Emerging Markets Equity

Overview

The Strategy typically invests in emerging and developing market stocks.

Strategy Inception Date
November 18, 1996
Composite Inception Date
December 31, 2007
Composite AUM
(as of 07/31/2019)
$47.20 BN
Composite Benchmark
MSCI Emerging Markets Index
Available Vehicles
Separate Account
Commingled Vehicle
Performance
Average Annual Returns
Calendar Year Returns
as of 07/31/2019
as of 06/30/2019

Cumulative
Annualized
ytd as of 2019-06-30
1 yr 3 yr 5 yr 10 yr since inception
Emerging Markets Equity (gross of fees)
16.19% 4.07% 13.55% 3.77% 9.36% 5.20%
Emerging Markets Equity (net of fees)
15.71% 3.20% 12.61% 2.90% 8.45% 4.32%
MSCI Emerging Markets Index
10.58% 1.21% 10.66% 2.49% 5.81% 0.96%
Cumulative
Annualized
ytd as of 2019-07-31
1 yr 3 yr 5 yr 10 yr since inception
Emerging Markets Equity (gross of fees)
14.60% 2.00% 11.79% 3.53% 8.11% 5.03%
Emerging Markets Equity (net of fees)
14.05% 1.15% 10.86% 2.67% 7.21% 4.16%
MSCI Emerging Markets Index
9.23% -2.18% 8.42% 1.84% 4.56% 0.85%

Year Emerging Markets Equity (gross of fees) Emerging Markets Equity (net of fees) MSCI Emerging Markets Index
2008 -47.27% -47.74% -53.33%
2009 84.57% 83.10% 78.51%
2010 28.65% 27.60% 18.88%
2011 -17.03% -17.74% -18.42%
2012 22.45% 21.44% 18.22%
2013 9.76% 8.85% -2.60%
2014 -3.60% -4.41% -2.19%
2015 -12.92% -13.66% -14.92%
2016 8.23% 7.33% 11.19%
2017 36.49% 35.37% 37.28%
2018 -11.00% -11.75% -14.57%
Portfolio

Top Issuers

(57.1% of assets as of 07/31/2019)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector
Industry
Asset Allocation
Market Cap 2
Country Emerging Markets Equity MSCI Emerging Markets Index
Overweight / Underweight
China 25.9% 31.8% -5.9%
India 10.2% 8.6% 1.6%
Russia 7.8% 4.0% 3.8%
Hong Kong 7.0% - -
Mexico 6.2% 2.5% 3.7%
France 5.8% - -
Brazil 5.7% 8.0% -2.3%
Taiwan 4.0% 11.2% -7.2%
Philippines 2.9% 1.1% 1.7%
South Korea 2.9% 11.8% -8.9%
United Kingdom 2.7% - -
South Africa 2.4% 5.8% -3.4%
Peru 1.9% 0.4% 1.6%
Turkey 1.6% 0.6% 1.1%
Singapore 1.5% - -
Indonesia 1.3% 2.2% -0.9%
Chile 1.1% 0.9% 0.2%
Italy 0.6% - -
Egypt 0.5% 0.1% 0.3%
Colombia 0.5% 0.4% 0.1%
Developed Markets Emerging Markets Equity MSCI Emerging Markets Index
Overweight / Underweight
Europe 9.0% - -
Asia Pacific 8.5% - -
Americas 0.4% - -
Emerging Markets Emerging Markets Equity MSCI Emerging Markets Index
Overweight / Underweight
Asia Pacific 47.8% 71.8% -24.0%
Americas 15.4% 12.6% 2.8%
Europe 9.4% 6.4% 3.0%
Africa 2.9% 6.0% -3.1%
Middle East 0.5% 3.2% -2.7%
Equity Sector Emerging Markets Equity MSCI Emerging Markets Index
Overweight / Underweight
Financials 24.9% 24.8% 0.1%
Consumer Discretionary 24.8% 13.6% 11.2%
Consumer Staples 7.6% 6.7% 0.9%
Information Technology 7.6% 14.3% -6.7%
Materials 6.6% 7.2% -0.6%
Energy 5.7% 7.8% -2.0%
Health Care 5.3% 2.6% 2.7%
Communication Services 5.2% 11.9% -6.7%
Industrials 4.3% 5.3% -1.0%
Real Estate 2.0% 3.0% -1.0%
Industry Emerging Markets Equity MSCI Emerging Markets Index
Overweight / Underweight
Banks 10.1% 17.2% -7.1%
Internet & Direct Marketing Retail 9.8% 7.6% 2.1%
Textiles Apparel & Luxury Goods 7.2% 0.8% 6.4%
Metals & Mining 5.8% 3.3% 2.5%
Oil Gas & Consumable Fuels 5.7% 7.7% -1.9%
Hotels Restaurants & Leisure 5.4% 0.8% 4.6%
Capital Markets 4.7% 1.4% 3.2%
Insurance 4.5% 4.1% 0.4%
Interactive Media & Services 4.2% 6.4% -2.2%
Semiconductors & Semiconductor Equipment 4.0% 5.5% -1.5%
Thrifts & Mortgage Finance 3.6% 1.0% 2.6%
Beverages 2.9% 1.4% 1.5%
Pharmaceuticals 2.5% 1.2% 1.3%
Industrial Conglomerates 2.5% 1.4% 1.2%
Food & Staples Retailing 2.4% 1.8% 0.6%
Multiline Retail 2.3% 0.6% 1.7%
Real Estate Management & Development 2.0% 2.7% -0.7%
Personal Products 2.0% 0.6% 1.4%
Diversified Financial Services 1.8% 0.8% 0.9%
IT Services 1.7% 1.8% -0.1%
Asset Allocation Emerging Markets Equity MSCI Emerging Markets Index
Overweight / Underweight
Equity 94.0% 100.0% -6.0%
Net Cash and Equivalents 6.0% - -
Market Cap Emerging Markets Equity MSCI Emerging Markets Index
Overweight / Underweight
Large 85.1% 88.5% -3.4%
Mid 6.3% 10.8% -4.5%
Small 0.4% 0.7% -0.3%
Analytics
(As of 07/31/2019)

Performance Statistics
3Y
5Y
Alpha
3.46
1.73
Beta
0.95
0.90
Information Ratio
0.96
0.36
R-Squared
93.43
91.17
Sharpe Ratio
0.79
0.24
Standard Deviation
13.39
14.82
Upside Capture
104.43
94.62
Downside Capture
86.02
86.39
Sortino Ratio
1.26
0.37
Win Ratio
50.00
50.00
Loss Ratio
50.00
50.00
Margin of Outperformance
1.01
1.18
Margin of Underperformance
-0.51
-0.93
Tracking Error
3.52
4.69
Yields
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Average Market Cap (weighted)
$67.43 B
$66.43 B
Median Market Cap (weighted)
$42.69 B
$20.59 B
P/E Ratio (LTM)
18.16
12.97
P/E Ratio (NTM)
17.56
12.53
Price/Book
2.42
1.66
Return on Equity
17.31%
16.56%
Turnover Ratio
36%
-
Team

    The Composite gross-of-fee returns reflect the reinvestment of income and the impact of transaction costs, but do not include the deduction of investment advisory fees, distribution expenses or any other account expenses, such as custodial fees. Composite net-of-fee returns are calculated by deducting a model investment advisory fee (using the maximum investment advisory fee as determined by the product's fee schedule) from the Composite gross-of-fee returns. Annual fees for the Emerging Markets Equity product are 0.85% on the first $50 million under management, 0.80% on the next $50 million, and 0.70% on any additional amount. While actual portfolios incur transaction expenses, pay investment advisory fees, and may incur other account expenses, the benchmark index is shown without the impact of such charges.

  1. 1. Holdings are subject to change and are dollar-weighted based on assets.
  2. 2. 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.
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