88%
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 I 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.

CALENDAR YEAR PERFORMANCE

RETURNS-BASED STATISTICS

(As of 08/31/19 CLASS I SHARES)

RISK / REWARD
VS. MSCI EMERGING MARKETS INDEX℠

3 YEAR 5 YEAR
Information Ratio -0.69 -0.24
Alpha -2.62 -1.50
Tracking Error 5.61 6.29
Beta 0.80 0.77
R-Squared (%) 84.21 85.19

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

3 YEAR 5 YEAR
Up Capture Ratio 80.31 77.61
Down Capture Ratio 98.80 87.34

STANDARD DEVIATION

3 YEAR 5 YEAR
Emerging Markets Fund 12.21 13.24
MSCI Emerging Markets Index℠ 14.02 15.91

SHARPE RATIO

3 YEAR 5 YEAR
Emerging Markets Fund 0.03 -0.15
MSCI Emerging Markets Index℠ 0.31 -0.03

ANNUAL FEES & EXPENSES

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

CLASS I SHARES
Management Fees 1.00%
12b-1 Fees -
Other Expenses 0.27%
Total Gross Expenses 1.27%
Waivers -0.17%
Total Net Expenses 1.10%
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 08/31/2019)

% of Fund
Uni-President Enterprises Corp 5.70
Fomento Economico Mexicano SAB de CV (ADR) 5.28
Tata Consultancy Services Ltd 4.40
Newcrest Mining Ltd 4.32
Tiger Brands Ltd 3.70
Unilever PLC 3.64
LG Corp 3.32
Remgro Ltd 3.30
Heineken Holding NV 2.97
Cipla Ltd/India 2.95
TOTAL 39.58
View Full Holdings

PORTFOLIO CHARACTERISTICS

(As of 08/31/19)

FUND INDEX
Number of Holdings
Equity Issues
61
1202
Market Capitalization
Weighted Average
$22.17B
$86.80B
Portfolio Turnover Rate
(1-year trailing)
20.81%
-
Price/Earnings Ratio
(1-year forward)
19.71
17.95
Price/Book Ratio
(1-year forward)
2.62
2.80
Earnings Growth Rate
(1-year forward)
7.39%
5.98%

SECTOR ALLOCATION

(As of 08/31/19)

% OF FUND % OF INDEX
Consumer Staples 41.33 6.88
Financials 15.53 24.62
Information Technology 10.48 14.43
Materials 10.22 7.35
Consumer Discretionary 5.67 13.95
Industrials 5.10 5.24
Health Care 4.23 2.73
Utilities 3.37 2.87
Energy 0.69 7.42
Cash & Equivalents 3.38 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 08/31/2019)

% OF FUND % OF INDEX
Over $100B 4.40 26.05
$50B to $100B 4.67 7.75
$10B to $50B 33.92 35.67
$5B to $10B 15.88 15.59
$1B to $5B 27.63 11.53
$500M to $1B 5.34 0.04
$250M to $500M 1.43 -
$100M to $250M 0.96 -
N/A 2.39 3.37

REGIONAL ALLOCATION

(As of 08/31/19)

% OF FUND % OF INDEX
Asia/Pacific Ex Japan 50.03 71.99
Africa/Mideast 18.40 9.93
Latin America 18.18 11.86
Europe 8.52 6.21
North America 1.49 0.01
Cash & Equivalents 3.38 -

Commentary & Literature

Literature