Van Eck Global - Since 1955

Unconstrained Emerging Markets Bond FundEMBUX

  • Daily Price   as of 08/20/2014

    NAV DAILY CHANGE
    $9.05  $-0.03 / -0.3%
  • Class I Details: EMBUX

    INCEPTION DATE GROSS/NET EXPENSES1
    07/09/12 1.02%/0.95%
  • Fund Summary & Key Points

    The Van Eck Unconstrained Emerging Markets Bond Fund seeks total return, consisting of income and capital appreciation. The Fund can invest in debt securities that are issued by governments, quasi-government entities or corporations in emerging market countries. These securities may be denominated in any currency, including those of emerging markets. By investing in emerging markets debt securities, the Fund offers exposure to emerging markets fundamentals, generally characterized by lower debts and deficits, higher growth rates and independent central banks. Lead Portfolio Manager, Eric Fine, has over 25 years of experience in emerging markets.

     

  • Fund Details 
    as of 07/31/14

    • Net Assets (All Classes)
      $215.1M
    • Number of Issues
      58
    • Dividend
      Monthly
    • Capital Gains
      Annually
    • Benchmark Index2
      GBI-EM Index

  • 30-Day SEC Yield* Class I 
    as of 07/31/14

    30-Day SEC Yield 5.68%

    * 30-Day SEC Yield is a standard calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the Fund's expenses for the period. In the absence of temporary fee waivers, the 30-Day SEC Yield for EMBUX would have been 5.72% as of 07/31/14.

  • Emerging Markets Bond Investment Team

    Eric Fine Team Photo

    Eric Fine, Portfolio Manager, with Deputy Portfolio Managers, Carlos Nogueira and David Austerweil. Chief Economist, Natalia Gurushina, and Corporate Analyst, Celina Merrill, not pictured.

  • Fund Statistics (Class A) 
    as of 07/31/14

    Effective Duration (yrs) 3.79
    Average Yield to Worst 7.56
    Average Years to Maturity 10.23
    Distribution Yield 6.09%

    Source: Van Eck Global, FactSet.
    See Important Disclosure for more information.

     
  • Performance History: Average Annual Total Returns (%) 

    1 MO*3 MO*YTD*1 YR3 YR5 YR10 YRLIFE
    (07/09/12)
    Van Eck Unconstrained Emerging Markets Bond Fund: Class I
    At Net Asset Value0.063.099.8412.29------7.76
    GBI-EM Index2-1.062.014.873.39--------
    EMBI Index20.403.889.1010.74--------
    1 MO*3 MO*YTD*1 YR3 YR5 YR10 YRLIFE
    (07/09/12)
    Van Eck Unconstrained Emerging Markets Bond Fund: Class I
    At Net Asset Value0.485.739.7714.58------8.07
    GBI-EM Index21.004.025.993.91--------
    EMBI Index20.364.768.6611.63--------

    *Returns less than one year are not annualized.

    The tables present past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the Fund incurred all expenses and fees1, investment returns would have been reduced. Expenses: Class I Gross 1.02% and Net 0.95%. Expenses are capped contractually through 05/01/15 at 0.95% for Class I. Investment returns and Fund share values will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. 

  • Country Weightings (%) as of 07/31/14

    COUNTRY % OF NET ASSETS
    Brazil
    15.5
    Venezuela
    13.9
    Indonesia
    12.4
    Peru
    12.1
    Argentina
    11.4
    Vietnam
    7.5
    Mexico
    5.6
    Israel
    5.4
    India
    3.2
    Colombia
    3.0
    South Africa
    2.2
    Panama
    2.0
    Cote D'Ivoire
    1.8
    Sri Lanka
    1.6
    Cash
    2.3
  • Portfolio Weightings (%)
    as of 07/31/14

    % OF NET ASSETS
    Corporate Bond 67.1
    Sovereign Bond 15.3
    Quasi-Sovereign Bond 15.3
    Cash 2.3
  • Regional Weightings (%) 
    as of 07/31/14

    % OF NET ASSETS
    Latin America 61.6
    Asia 27.5
    Africa 3.8
    EU Europe 0.2
    Non-EU Europe 0.0
    Other 0.0
    Cash 6.9
    Regional Total (%) 100

  • Important Disclosure 

    Unless otherwise stated, portfolio facts and statistics are shown for Class A shares; other classes may have different characteristics. 

    NAV: Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares of the Fund is the Net Asset Value (NAV) of the shares plus an initial sales charge. The initial sales charge varies depending upon the size of your purchase.  No sales charge is imposed where Class A or Class C shares are issued to you pursuant to the automatic investment of income dividends or capital gains distribution. It is the responsibility of the financial intermediary to ensure that the investor obtains the proper “breakpoint” discount. Class C, Class I and Class Y do not have an initial sales charge; however, Class C does charge a contingent deferred redemption charge.  See the prospectus and summary prospectus for more information.

    1Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding 1.25% for Class A, 1.95% for Class C, 0.95% for Class I, and 1.00% for Class Y of the Fund’s average daily net assets per year until May 1, 2015. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a portion of such expense limitation.

    2The J.P. Morgan Government Bond Index-Emerging Markets Global Diversified (GBI-EM) tracks local currency bonds issued by Emerging Markets governments. The index spans over 15 countries. The J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBI) tracks returns for actively traded external debt instruments in emerging markets, and is also J.P. Morgan’s most liquid U.S-dollar emerging markets debt benchmark.

    3Average Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. Effective maturity is the length of time until a fixed income investment returns its original investment. Distribution Yield is the amount of cash flow paid out and is calculated by dividing the annual income (interest or dividends) by the current price of the security. Averages are market weighted. These statistics do not take into account fees and expenses associated with investments or the Fund.

    The views and opinions expressed are those of Van Eck Global. Fund manager commentaries are general in nature and should not be construed as investment advice. Opinions are subject to change with market conditions. Any discussion of specific securities mentioned in the commentaries is neither an offer to sell nor a solicitation to buy these securities. Fund holdings will vary.

    You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. The Fund is subject to risks associated with its investments in emerging markets securities. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. As the Fund may invest in securities denominated in foreign currencies and some of the income received by the Fund will be in foreign currencies, changes in currency exchange rates may negatively impact the Fund’s return. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. The Fund may also be subject to credit risk, interest rate risk, sovereign debt risk, tax risk, non-diversification risk and risks associated with non-investment grade securities. Please see the prospectus and summary prospectus for information on these and other risk considerations. 

    Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. Bond and bond funds will decrease in value as interest rates rise. The prospectus and summary prospectus contain this and other information.  Please read them carefully before investing. 

    Not FDIC Insured — No Bank Guarantee — May Lose Value 

    Van Eck Securities Corporation, Distributor
    335 Madison Avenue, 19th Floor
    New York, NY 10017
    800.826.2333