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Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.39

$61 M

0.00%

1.70%

Vitals

YTD Return

7.7%

1 yr return

8.8%

3 Yr Avg Return

0.2%

5 Yr Avg Return

4.8%

Net Assets

$61 M

Holdings in Top 10

38.4%

52 WEEK LOW AND HIGH

$9.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.70%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 125.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.39

$61 M

0.00%

1.70%

BELSX - Profile

Distributions

  • YTD Total Return 7.7%
  • 3 Yr Annualized Total Return 0.2%
  • 5 Yr Annualized Total Return 4.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.14%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Boston Partners Emerging Markets Dynamic Equity Fund
  • Fund Family Name
    Boston Partners
  • Inception Date
    Mar 01, 2015
  • Shares Outstanding
    5933443
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Joseph Feeney

Fund Description

The Fund will pursue its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in equity and equity-related securities. The Fund will invest in a non-diversified, multi-strategy long-short portfolio of equity securities and financial investments with equity like characteristics designed to provide exposure to emerging markets. Securities are selected by the Adviser using its "three circles" approach which combines a quantitative screening with a fundamental bottom up selection process. This investment strategy is grounded in the following principles: (1) low valuation stocks outperform high valuation stocks; (2) companies with strong fundamentals, e.g., high and sustainable returns on invested capital, outperform companies with weak fundamentals; and (3) stocks with positive business momentum, e.g., rising earnings estimates, outperform stocks with negative business momentum. With a long position, the Fund purchases a stock outright; with a short position, the Fund sells a security that it does not own and must borrow to meet its settlement obligations. The Adviser examines various factors in determining the value characteristics of issuers, including price-to-book value ratios and price-to-earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals, such as return-on-equity and earnings growth and cash flow.

The Fund intends, under normal circumstances, to invest at least 80% of its net assets (including borrowings for investment purposes) in the securities of emerging market issuers, related derivative instruments and other investments that are tied economically to emerging market countries. The Adviser considers an emerging market country to include any country that is: 1) generally recognized to be an emerging market country by the international financial community, including the World Bank; 2) classified by the United Nations as a developing country; or 3) included in the MSCI Emerging Markets Index. Due to the unique relationship between China and its separately administered regions, the Adviser includes Hong Kong and Macau as emerging markets, independent of above definitions 1 through 3. The Adviser determines that an investment is tied economically to an emerging market if such investment satisfies one or more of the following conditions: 1) the issuer’s primary trading market is in an emerging market; 2) the issuer is organized under the laws of, derives at least 50% of its revenue from, or has at least 50% of its assets in emerging markets; 3) the investment is included in an index representative of emerging markets; and 4) the investment is exposed to the economic risks and returns of emerging markets.

In managing the Fund’s portfolio, the Adviser will seek to identify mispriced publicly traded equity securities of emerging market companies including shorting securities that the Adviser believes will underperform and purchasing securities that the Adviser believes will outperform.

The long portion of the portfolio will emphasize low valuation, positive business momentum and high quality securities. The short portfolio will emphasize securities with high valuation risk, high balance sheet risk and signs of slowing sales and earnings momentum.

The Fund’s portfolio is rebalanced regularly to maintain the optimal risk/return trade-off. The Adviser assesses each stock’s changing characteristics relative to its contribution to portfolio risk. The Adviser will sell a stock held long or close out a short position in a stock that the Adviser believes no longer offers an appropriate return-to-risk tradeoff.

The equity securities in which the Fund will invest include equity securities issued by large-, mid- and small- or micro-cap companies, as well as exchange-traded and over-the-counter common and preferred stocks, warrants, options, rights, convertible securities, sponsored and unsponsored depositary receipts and shares, trust certificates, limited partnership interests, shares of other investment companies (including exchanged-traded funds ("ETFs")), real estate investment trusts ("REITs") and equity participations. An equity participation is a type of loan that gives the lender a portion of equity ownership in a property, in addition to principal and interest payments. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. The Fund may invest in securities of companies operating for three years or less ("unseasoned issuers").

The Fund may invest up to 20% of its net assets in high yield debt obligations, such as bonds and debentures, used by corporations and other business organizations (e.g., trusts or limited liability companies). Such high yield debt obligations are not considered to be investment grade. Non-investment grade fixed income securities (commonly known as "junk bonds") are rated BB or lower by S&P Global, or have a comparable rating by another nationally recognized statistical rating organization (or, if unrated are determined by the Adviser to be of comparable quality at the time of investment). The Fund may invest in securities of the lowest rating category, including securities in default. The Adviser may, but is not required to, sell a bond or note held by the Fund in the event that its credit rating is downgraded. The Fund will primarily invest in fixed income instruments, including high yield fixed income obligations, when the Fund believes that such instruments offer a better risk/reward profile than comparable equity opportunities.

Under normal circumstances, the Adviser expects that the Fund’s long positions will not exceed approximately 50% of the Fund’s net assets with a typical range of 30% to 70% net long.

The Fund’s long and short positions may involve (without limit) equity securities of non-U.S. issuers that are traded in the markets of the United States.

In addition to the short sales discussed above, the Fund may make short sales "against the box," a transaction in which the Fund enters into a short sale of a security which the Fund owns. The proceeds of the short sale will be held by a broker until the settlement date at which time the Fund delivers the security to close the short position. The Fund receives the net proceeds from the short sale. It is currently expected that the majority of the Fund’s short sales will not be against the box.

To meet margin requirements, redemptions or pending investments, the Fund may also temporarily hold a portion of its assets in full faith and credit obligations of the United States government and in short-term notes, commercial paper or other money market instruments.

The Fund is the sole shareholder of Boston Partners Emerging Markets Long/Short Offshore Ltd., a wholly-owned subsidiary organized under the laws of the Cayman Islands (the “Subsidiary”). Generally, the Subsidiary invests primarily in futures contracts traded on Indian stock exchanges. The Fund and its Subsidiary comply with the same fundamental investment restrictions on an aggregate basis, to the extent those restrictions are applicable to the investment activities of the Subsidiary. The Fund is the sole shareholder of its Subsidiary and does not expect shares of its Subsidiary to be offered or sold to other investors. An election has been made to cause the Subsidiary to be a disregarded entity for U.S. federal income tax purposes; accordingly, the assets and income of the Subsidiary will be treated for U.S. federal income tax purposes no differently from the other assets and income of the Fund.

The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate.

In general, the Fund’s investments will be spread over a number of industries and, as a matter of policy, the Fund is limited to investing less than 25% of its total assets in any one industry, except that the Fund may invest in exchange traded funds to the extent permitted by the Investment Company Act of 1940, as amended (“1940 Act”), and applicable SEC orders.

The Fund may participate as a purchaser in initial public offerings of securities (“IPOs”). An IPO is a company’s first offering of stock to the public.

The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale.

The Fund may also seek to increase its income by lending portfolio securities.

The Fund will invest in derivatives, including put and call options, futures, contracts for differences, forward contracts and swaps, in lieu of investing directly in a security, currency or instrument, for hedging and non-hedging purposes. Contracts for differences offer exposure to price changes in an underlying security without ownership of such security, typically by providing investors the ability to trade on margin. The Fund’s investments in derivative instruments may be leveraged and result in losses exceeding the amounts invested.

While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures.

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BELSX - Performance

Return Ranking - Trailing

Period BELSX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.7% -12.1% 23.2% 40.74%
1 Yr 8.8% -12.5% 39.1% 59.88%
3 Yr 0.2%* -20.0% 28.5% 73.94%
5 Yr 4.8%* -4.5% 24.8% 63.85%
10 Yr N/A* -4.3% 10.0% N/A

* Annualized

Return Ranking - Calendar

Period BELSX Return Category Return Low Category Return High Rank in Category (%)
2023 6.7% -17.3% 43.8% 40.74%
2022 -23.4% -54.0% 17.4% 91.84%
2021 -5.7% -40.0% 54.1% 84.40%
2020 3.2% -47.6% 88.4% 48.15%
2019 15.0% -20.3% 62.6% 18.11%

Total Return Ranking - Trailing

Period BELSX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.7% -12.1% 23.2% 40.74%
1 Yr 8.8% -12.5% 39.1% 59.88%
3 Yr 0.2%* -20.0% 28.5% 73.94%
5 Yr 4.8%* -4.5% 24.8% 63.85%
10 Yr N/A* -4.3% 10.0% N/A

* Annualized

Total Return Ranking - Calendar

Period BELSX Return Category Return Low Category Return High Rank in Category (%)
2023 6.7% -14.5% 43.8% 58.02%
2022 -4.5% -54.0% 50.3% 42.18%
2021 -5.7% -40.0% 61.6% 91.49%
2020 11.8% -29.9% 91.0% 28.15%
2019 17.5% -17.9% 79.4% 20.47%

NAV & Total Return History


BELSX - Holdings

Concentration Analysis

BELSX Category Low Category High BELSX % Rank
Net Assets 61 M 1.08 M 6.67 B 61.11%
Number of Holdings 274 2 1906 20.37%
Net Assets in Top 10 23.6 M 639 K 2.09 B 68.52%
Weighting of Top 10 38.42% 2.8% 182.8% 61.73%

Top 10 Holdings

  1. Tri-State Deposit 7.81%
  2. Weichai Power Co Ltd 3.76%
  3. Fidelity Treasury Portfolio 3.75%
  4. Federated Hermes US Treasury Cash Reserves 3.75%
  5. BlackRock Liquidity Funds Treasury Trust Fund Portfolio 3.75%
  6. Goldman Sachs Financial Square Funds - Treasury Instruments Fund 3.75%
  7. BOE Technology Group Co Ltd 3.43%
  8. Midea Group Co Ltd 3.40%
  9. SK Hynix Inc 2.51%
  10. Evergreen Marine Corp Taiwan Ltd 2.48%

Asset Allocation

Weighting Return Low Return High BELSX % Rank
Stocks
70.57% -0.40% 109.75% 46.91%
Cash
28.75% 0.00% 100.51% 41.36%
Preferred Stocks
2.12% 0.00% 8.29% 4.32%
Convertible Bonds
0.00% -0.02% 4.48% 7.84%
Bonds
0.00% 0.00% 178.67% 32.10%
Other
-1.44% -52.70% 99.51% 87.65%

BELSX - Expenses

Operational Fees

BELSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.70% 0.42% 8.51% 72.84%
Management Fee 1.25% 0.00% 2.50% 50.62%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.03% 1.54% 13.64%

Sales Fees

BELSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

BELSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BELSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 125.00% 0.00% 479.00% 50.00%

BELSX - Distributions

Dividend Yield Analysis

BELSX Category Low Category High BELSX % Rank
Dividend Yield 0.00% 0.00% 27.22% 81.37%

Dividend Distribution Analysis

BELSX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Annual Annual

Net Income Ratio Analysis

BELSX Category Low Category High BELSX % Rank
Net Income Ratio -0.14% -3.33% 2.16% 29.38%

Capital Gain Distribution Analysis

BELSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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BELSX - Fund Manager Analysis

Managers

Joseph Feeney


Start Date

Tenure

Tenure Rank

Feb 27, 2015

7.26

7.3%

Mr. Feeney is Chief Executive Officer and Chief Investment Officer for Boston Partners. He is responsible for the firm’s strategic, financial and operating decisions, and all aspects of investment management including the firm’s fundamental and quantitative research groups. He was one of the original partners of Boston Partners Asset Management in 1995. Prior to assuming these roles, he was Director of Research. Mr. Feeney joined Boston Partners upon its inception in 1995 from Putnam Investments where he managed mortgage-backed securities portfolios. He began his career at the Bank of Boston where he was a loan officer specializing on highly leveraged loan portfolios. Mr. Feeney holds a B.S. degree in finance from the University of New Hampshire and an M.B.A. with High Honors from the University of Chicago. He holds the Chartered Financial Analyst® designation and is past President of the Fixed Income Management Society of Boston. He has thirty-five years of investment experience.

Paul Korngiebel


Start Date

Tenure

Tenure Rank

Feb 27, 2015

7.26

7.3%

Mr. Korngiebel is a portfolio manager on all Boston Partners Emerging Markets strategies, including Boston Partners Emerging Markets Equity and Emerging Markets Long/Short Equity. He also serves as a supporting member of the greater Global Equity team, providing input on idea generation for various international and global portfolios. Mr. Korngiebel joined the firm from Deccan Value Advisors, which he co-founded, and prior to that he worked at Brandes Investment Partners. Both firms are dedicated to global value investing. Mr. Korngiebel holds a B.A. from Bowdoin (Phi Beta Kappa), M.A. degrees from Harvard and St. Johns College, and an M.B.A. degree from Northwestern (Beta Gamma Sigma). He holds the Chartered Financial Analyst® designation and has twenty years of investment experience.

David Kim


Start Date

Tenure

Tenure Rank

Jun 01, 2021

1.0

1.0%

David Kim recently served as an emerging markets industry analyst with Boston Partners specializing in fundamental research of stocks held in its Emerging Markets Equity products. He was previously at Great Hill Partners, where he was a private equity associate focused on technology companies. Mr. Kim holds a B.A. degree in economics from Amherst College, as well as an M.B.A. degree from Harvard Business School. He has six years of investment experience

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 23.55 6.01 7.93