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Emerging Markets Innovators

Overview

An emerging markets equity strategy that invests in small and mid-cap companies with sustainable advantages and innovative or disruptive business models.

Strategy Inception Date
June 30, 2014
Composite Inception Date
August 31, 2014
Composite AUM
(as of 11/30/2017)
$947.40 MM
Composite Benchmark
MSCI Emerging Markets Mid Cap Index
Performance
Average Annual Returns
Cumulative Returns
Calendar Year Returns
as of 11/30/2017
as of 09/30/2017

Cumulative
Annualized
1 mo 3 mo ytd as of 2017-09-30
1 yr 3 yr since inception
Emerging Markets Innovators (gross of fees)
0.74% 8.86% 32.26% 21.32% 5.84% 4.59%
Emerging Markets Innovators (net of fees)
0.66% 8.60% 31.34% 20.18% 4.84% 3.59%
MSCI Emerging Markets Mid Cap Index
-0.65% 6.32% 25.66% 16.83% 2.55% 0.31%
MSCI Emerging Markets Mid Cap Index
-0.65% 6.32% 25.66% 16.83% 2.55% 0.31%
Cumulative
Annualized
1 mo 3 mo ytd as of 2017-11-30
1 yr 3 yr since inception
Emerging Markets Innovators (gross of fees)
2.91% 4.73% 37.50% 37.50% 8.60% 5.60%
Emerging Markets Innovators (net of fees)
2.83% 4.48% 36.33% 36.22% 7.57% 4.59%
MSCI Emerging Markets Mid Cap Index
0.36% 1.15% 27.95% 27.09% 3.72% 0.86%
MSCI Emerging Markets Mid Cap Index
0.36% 1.15% 27.95% 27.09% 3.72% 0.86%

Year Emerging Markets Innovators (gross of fees) Emerging Markets Innovators (net of fees) MSCI Emerging Markets Mid Cap Index
2015 -4.26% -5.18% -13.21%
2016 0.73% -0.23% 4.84%

Date Emerging Markets Innovators (gross of fees) Emerging Markets Innovators (net of fees) MSCI Emerging Markets Mid Cap Index
11/30/2014 0.00 0.00 0.00
12/31/2014 -3.40 -3.48 -4.17
1/31/2015 -4.35 -4.50 -2.84
2/28/2015 -2.02 -2.26 -0.51
3/31/2015 -0.90 -1.21 -1.48
4/30/2015 5.16 4.74 6.63
5/31/2015 3.68 3.18 2.88
6/30/2015 3.17 2.59 -1.14
7/31/2015 -1.18 -1.82 -6.34
8/31/2015 -9.40 -10.05 -14.77
9/30/2015 -12.01 -12.73 -16.80
10/31/2015 -7.25 -8.07 -11.74
11/30/2015 -8.01 -8.89 -14.91
12/31/2015 -7.52 -8.48 -16.83
1/31/2016 -11.10 -12.10 -21.71
2/29/2016 -13.53 -14.58 -22.33
3/31/2016 -7.28 -8.47 -12.49
4/30/2016 -6.17 -7.44 -11.43
5/31/2016 -6.87 -8.21 -15.22
6/30/2016 -4.87 -6.31 -12.57
7/31/2016 -2.09 -3.65 -7.27
8/31/2016 -0.46 -2.12 -6.77
9/30/2016 1.56 -0.21 -6.21
10/31/2016 0.14 -1.69 -6.60
11/30/2016 -6.84 -8.62 -12.21
12/31/2016 -6.84 -8.69 -12.80
1/31/2017 -2.03 -4.05 -8.01
2/28/2017 0.33 -1.82 -4.48
3/31/2017 5.53 3.19 -1.79
4/30/2017 11.33 8.78 0.34
5/31/2017 11.49 8.85 2.92
6/30/2017 13.19 10.43 3.06
7/31/2017 19.19 16.19 8.25
8/31/2017 22.31 19.14 10.29
9/30/2017 23.22 19.93 9.57
10/31/2017 24.48 21.06 11.17
11/30/2017 28.10 24.48 11.57
Portfolio

Top Issuers

(35.6% of assets as of 11/30/2017)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector
Industry
Asset Allocation
Market Cap 1
Country Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index Overweight / Underweight
China 19.8% 25.9% -6.1%
India 12.1% 8.4% 3.7%
Taiwan 11.9% 10.9% 1.1%
South Korea 10.0% 15.0% -5.1%
Brazil 7.4% 9.3% -1.9%
South Africa 5.2% 8.0% -2.8%
Malaysia 3.0% 2.6% 0.3%
Argentina 2.2% - -
Mexico 2.0% 3.4% -1.3%
Thailand 2.0% 2.5% -0.6%
United Kingdom 1.9% - -
Indonesia 1.7% 1.9% -0.2%
Hong Kong 1.6% - -
Philippines 1.4% 1.3% 0.1%
Poland 1.4% 2.1% -0.8%
Portugal 1.2% - -
Hungary 1.0% 0.4% 0.5%
Sri Lanka 1.0% - -
Russia 0.9% 1.2% -0.3%
Egypt 0.9% 0.2% 0.7%
Developed Markets Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Europe 3.7% - -
Asia Pacific 2.1% - -
Americas 0.3% - -
Emerging Markets Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Asia Pacific 63.5% 68.9% -5.4%
Americas 12.5% 14.5% -2.0%
Africa 6.6% 8.2% -1.6%
Europe 4.5% 7.2% -2.7%
Middle East 0.4% 1.2% -0.8%
Equity Sector Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Consumer Discretionary 25.2% 16.3% 9.0%
Information Technology 17.8% 13.8% 3.9%
Health Care 15.6% 7.1% 8.5%
Financials 13.6% 13.2% 0.4%
Consumer Staples 8.4% 7.1% 1.3%
Industrials 7.7% 14.4% -6.7%
Materials 3.3% 10.4% -7.1%
Real Estate 2.1% 7.1% -5.0%
Industry Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Biotechnology 9.1% 0.6% 8.5%
Diversified Consumer Services 7.4% 2.4% 5.0%
Banks 7.3% 5.0% 2.3%
Electronic Equipment Instruments & Components 6.8% 3.8% 3.0%
Food & Staples Retailing 5.2% 2.4% 2.9%
Hotels Restaurants & Leisure 4.6% 0.7% 3.9%
Software 3.4% 1.1% 2.3%
Health Care Providers & Services 3.4% 1.4% 2.0%
Auto Components 3.1% 1.4% 1.8%
Consumer Finance 3.1% 0.8% 2.3%
Specialty Retail 3.1% 1.5% 1.6%
IT Services 3.0% 0.3% 2.7%
Semiconductors & Semiconductor Equipment 2.6% 3.0% -0.3%
Life Sciences Tools & Services 2.6% - -
Textiles Apparel & Luxury Goods 2.4% 3.4% -1.0%
Construction Materials 2.3% 1.5% 0.8%
Personal Products 2.1% 0.5% 1.7%
Real Estate Management & Development 2.1% 4.8% -2.7%
Machinery 2.1% 2.0% 0.1%
Capital Markets 1.7% 2.5% -0.8%
Asset Allocation Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Equity 93.7% 100.0% -6.3%
Net Cash and Equivalents 6.3% - -
Market Cap Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Mid 43.2% 37.8% 5.4%
Large 39.1% 60.6% -21.5%
Small 11.3% 1.6% 9.7%
Analytics
(As of 11/30/2017)

Performance Statistics
3Y
Alpha
5.48
Beta
0.72
Information Ratio
0.69
R-Squared
78.92
Sharpe Ratio
0.70
Standard Deviation
12.40
Upside Capture
91.51
Downside Capture
65.32
Sortino Ratio
0.32
Win Ratio
58.00
Loss Ratio
42.00
Margin of Outperformance
1.74
Margin of Underperformance
-1.58
Tracking Error
7.10
Portfolio Characteristics
Rep Portfolio
Benchmark
Average Market Cap (weighted)
$6.30 B
$5.40 B
Median Market Cap (weighted)
$3.20 B
$4.10 B
P/E Ratio (LTM)
27.13
17.98
P/E Ratio (NTM)
20.56
13.43
Price/Book
4.24
1.81
Return on Equity
21.69%
13.07%
Turnover Ratio
23.00%
-
  1. 1. 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.
  2. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Investments in securities of growth companies may be volatile. Small and mid-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations. It may take a substantial period of time to realize a gain on an investment in a small or mid-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss.

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