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Daily Price as of 05/24/19

NAV DAILY CHANGE
$15.62 $0.08 / +0.5%

Class A Details: GBFAX

INCEPTION DATE GROSS/NET EXPENSES1
12/20/93 1.50%/1.50%

Quarterly Commentary: 1Q 2019

Quarterly Commentary: 1Q 2019

By: David Semple, Portfolio Manager

China Stimulus Kicking In?

MSCI Emerging Markets Index rose 9.67% during the fi rst quarter of 2019, staging an impressive comeback following a lackluster 2018. Although the asset class has lagged behind the S&P 500® Index in 2019, over the past fi ve months (or since the trough on November 1st 2018), emerging markets have outperformed the S&P 500 by approximately 6%. While they did both decline into the end of last year, emerging markets did not decline as much as the developed markets, and have been relatively strong performers in 2019.

The prize for top performance in 2019 goes to (drum roll), China—particularly the A share market, but also, the offshore market. The whole Chinese market has done well. Clearly this has been a reaction to more stimulus taking place and signs of improvement in trade negotiations between the U.S. and China. On a sector level, 2018’s laggards become 2019’s outperformers. The consumer discretionary and real estate sectors performed best in 2019, rising 20.1% and 15.6% respectively, while utilities and healthcare lagged, but also rose 3.64% and 4.23% respectively. Finally, growth stocks have outperformed value stocks so far this year. Conversely, small caps continued to underperform.

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Emerging Opportunities

Emerging Opportunities

The expansion of domestic consumption, currently a main driver of growth potential, continues to foster a strong case for investment in the emerging markets.

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Emerging Markets Equities Rally in Q1

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Macro and Fundamental Backdrop Signal Strength in Emerging Markets Equity

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David Semple, Portfolio Manager, discusses how higher earnings expectations and better fundamentals will drive the emerging markets equity asset class in 2017.

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David Semple, Portfolio Manager, discusses the uncertainties and opportunities that the emerging markets will face in 2017.

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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 distributions. 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 1.60% for Class A, 2.50% for Class C, 1.00% for Class I, and 1.10% for Class Y of the Fund’s average daily net assets per year until May 1, 2020. 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 MSCI Emerging Markets Investment Market Index (MSCI EM IMI) is a free float-adjusted market capitalization index that is designed to capture large-, mid- and small-cap representation across 24 emerging markets countries. Emerging Markets countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The views and opinions expressed are those of VanEck. 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 the risks associated with its investments in Chinese issuers, communication services sectors, direct investments, emerging market securities which tends to be more volatile and less liquid than securities traded in developed countries, foreign currency transactions, foreign securities, other investment companies, Stock Connect, management, market, operational, sectors and small- and medium-capitalization companies risks . The Fund’s investments in foreign securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls, and the possibility of arbitrary action by foreign governments, or political, economic or social instability.

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. The prospectus and summary prospectus contain this and other information.  Please read them carefully before investing.