Fund overview
Quality companies at compelling valuations
The fund aims to exploit market inefficiencies by investing in quality companies at compelling prices offering the potential for attractive returns.

The fund seeks long-term capital appreciation by investing at least 80% of its assets in equity securities of companies tied economically to emerging market countries using a bottom-up selection process to identify quality companies at prices below their intrinsic value.

Key differentiators

  • Leverages a stable, deeply experienced team and a strategy track record spanning over 20 years
  • Pursues a bottom-up, fundamental, research-driven process with a clear framework for identifying and investing in quality companies
  • Implements a sequential approach — quality first, then valuation
  • Deepens company knowledge and drives better investment outcomes through ESG integration
  • Seeks to manage downside risk, whilst participating in the long-term growth of emerging markets

Performance

Calendar year Add Minus

Calendar year

(as of 12/31/2023)
2023
2022
2021
Fund
7.76
-19.93
-12.11
Benchmark
6.11
-14.85
4.86
Average annual returns Add Minus

Average annual returns

(as of 12/31/2023)
2/26/2020
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Fund
4.64
8.75
7.76
7.76
-8.81
-
-
-0.18
Benchmark
2.63
3.38
6.11
6.11
-1.79
-
-
1.59
Expenses (as of 7/31/2023)
Annual management fee
0.95 %
Total expense ratio (TER)
1.16 %

The ongoing charges/total expense ratio (TER) reflects annual total operating expenses for the class, excludes transaction costs and is expressed as a percentage of net asset value. The figure shown is from current KID. The investment manager has committed to reimburse the Sub-Fund when the ongoing charges exceed the agreed upon TER. Ongoing charges may vary over time.

Past performance is not indicative of future results. Performance calculations are net of all applicable fees and are calculated on a NAV-to-NAV basis (with income re-invested). Performance shown is for class and currency indicated and returns may increase/decrease as a result of currency fluctuations. 

Cumulative Add Minus

Cumulative

(as of 12/31/2023)

This chart shows the value of a hypothetical $10,000 investment in the fund over the specified time period up to 10 years or since its inception (for funds lacking 10-year records). The result is compared with benchmarks, which may include a broad-based market index and a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

Does not include sales charges and assumes reinvestment of dividends and capital gains. If sales charges were included, returns would be lower.

Performance and volatility metrics Add Minus

Performance and volatility metrics

(as of 12/31/2023)
3 Year
Alpha -3.80
Beta 1.01
Sharpe Ratio -0.62
Standard Deviation 17.92
R2 0.94
Information Ratio -0.81
Upside Market Capture Ratio 95.22
Downside Market Capture Ratio 108.18
Tracking Error 4.58
Correlation 0.97
Treynor Ratio -0.11
Morningstar ratings and rankings Add Minus

Morningstar ratings and rankings

(as of 12/31/2023)
Overall
Global Emerging Markets Equity (Out of 2898 funds)
Three Year
76th percentile out of 2898

For illustrative purposes only. Ratings and awards are not an indication, promise, or guarantee of future performance. Ratings and awards should not be relied upon when making an investment decision. The Overall Morningstar Rating™ is a weighted average of the 3-, 5-, and 10-year (if applicable) ratings and is based on risk-adjusted return. Past performance is no guarantee of future results.

The Morningstar absolute ranking is based on the fund’s total return rank relative to all funds that have the same category for the same time period. Morningstar rankings do not include the effect of sales charges. Past performance is no guarantee of future results.

Prices and distributions

Historical prices

YTD high $99.30 1/1/2024
YTD low $92.69 1/17/2024
52-week high $102.01 1/26/2023
52-week low $87.84 10/26/2023
2023 high $102.01 1/26/2023
2023 low $87.84 10/26/2023
Best quarterly return 23.99% 6/30/2020
Worst quarterly return -13.17% 9/30/2021
Best annual return 7.76% 12/31/2023
Worst annual return 0.00% 12/31/2020

Composition

Portfolio statistics Add Minus

Portfolio statistics

(as of 12/31/2023)
Fund Benchmark
Number of Holdings 103 1441

Equity Style Box

(as of 12/31/2023) Overview chart

Placement within the Morningstar Equity Style Box is based on two variables: relative median market capitalization and relative price valuations (price/book and price/earnings) of the fund’s portfolio holdings. These numbers are drawn from the fund’s portfolio holdings figures most recently entered into Morningstar’s database and the corresponding market conditions. The Ownership Zone is represented by a shaded area surrounding the centroid. This zone encompasses 75% of a portfolio’s holdings on an asset-weighted basis and is designed to be a visual measure of how wide-ranging the portfolio is.

Top 10 holdings Add Minus

Top 10 holdings

(as of 12/31/2023)
Security
Fund
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR
8.62%
Samsung Electronics Co., Ltd.
6.74%
Reliance Industries Limited GDR 144A
4.33%
Tencent Holdings Ltd.
3.97%
Fomento Economico Mexicano SAB de CV ADR Class B
3.21%
HDFC Bank Limited ADR
3.21%
Alibaba Group Holding Limited Sponsored ADR
2.75%
WH Group Ltd. (HK)
2.09%
Fibra Uno Administracion SA de CV
2.03%
AIA Group Limited
1.93%
Top 10 represents 38.89% of total net assets

Based on ending weights as of month-end. Source: FactSet. The information shown is not intended to be, nor should it be construed to be, a recommendation to buy or sell an individual security.

Sector allocation Add Minus

Sector allocation

(as of 12/31/2023)
Type
Fund
Benchmark
Information technology
20.58% -
Communication services
18.38% -
Financials
16.87% -
Consumer staples
16.24% -
Consumer discretionary
10.74% -
Energy
6.26% -
Industrials
3.12% -
Health care
3.07% -
Materials
2.38% -
Real estate
2.37% -
Utilities
0.00% -
Other
0.00% -

Based on ending weights as of month-end. Source: FactSet. Percent total may not add to 100% due to rounding.

Geographic allocation Add Minus

Geographic allocation

(as of 12/31/2023)
Type
Fund
Benchmark
China & Hong Kong
24.92% 26.55%
South Korea
14.97% 12.95%
India
13.44% 16.73%
Taiwan
12.83% 16.03%
Mexico
10.03% 2.75%
Brazil
6.56% 5.80%
Indonesia
3.86% 1.89%
South Africa
3.33% 3.06%
Thailand
3.11% 1.75%
Chile
2.45% 0.51%

Based on ending weights as of month-end. Source: FactSet. Percent total may not add to 100% due to rounding.

Currency allocation Add Minus

Currency allocation

(as of 12/31/2023)
Currency
Share Class
Benchmark
Brazilian Rial
5.51% 5.80%
Chilean Peso
0.99% 0.51%
Euro (EUR)
1.08% 0.48%
Hong Kong Dollar
17.68% 19.55%
Indian Rupee
10.66% 16.73%
Indonesian Rupiah
1.82% 1.89%
Mexican Nuevo Peso
3.99% 2.75%
Philippine Peso
1.44% 0.61%
Singapore Dollar
1.12% -
South African rand
3.22% 3.06%
South Korean Won
12.38% 12.95%
Taiwan Dollar
3.84% 16.03%
Thailand Baht
1.89% 1.75%
United States Dollar
34.37% 2.90%

Currency allocation is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

ESG data summary

MSCI Overall ESG Score 1
Portfolio
6.5
Index
5.7
Sustainalytics ESG Risk Score 2
Portfolio
23
Index
24
SFDR Rating
 
8

Product involvement 3

Portfolio Benchmark
Controversial Weapons exposure 0.00% 0.40%
Oil Sands exposure 0.00% 0.00%
Small Arms exposure 0.00% 0.00%
Thermal Coal exposure 0.89% 2.74%
Tobacco exposure 0.00% 0.92%
UN Global Compact non-compliant exposure 6.09% 7.26%

¹ Data is sourced from MSCI ESG Research where companies are rated on a scale of 0 – 10 (0 - worst, 10 - best). Weighted average scores exclude effects of unrated securities.

² ESG Risk Ratings measure exposure to and management of ESG risks. Lower risk scores reflect less ESG risk. Sustainalytics ESG Risk Scores measure ESG risks on a scale of 0 – 100 (0 - no ESG Risk, >40 - Severe ESG Risk).

³ Carbon emissions includes operational and first-tier supply chain greenhouse gas emissions. Data sourced from S&P Trucost Limited.

⁴ Source: Allspring Global Investments. This report contains information developed by Sustainalytics. Such information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers. Copyright © 2023 Sustainalytics. All rights reserved.

Our team
Meet the investment team

To provide clients high-quality risk-adjusted returns, the team uses a strict sequential process to identify quality companies with the potential to create intrinsic value.

Key risks

Market risk: Securities may decline in value due to factors affecting securities markets generally, and equity securities generally have greater price volatility than debt securities.

Smaller-company securities risk: Securities of companies with smaller market capitalisations tend to be more volatile and less liquid than securities of larger companies.

Emerging market risk: Emerging markets may be more sensitive than more mature markets to a variety of economic factors and may be less liquid than markets in the developed world.

ESG risk: Applying an ESG screen for security selection may result in lost opportunity in a security or industry resulting in possible underperformance relative to peers. ESG screens are dependent on third-party data and errors in the data may result in the incorrect inclusion or exclusion of a security.

Contact Us

We look forward to helping you with your investment needs

 

Investors should note that, relative to the expectations of the Autorité des Marchés Financiers, this fund presents disproportionate communication on the consideration of non-financial criteria in its investment policy.
 

The ongoing charges/total expense ratio (TER) reflects annual total operating expenses for the class, excludes transaction costs and is expressed as a percentage of net asset value. The figure shown is from current KID. The investment manager has committed to reimburse the Sub-Fund when the ongoing charges exceed the agreed upon TER. Ongoing charges may vary over time.
 

Any benchmark referenced is for comparative purposes only, unless specifically referenced otherwise in this material and/or in the prospectus, under the Sub-Funds’ Investment Objective and Policy.
 

†Promotes environmental and social characteristics but does not have a sustainable investment objective
 

†While the Sub-Funds listed above have access to both internal and external ESG research and integrate financially material sustainability risks into their investment decision-making processes, ESG-related factors are considered but not determinative, permitting the relevant Sub-Investment Managers to invest in issuers that do not embrace ESG; as such, sustainability risks may have a more material impact on the value of the Sub-Fund’s investments in the medium to long term. The investments underlying these Sub-Funds do not take into account the EU criteria for environmentally sustainable economic activities.
 

The Morningstar Rating™ for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

© 2024 Morningstar. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.