Past performance is not a reliable indicator of future performance.
The Emerging Markets Equity Composite seeks long-term capital appreciation primarily through investment in established companies, in developing markets, with faster earnings growth and reasonable valuation levels relative to market/sector averages.
- Employ fundamental analysis to identify companies with sustainable above-market earnings growth rates.
- Focus on franchise strength, management team quality, free cash flow, and financing/balance sheet structure.
- Verify relative valuation appeal versus both local market and broad sector opportunity set.
- Apply negative screening for macroeconomic and political factors to temper bottom-up enthusiasm for specific securities.
- Typically 80-100 stocks
- Expected 3-7% tracking error
- Individual positions typically range from 0.30% to 6.00% — average position size from 0.50% to 1.00%
- Country ranges +/- 10% absolute deviation from the benchmark
- Sector ranges +/- 15% absolute deviation from the benchmark
- Reserves are typically less than 5%
- Expected Turnover range: 20-40%
|3 MonthsData as of 30-Sep-2021||Year to DateData as of 30-Sep-2021|
|Composite Gross %||-8.90%||-5.91%|
|Composite Net %||-9.10%||-6.51%|
|Excess Return (Gross) %||-0.81%||-4.66%|