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GBFAX
Emerging Markets Fund - Class A

Market Updates*

  • The availability of vaccines and actual vaccination rates have generally surpassed expectations from a few months ago, but many emerging markets (and some developed markets, such as Japan) were starting from low levels of achieved vaccination.
  • The inflation debate is about long-run expectations where the outlook is much less clear, as secular forces of debt, demographics and digitization may conspire to keep generalized inflation low.
  • Northeast Asia dominates fabrication of certain areas of semiconductors.1

Learn More | Normalization and Change at the Same Time

1Source: BGC, UBS. Data as of 2019.

Market Updates*

  • The availability of vaccines and actual vaccination rates have generally surpassed expectations from a few months ago, but many emerging markets (and some developed markets, such as Japan) were starting from low levels of achieved vaccination.
  • The inflation debate is about long-run expectations where the outlook is much less clear, as secular forces of debt, demographics and digitization may conspire to keep generalized inflation low.
  • Northeast Asia dominates fabrication of certain areas of semiconductors.1

Learn More | Normalization and Change at the Same Time

1Source: BGC, UBS. Data as of 2019.

Daily Price as of 09/23/21

NAV DAILY CHANGE
$20.53 $0.29 / +1.43%

Class A Details: GBFAX

INCEPTION DATE GROSS/NET EXPENSES1
1.47%/1.47%
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Country Weightings (%) as of 08/31/21

Country % of Net Assets
China
30.4
India
11.2
Taiwan
11.2
South Korea
9.9
Brazil
6.1
Russia
5.3
Argentina
2.8
Turkey
2.8
Mexico
2.6
Philippines
2.6
Germany
2.5
Egypt
2.0
Other EM
9.3
Cash
1.3

Top 10 Holdings (%)

Holdings Sector % of Net Assets
HDFC Bank Limited Financials 4.9
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology 4.2
Reliance Industries Limited Energy 3.4
Samsung Electronics Co Ltd Pfd Non-Voting Information Technology 3.2
Prosus N.V. Class N Consumer Discretionary 3.2
Tencent Holdings Ltd. Communication Services 3.0
MercadoLibre, Inc. Consumer Discretionary 2.8
LG Chem Ltd. Materials 2.7
Delivery Hero SE Consumer Discretionary 2.5
China Education Group Holdings Limited Consumer Discretionary 2.5
Top 10 Total 32.4
Holdings Sector % of Net Assets
Tencent Holdings Ltd. Communication Services 5.2
HDFC Bank Limited Financials 4.7
Taiwan Semiconductor Manufacturing Co., Ltd. Information Technology 3.9
Alibaba Group Holding Ltd. Consumer Discretionary 3.7
Samsung Electronics Co Ltd Pfd Non-Voting Information Technology 3.2
LG Chem Ltd. Materials 2.5
Prosus N.V. Class N Consumer Discretionary 2.5
Reliance Industries Limited Energy 2.5
China Education Group Holdings Limited Consumer Discretionary 2.4
A-Living Smart City Services Co., Ltd. Class H Industrials 2.3
Top 10 Total 32.9

View All Holdings

These are not recommendations to buy or sell any security. Holdings may vary.

Sector Weightings (%)
as of 08/31/21

Sector % of Net Assets
Consumer Discretionary 22.4
Financials 20.3
Information Technology 16.5
Communication Services 11.2
Industrials 8.3
Health Care 7.5
Real Estate 3.5
Energy 3.4
Consumer Staples 2.9
Materials 2.7
Cash 1.3

Fund Details
as of 08/31/21

  • Net Assets (All Classes)
    $2821.3M
  • Number of Holdings
    80
  • Avg. Wtd. Market Cap
    $22.3B
  • Turnover Rate (2020)
    29.7%
  • P/E (LTM) / P/E (Forward)*
    19.0 / 17.0
  • P/B (LTM)*
    3.5
  • Benchmark Index
    MSCI EM IMI
*Price-to-Earnings (P/E) ratio is the price of a stock divided by its earnings per share. Price-to-Book (P/B) ratio is the ratio of a stock's price to its book value.

Market Capitalization Breakdown (%) as of 08/31/21

Market Capitalization % of Net Assets
Large (>= $10 billion) 60.3%
Mid (< $10 billion >= $2 billion) 24.9%
Small (< $2 billion) 14.7%
Average Weighted Market Cap $22.3B

Market capitalization (cap) is the value of a corporation as determined by the market price of its issued and outstanding common stock.

Three-Year Risk Measures and Statistics 
as of 08/31/21

Volatility (Standard Deviation) 21.23
Sharpe Ratio 0.43
Alpha vs. MSCI EME IMI 0.28
Beta vs. MSCI EME IMI 1.03
R-squared vs. MSCI EME IMI 89.19
Source: VanEck and FactSet.
Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk-free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund's movements that can be explained by movements in its benchmark index.

Five-Year Risk Measures and Statistics 
as of 08/31/21

Volatility (Standard Deviation) 18.41
Sharpe Ratio 0.48
Alpha vs. MSCI EME IMI -0.48
Beta vs. MSCI EME IMI 1.04
R-squared vs. MSCI EME IMI 87.79
Source: VanEck and FactSet.
Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk-free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund's movements that can be explained by movements in its benchmark index.

Industry Benchmarks: Know Your Indices

  • The S&P® 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sectors.

  • 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 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

  • The MSCI Emerging Markets Investable Market Index (IMI) is a free float adjusted market capitalization index that is designed to capture large-, mid- and small-cap representation across 23 emerging markets countries. Emerging Markets countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

All indices listed are unmanaged and are not securities in which investments can be made.