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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 5/31/2017)
$33.8 billion
Fund Index
MSCI Emerging Markets
NAV (as of 6/26/17)
  • A
$38.28
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 5/31/2017
  • B
as of 3/31/2017
  • B

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 6/26/17
  • C
1 yr 3 yr 5 yr since inception
Developing Markets Fund (NAV)
11.08% 19.77% 15.68% 0.04% 2.51% 5.19%
Cumulative
Annualized
3 mo ytd as of 6/26/17
  • C
1 yr 3 yr 5 yr since inception
Developing Markets Fund (NAV)
9.99% 19.77% 23.53% 0.49% 6.09% 6.11%
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
2011 0.00% -18.42%
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
5/31/2012 0.00 0.00 0.00 0.00
6/30/2012 5.66 3.86 7.01 5.10
7/31/2012 6.06 5.89 8.22 6.45
8/31/2012 7.72 5.53 11.13 9.15
9/30/2012 13.31 11.90 14.42 12.14
10/31/2012 14.32 11.22 15.37 11.39
11/30/2012 14.35 12.63 18.16 12.81
12/31/2012 18.57 18.14 21.94 14.93
1/31/2013 21.83 19.77 28.37 20.79
2/28/2013 19.69 18.27 27.15 20.99
3/31/2013 18.84 16.23 28.19 23.82
4/30/2013 20.30 17.10 34.87 27.72
5/31/2013 19.75 14.10 31.62 27.77
6/30/2013 14.18 6.84 26.94 24.62
7/31/2013 18.12 7.95 33.64 31.18
8/31/2013 14.38 6.10 31.87 28.39
9/30/2013 24.41 13.00 41.62 34.81
10/31/2013 28.86 18.49 46.38 40.09
11/30/2013 27.91 16.75 47.50 42.58
12/31/2013 29.06 15.07 49.71 45.59
1/31/2014 18.96 7.60 43.68 40.20
2/28/2014 24.49 11.16 51.67 47.22
3/31/2014 26.90 14.57 50.70 47.43
4/30/2014 27.03 14.95 52.88 48.94
5/31/2014 32.43 18.97 55.37 51.87
6/30/2014 36.93 22.13 56.86 54.59
7/31/2014 36.51 24.49 53.79 52.12
8/31/2014 40.64 27.29 53.55 55.48
9/30/2014 32.19 17.86 47.65 51.26
10/31/2014 34.62 19.25 45.50 52.24
11/30/2014 32.36 17.99 47.48 55.29
12/31/2014 23.40 12.55 42.37 52.78
1/31/2015 21.89 13.22 43.07 50.01
2/28/2015 24.56 16.73 51.62 58.80
3/31/2015 21.89 15.07 49.32 56.32
4/30/2015 27.09 23.92 55.41 59.98
5/31/2015 24.70 18.96 54.62 60.53
6/30/2015 22.94 15.87 50.24 56.80
7/31/2015 17.17 7.84 53.36 59.62
8/31/2015 4.78 -1.92 42.08 49.05
9/30/2015 1.75 -4.87 34.86 43.56
10/31/2015 11.08 1.92 45.40 54.93
11/30/2015 8.86 -2.06 43.14 54.16
12/31/2015 6.53 -4.24 41.21 51.45
1/31/2016 0.39 -10.45 31.00 42.39
2/29/2016 -0.82 -10.60 28.60 41.33
3/31/2016 9.84 1.23 36.97 50.92
4/30/2016 9.59 1.78 40.93 53.31
5/31/2016 8.77 -2.02 39.65 54.17
6/30/2016 10.69 1.90 34.97 52.44
7/31/2016 14.42 7.03 41.81 58.88
8/31/2016 17.58 9.69 41.91 59.02
9/30/2016 20.50 11.10 43.65 59.86
10/31/2016 20.71 11.36 40.71 56.77
11/30/2016 14.67 6.24 37.91 59.02
12/31/2016 14.39 6.47 42.63 62.83
1/31/2017 20.09 12.30 46.76 66.76
2/28/2017 22.16 15.74 48.86 71.38
3/31/2017 27.06 18.66 52.96 73.21
4/30/2017 30.64 21.26 56.85 75.77
5/31/2017 34.37 24.84 62.61 79.49

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 6/27/2017

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 5/31/2017)

Morningstar 5/31/2017 (based on risk adjusted performance)
Overall Rating
Number of Funds
634
Category
Diversified Emerging Mkts
Analyst Rating (as of 9/28/16)
Silver
Performance Statistics
3Y
5Y
Alpha
-0.96
1.95
Information Ratio
-0.21
0.30
Upside Capture
85.33
93.43
Downside Capture
89.96
83.72
Sharpe Ratio
0.09
0.48
R-Squared
89.20
87.08
Standard Deviation
14.84
13.91
Sortino Ratio
0.04
0.22
Win Ratio
47.00
52.00
Loss Ratio
53.00
48.00
Beta
0.87
0.90
Tracking Error
5.31
5.22
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)
$73.30 B
$64.10 B
Median Market Cap (weighted)
$28.10 B
$19.10 B
Trailing P/E
22.90
15.60
Forward P/E
18.18
12.50
Price/Book
3.10
1.81
Return on Equity
17.87%
14.70%
Turnover Ratio
18.00%
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Top Issuers

(52.8% of assets as of 05/31/17)


Portfolio Holdings Breakdown

Country 7
Developed Markets 7
Emerging Markets 7
Equity Sector 7
Industry 7
Asset Allocation 7
Market Cap 8
Country Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
China 23.1% 27.7% -4.6%
India 14.0% 8.8% 5.3%
Russia 7.9% 3.4% 4.5%
Hong Kong 6.8% - -
Taiwan 5.7% 12.2% -6.5%
Brazil 5.6% 6.9% -1.3%
Mexico 4.6% 3.5% 1.1%
South Korea 3.7% 15.7% -12.0%
Philippines 3.6% 1.2% 2.4%
France 3.5% - -
United Kingdom 3.3% - -
Indonesia 2.1% 2.5% -0.4%
United Arab Emirates 2.1% 0.7% 1.4%
South Africa 1.7% 6.8% -5.1%
Malaysia 1.7% 2.4% -0.8%
Colombia 1.2% 0.4% 0.8%
Poland 1.1% 1.3% -0.2%
Turkey 1.0% 1.1% -0.1%
Japan 0.8% - -
United States 0.7% - -
Developed Markets Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Asia Pacific 7.6% - -
Europe 7.2% - -
Americas 0.7% - -
Emerging Markets Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Asia Pacific 54.3% 72.6% -18.3%
Americas 11.7% 12.4% -0.6%
Europe 10.0% 6.7% 3.3%
Africa 2.7% 6.9% -4.3%
Middle East 2.1% 1.4% 0.7%
Equity Sector Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Information Technology 23.9% 25.6% -1.7%
Financials 20.8% 23.7% -2.9%
Consumer Discretionary 17.7% 10.9% 6.8%
Consumer Staples 11.7% 7.0% 4.7%
Health Care 6.5% 2.3% 4.2%
Industrials 6.0% 5.8% 0.2%
Materials 4.1% 7.1% -3.0%
Energy 2.7% 6.8% -4.1%
Real Estate 2.3% 2.6% -0.3%
Telecommunication Services 0.5% 5.5% -5.0%
Industry Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Internet Software & Services 13.8% 9.6% 4.2%
Banks 7.8% 16.4% -8.6%
Semiconductors & Semiconductor Equipment 5.7% 5.2% 0.5%
Textiles Apparel & Luxury Goods 5.7% 0.6% 5.1%
Thrifts & Mortgage Finance 4.7% 1.0% 3.7%
Beverages 4.7% 1.4% 3.3%
Food & Staples Retailing 4.3% 1.8% 2.4%
Insurance 4.1% 3.6% 0.5%
IT Services 3.5% 1.7% 1.8%
Hotels Restaurants & Leisure 3.3% 0.8% 2.6%
Pharmaceuticals 2.9% 1.4% 1.5%
Industrial Conglomerates 2.8% 2.0% 0.9%
Capital Markets 2.8% 1.3% 1.5%
Metals & Mining 2.7% 3.0% -0.3%
Oil Gas & Consumable Fuels 2.7% 6.7% -4.0%
Health Care Providers & Services 2.5% 0.5% 2.0%
Diversified Consumer Services 2.5% 0.5% 2.0%
Real Estate Management & Development 2.3% 2.1% 0.2%
Transportation Infrastructure 2.2% 1.1% 1.1%
Internet & Direct Marketing Retail 2.1% 1.1% 1.0%
Asset Allocation Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Equity 96.3% 100.0% -3.7%
Net Cash and Equivalents 3.7% - -
Market Cap Developing Markets Fund MSCI Emerging Markets Overweight / Underweight
Large 89.6% 92.7% -3.1%
Mid 6.3% 7.2% -0.9%
  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. 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.
  4. 4. 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.
  5. 5. Access index definitions.
  6. 6. 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.
  7. 7. 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.
  8. 8. 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.
  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 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. ↩
  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. ↩
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