Calvert Emerging Markets Equity Fund

Save this PDF as:
Size: px
Start display at page:

Download "Calvert Emerging Markets Equity Fund"

Transcription

1 Q INVESTMENT COMMENTARY Calvert Emerging Markets Equity Fund A:CVMAX C:CVMCX I:CVMIX R:CVMRX The Fund normally invests at least 80% of its assets in equity securities of companies located in emerging market countries, seeking those whose products/services or industrial/business practices contribute towards addressing sustainability challenges in their local and/or international markets. Key Takeaways Emerging market equities fell sharply in the second quarter to underperform developed equity markets. The strength of the U.S. dollar (USD), tightening global liquidity and escalating trade tensions between the U.S. and China were significant headwinds. The Fund underperformed its benchmark, MSCI Emerging Markets Index, which fell 7.86%. Stock selection had a negative impact during the period, particularly the Fund s holdings in Taiwan, South Africa and India. Currency weakness associated with the Fund s overweight to China also hurt. Brazil was the weakest market as higher oil prices led truckers to strike, bringing large parts of the economy to a standstill amid ongoing political uncertainty. MORNINGSTAR RATING 1 HHHHH The fund received the ratings in the Diversified Emerging Markets category for Class A shares, based on risk adjusted returns. Rating Time Period # of Funds HHHH 3 Years 688 HHHHH 5 Years 489 HHHHH Overall 688 CALVERT S APPROACH TO RESPONSIBLE INVESTING WHO WE ARE Calvert Research and Management is a recognized leader in Responsible Investing. Our mission is to deliver superior long term performance to our clients and to enable them to achieve positive impact. WHAT WE OFFER Serving financial advisors and their clients, as well as a wide array of institutional investors, Calvert s investment strategies feature integrated environmental, social, and governance (ESG) research and corporate engagement. HOW WE STAND APART At Calvert Research and Management, our integrated responsible investment approach sets us apart from many other investment managers. YOUR MANAGEMENT TEAM MARKET OVERVIEW Emerging market equities fell 7.96% in USD terms in the second quarter, as measured by the MSCI Emerging Markets Index, underperforming the MSCI All Country World Index, which returned 0.53%. The strength of the USD, tightening global liquidity and escalating trade tensions between the U.S. and China were significant headwinds. President Trump threatened new tariffs on $200 billion in Chinese imports as the two nations moved closer to a potential trade war. These escalating tensions contributed to weakness across a number of Asian emerging markets. Korea and Thailand fell sharply MARKET S Quarter ended 06/30/2018 HERMES INVESTMENT MANAGEMENT (SUB ADVISOR) Gary Greenberg, CFA Head of Global Emerging Markets, Hermes Investment Management Joined Hermes Investment Management 2010 Managed Fund since inception Elena Tedesco, CFA Co Portfolio Manager, Hermes Investment Management Joined Hermes Investment Management 2002 Managed Fund since inception MAJOR GLOBAL EQUITY INDICES VALUE CORE GROWTH S&P % 3.43% 5.25% Russell % 3.57% 5.76% Russell % 7.75% 7.23% MSCI EAFE 2.64% 1.24% 0.11% MSCI Emerging Markets 8.94% 7.96% 7.01% Source: S&P, Russell, MSCI

2 Q Calvert Emerging Markets Equity Fund Investment Commentary 2 and underperformed while China posted a negative return but outperformed. Brazil was the weakest market amid ongoing political uncertainty and deteriorating outlook as long U.S. bond yields rose and USD strength led to an unwind of the carry trade. Higher oil prices added fuel to the fire and led truckers to strike, bringing large parts of the economy to a standstill. Those markets vulnerable to ongoing, tightening global liquidity also came under pressure, notably Turkey where currency weakness led the central bank to implement an emergency rate hike in May. Early presidential elections also added to the negative sentiment. All sectors ended the quarter in negative territory. Financials fell the most, dropping 12.55% while energy outperformed the market, falling 4.60%. PERFORMANCE REVIEW For the second quarter of 2018, Calvert Emerging Markets Equity Fund (the Fund) underperformed MSCI Emerging Markets Index (the Index), which returned 7.96% in USD terms. Stock selection had a negative impact during the period, particularly the Fund s holdings in Taiwan, South Africa and India. Currency weakness associated with the overweight China also hurt. The Fund s active country weights included an overweight to China, India, and the United Arab Emirates and underweights to South Korea, Malaysia and Thailand. Major changes during the period included an increased overweight to China and an underweight South Africa resulting from the switch out of Naspers into Tencent. We also moved the Fund from overweight to underweight positions in Taiwan and Brazil; and reduced exposure to Turkey as the Fund s position in Arcelik was reduced. At the sector level, the Fund remained overweight in financials (increased), consumer discretionary (reduced) and information technology. The Fund was underweight in energy, materials and telecommunication services. We used market weakness to add to a number of names in the Fund, including Tencent, TSMC, Alibaba, Samsonite, Sberbank and Mail.ru. We trimmed the Fund s position in ICBC to add to China Construction Bank. We are selling the Fund s holding of Arcelik, a Turkish white goods manufacturer, due to increasing foreign exchange headwinds and USD related cost imbalances. We trimmed positions in Itau Unibanco and BB Segruidades, the Brazilian bank and insurer, given the deteriorating company outlook and macroeconomic headwinds. CONTRIBUTORS AIA, a Hong Kong listed insurer, was the largest performance contributor. AIA has outperformed year to date due to strong growth across all regions, most notably in China. Turnarounds in Singapore and Thailand produced strong results, as did AIA s resilient business line in Hong Kong. HDFC, one of India s leading private banks, moved higher given strong loan growth. The bank continued to capitalize on its customer base and distribution strengths, gaining market share. Non exposure to Banco Bradesco aided returns as Brazilian banks underperformed due to their sensitivity to deteriorating macroeconomic conditions. DETRACTORS The Foschini Group, a leading South African retailer, was the largest performance detractor. Its share price fell, reflecting investor concerns over the sustainability of growth amid the challenging consumer environment, and an overreaction (we believe) to slightly weaker fiscal year 2018 results. Itau Unibanco, a Brazilian bank, fell in line with the market sell off due to the weakening real. In addition, a truck driver strike paralyzed the economy and amplified political uncertainty. Duratex, a Brazilian manufacturer of construction materials, moved lower on poor results in its sanitary metal fittings and vitreous china business due to weaker domestic growth, a slow recovery of civil construction and weakening credit availability in Brazil.

3 Q Calvert Emerging Markets Equity Fund Investment Commentary 3 PORTFOLIO CHARACTERISTICS as of 06/30/2018 Weighted Average Market Cap 122.5B 95.4B Number of Holdings Price/Earnings (LTM) 14.8x 13.1x Price/Earnings (NTM) 12.1x 11.8x Price/Book 2.2x 1.6x ROA 9.0% 9.0% LT Debt/Capital 19.0% 20.8% GICS SECTORS VS. 2 SECTOR MSCI EMERGING MARKETS INDEX DIFFERENCE Consumer Discretionary 16.86% 9.78% 7.08% Consumer Staples 4.63% 6.67% -2.04% Energy 1.06% 7.16% -6.10% Financials 30.95% 22.80% 8.15% Health Care 3.34% 3.20% 0.14% Industrials 4.76% 5.18% -0.42% Information Technology 33.98% 27.88% 6.10% Materials 1.91% 7.62% -5.71% Real Estate 3.00% -3.00% Telecom Services 0.57% 4.27% -3.70% Utilities 1.04% 2.43% -1.39% Cash 0.89% 0.89% TOP 10 HOLDINGS (%) 2 Tencent Holdings Ltd 8.31 Taiwan Semiconductor Manufacturing Co Ltd 5.81 Samsung Electronics Co Ltd 5.41 Alibaba Group Holding Ltd 5.17 Techtronic Industries Co Ltd 3.67 China Construction Bank Corp 3.25 AIA Group Ltd 3.17 Industrial & Commercial Bank of China Ltd 3.17 KB Financial Group Inc 3.12 Samsonite International SA 2.47 REGIONS 2 MSCI EMERGING MARKETS INDEX DIFFERENCE Asia/Pacific 75.37% 74.87% 0.50% Latin America/Caribbean 10.99% 10.76% 0.23% Europe 5.97% 6.52% -0.55% Africa 3.45% 6.19% -2.74% Middle East 3.33% 1.66% 1.67% Cash & Other Assets 0.89% 0.89%

4 Q Calvert Emerging Markets Equity Fund Investment Commentary 4 QUARTERLY ATTRIBUTION (%) ENDING 06/30/2018 COUNTRY AVG. WEIGHT TOTAL CONTRIB. TO AVG. WEIGHT TOTAL CONTRIB. TO ATTRIBUTION ALLOCATION EFFFECT ATTRIBUTION SELECTION EFFECT Mexico United Arab Emirates Thailand Peru Malaysia Poland Chile Philippines Egypt Pakistan United Kingdom Czech Republic Greece Turkey Hungary Korea Colombia Qatar Indonesia China Russia India Brazil South Africa Taiwan Calvert Programs Cash Total ATTRIBUTION TOTAL EFFECT MARKET OUTLOOK Our outlook for emerging markets, based on our views of market fundamentals and the likely outcomes of political disputes, is positive overall. At the time of this writing, emerging market equities have returned to their long term (10 year and 20 year) price to earnings average, and their long term (10 year) average estimated price to book ratio. In contrast, profitability is relatively healthy, with an estimated return on equity of 13.6%, nearly a standard deviation above the long term (10 year) mean. We take this situation to imply the market is worried that corporate profits will be impacted by trade or warfare. These events are hard to predict with accuracy, but it is clear that underlying economic fundamentals are strong in both developed and emerging markets at present, and the corporate earnings outlook is good. It is useful to note that earnings estimates for this year have dropped about 6% from peak levels in March, reflecting an 11% growth rate. On a year to date basis, China and Eastern Europe are still seeing positive revisions, particularly Russia (due in part

5 Q Calvert Emerging Markets Equity Fund Investment Commentary 5 to surging oil prices), while Latin America has seen the largest negative revisions, due to weak currencies. In our view, political tensions in Brazil and Mexico are now largely discounted by the markets. While it is no doubt possible that global trade and military tensions may escalate, we believe that the disputes will eventually be resolved, resulting in a calming of nerves. In any event, in examining the Fund s portfolio, we find little direct exposure to these disputes. Our outlook, based on our view of market fundamentals and assessment of the sociopolitical environment, is quite positive for the types of companies we invest in for the Fund over our typical time horizon of three to five years. We are following Warren Buffet s advice of buying when others are fearful. % AVERAGE ANNUAL S (AS OF 06/30/2018) Q2 YTD 1 YEAR 3 YEARS 5 YEARS LIFE OF A Shares at NAV I Shares at NAV A Shares with Max. 4.75% Sales Charge Benchmark Benchmark: MSCI Emerging Markets Index Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund s current performance may be lower or higher than quoted. For the Fund s performance as of the most recent month end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. The minimum investment is $1,000 for A Shares and $250,000 for I Shares. Minimums may be waived in certain situations. Please see the prospectus for additional information. FACTS A & I Shares Inception 10/29/2012 Class A Expense Ratio 3 Gross: 1.79% Net: 1.27% Class I Expense Ratio 3 Gross: 1.31% Net: 0.92%

6 Q Calvert Emerging Markets Equity Fund Investment Commentary 6 Effective December 31, 2016, Eaton Vance Distributors, Inc. replaced Calvert Investment Distributors, Inc. as the Fund s principal underwriter following the acquisition by Calvert Research and Management ( CRM ) of substantially all the business assets of Calvert Investment Management, Inc. ( CIM ). CRM has also replaced CIM as the investment adviser to the Fund. See the Fund s updated prospectus dated January 3, Portfolio characteristics exclude 3 securities in Calvert s High Impact Investments program, which represented 0.189% of the portfolio as of 06/30/2018. High Social Impact Investments are investments that, in the Adviser s opinion, offer the opportunity for significant sustainability and social impact. These investments are generally illiquid and involve high risks. See the Fund s prospectus for details and calvert.com for a complete list of Fund holdings. 1 The Morningstar Rating for funds, or star rating, is calculated for managed products (including mutual funds and exchange traded funds) with at least a three year history. Exchange traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three, five, and 10 year (if applicable) Morningstar Rating metrics. The weights are: 100% three year rating for months of total returns, 60% five year rating/40% three year rating for months of total returns, and 50% 10 year rating/30% five year rating/20% three year rating for 120 or more months of total returns. While the 10 year overall star rating formula seems to give the most weight to the 10 year period, the most recent three year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 2 Percent of total net assets. Top 10 Holdings excludes cash and equivalents. Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. 3 Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 1/31/19. Without the reimbursement, if applicable, performance would have been lower. The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Fund s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund s filings with the Securities and Exchange Commission. Index Definitions: MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI All Country World Index is an unmanaged free float adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. S&P 500 Index is an unmanaged index of large cap stocks commonly used as a measure of U.S. stock market performance. Russell 1000 Value Index is an unmanaged index of U.S. large cap value stocks. Russell 1000 Index is an unmanaged index of 1,000 U.S. large cap stocks. Russell 1000 Growth Index is an unmanaged index of U.S. large cap growth stocks. Russell 2000 Value Index is an unmanaged index of U.S. small cap value stocks. Russell 2000 Index is an unmanaged index of 2,000 U.S. small cap stocks. Russell 2000 Growth Index is an unmanaged index of U.S. small cap growth stocks. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. About Risk: The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description. Calvert funds are available at NAV for RIAs and Wrap Programs. Not all share classes are available to all investors. See a fund s prospectus for details. For more information on any Calvert fund, please contact your financial advisor or visit calvert.com for a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money Eaton Vance Distributors, Inc. Member FINRA/SIPC Two International Place, Boston, MA eatonvance.com

Calvert Mid Cap Fund 1

Calvert Mid Cap Fund 1 Q2 2018 INVESTMENT COMMENTARY Calvert Mid Cap Fund 1 A:CCAFX C:CCACX I:CCPIX The Fund invests primarily in mid cap, U.S. stocks whose market capitalization falls within the range of the Russell Midcap

More information

Calvert Global Energy Solutions Fund

Calvert Global Energy Solutions Fund Q3 2017 INVESTMENT COMMENTARY Calvert Global Energy Solutions Fund MARKET OVERVIEW A:CGAEX C:CGACX I:CAEIX Y:CGAYX The Fund employs a passive management strategy designed to track, as closely as possible,

More information

JPMorgan Funds statistics report: Emerging Markets Equity Fund

JPMorgan Funds statistics report: Emerging Markets Equity Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Emerging Markets Equity Fund Offered on a limited basis - L Shares jpmorganfunds.com Table of contents PERFORMANCE COUNTRY

More information

Capturing Opportunity, Managing Risk

Capturing Opportunity, Managing Risk EVOLVING WORLD GROWTH FUND Capturing Opportunity, Managing Risk An Active Approach to Emerging Markets Investing THE CALAMOS DOCTRINE As the global marketplace changes, successfully investing for growth

More information

Boston Partners Managed Mutual Funds

Boston Partners Managed Mutual Funds Percentile Rankings vs. Morningstar Category: June 0, 08 Strategy Institutional Shares Ticker Overall Morningstar Rating Return Rank Return Rank Return Rank Return Rank Return Rank BP All-Cap Value Fund

More information

Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund)

Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund) NORTHERN FUNDS Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund) 2Q 2018 Performance Review June 30, 2018 Please carefully read the prospectus

More information

Calvert Global Energy Solutions Fund

Calvert Global Energy Solutions Fund CGAEX CAEIX Q4 2018 Calvert Global Energy Solutions Fund Your Portfolio Management Team Calvert Research (Advisor) Christopher Madden, CFA 2016 Jade Huang 2016 Thomas Seto 2016 Calvert s Approach to Responsible

More information

Eaton Vance Global Macro Absolute Return Funds

Eaton Vance Global Macro Absolute Return Funds Monthly Review March 208 Eaton Vance Funds Market Update Markets across the world were mixed throughout the month of March as global equities experienced negative performance while global bond markets

More information

San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity

San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index

More information

JPMorgan Funds statistics report: Emerging Economies Fund

JPMorgan Funds statistics report: Emerging Economies Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Emerging Economies Fund jpmorganfunds.com Table of contents PERFORMANCE COUNTRY EXPOSURE Performance at NAV 3 Country

More information

Rally in Emerging Market Equities Peaking, or Just Beginning?

Rally in Emerging Market Equities Peaking, or Just Beginning? Rally in Emerging Market Equities Peaking, or Just Beginning? Charlie Wilson, phd Portfolio Manager September 2017 Emerging market stocks should be a permanent part of portfolio allocation. But for those

More information

Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios

Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios As of Sept. 30, 2017 Ameriprise Financial Services, Inc., ("Ameriprise Financial") is the investment manager for Active Opportunity

More information

Templeton Emerging Markets Fund

Templeton Emerging Markets Fund Product Profile Product Details 1 Fund Assets $267,096,563.10 Fund Inception Date 09/20/1991 Number of Issuers 82 Base Currency CAD Benchmark MSCI Emerging Markets Index Distribution Frequency Annually

More information

Driehaus Emerging Markets Growth Fund

Driehaus Emerging Markets Growth Fund DRIEHAUS CAPITAL MANAGEMENT FOURTH QUARTER 2017 Driehaus Emerging Markets Growth Fund Investor Class: Institutional Class: DIEMX KEY FEATURES All cap global emerging markets exposure mark aware, not benchmark

More information

Global Equity Strategy Report

Global Equity Strategy Report Global Investment Strategy Global Equity Strategy Report April 26, 2017 Stuart Freeman, CFA Co-Head of Global Equity Strategy Scott Wren Senior Global Equity Strategist Analysis and outlook for the equity

More information

Driehaus Multi-Asset Growth Economies Fund

Driehaus Multi-Asset Growth Economies Fund DRIEHAUS CAPITAL MANAGEMENT FOURTH QUARTER 207 Driehaus Multi-Asset Growth Economies Fund KEY OBJECTIVES Provide superior risk-adjusted returns and higher total return than the MSCI Emerging Markets Index

More information

Driehaus Emerging Markets Growth Fund

Driehaus Emerging Markets Growth Fund DRIEHAUS CAPITAL MANAGEMENT THIRD QUARTER 207 Driehaus Emerging Markets Growth Fund Investor Class: Institutional Class: DIEMX KEY FEATURES All cap global emerging markets exposure mark aware, not benchmark

More information

Advisor Class. Average Annual Total Returns 5 (%) 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 20 Yrs (10/16/1991)

Advisor Class. Average Annual Total Returns 5 (%) 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 20 Yrs (10/16/1991) Templeton Developing Markets Trust Advisor Class Value Equity Product Profile Product Details 1 Fund Assets $1,420,822,800.04 Fund Inception Date 10/16/1991 Number of Issuers 94 NASDAQ Symbol TDADX Maximum

More information

Driehaus Emerging Markets Growth Fund

Driehaus Emerging Markets Growth Fund DRIEHAUS CAPITAL MANAGEMENT SECOND QUARTER 208 Driehaus Emerging Markets Growth Fund Investor Class: Institutional Class: DIEMX KEY FEATURES All cap global emerging markets exposure mark aware, not benchmark

More information

Emerging Markets High Dividend Q Commentary. Market Review: Performance:

Emerging Markets High Dividend Q Commentary. Market Review: Performance: S C H A F E R C U L L E N C A P I T A L M A N A G E M E N T Emerging Markets High Dividend Q1 2018 Commentary Market Review: The first quarter of 2018 marked a shift from the meteoric rise of 2017, with

More information

A (Ydis) USD. Franklin Templeton Investment Funds. Fund Manager Report. Calendar Year Returns (%) Portfolio Manager Insight

A (Ydis) USD. Franklin Templeton Investment Funds. Fund Manager Report. Calendar Year Returns (%) Portfolio Manager Insight Templeton Emerging Markets Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $965,180,399.67 Fund Inception Date 28/02/1991 Number of

More information

Driehaus Multi-Asset Growth Economies Fund

Driehaus Multi-Asset Growth Economies Fund DRIEHAUS CAPITAL MANAGEMENT SECOND QUARTER 2018 Driehaus Multi-Asset Growth Economies Fund KEY OBJECTIVES Provide superior risk-adjusted returns and higher total return than the MSCI Emerging Markets Index

More information

Templeton Emerging Markets Small Cap Fund Class A, C

Templeton Emerging Markets Small Cap Fund Class A, C Templeton Emerging Markets Small Cap Fund Class A, C Value Equity Product Profile Product Details 1 Fund Assets $1,006,954,613.92 Fund Inception Date 10/02/2006 Number of Issuers 132 Investment Style Benchmark

More information

Wells Fargo Target Date Funds

Wells Fargo Target Date Funds All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:

More information

Driehaus Emerging Markets Growth Strategy

Driehaus Emerging Markets Growth Strategy DRIEHAUS CAPITAL MANAGEMENT THIRD QUARTER 207 Driehaus Emerging Markets Growth Strategy OBJECTIVE The strategy seeks to outperform the MSCI Emerging Markets Index over full market cycles. KEY FEATURES

More information

HSBC Global Investment Funds - Global Emerging Markets Equity

HSBC Global Investment Funds - Global Emerging Markets Equity HSBC Global Investment Funds - Global Emerging Markets Equity S Share Class 31 Oct 2018 31/10/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long-term total return (meaning

More information

Driehaus Emerging Markets Growth Fund

Driehaus Emerging Markets Growth Fund DRIEHAUS CAPITAL MANAGEMENT THIRD QUARTER 208 Driehaus Emerging Markets Growth Fund Investor Class: Institutional Class: DIEMX KEY FEATURES All cap global emerging markets exposure mark aware, not benchmark

More information

DuPont Capital Emerging Markets Fund (DCMEX) Quarterly Report - March 31, 2015

DuPont Capital Emerging Markets Fund (DCMEX) Quarterly Report - March 31, 2015 Equity Market Review Nearly all major equity markets rose during the period, led by Europe and Japan. Global equity markets benefited from the continuation of easy monetary policy by the world s largest

More information

Templeton Emerging Markets Fund Fund Manager Report

Templeton Emerging Markets Fund Fund Manager Report Franklin Templeton Investment Funds Templeton Emerging Markets Fund Fund Manager Report Equity LU0029874905 31 January 2016 Fund Characteristics Base Currency USD Total Net Assets (USD) 464,934,127 Fund

More information

Managed Futures Strategy Fund

Managed Futures Strategy Fund Visit longboardfunds.com Call us at 800.290.8319 ASSETS AS OF JUNE 30, 2018 $399,882,887 Managed Futures Strategy Fund Monthly Portfolio Update & Commentary June 2018 LONG RECAP The fund returned +1.21

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015

DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017

DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018

DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017

DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation

More information

Templeton BRIC Fund A (acc) USD

Templeton BRIC Fund A (acc) USD Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $906480749.69 Fund Inception Date 25/10/2005 Number of Issuers 49 Bloomberg ISIN Base Currency Investment

More information

Wells Fargo Target Date CITs E3

Wells Fargo Target Date CITs E3 All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:

More information

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014

DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.

More information

GLOBAL EQUITY MARKET OUTLOOK: FAVOR U.S.; STICK WITH EM

GLOBAL EQUITY MARKET OUTLOOK: FAVOR U.S.; STICK WITH EM LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS U.S. economic and earnings growth continue to stand out globally and support our positive view of U.S. equities. We continue to see upside potential

More information

Rebalancing International Equities: What to Know. What to Consider.

Rebalancing International Equities: What to Know. What to Consider. Success Should Not Be Cyclical Perspective Rebalancing International Equities: What to Know. What to Consider. Executive Summary Diversified investors may be frustrated by the underperformance of their

More information

Freedom Quarterly Market Commentary // 2Q 2018

Freedom Quarterly Market Commentary // 2Q 2018 ASSET MANAGEMENT SERVICES Freedom Quarterly Market Commentary // 2Q 2018 SECOND QUARTER HIGHLIGHTS U.S. economic growth and earnings lead the world The value of the dollar rises, affecting currency exchange

More information

Templeton BRIC Fund A (acc) USD

Templeton BRIC Fund A (acc) USD Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $832,597,433.81 Fund Inception Date 25/10/2005 Number of Issuers 50 Bloomberg ISIN Base Currency Investment

More information

Driehaus Multi-Asset Growth Economies Fund

Driehaus Multi-Asset Growth Economies Fund DRIEHAUS CAPITAL MANAGEMENT THIRD QUARTER 2018 Driehaus Multi-Asset Growth Economies Fund KEY OBJECTIVES Provide superior risk-adjusted returns and higher total return than the MSCI Emerging Markets Index

More information

WisdomTree Emerging Markets Equity Income Fund (DEM) Receives 5-Star Overall Morningstar Rating TM

WisdomTree Emerging Markets Equity Income Fund (DEM) Receives 5-Star Overall Morningstar Rating TM WisdomTree Emerging Markets Equity Income Fund (DEM) Receives 5-Star Overall Morningstar Rating TM Beating 99 Emerging Market Funds as of 9/30/10 1 Fund Focuses on Dividend-Paying Stocks of the Emerging

More information

Templeton BRIC Fund A (acc) USD

Templeton BRIC Fund A (acc) USD Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $618949749.64 Fund Inception Date 25/10/2005 Number of Issuers 52 Bloomberg ISIN Base Currency Investment

More information

EMERGING MARKETS ADR STRATEGY

EMERGING MARKETS ADR STRATEGY Capturing Value Worldwide 3.31.2018 STRATEGY FACTS Discipline Process Bottom-up/ Active Management Fundamental AUM $174 Million UMA $ 38 Million Strategy $212 Million Inception 3/31/2011 Portfolio Management

More information

LOOKING TO EXPAND YOUR INVESTMENT HORIZON? THE MODERN INDEX STRATEGY. msci.com

LOOKING TO EXPAND YOUR INVESTMENT HORIZON? THE MODERN INDEX STRATEGY. msci.com LOOKING TO EXPAND YOUR INVESTMENT HORIZON? THE MODERN INDEX STRATEGY msci.com MSCI DELIVERS THE MODERN INDEX STRATEGY The MSCI Emerging Markets Index is designed to represent the performance of large-

More information

Global Opportunity Portfolio

Global Opportunity Portfolio MORGAN STANLEY INSTITUTIONAL FUND Global Opportunity Portfolio ACTIVE FUNDAMENTAL EQUITY GLOBAL OPPORTUNITY TEAM COMMENTARY DECEMBER 31, 2017 Performance Review The investment team seeks high quality companies,

More information

International Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions

International Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: International Equities $912.3 million $36.3 million Year Founded: GIMA

More information

The Glenmede Fund, Inc. The Glenmede Portfolios

The Glenmede Fund, Inc. The Glenmede Portfolios The Glenmede Fund, Inc. The Glenmede Portfolios Annual Report The performance for the portfolios shown on pages 2 to 4 and 6 to 24 represents past performance and is not a guarantee of future results.

More information

PHILLIPS, HAGER & NORTH BALANCED PENSION TRUST

PHILLIPS, HAGER & NORTH BALANCED PENSION TRUST BALANCED FUND PHILLIPS, HAGER & NORTH BALANCED PENSION TRUST December 31, 2018 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc.

More information

Does Economic Growth in Emerging Markets Drive Equity Returns?

Does Economic Growth in Emerging Markets Drive Equity Returns? Does Economic Growth in Emerging Markets Drive Equity Returns? Conrad Saldanha, CFA Portfolio Manager Emerging Market Equities August 00 Conventional wisdom suggests that a country s economic growth should

More information

Templeton BRIC Fund A (acc) USD

Templeton BRIC Fund A (acc) USD Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $677,114,757.61 Fund Inception Date 25.10.2005 Number of Issuers 51 Bloomberg ISIN Base Currency Investment

More information

Global Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions

Global Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: Global Equities $912.3 million $53.9 million Year Founded: GIMA Status:

More information

DRIEHAUS EMERGING MARKETS SMALL CAP GROWTH FUND January 2014 Summary

DRIEHAUS EMERGING MARKETS SMALL CAP GROWTH FUND January 2014 Summary DRIEHAUS EMERGING MARKETS SMALL CAP GROWTH FUND January 204 Summary Key Features The fund seeks: Superior risk-adjusted returns Lower down-market capture ratios Lower volatility (relative to indices) objective

More information

WILSHIRE MUTUAL FUNDS

WILSHIRE MUTUAL FUNDS WILSHIRE MUTUAL FUNDS SEMI-ANNUAL REPORT (Unaudited) LARGE COMPANY GROWTH PORTFOLIO LARGE COMPANY VALUE PORTFOLIO SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO WILSHIRE 5000 INDEX SM FUND

More information

Calvert Asset Allocation Funds

Calvert Asset Allocation Funds Q3 2017 INVESTMENT COMMENTARY Calvert Asset Allocation Funds Calvert s Asset Allocation Funds provide a convenient, one-step approach to investment diversification that incorporates environmental, social,

More information

AAM S&P EMERGING MARKETS HIGH DIVIDEND VALUE ETF (EEMD)

AAM S&P EMERGING MARKETS HIGH DIVIDEND VALUE ETF (EEMD) AAM S&P EMERGING MARKETS HIGH DIVIDEND VALUE ETF (EEMD) Listed on NYSE Arca, Inc. Summary Prospectus October 24, 2017, as supplemented March 2, 2018 www.aamlive.com/etf Before you invest, you may want

More information

Templeton China World Fund Advisor Class

Templeton China World Fund Advisor Class Templeton China World Fund Advisor Class Equity Product Profile Product Details 1 Fund Assets $290,551,367.47 Fund Inception Date 09/08/1993 Number of Issuers 51 NASDAQ Symbol TACWX Maximum Sales Charge

More information

Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016

Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016 Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016 Overview In USD terms, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital Index returned

More information

GLOBAL EQUITY MARKET OUTLOOK

GLOBAL EQUITY MARKET OUTLOOK LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS 2017 was an excellent year for international equities, particularly EM. We favor the United States and EM equities for tactical global asset allocations

More information

Templeton Asian Growth Fund A (Ydis) USD

Templeton Asian Growth Fund A (Ydis) USD Templeton Asian Growth Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $4472298470.36 Fund Inception Date 16/04/1991 Number of Issuers

More information

SPDR MSCI Emerging Markets StrategicFactors SM ETF

SPDR MSCI Emerging Markets StrategicFactors SM ETF SPDR MSCI Emerging Markets StrategicFactors SM ETF Summary Prospectus-January 31, 2018 QEMM (NYSE Ticker) Before you invest in the SPDR MSCI Emerging Markets StrategicFactors SM ETF (the Fund ), you may

More information

TIF Emerging Markets Series

TIF Emerging Markets Series Equity Product Profile Product Details Fund Assets $57,261,320.21 Fund Inception Date 05/03/1993 Number of Issuers 94 Total Annual Operating 1.31% Expenses With Waiver Total Annual Operating 1.44% Expenses

More information

RBC STRATEGIC GLOBAL DIVIDEND LEADERS ETF

RBC STRATEGIC GLOBAL DIVIDEND LEADERS ETF GLOBAL EQUITY ETF RBC STRATEGIC GLOBAL DIVIDEND LEADERS ETF December 31, 2018 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved

More information

IOOF. International Equities Portfolio NZD. Quarterly update

IOOF. International Equities Portfolio NZD. Quarterly update IOOF NZD Quarterly update For the period ended 30 September 2018 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure their

More information

NEWTON GLOBAL EMERGING MARKETS STRATEGY

NEWTON GLOBAL EMERGING MARKETS STRATEGY July 2018 NEWTON GLOBAL EMERGING MARKETS STRATEGY For institutional investors only. Not for distribution outside the U.S. or to individual investors. Compared to more established economies, the value of

More information

Managed Futures Strategy Fund

Managed Futures Strategy Fund Visit longboardfunds.com Call us at 800.290.8319 ASSETS AS OF MARCH 31, 2018 $420,163,021 Managed Futures Strategy Fund Monthly Portfolio Update & Commentary March 2018 The Longboard Managed Futures Strategy

More information

HSBC Global Investment Funds - BRIC Equity

HSBC Global Investment Funds - BRIC Equity HSBC Global Investment Funds - BRIC Equity SG Share Class (Active - Closed to New Investors) 31 Mar 2018 31/03/2018 Fund Objective and Strategy The Fund aims to provide long-term total return (meaning

More information

T. Rowe Price Funds. Supplement to the following summary prospectuses, each as dated below (as supplemented) MARCH 1, 2018 MAY 1, 2018 JULY 1, 2018

T. Rowe Price Funds. Supplement to the following summary prospectuses, each as dated below (as supplemented) MARCH 1, 2018 MAY 1, 2018 JULY 1, 2018 T. Rowe Price Funds Supplement to the following summary prospectuses, each as dated below (as supplemented) Africa & Middle East Asia Opportunities Emerging Europe Emerging Markets Stock Emerging Markets

More information

Templeton Emerging Markets Small Cap Fund Advisor Class

Templeton Emerging Markets Small Cap Fund Advisor Class Templeton Emerging Markets Small Cap Fund Advisor Class Value Equity Product Profile Product Details 1 Fund Assets $1,088,378,620.46 Fund Inception Date 10/02/2006 Number of Issuers 136 NASDAQ Symbol TEMZX

More information

TEACHERS RETIREMENT BOARD. INVESTMENT COMMITTEE Item Number: 11

TEACHERS RETIREMENT BOARD. INVESTMENT COMMITTEE Item Number: 11 TEACHERS RETIREMENT BOARD INVESTMENT COMMITTEE Item Number: 11 SUBJECT: Special Mandate Low Carbon Strategies CONSENT: ATTACHMENT(S): 2 ACTION: X DATE OF MEETING: / 20 mins. INFORMATION: PRESENTER(S):

More information

Eastspring Investments Global Emerging Markets Dynamic Fund

Eastspring Investments Global Emerging Markets Dynamic Fund Factsheet Singapore March 2019 All data as at 28 February 2019 unless otherwise stated Eastspring Investments Global Emerging Markets Dynamic Fund RATINGS Class A Morningstar Overall Rating QQQQ FUND DETAILS

More information

Driehaus Emerging Markets Growth Fund

Driehaus Emerging Markets Growth Fund DRIEHAUS CAPITAL MANAGEMENT FOURTH QUARTER 208 Driehaus Emerging Markets Growth Fund Investor Class: Institutional Class: DIEMX KEY FEATURES All cap global emerging markets exposure mark aware, not benchmark

More information

INTERIM SHORT REPORT. Henderson Institutional Emerging Markets Fund. For the six months ended 30 April 2015

INTERIM SHORT REPORT. Henderson Institutional Emerging Markets Fund. For the six months ended 30 April 2015 INTERIM SHORT REPORT For the six months ended 30 April 2015 Henderson Institutional Emerging Markets Fund Henderson Institutional Emerging Markets Fund Short Report For the six months ended 30 April 2015

More information

HSBC Global Investment Funds - Chinese Equity

HSBC Global Investment Funds - Chinese Equity HSBC Global Investment Funds - Chinese Equity S Share Class 31 Aug 2018 31/08/2018 Fund Objective and Strategy Investment Objective The Fund seeks long-term capital growth by investing in a portfolio of

More information

Additional series available. Morningstar TM Rating. Funds in category. Equity style Market cap %

Additional series available. Morningstar TM Rating. Funds in category. Equity style Market cap % Sun Life Excel Emerging Markets Fund Series A $11.1198 Net asset value per security (NAVPS) as of June 22, 18 $0.0811 0.73% Benchmark MSCI Emerging Markets C$ Index Fund category Emerging Markets Equity

More information

Please file this Supplement with your records.

Please file this Supplement with your records. Removal of Redemption Fee Segall Bryant & Hamill Emerging Markets Fund Class A: SBHEX Class I: SBEMX Segall Bryant & Hamill International Small Cap Fund Class A: SBHSX Class I: SBSIX Each a series of Investment

More information

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review NORTHERN FUNDS Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review June 30, 2018 Must be preceded or accompanied by a current prospectus Fund Facts Fund Objective: Total

More information

Calamos Evolving World Growth Fund

Calamos Evolving World Growth Fund calamos.com Calamos Evolving World Growth Fund Companies Not Countries, an Innovative Approach Driven by Independent Thinking 2 CALAMOS EVOLVING WORLD GROWTH FUND Calamos Investments is a global investment

More information

Quarterly Commentary

Quarterly Commentary Third Quarter 2017 Quarterly Commentary Inv Manager or Sub-Advisor Benchmark Morningstar Category Investment Objective Principal Global Investors MSCI Emerging Markets NR Index Diversified Emerging Markets

More information

Templeton Asian Growth Fund A (Ydis) USD

Templeton Asian Growth Fund A (Ydis) USD Templeton Asian Growth Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $4,472,298,470.36 Fund Inception Date 16/04/1991 Number of Issuers

More information

Scotia Private Emerging Markets Pool

Scotia Private Emerging Markets Pool Scotia Private Pools Scotia Private Emerging Markets Pool Annual Management Report of Fund Performance For the period ended December 31, 2017 This annual management report of fund performance contains

More information

Eastspring Investments Funds Monthly Income Plan

Eastspring Investments Funds Monthly Income Plan Factsheet Singapore October 2018 All data as at 30 September 2018 unless otherwise stated Eastspring Investments Funds Monthly Income Plan FUND DETAILS Fund size (mil) 1,027.1 Fund base currency Fund dealing

More information

Sandra Crowl, CAIA. Member of the Investment Committee

Sandra Crowl, CAIA. Member of the Investment Committee Sandra Crowl, CAIA Member of the Investment Committee 1 Macro Backdrop and Investment Ideas for 2018 2 Emerging Markets Tailwinds Overall consumption growth, annual change Global trade growth, in volume

More information

Segall Bryant & Hamill Emerging Markets Fund (Class A: SBHEX) (Class I: SBEMX)

Segall Bryant & Hamill Emerging Markets Fund (Class A: SBHEX) (Class I: SBEMX) Segall Bryant & Hamill Emerging Markets Fund (Class A: SBHEX) (Class I: SBEMX) A series of Investment Managers Series Trust Supplement dated June 16, 2017, to the Summary Prospectus dated March 1, 2017.

More information

Eastspring Investments Asian Low Volatility Equity Fund

Eastspring Investments Asian Low Volatility Equity Fund Factsheet Singapore December 2018 All data as at 30 November 2018 unless otherwise stated Eastspring Investments Asian Low Volatility Equity Fund FUND DETAILS Fund size (mil) 293.4 Fund base currency Fund

More information

Eastspring Investments Funds Monthly Income Plan

Eastspring Investments Funds Monthly Income Plan Factsheet Singapore September 2018 All data as at 31 August 2018 unless otherwise stated Eastspring Investments Funds Monthly Income Plan FUND DETAILS Fund size (mil) 1,050.8 Fund base currency Fund dealing

More information

Eastspring Investments Asian Equity Fund

Eastspring Investments Asian Equity Fund Factsheet Singapore October 2017 All data as at 30 September 2017 unless otherwise stated Eastspring Investments Asian Equity Fund FUND DETAILS Fund size (mil) 409.7 Fund base currency Fund dealing frequency

More information

Risks and Opportunities in Global Equities Today BCI Global Investment Conference Tom Mann, CFA Senior Portfolio Manager

Risks and Opportunities in Global Equities Today BCI Global Investment Conference Tom Mann, CFA Senior Portfolio Manager Risks and Opportunities in Global Equities Today BCI Global Investment Conference Tom Mann, CFA Senior Portfolio Manager June 2017 For professional investors only. Not suitable for retail clients 05/06/2017

More information

Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015

Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015 Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015 Overview The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index

More information

The Current and Long- Term Case for Overseas Investing

The Current and Long- Term Case for Overseas Investing The Current and Long- Term Case for Overseas Investing Q1 2017 TP666 Bank of America Corporation ( Bank of America ) is a financial holding company that, through its subsidiaries and affiliated companies,

More information

HSBC Global Investment Funds - Brazil Equity

HSBC Global Investment Funds - Brazil Equity HSBC Global Investment Funds - Brazil Equity S Share Class 30 Jun 2018 30/06/2018 Fund Objective and Strategy Investment Objective The Fund seeks long-term total return (meaning capital growth and income)

More information

Global Select International Select International Select Hedged Emerging Market Select

Global Select International Select International Select Hedged Emerging Market Select International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country

More information

Emerging Markets Discovery Stock Fund

Emerging Markets Discovery Stock Fund SUMMARY PROSPECTUS March 1, 2019 PRIJX REVIX PAIJX T. ROWE PRICE Emerging Markets Discovery Stock Fund (formerly known as Emerging Markets Value Stock Fund) Investor Class I Class Advisor Class The Securities

More information

Schafer Cullen Capital Management Emerging Markets High Dividend Strategy 1 st Quarter Performance Information As of March 31, 2016

Schafer Cullen Capital Management Emerging Markets High Dividend Strategy 1 st Quarter Performance Information As of March 31, 2016 Schafer Cullen Capital Management Emerging Markets High Dividend Strategy 1 st Quarter 2016 Performance Information As of March 31, 2016 Annualized Returns (%) Since Q1 1 Year 3 Year 5 Year 10 Year Inception

More information

iprofile TM Emerging Markets Class

iprofile TM Emerging Markets Class Annual Management Report of Fund Performance FOR THE PERIOD ENDED MARCH 31, 2018 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, including

More information

MACKENZIE EMERGING MARKETS ALL CAP EQUITY USD Q STRATEGY PROFILE FOR INSTITUTIONAL INVESTORS ONLY. NOT FOR DISTRIBUTION TO RETAIL INVESTORS.

MACKENZIE EMERGING MARKETS ALL CAP EQUITY USD Q STRATEGY PROFILE FOR INSTITUTIONAL INVESTORS ONLY. NOT FOR DISTRIBUTION TO RETAIL INVESTORS. EMERGING MARKETS ALL CAP EQUITY USD STRATEGY PROFILE Q3 2018 FOR INSTITUTIONAL INVESTORS ONLY. NOT FOR DISTRIBUTION TO RETAIL INVESTORS. STRATEGY PROFILE Q3 2018 EMERGING MARKETS ALL CAP EQUITY USD SEPTEMBER

More information

Templeton Latin America Fund A (Ydis) USD

Templeton Latin America Fund A (Ydis) USD Templeton Latin America Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Blend Equity Product Details 1 Fund Assets $1,076,825,961.83 Fund Inception Date 28/02/1991 Number of Issuers

More information

SCHRODER EMERGING MARKETS FUND Semi-Annual Report & Financial Statements June 2018

SCHRODER EMERGING MARKETS FUND Semi-Annual Report & Financial Statements June 2018 Semi-Annual Report & Financial Statements June 2018 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registration No. 199201080H Trustee

More information

Quarterly Commentary

Quarterly Commentary Third Quarter 2017 Quarterly Commentary Ticker Inv Manager or Sub-Advisor Benchmark Morningstar Category Investment Objective POEYX Origin Asset Management LLP MSCI Emerging Markets NR Index Diversified

More information