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For Financial Professionals in the US

HEMIX Emerging Markets Fund

By investing in emerging market companies at the intersection of attractive country, governance and fundamental analysis, we seek to deliver strong risk-adjusted returns

NAV
$9.34
As of 11/22/2024

1-Day Change
$0.04 (0.43%)
 As of 11/22/2024

YTD Return
5.30%
As of 11/22/2024

Overview

ABOUT THIS FUND

This style-agnostic fund seeks to identify the most compelling emerging market opportunities across countries and corporations in various stages of political and economic development.

WHY INVEST IN THIS FUND

All-Cap, Style-Agnostic Portfolio
We seek to uncover the most compelling opportunities across countries and regimes in various stages of economic and political development. We broaden the investable universe by looking outside of the index and diluting state-owned enterprises (SOEs) to create a pool of best ideas.

Robust Approach Focuses on the Intersection of Country, Governance and Fundamental Analysis
We identify investment ideas through an improving direction of travel in country, governance or fundamental analysis. Governance is a crucial factor in the investment process. Our belief is controlling shareholders often do not oversee the company in a manner that would benefit all shareholders and not all political regimes provide predictable rule of law.

Experienced Investment Manager Strives for Compelling Results
The Portfolio Manager has nearly a quarter-century of investment experience in this volatile asset class and has developed a unique perspective through his experience, background and culture. The Manager is supported by a sophisticated team of dedicated analysts that closely collaborates with the broader Firmā€™s complete roster of sector analysts.

Portfolio Management

Daniel J. GraƱa, CFA
Daniel J. GraƱa, CFA

Portfolio Manager

Industry since 1995. Joined Firm in 2019.

Matthew Culley
Matthew Culley

Portfolio Manager | Research Analyst

Industry since 2008. Joined Firm in 2019.

Performance

RETURNS (%) (As of 09/30/2024)
Emerging Markets Fund - Class I Shares MSCI Emerging Markets IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2010)
Emerging Markets Fund - Class I Shares 5.46 11.05 17.34 -4.48 3.70 2.17 1.21
MSCI Emerging Markets IndexSM 8.72 16.86 26.05 0.40 5.75 4.02 2.62
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Performance for Class I Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 10/31/2024)
Emerging Markets Fund - Class I Shares MSCI Emerging Markets IndexSM
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(12/31/2010)
Emerging Markets Fund - Class I Shares 1.39 7.10 16.05 -6.41 2.24 1.58 0.93
MSCI Emerging Markets IndexSM 3.58 11.66 25.32 -1.43 3.93 3.43 2.27
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Performance for Class I Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Emerging Markets Fund - Class I Shares MSCI Emerging Markets IndexSM
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Emerging Markets Fund - Class I Shares 7.70 -26.51 -1.60 22.74 13.88 -16.54 29.83 9.96 -10.43 -2.81
MSCI Emerging Markets IndexSM 9.83 -20.09 -2.54 18.31 18.44 -14.58 37.28 11.19 -14.92 -2.19
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Performance for Class I Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Morningstar Percentile

 (As of 09/30/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 86 84 79 86 89
Diversified Emerging Mkts | Rank/Count 690/793 565/722 474/662 440/521 321/367
 (As of 10/31/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 90 85 78 88 88
Diversified Emerging Mkts | Rank / Count 707/791 573/721 461/660 448/520 319/367

Returns-Based Statistics (As of 10/31/2024 Class I Shares)

RISK / REWARD
VS. MSCI Emerging Markets Net Index		 3YR 5YR
Information Ratio -1.05 -0.30
Alpha -5.37 -1.47
Tracking Error 4.83 5.48
Beta 0.95 1.03
R-squared (%) 92.31 92.49
UP/DOWN MARKET CAPTURE (%)
MSCI Emerging Markets Net Index		 3YR 5YR
Up Capture Ratio 82.16 100.88
Down Capture Ratio 105.62 105.93
STANDARD DEVIATION 3YR 5YR
Emerging Markets Fund 17.65 20.04
MSCI Emerging Markets Net Index 17.82 18.69
SHARPE RATIO 3YR 5YR
Emerging Markets Fund -0.56 -0.01
MSCI Emerging Markets Net Index -0.28 0.08
Annual Fees & Expenses (As of the most recent prospectus)
CLASS I SHARES
Management Fees 1.00%
Other Expenses 0.65%
Total Gross Expenses 1.65%
Waivers -0.52%
Total Net Expenses 1.13%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the MSCI Emerging Markets Indexā„ .

Top Holdings (As of 10/31/2024)
% of Fund
Taiwan Semiconductor Manufacturing Co Ltd 10.73
Samsung Electronics Co Ltd 6.33
Tencent Holdings Ltd 3.50
Bharti Airtel Ltd 3.14
Contemporary Amperex Technology Co Ltd 3.04
AIA Group Ltd 2.99
BYD Co Ltd 2.95
HDFC Life Insurance Co Ltd 2.71
Full Truck Alliance Co Ltd (ADR) 2.62
KB Financial Group Inc 2.47
TOTAL 40.48
View full holdings
Portfolio Characteristics (As of 10/31/2024)
  FUND INDEX
Number of Holdings
Equity Issues		 59 1278
Market Capitalization
Weighted Average		 $138.37B $125.61B
Portfolio Turnover Rate
(1-year trailing)		 65.90% -
Price/Earnings Ratio
(1-year forward)		 14.42 12.03
Price/Book Ratio
 2.37 2.06
Earnings Growth Rate
(1-year forward)		 28.27% 20.76%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of 10/31/2024
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 10/31/2024

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
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