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Emerging Markets Equity

Developing Markets Fund

The Strategy typically invests in emerging and developing market stocks.

Investment Style
Developing Markets
Fund Inception
December 29, 2011
Total Assets (all classes) (as of 4/30/2017)
$32.6 billion
Fund Index
MSCI Emerging Markets
NAV (as of 5/22/17)
  • A
$37.74
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.

×

Equity

Fixed Income

Municipal Bond
performance
analytics
holdings
as of 4/30/2017
  • F
as of 3/31/2017
  • F

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 5/22/17
  • C
1 yr 3 yr 5 yr since inception
Developing Markets Fund (NAV)
11.08% 18.09% 15.68% 0.04% 2.51% 5.19%
Cumulative
Annualized
3 mo ytd as of 5/22/17
  • C
1 yr 3 yr 5 yr since inception
Developing Markets Fund (NAV)
8.79% 18.09% 19.21% 0.94% 3.23% 5.66%
Gross Expense Ratio: 0.88% | Net Expense Ratio: 0.88%

The performance data quoted represents past performance, which does not guarantee future results. The investments 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 and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.


Year Developing Markets Fund MSCI Emerging Markets
2012 21.43% 18.22%
2013 8.85% -2.60%
2014 -4.39% -2.19%
2015 -13.67% -14.92%
2016 7.38% 11.19%

The performance data quoted represents past performance, which does not guarantee future results. The investments 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 and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.


Date Developing Markets Fund MSCI Emerging Markets Index MSCI EAFE MSCI World
4/30/2007 0.00 0.00 0.00 0.00
5/31/2007 7.13 4.95 1.75 2.80
6/30/2007 9.82 9.87 1.88 2.01
7/31/2007 14.03 15.67 0.38 -0.25
8/31/2007 10.18 13.21 -1.19 -0.33
9/30/2007 21.03 25.71 4.10 4.41
10/31/2007 33.64 39.73 8.19 7.62
11/30/2007 23.87 29.82 4.63 3.22
12/31/2007 25.66 30.28 2.27 1.89
1/31/2008 14.16 14.02 -7.17 -5.90
2/29/2008 17.75 22.43 -5.84 -6.44
3/31/2008 13.05 15.95 -6.83 -7.34
4/30/2008 22.17 25.36 -1.78 -2.47
5/31/2008 24.88 27.69 -0.82 -0.98
6/30/2008 11.45 14.95 -8.93 -8.88
7/31/2008 10.83 10.62 -11.86 -11.11
8/31/2008 6.23 1.78 -15.43 -12.36
9/30/2008 -9.21 -16.03 -27.66 -22.78
10/31/2008 -30.88 -39.01 -42.25 -37.42
11/30/2008 -38.09 -43.60 -45.38 -41.47
12/31/2008 -34.69 -39.20 -42.09 -39.59
1/31/2009 -39.13 -43.13 -47.77 -44.89
2/28/2009 -42.95 -46.34 -53.13 -50.53
3/31/2009 -34.89 -38.63 -50.16 -46.80
4/30/2009 -23.43 -28.41 -43.78 -40.83
5/31/2009 -9.74 -16.18 -37.13 -35.47
6/30/2009 -9.99 -17.31 -37.49 -35.76
7/31/2009 -0.57 -8.01 -31.78 -30.32
8/31/2009 0.21 -8.34 -28.07 -27.44
9/30/2009 8.67 -0.02 -25.32 -24.55
10/31/2009 7.93 0.10 -26.25 -25.89
11/30/2009 14.39 4.40 -24.77 -22.86
12/31/2009 18.69 8.53 -23.69 -21.48
1/31/2010 12.09 2.47 -27.05 -24.72
2/28/2010 13.45 2.83 -27.55 -23.66
3/31/2010 22.12 11.14 -23.03 -18.94
4/30/2010 23.60 12.48 -24.42 -18.92
5/31/2010 14.44 2.59 -33.12 -26.69
6/30/2010 14.44 1.84 -33.79 -29.20
7/31/2010 25.58 10.32 -27.51 -23.46
8/31/2010 23.11 8.17 -29.76 -26.32
9/30/2010 38.17 20.19 -22.87 -19.45
10/31/2010 43.08 23.68 -20.09 -16.45
11/30/2010 39.70 20.42 -23.94 -18.25
12/31/2010 50.72 29.01 -17.78 -12.24
1/31/2011 42.70 25.51 -15.84 -10.26
2/28/2011 42.45 24.34 -13.06 -7.12
3/31/2011 49.60 31.65 -15.01 -8.03
4/30/2011 54.64 35.74 -9.93 -4.13
5/31/2011 50.55 32.18 -12.59 -6.12
6/30/2011 48.57 30.14 -13.68 -7.60
7/31/2011 46.50 29.57 -15.06 -9.28
8/31/2011 37.00 17.99 -22.73 -15.67
9/30/2011 18.77 0.78 -30.09 -22.95
10/31/2011 33.20 14.13 -23.35 -14.98
11/30/2011 28.11 6.53 -27.07 -17.06
12/31/2011 23.44 5.24 -27.76 -17.11
1/31/2012 34.56 17.18 -23.91 -12.95
2/29/2012 42.18 24.20 -19.54 -8.69
3/31/2012 41.76 20.05 -19.91 -7.52
4/30/2012 40.70 18.62 -21.48 -8.57
5/31/2012 26.22 5.32 -30.50 -16.46
6/30/2012 33.29 9.38 -25.62 -12.20
7/31/2012 33.76 11.52 -24.78 -11.08
8/31/2012 35.78 11.14 -22.76 -8.82
9/30/2012 42.77 17.85 -20.47 -6.32
10/31/2012 43.94 17.14 -19.81 -6.95
11/30/2012 43.99 18.62 -17.87 -5.76
12/31/2012 49.18 24.42 -15.25 -3.99
1/31/2013 53.23 26.14 -10.78 0.90
2/28/2013 50.53 24.55 -11.62 1.07
3/31/2013 49.35 22.41 -10.90 3.44
4/30/2013 51.16 23.33 -6.26 6.70
5/31/2013 50.40 20.17 -8.52 6.74
6/30/2013 43.34 12.52 -11.77 4.11
7/31/2013 48.25 13.69 -7.11 9.59
8/31/2013 43.47 11.74 -8.34 7.25
9/30/2013 55.98 19.01 -1.57 12.62
10/31/2013 61.48 24.79 1.74 17.03
11/30/2013 60.25 22.96 2.52 19.11
12/31/2013 61.64 21.19 4.06 21.63
1/31/2014 48.93 13.32 -0.13 17.12
2/28/2014 55.77 17.07 5.42 22.99
3/31/2014 58.75 20.66 4.75 23.16
4/30/2014 58.83 21.07 6.26 24.43
5/31/2014 65.51 25.29 7.99 26.87
6/30/2014 71.12 28.62 9.03 29.14
7/31/2014 70.53 31.11 6.89 27.08
8/31/2014 75.59 34.06 6.72 29.88
9/30/2014 65.00 24.13 2.62 26.36
10/31/2014 67.98 25.59 1.13 27.17
11/30/2014 65.08 24.26 2.51 29.72
12/31/2014 53.87 18.53 -1.04 27.63
1/31/2015 51.92 19.25 -0.56 25.32
2/28/2015 55.17 22.94 5.38 32.66
3/31/2015 51.79 21.19 3.78 30.58
4/30/2015 58.20 30.51 8.02 33.65
5/31/2015 55.22 25.28 7.47 34.11
6/30/2015 52.96 22.03 4.42 30.99
7/31/2015 45.73 13.57 6.59 33.34
8/31/2015 30.22 3.30 -1.25 24.52
9/30/2015 26.41 0.19 -6.26 19.92
10/31/2015 37.97 7.34 1.06 29.43
11/30/2015 35.20 3.15 -0.51 28.78
12/31/2015 32.24 0.85 -1.85 26.52
1/31/2016 24.54 -5.69 -8.95 18.95
2/29/2016 23.01 -5.85 -10.62 18.07
3/31/2016 36.19 6.61 -4.80 26.08
4/30/2016 35.85 7.19 -2.04 28.07
5/31/2016 34.76 3.20 -2.93 28.79
6/30/2016 37.11 7.32 -6.19 27.35
7/31/2016 41.63 12.72 -1.44 32.73
8/31/2016 45.50 15.52 -1.37 32.84
9/30/2016 49.07 17.01 -0.16 33.54
10/31/2016 49.29 17.29 -2.20 30.96
11/30/2016 41.76 11.89 -4.15 32.84
12/31/2016 41.35 12.13 -0.87 36.02
1/31/2017 48.36 18.27 2.01 39.30
2/28/2017 50.85 21.89 3.47 43.17
3/31/2017 56.87 24.97 6.31 44.69
4/30/2017 61.23 27.70 9.02 46.84

The performance data quoted represents past performance, which does not guarantee future results. The investments 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 and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 5/23/2017

Date 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.

Analytics

(As of 4/30/2017)

Morningstar 4/30/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
626
Category
Diversified Emerging Mkts
Analyst Rating (as of 9/28/16)
Silver
Performance Statistics
3Y
5Y
Alpha
-0.66
1.87
Information Ratio
-0.16
0.33
Upside Capture
86.68
93.35
Downside Capture
89.96
84.62
Sharpe Ratio
0.12
0.28
R-Squared
89.13
88.40
Standard Deviation
14.95
14.68
Sortino Ratio
0.05
0.12
Win Ratio
50.00
53.00
Loss Ratio
50.00
47.00
Beta
0.87
0.90
Tracking Error
5.33
5.23
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/2/2016
Per Share ($)
$0.23
Net Income
96.20%
Net Profit from Sale
0.00%
Other Capital Sources
3.80%
12-Month Distribution ($)
$0.23
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$67.30 B
$61.00 B
Median Market Cap (weighted)
$26.50 B
$18.50 B
Trailing P/E
23.03
15.69
Forward P/E
18.38
12.38
Price/Book
3.10
1.77
Return on Equity
19.16%
15.44%
Turnover Ratio
18.00%
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Top Issuers

(51.9% of assets as of 04/30/17)


Portfolio Holdings Breakdown

Country 6
Developed Markets 6
Emerging Markets 6
Equity Sector 6
Industry 6
Asset Allocation 6
Market Cap 7
Country Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
China 21.9% 27.1% -5.1%
India 14.3% 8.8% 5.4%
Russia 8.6% 3.7% 4.9%
Hong Kong 7.1% - -
Brazil 6.8% 7.4% -0.6%
Taiwan 5.3% 12.3% -6.9%
Mexico 4.7% 3.6% 1.0%
Philippines 3.5% 1.2% 2.3%
France 3.2% - -
South Korea 3.2% 14.9% -11.7%
United Kingdom 3.2% - -
Indonesia 2.1% 2.5% -0.4%
United Arab Emirates 1.9% 0.7% 1.1%
Malaysia 1.7% 2.5% -0.8%
Colombia 1.2% 0.4% 0.8%
Japan 1.1% - -
Poland 1.1% 1.3% -0.2%
Turkey 1.0% 1.1% -0.1%
South Africa 1.0% 6.8% -5.8%
United States 0.9% - -
Developed Markets Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Asia Pacific 8.2% - -
Europe 6.8% - -
Americas 0.9% - -
Emerging Markets Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Asia Pacific 52.6% 71.5% -18.9%
Americas 13.0% 13.0% 0.0%
Europe 10.6% 7.0% 3.7%
Middle East 1.9% 1.5% 0.4%
Africa 1.9% 7.0% -5.1%
Equity Sector Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Information Technology 23.7% 25.1% -1.4%
Financials 21.1% 24.0% -2.9%
Consumer Discretionary 18.1% 10.5% 7.6%
Consumer Staples 12.3% 6.9% 5.4%
Industrials 5.9% 5.8% 0.1%
Health Care 5.6% 2.4% 3.2%
Materials 3.9% 7.3% -3.4%
Energy 3.0% 7.2% -4.2%
Real Estate 2.3% 2.5% -0.2%
Industry Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Internet Software & Services 13.8% 9.2% 4.6%
Banks 8.0% 16.7% -8.7%
Textiles Apparel & Luxury Goods 5.6% 0.6% 5.1%
Semiconductors & Semiconductor Equipment 5.3% 5.1% 0.2%
Beverages 5.1% 1.4% 3.7%
Thrifts & Mortgage Finance 4.8% 1.0% 3.8%
Food & Staples Retailing 4.3% 1.8% 2.5%
Insurance 4.3% 3.5% 0.8%
IT Services 3.4% 1.6% 1.8%
Hotels Restaurants & Leisure 3.4% 0.8% 2.6%
Capital Markets 3.0% 1.3% 1.7%
Oil Gas & Consumable Fuels 3.0% 7.1% -4.1%
Industrial Conglomerates 2.9% 1.9% 1.0%
Diversified Consumer Services 2.7% 0.5% 2.2%
Metals & Mining 2.6% 3.1% -0.6%
Pharmaceuticals 2.4% 1.4% 1.0%
Real Estate Management & Development 2.3% 2.0% 0.3%
Health Care Providers & Services 2.2% 0.6% 1.6%
Transportation Infrastructure 2.1% 1.1% 1.0%
Internet & Direct Marketing Retail 1.9% 1.1% 0.9%
Asset Allocation Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Equity 95.9% 100.0% -4.1%
Net Cash and Equivalents 4.1% - -
Market Cap Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Large 89.5% 92.5% -3.0%
Mid 5.8% 7.4% -1.5%
Small 0.2% 0.1% 0.1%
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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. 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.
  6. 6. 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.
  7. 7. 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.
  8. 8. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
  9. A. 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 p.m. ET daily. ↩
  10. B. 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. ↩
  11. C. "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. ↩
  12. D. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
  13. E. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price and reinvested distributions. Class Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩
  14. F. The performance data quoted represents past performance, which does not guarantee future results. The investments 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 and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩
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