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Emerging Markets Equity

The Strategy typically invests in emerging and developing market stocks.
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Special Notice:

As of 4/12/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.

×
Cumulative Total Returns

as of 7/31/17

Since Inception 11/18/96
995%
Performance & Distributions
×

Emerging Markets Equity

Gross Expense Ratio:
      1.32%
    Net Expense Ratio:   1.32%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    Developing Markets Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 8/22/17
      1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
    • B
    Developing Markets Fund 14.09 -19.36 82.30 -5.26 -5.73 -1.60 65.23 33.00 41.23 25.18 33.86 -48.03 81.73 26.99 -18.10 20.85 8.36 -4.81 -14.06 6.89 26.47
    MSCI Emerging Markets -2.62 -6.17 55.82 25.55 34.00 32.17 39.53 -53.33 78.51 18.88 -18.42 18.22 -2.60 -2.19 -14.92 11.19
    Capital Gains Distributions ($ per share)
    Data as of 8/23/17
      2012 2013 2014 2015 2016
    Short Term
    Long Term 0.1792 0.5977
    Total Amount of Distribution 0.1792 0.5977
    Record Date 12/5/13 12/4/14
    Ex Div Date 12/6/13 12/5/14
    Pay Date 12/9/13 12/5/14

    There is no guarantee of the payment of any dividend or other distributions at any level.

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 7/31/17

    as of 6/30/17

    • A
    YTD (as of 8/22/17)
    • B
    26.47%
    1 Year 24.83%
    3 Year 1.21%
    5 Year 5.74%
    10 Year 4.48%
    Since Inception 12.25%
    YTD (as of 8/22/17)
    • B
    26.47%
    1 Year 17.65%
    3 Year -0.77%
    5 Year 4.49%
    10 Year 3.86%
    Since Inception 11.93%
    YTD (as of 8/22/17)
    • B
    26.47%
    1 Year 22.27%
    3 Year -0.68%
    5 Year 4.69%
    10 Year 4.32%
    Since Inception 12.02%
    YTD (as of 8/22/17)
    • B
    26.47%
    1 Year 15.24%
    3 Year -2.62%
    5 Year 3.46%
    10 Year 3.70%
    Since Inception 11.70%
    Gross Expense Ratio
    1.32%
    NAV
    • C
    as of 8/22/17
    $41.00

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Top Issuers

    07/31/17

    Alibaba Group Holding Ltd.
    6.5%
    Tencent Holdings Ltd.
    6.2%
    Taiwan Semiconductor Manufact...
    5.7%
    Housing Development Finance C...
    5.1%
    AIA Group Ltd.
    2.9%
    Magnit PJSC
    2.6%
    Ctrip.com Intl ADR
    2.4%
    Glencore Plc
    2.2%
    Novatek OAO
    2.2%
    Kering
    2.1%
    Infosys Ltd.
    2.0%
    Fomento Economico-UBD
    1.9%
    BM&FBovespa SA
    1.8%
    Naver Corp.
    1.6%
    Jiangsu Hengrui Medicine Co. ...
    1.6%
    Zee Entertainment Enterprises...
    1.5%
    Jardine Strategic Holdings Lt...
    1.5%
    DP World Ltd.
    1.5%
    China Lodging Group
    1.4%
    Sinopharm Group Co.
    1.4%
    ×
    • 6.5%
      Alibaba Group Holding Ltd.
    • Operates as an online and mobile commerce company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 6.2%
      Tencent Holdings Ltd.
    • Operates investment holding company with interest in internet, mobile, and telecommunications value-added services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 5.7%
      Taiwan Semiconductor Manufacturing
    • Manufactures, distributes and tests integrated circuits, silicon wafers, diodes and related semiconductor components
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Taiwan
    EQUITY SECTOR Information Technology
    INDUSTRY Semiconductors & Semiconductor Equipment
    MARKET CAP Large
    ×
    • 5.1%
      Housing Development Finance Corp.
    • Provides mortgage services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY India
    EQUITY SECTOR Financials
    INDUSTRY Thrifts & Mortgage Finance
    MARKET CAP Large
    ×
    • 2.9%
      AIA Group Ltd.
    • Provides general insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Hong Kong
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Large
    ×
    • 2.6%
      Magnit PJSC
    • Owns and operates retail and convenience stores and hypermarkets
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Russia
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    MARKET CAP Large
    ×
    • 2.4%
      Ctrip.com Intl ADR
    • Operates a travel planning, hotel and air ticket reservations website
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Internet & Direct Marketing Retail
    MARKET CAP Large
    ×
    • 2.2%
      Glencore Plc
    • Produces and markets metal, mineral and energy and agricultural commodities
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Materials
    INDUSTRY Metals & Mining
    MARKET CAP Large
    ×
    • 2.2%
      Novatek OAO
    • Explores, produces, and processes natural gas and liquid hydrocarbons
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Russia
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 2.1%
      Kering
    • Operates luxury goods retail stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Textiles Apparel & Luxury Goods
    MARKET CAP Large
    ×
    • 2.0%
      Infosys Ltd.
    • Provides technology consulting, application, system integration and engineering services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY India
    EQUITY SECTOR Information Technology
    INDUSTRY IT Services
    MARKET CAP Large
    ×
    • 1.9%
      Fomento Economico-UBD
    • Produces and distributes alcoholic and non-alcoholic beverages
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Mexico
    EQUITY SECTOR Consumer Staples
    INDUSTRY Beverages
    MARKET CAP Large
    ×
    • 1.8%
      BM&FBovespa SA
    • Provides exchange trading, clearing and other trade services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Brazil
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Large
    ×
    • 1.6%
      Naver Corp.
    • Operates internet search engines and on-line computer gaming servers
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY South Korea
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 1.6%
      Jiangsu Hengrui Medicine Co. Ltd.
    • Manufactures and distributes pharmaceutical and health food products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 1.5%
      Zee Entertainment Enterprises Ltd.
    • Provides television, media and entertainment services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY India
    EQUITY SECTOR Consumer Discretionary
    MARKET CAP Large
    ×
    • 1.5%
      Jardine Strategic Holdings Ltd.
    • Operates as an investment holding company with interest in engineering and construction, transport services and insurance brokerage business
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Hong Kong
    EQUITY SECTOR Industrials
    INDUSTRY Industrial Conglomerates
    MARKET CAP Large
    ×
    • 1.5%
      DP World Ltd.
    • Provides marine cargo handling services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Arab Emirates
    EQUITY SECTOR Industrials
    INDUSTRY Transportation Infrastructure
    MARKET CAP Large
    ×
    • 1.4%
      China Lodging Group
    • Operates as an economy hotel chain
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Large
    ×
    • 1.4%
      Sinopharm Group Co.
    • Manufactures, distributes and retails pharmaceutical and healthcare products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    MARKET CAP Large
    Holdings Breakdown

    as of 07/31/17

    23.7%

    China

    13.5%

    India

    7.3%

    Russia

    6.4%

    Hong Kong

    5.7%

    Taiwan

    5.3%

    Mexico

    5.2%

    Brazil

    4.0%

    South Korea

    3.6%

    United Kingdom

    3.4%

    France

    3.3%

    Philippines

    No Issuer Equity
    in
    Philippines
    2.2%

    South Africa

    No Issuer Equity
    in
    South Africa
    2.0%

    United Arab Emirates

    1.9%

    Indonesia

    No Issuer Equity
    in
    Indonesia
    1.6%

    Malaysia

    No Issuer Equity
    in
    Malaysia
    1.2%

    Colombia

    No Issuer Equity
    in
    Colombia
    1.0%

    Turkey

    No Issuer Equity
    in
    Turkey
    0.8%

    Poland

    No Issuer Equity
    in
    Poland
    0.7%

    United States

    No Issuer Equity
    in
    United States
    0.6%

    Japan

    No Issuer Equity
    in
    Japan
    Developed Markets 5
    Emerging Markets 5
    7.4%

    Europe

    No Issuer Equity
    in
    Europe
    7.1%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    0.7%

    Americas

    No Issuer Equity
    in
    Americas
    54.1%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    12.1%

    Americas

    No Issuer Equity
    in
    Americas
    9.1%

    Europe

    No Issuer Equity
    in
    Europe
    3.1%

    Africa

    No Issuer Equity
    in
    Africa
    2.0%

    Middle East

    No Issuer Equity
    in
    Middle East
    24.1%

    Information Technology

    20.8%

    Financials

    17.4%

    Consumer Discretionary

    11.4%

    Consumer Staples

    6.4%

    Health Care

    5.7%

    Industrials

    4.8%

    Materials

    2.4%

    Energy

    2.2%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    0.5%

    Telecommunication Services

    No Issuer Equity
    in
    Telecommunication Services
    14.8%

    Internet Software & Services

    7.5%

    Banks

    No Issuer Equity
    in
    Banks
    5.7%

    Semiconductors & Semiconductor Equipment

    5.2%

    Textiles Apparel & Luxury Goods

    5.1%

    Thrifts & Mortgage Finance

    4.5%

    Food & Staples Retailing

    3.9%

    Beverages

    3.9%

    Insurance

    3.7%

    Metals & Mining

    3.5%

    Hotels Restaurants & Leisure

    3.0%

    IT Services

    2.9%

    Capital Markets

    2.7%

    Industrial Conglomerates

    2.6%

    Health Care Providers & Services

    2.4%

    Internet & Direct Marketing Retail

    2.4%

    Oil Gas & Consumable Fuels

    2.3%

    Pharmaceuticals

    2.2%

    Real Estate Management & Development

    No Issuer Equity
    in
    Real Estate Management & Development
    2.1%

    Transportation Infrastructure

    1.8%

    Personal Products

    No Issuer Equity
    in
    Personal Products
    95.7%

    4.3%

    No Issuer Equity
    in
    Net Cash and Equivalents
    89.8%

    Large

    5.6%

    Mid

    No Issuer Equity
    in
    Mid
    Morningstar

    as of 7/31/17

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 633
    Category Diversified Emerging Mkts
    Risk Measurements

    as of 07/31/17

    Alpha -0.92%
    Beta 0.87
    R-Squared
    90.15
    Sharpe Ratio
    0.14
    Standard Deviation
    15.06%
    Sortino Ratio
    0.06
    Information Ratio
    -0.23
    Equity Style
    • D
    Total Assets (all classes)
    as of 7/31/17
    $36.2 BN
    Morningstar Analyst Rating

    as of 9/28/2016

    Silver
    Portfolio Statistics

    as of 7/31/17

    Avg Market Cap (weighted) 90.8 BN
    Median Market Cap (weighted) 30.7 BN
    P/E (next 12 months) 19.51
    P/E Operating (LTM) 24.35
    Price/Book Value (LTM) 3.34
    Turnover Ratio
    18.00%
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • E
    Est Frequency Annual
    Last Pay Date 12/2/16
    Per Share ($) 0.0731
    12-Month Distribution ($) 0.0731
    Distribution Sources
    Net Income 96.20%
    Net Profit from Sale 0.00%
    Other Capital Sources 3.80%
    Top Issuers

    07/31/17

    Alibaba Group H...
    6.5%
    Tencent Holding...
    6.2%
    Taiwan Semicond...
    5.7%
    Housing Develop...
    5.1%
    AIA Group Ltd.
    2.9%
    Magnit PJSC
    2.6%
    Ctrip.com Intl ...
    2.4%
    Glencore Plc
    2.2%
    Novatek OAO
    2.2%
    Kering
    2.1%
    Infosys Ltd.
    2.0%
    Fomento Economi...
    1.9%
    BM&FBovespa SA
    1.8%
    Naver Corp.
    1.6%
    Jiangsu Hengrui...
    1.6%
    Zee Entertainme...
    1.5%
    Jardine Strateg...
    1.5%
    DP World Ltd.
    1.5%
    China Lodging G...
    1.4%
    Sinopharm Group...
    1.4%
    Holdings Breakdown

    as of 07/31/17

    Reset
    23.7%

    China

    13.5%

    India

    7.3%

    Russia

    6.4%

    Hong Kong

    5.7%

    Taiwan

    5.3%

    Mexico

    5.2%

    Brazil

    4.0%

    South Korea

    3.6%

    United Kingdom

    3.4%

    France

    3.3%

    Philippines

    No Issuer Equity
    in
    Philippines
    2.2%

    South Africa

    No Issuer Equity
    in
    South Africa
    2.0%

    United Arab Emirates

    1.9%

    Indonesia

    No Issuer Equity
    in
    Indonesia
    1.6%

    Malaysia

    No Issuer Equity
    in
    Malaysia
    1.2%

    Colombia

    No Issuer Equity
    in
    Colombia
    1.0%

    Turkey

    No Issuer Equity
    in
    Turkey
    0.8%

    Poland

    No Issuer Equity
    in
    Poland
    0.7%

    United States

    No Issuer Equity
    in
    United States
    0.6%

    Japan

    No Issuer Equity
    in
    Japan
    7.4%

    Europe

    No Issuer Equity
    in
    Europe
    7.1%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    0.7%

    Americas

    No Issuer Equity
    in
    Americas
    54.1%

    Asia Pacific

    No Issuer Equity
    in
    Asia Pacific
    12.1%

    Americas

    No Issuer Equity
    in
    Americas
    9.1%

    Europe

    No Issuer Equity
    in
    Europe
    3.1%

    Africa

    No Issuer Equity
    in
    Africa
    2.0%

    Middle East

    No Issuer Equity
    in
    Middle East
    24.1%

    Information Technology

    20.8%

    Financials

    17.4%

    Consumer Discretionary

    11.4%

    Consumer Staples

    6.4%

    Health Care

    5.7%

    Industrials

    4.8%

    Materials

    2.4%

    Energy

    2.2%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    0.5%

    Telecommunication Services

    No Issuer Equity
    in
    Telecommunication Services
    14.8%

    Internet Software & Services

    7.5%

    Banks

    No Issuer Equity
    in
    Banks
    5.7%

    Semiconductors & Semiconductor Equipment

    5.2%

    Textiles Apparel & Luxury Goods

    5.1%

    Thrifts & Mortgage Finance

    4.5%

    Food & Staples Retailing

    3.9%

    Beverages

    3.9%

    Insurance

    3.7%

    Metals & Mining

    3.5%

    Hotels Restaurants & Leisure

    3.0%

    IT Services

    2.9%

    Capital Markets

    2.7%

    Industrial Conglomerates

    2.6%

    Health Care Providers & Services

    2.4%

    Internet & Direct Marketing Retail

    2.4%

    Oil Gas & Consumable Fuels

    2.3%

    Pharmaceuticals

    2.2%

    Real Estate Management & Development

    No Issuer Equity
    in
    Real Estate Management & Development
    2.1%

    Transportation Infrastructure

    1.8%

    Personal Products

    No Issuer Equity
    in
    Personal Products
    95.7%

    4.3%

    No Issuer Equity
    in
    Net Cash and Equivalents
    89.8%

    Large

    5.6%

    Mid

    No Issuer Equity
    in
    Mid
    ×
    • 6.5%
      Alibaba Group Holding Ltd.
    • Operates as an online and mobile commerce company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 6.2%
      Tencent Holdings Ltd.
    • Operates investment holding company with interest in internet, mobile, and telecommunications value-added services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 5.7%
      Taiwan Semiconductor Manufacturing
    • Manufactures, distributes and tests integrated circuits, silicon wafers, diodes and related semiconductor components
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Taiwan
    EQUITY SECTOR Information Technology
    INDUSTRY Semiconductors & Semiconductor Equipment
    MARKET CAP Large
    ×
    • 5.1%
      Housing Development Finance Corp.
    • Provides mortgage services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY India
    EQUITY SECTOR Financials
    INDUSTRY Thrifts & Mortgage Finance
    MARKET CAP Large
    ×
    • 2.9%
      AIA Group Ltd.
    • Provides general insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Hong Kong
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Large
    ×
    • 2.6%
      Magnit PJSC
    • Owns and operates retail and convenience stores and hypermarkets
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Russia
    EQUITY SECTOR Consumer Staples
    INDUSTRY Food & Staples Retailing
    MARKET CAP Large
    ×
    • 2.4%
      Ctrip.com Intl ADR
    • Operates a travel planning, hotel and air ticket reservations website
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Internet & Direct Marketing Retail
    MARKET CAP Large
    ×
    • 2.2%
      Glencore Plc
    • Produces and markets metal, mineral and energy and agricultural commodities
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Materials
    INDUSTRY Metals & Mining
    MARKET CAP Large
    ×
    • 2.2%
      Novatek OAO
    • Explores, produces, and processes natural gas and liquid hydrocarbons
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Russia
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Large
    ×
    • 2.1%
      Kering
    • Operates luxury goods retail stores
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY France
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Textiles Apparel & Luxury Goods
    MARKET CAP Large
    ×
    • 2.0%
      Infosys Ltd.
    • Provides technology consulting, application, system integration and engineering services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY India
    EQUITY SECTOR Information Technology
    INDUSTRY IT Services
    MARKET CAP Large
    ×
    • 1.9%
      Fomento Economico-UBD
    • Produces and distributes alcoholic and non-alcoholic beverages
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Mexico
    EQUITY SECTOR Consumer Staples
    INDUSTRY Beverages
    MARKET CAP Large
    ×
    • 1.8%
      BM&FBovespa SA
    • Provides exchange trading, clearing and other trade services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Brazil
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Large
    ×
    • 1.6%
      Naver Corp.
    • Operates internet search engines and on-line computer gaming servers
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY South Korea
    EQUITY SECTOR Information Technology
    INDUSTRY Internet Software & Services
    MARKET CAP Large
    ×
    • 1.6%
      Jiangsu Hengrui Medicine Co. Ltd.
    • Manufactures and distributes pharmaceutical and health food products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Large
    ×
    • 1.5%
      Zee Entertainment Enterprises Ltd.
    • Provides television, media and entertainment services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY India
    EQUITY SECTOR Consumer Discretionary
    MARKET CAP Large
    ×
    • 1.5%
      Jardine Strategic Holdings Ltd.
    • Operates as an investment holding company with interest in engineering and construction, transport services and insurance brokerage business
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY Hong Kong
    EQUITY SECTOR Industrials
    INDUSTRY Industrial Conglomerates
    MARKET CAP Large
    ×
    • 1.5%
      DP World Ltd.
    • Provides marine cargo handling services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Arab Emirates
    EQUITY SECTOR Industrials
    INDUSTRY Transportation Infrastructure
    MARKET CAP Large
    ×
    • 1.4%
      China Lodging Group
    • Operates as an economy hotel chain
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Large
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    • 1.4%
      Sinopharm Group Co.
    • Manufactures, distributes and retails pharmaceutical and healthcare products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY China
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Providers & Services
    MARKET CAP Large

    Management

    Justin Leverenz, CFA

    Managed Fund since 5/07

    Investment Approach

    The investment team uses a bottom-up fundamental investment approach to identify exceptional businesses with durable earnings growth, sustainable competitive advantages, strong management and high return on capital. The team employs a contrarian approach to investing that exploits the sustainability of growth that the market fails to recognize. The portfolio construction process incorporates quantitative and qualitative assessments, but maintains a focus on companies not countries. The result is a high-conviction, diversified, low turnover portfolio where sector and country exposures are a byproduct of stock selection.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

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    1. 1. As of 4/12/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.
    2. 2. Special Risks: Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Eurozone investments may be subject to volatility and liquidity issues. Investments in securities of growth companies may be volatile. Mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a mid-sized company, if any gain is realized at all. Investing significantly in a particular region, industry, sector or issuer may increase volatility and risk.
    3. 3. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
    4. 4. Access index definitions.
    5. 5. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
    6. 6. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund’s prospectus.
    7. 7. The Morningstar Analyst Rating is not a credit or risk rating but a subjective evaluation performed by the analysts of Morningstar, Inc. (Mstar). Mstar evaluates funds based on five key pillars (process, performance, people, parent and price). Mstar's analysts use this evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar's Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Mstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Mstar's current expectations about future events. Mstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Mstar's expectations not to occur or to differ significantly.
    8. A. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
    9. B. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
    10. C. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
    11. D. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    12. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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