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Trending ETFs

Name

As of 04/19/2024

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

$4.80

$101 M

0.00%

1.23%

Vitals

YTD Return

-3.9%

1 yr return

5.4%

3 Yr Avg Return

-7.8%

5 Yr Avg Return

-4.4%

Net Assets

$101 M

Holdings in Top 10

20.4%

52 WEEK LOW AND HIGH

$4.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.23%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 04/19/2024

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

$4.80

$101 M

0.00%

1.23%

EMKIX - Profile

Distributions

  • YTD Total Return -3.9%
  • 3 Yr Annualized Total Return -7.8%
  • 5 Yr Annualized Total Return -4.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.87%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Ashmore Emerging Markets Total Return Fund
  • Fund Family Name
    Ashmore Funds
  • Inception Date
    Dec 08, 2010
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    GB
  • Manager
    Mark Coombs

Fund Description

The Fund seeks to achieve its objective by investing principally in debt instruments of Sovereign, Quasi-Sovereign, and Corporate issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. Sovereigns are governments of Emerging Market Countries (as defined below). For these purposes, Sovereigns may include EM Supra-Nationals. Quasi-Sovereigns are governmental entities, agencies and other issuers that are more than 50% owned, directly or indirectly, by a Sovereign, or whose obligations are guaranteed by a Sovereign. For these purposes, governmental entities include a province, a city and local or regional governmental bodies. A Corporate issuer is any issuer other than a Sovereign or Quasi-Sovereign that is located in an Emerging Market Country or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., the relevant indices in the family of J.P. Morgan Corporate Emerging Markets Bond Index, J.P. Morgan Emerging Local Markets Index, J.P. Morgan Emerging Markets Bond Index, J.P. Morgan Government Bond Index—Emerging Markets and MSCI Emerging and Frontier Markets Index).
The Fund may invest in debt instruments of all types and denominated in any currency, whether subordinated or unsubordinated, secured or unsecured, quoted or unquoted, rated or unrated, or floating rate or fixed rate. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, trade claims, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time.
The Fund will normally invest 25% to 75% of its net assets in investments denominated in or providing investment exposure to local currencies of Emerging Market Countries. Any portion of the Fund’s investment exposure to local currencies of Emerging Market Countries that has been hedged into a Hard Currency (i.e., the U.S. dollar or any currency of a nation in the G-7) will not count as currency of an Emerging Market Country for this purpose. The Fund may invest in obligations of any
credit quality, including obligations that are in default or that are subject to insolvency proceedings. The Fund may invest without limitation in debt securities that are rated below investment grade or that are unrated but judged by the Investment Manager to be of comparable quality (i.e., “junk bonds”).
The Fund normally seeks to maintain a weighted average portfolio duration of between 2 and 10 years.
The Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts, including contracts related to currencies, and swap agreements (including total return, interest rate, and credit default swaps) and other related instruments with respect to individual bonds and other securities, indices and baskets of securities, interest rates and currencies, structured notes, and credit-linked notes as part of its principal investment strategies. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.
The Fund may invest in convertible debt instruments and equity securities related to convertible securities or warrants the Fund holds or has held, as well as acquire and hold equity securities, including warrants, resulting from debt conversion or restructuring. The Fund may invest in the securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly. The Fund may also lend its portfolio securities, borrow money for investment and other purposes, and enter into repurchase and reverse repurchase agreement transactions.
The Fund will not invest more than 25% of its net assets in issuers in any one Emerging Market Country. The Fund will not invest more than 35% of its net assets in securities of Corporate issuers having their principal place of business in Emerging Market Countries. Also, the Fund will not invest more than 25% of its net assets in investments denominated in a single currency other than the U.S. dollar or the Euro without seeking to hedge into U.S. dollars the portion of the Fund’s exposure to that currency (i.e., non-U.S. dollar, non-Euro) that exceeds 25% of the Fund’s net assets.
In managing the Fund, the Investment Manager’s fixed income and asset allocation investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team combines this top-down approach with an analytically-driven, bottom-up approach to making purchase and sale decisions with respect to individual corporate credits. The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence, and seeks to invest in issuers in government and Corporate sectors it expects will benefit from such developments and associated economic development and growth. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. The Investment Team utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.
In response to adverse market, economic, political or other conditions, the Fund may deviate from its principal strategies by making temporary investments of some or all of its assets in various instruments, including short-term, high-quality fixed income securities denominated in any currency, cash, cash equivalents, money market funds, and other similar funds. The Fund may not achieve its investment objective when it does so. The Fund may also invest a portion of its assets in such investments and instruments on a short term or temporary basis to manage its cash positions or otherwise manage the Fund efficiently.
The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in securities and instruments issued by Sovereign, Quasi-Sovereign, or Corporate issuers of Emerging Market Countries and Emerging Market currency-related derivative instruments. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
The Investment Manager may engage in active and frequent trading of the Fund’s portfolio securities to achieve the Fund’s investment objective. The Fund may pay transaction costs, such as the bid/asked spread on purchases and sales of securities,
when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, may adversely affect the Fund’s investment performance.
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EMKIX - Performance

Return Ranking - Trailing

Period EMKIX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.9% -6.1% 8.6% 83.44%
1 Yr 5.4% -7.0% 21.6% 70.53%
3 Yr -7.8%* -14.5% 4.2% 95.88%
5 Yr -4.4%* -9.1% 6.2% 97.06%
10 Yr -2.9%* -6.0% 4.9% 97.69%

* Annualized

Return Ranking - Calendar

Period EMKIX Return Category Return Low Category Return High Rank in Category (%)
2023 5.2% -10.6% 17.8% 52.65%
2022 -25.7% -29.1% -2.4% 92.47%
2021 -14.4% -24.0% 2.7% 96.49%
2020 -2.5% -14.0% 9.7% 84.42%
2019 3.9% -6.4% 13.0% 90.07%

Total Return Ranking - Trailing

Period EMKIX Return Category Return Low Category Return High Rank in Category (%)
YTD -3.9% -6.1% 8.6% 83.44%
1 Yr 5.4% -7.0% 21.6% 70.53%
3 Yr -7.8%* -14.5% 4.2% 95.88%
5 Yr -4.4%* -9.1% 6.2% 97.06%
10 Yr -2.9%* -6.0% 4.9% 97.69%

* Annualized

Total Return Ranking - Calendar

Period EMKIX Return Category Return Low Category Return High Rank in Category (%)
2023 11.1% -0.6% 20.0% 63.91%
2022 -21.1% -27.6% -1.7% 96.92%
2021 -10.1% -18.5% 7.4% 95.09%
2020 2.5% -7.8% 18.0% 87.32%
2019 9.3% -3.0% 23.0% 90.07%

NAV & Total Return History


EMKIX - Holdings

Concentration Analysis

EMKIX Category Low Category High EMKIX % Rank
Net Assets 101 M 565 K 14.4 B 61.06%
Number of Holdings 583 4 1888 21.45%
Net Assets in Top 10 26.2 M -134 M 1.25 B 56.11%
Weighting of Top 10 20.35% 5.1% 101.4% 40.00%

Top 10 Holdings

  1. PDVSA 8.5 10/27/20 REGS 6.01%
  2. BLTN 0 07/01/27 LTN 2.55%
  3. MGS 3.478 06/14/24 0319 2.30%
  4. BNTNF 10 01/01/27 NTNF 2.04%
  5. OIBRBZ 14 09/07/24 1.79%
  6. VENZ 9.25 09/15/27 1.51%
  7. MCBRAC 7.25 06/30/31 REGS 1.14%
  8. VENZ 11.95 08/05/31 1.14%
  9. SAGB 8 01/31/30 2030 0.95%
  10. VENZ 11.75 10/21/26 0.94%

Asset Allocation

Weighting Return Low Return High EMKIX % Rank
Bonds
94.64% 0.91% 99.54% 43.89%
Cash
5.84% 0.00% 21.93% 40.59%
Stocks
0.18% -0.01% 93.55% 15.18%
Convertible Bonds
0.02% 0.00% 8.47% 61.33%
Preferred Stocks
0.00% 0.00% 1.28% 99.34%
Other
-0.66% -9.56% 88.17% 95.71%

Bond Sector Breakdown

Weighting Return Low Return High EMKIX % Rank
Government
75.00% 0.00% 99.79% 28.00%
Corporate
13.30% 0.00% 93.26% 70.00%
Cash & Equivalents
0.00% 0.00% 23.23% 100.00%
Securitized
0.00% 0.00% 2.41% 98.00%
Municipal
0.00% 0.00% 0.00% 98.00%
Derivative
-0.66% -1.03% 7.35% 97.36%

Bond Geographic Breakdown

Weighting Return Low Return High EMKIX % Rank
US
59.12% -42.31% 99.01% 59.08%
Non US
35.51% 0.00% 132.49% 38.28%

EMKIX - Expenses

Operational Fees

EMKIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.23% 0.02% 35.56% 51.66%
Management Fee 1.00% 0.00% 1.10% 98.68%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.65% 3.73%

Sales Fees

EMKIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

EMKIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 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.

EMKIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 218.00% 21.99%

EMKIX - Distributions

Dividend Yield Analysis

EMKIX Category Low Category High EMKIX % Rank
Dividend Yield 0.00% 0.00% 22.27% 70.30%

Dividend Distribution Analysis

EMKIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

EMKIX Category Low Category High EMKIX % Rank
Net Income Ratio 4.87% -2.28% 8.00% 16.55%

Capital Gain Distribution Analysis

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

Distributions History

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EMKIX - Fund Manager Analysis

Managers

Mark Coombs


Start Date

Tenure

Tenure Rank

Dec 08, 2010

11.48

11.5%

Mark Coombs, the Investment Manager’s Chief Executive Officer and Chairman of the Investment Committee, having been involved in emerging markets since 1983. He holds an MA (Hons) in Law from Cambridge University and joined Grindlays Bank plc in 1983. Following its acquisition by Australia and New Zealand Banking Group Limited (ANZ) he was appointed Head of Emerging Markets Group for ANZ Merchant Bank Limited in 1988 and in 1991 became Head of the International Merchant Banking Division of ANZ Grindlays Bank plc and in 1997 Head of Markets for ANZ Group. He was appointed to the Board of the Emerging Markets Trade Association in 1993 and Co-Chair in 2000. He has been Chairman of the Investment Committee since he established the business as a separate division within ANZ in 1992, and is responsible for setting overall investment strategy of funds managed.

Herbert Saller


Start Date

Tenure

Tenure Rank

Dec 08, 2010

11.48

11.5%

Mr. Saller has been Senior portfolio manager and head of external debt of Ashmore since 2009, and a member of Ashmore’s investment committee since he joined Ashmore in 2002. He began his investment career in 1988 and has a business management degree from Verwaltungs-und Wirtschafts-Akademie, Munich.

Ricardo Xavier


Start Date

Tenure

Tenure Rank

Dec 08, 2010

11.48

11.5%

Ricardo Xavier is Senior portfolio manager of Ashmore since 2003, Ashmore’s head of local currency and the deputy chairman of Ashmore’s investment committee since 2014. Mr. Xavier has geographic responsibility for Latin America, and product responsibility for local currencies, local currency debt and related derivatives. He began his investment career in 1992 and has a bachelor’s degree from Fundação Armando Alvares Penteado, Sao Paulo.

Robin Forrest


Start Date

Tenure

Tenure Rank

Jul 02, 2012

9.92

9.9%

Robin Forrest is a Senior Portfolio Manager of Ashmore Investment Management Limited and a Member of its Investment Committee. Mr. Forrest joined Ashmore in 2006 after 13 years at JP Morgan, where he was most recently Vice President—Situational Finance, with a focus on credit intensive corporate situations in CEEMEA geographies. During this period, he had several years of experience in each of capital markets, origination, structuring, execution, syndication, risk management and credit within loan and high yield markets and in Emerging Markets. Robin has a BA (Hons) in Russian & French from Oxford University.

Fernando Assad


Start Date

Tenure

Tenure Rank

Oct 01, 2016

5.67

5.7%

Fernando Assad is a Senior Portfolio Manager of the Investment Manager and a Member of its Investment Committee. He joined Ashmore Investment Advisors Limited in 2007 as an equity portfolio manager after six years at Morgan Stanley where he was a Vice President responsible for management of Emerging Market equities and the launch of the Global Emerging and Convergence Opportunities portfolio within Global Wealth Management in London. He previously worked for SG Asset Management Emerging Markets and as an intern in Merrill Lynch Broker Services. Mr. Assad is a CFA Charterholder and has a BA in Economics from the American International University in London.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 23.87 6.38 6.11