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Daily Price as of 01/22/19

NAV DAILY CHANGE
$14.85 $-0.20 / -1.3%

Class A Details: GBFAX

INCEPTION DATE GROSS/NET EXPENSES1
12/20/93 1.47%/1.47%

Quarterly Commentary: 4Q 2018

Quarterly Commentary: 4Q 2018

By: David Semple, Portfolio Manager

2018, You Won’t be Missed!

2018, a challenging year for global markets, was driven by macro-related factors in the form of contracting U.S. dollar liquidity, a rising U.S. dollar, trade conflicts, and a slowdown in global growth, especially in emerging markets’ largest economy, China. After a euphoric start for the year, volatility spiked as inflation fears in the U.S. strengthened the case for higher rates. Global trade renegotiations (NAFTA, Eurozone, and China) also added fuel to the fire. The market saw the start of what can be described as a Thucydidean conflict between the U.S. and China over trade and ever increasing fears of a Chinese economic slowdown.

In the midst of it all, we continue to believe that the real story in emerging markets remains the long march of secular growth. Despite the vicissitudes (which we have seen before many times) of the market this year and quarter, we remain confident in our companies. We invest for the long term, and in the long term, we believe, markets always come back. As far as we are concerned, we can report that in our opinion some of the world’s best structural growth expressions may be selling at a discount.

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VanEck Emerging Markets Fund Update August 2018

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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.

Video Viewpoint

Looking Past EM Headlines at Solid Micro Conditions

David Semple
Portfolio Manager

Amid a period of prominent global risks, Portfolio Manager David Semple shares insights on emerging markets equities from a micro perspective, including a look at growth and valuations in China.

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Earnings Growth Story for Emerging Markets Equities in 2018

David Semple
Portfolio Manager

Portfolio Manager David Semple shares his 2018 outlook for emerging markets equities, with a focus on the impact of earnings growth, a move towards floating exchange rates, and structural growth.

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Macro and Fundamental Backdrop Signal Strength in Emerging Markets Equity

David Semple
Portfolio Manager

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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2017 Emerging Markets Equities Outlook

David Semple
Portfolio Manager

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, 2019. 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.

2 The 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, 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.