Emerging Markets Innovators

Overview

The Strategy typically invests in smaller and mid-cap emerging and developing market stocks.

Strategy Inception Date
June 30, 2014
Composite Inception Date
August 31, 2014
Composite AUM
(as of 07/31/2019)
$1.40 BN
Composite Benchmark
MSCI Emerging Markets Mid Cap 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
1 mo 3 mo ytd as of 2019-06-30
1 yr 3 yr since inception
Emerging Markets Innovators (gross of fees)
5.49% 0.02% 14.51% -5.82% 8.06% 2.35%
Emerging Markets Innovators (net of fees)
5.41% -0.22% 13.97% -6.73% 7.03% 1.37%
MSCI Emerging Markets Mid Cap Index
5.62% 1.26% 8.45% 0.48% 8.29% 0.47%
Cumulative
Annualized
1 mo 3 mo ytd as of 2019-07-31
1 yr 3 yr since inception
Emerging Markets Innovators (gross of fees)
-0.90% -1.60% 13.48% -5.35% 6.71% 2.12%
Emerging Markets Innovators (net of fees)
-0.98% -1.83% 12.85% -6.26% 5.69% 1.14%
MSCI Emerging Markets Mid Cap Index
-1.17% -1.16% 7.17% -1.66% 5.77% 0.22%

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%
2017 43.29% 41.96% 35.14%
2018 -21.47% -22.24% -13.12%
Portfolio

Top Issuers

(40.6% 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 Innovators MSCI Emerging Markets Mid Cap Index
Overweight / Underweight
China 18.7% 13.3% 5.4%
Taiwan 18.3% 13.4% 4.9%
Brazil 9.4% 15.2% -5.7%
South Korea 8.7% 12.4% -3.8%
India 8.7% 7.4% 1.3%
Hong Kong 5.2% - -
South Africa 4.1% 7.3% -3.1%
Argentina 3.3% 2.0% 1.3%
Indonesia 2.1% 2.0% 0.1%
Malaysia 1.9% 3.0% -1.1%
Mexico 1.9% 3.3% -1.3%
Philippines 1.6% 1.7% -0.1%
Colombia 1.3% 0.7% 0.6%
Greece 1.1% 1.8% -0.8%
Egypt 1.0% 0.2% 0.8%
Kenya 0.9% - -
Hungary 0.8% 0.3% 0.4%
Poland 0.8% 2.4% -1.6%
Peru 0.6% 0.4% 0.1%
Thailand 0.5% 4.1% -3.5%
Developed Markets Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index
Overweight / Underweight
Asia Pacific 5.4% - -
Emerging Markets Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index
Overweight / Underweight
Asia Pacific 60.5% 57.3% 3.2%
Americas 16.5% 22.5% -6.0%
Africa 6.0% 7.4% -1.5%
Europe 3.0% 8.7% -5.7%
Equity Sector Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index
Overweight / Underweight
Information Technology 21.6% 8.6% 13.0%
Consumer Discretionary 20.3% 12.2% 8.0%
Health Care 12.6% 7.4% 5.2%
Industrials 12.3% 16.1% -3.8%
Financials 12.3% 15.4% -3.1%
Consumer Staples 6.1% 10.4% -4.3%
Communication Services 2.8% 3.8% -1.0%
Materials 2.1% 10.3% -8.2%
Real Estate 1.3% 6.6% -5.3%
Industry Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index
Overweight / Underweight
Semiconductors & Semiconductor Equipment 7.7% 3.0% 4.7%
Banks 6.7% 5.5% 1.2%
Biotechnology 6.1% 1.3% 4.9%
Software 5.7% 1.0% 4.6%
Specialty Retail 5.1% 2.1% 3.0%
Electronic Equipment Instruments & Components 4.6% 2.3% 2.3%
Food & Staples Retailing 4.2% 4.3% -0.1%
Hotels Restaurants & Leisure 4.2% 0.5% 3.7%
IT Services 3.7% 0.3% 3.4%
Diversified Consumer Services 3.5% 0.8% 2.7%
Life Sciences Tools & Services 3.1% 0.6% 2.5%
Consumer Finance 2.8% 0.8% 2.0%
Internet & Direct Marketing Retail 2.6% 0.8% 1.8%
Diversified Financial Services 2.5% 2.1% 0.4%
Textiles Apparel & Luxury Goods 2.5% 2.9% -0.4%
Health Care Providers & Services 2.3% 1.3% 0.9%
Auto Components 2.3% 0.7% 1.7%
Road & Rail 2.3% 2.4% -0.1%
Personal Products 1.8% 0.7% 1.0%
Air Freight & Logistics 1.6% 0.1% 1.5%
Asset Allocation Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index
Overweight / Underweight
Equity 91.4% 100.0% -8.6%
Net Cash and Equivalents 8.6% - -
Market Cap Emerging Markets Innovators MSCI Emerging Markets Mid Cap Index
Overweight / Underweight
Mid 50.3% 50.2% 0.1%
Large 35.5% 44.8% -9.2%
Small 5.5% 5.0% 0.5%
Analytics
(As of 07/31/2019)

Performance Statistics
3Y
Alpha
1.08
Beta
1.01
Information Ratio
0.15
R-Squared
80.86
Sharpe Ratio
0.42
Standard Deviation
14.51
Upside Capture
109.20
Downside Capture
106.28
Sortino Ratio
0.59
Win Ratio
44.00
Loss Ratio
56.00
Margin of Outperformance
1.80
Margin of Underperformance
-1.27
Tracking Error
6.37
Yields
Portfolio Characteristics
Rep Portfolio
Composite Benchmark
Average Market Cap (weighted)
$5.10 B
$4.39 B
Median Market Cap (weighted)
$2.95 B
$3.85 B
P/E Ratio (LTM)
24.26
15.93
P/E Ratio (NTM)
20.04
12.91
Price/Book
4.25
1.71
Return on Equity
20.45%
14.01%
Turnover Ratio
24%
-
Team
  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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