January 31, 2026
The Fund seeks to achieve long-term capital growth by investing primarily in a portfolio of equity securities of large-capitalization securities companies in emerging markets.
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RISK RATING
How is the fund invested? (as of November 30, 2025)
| Name | Percent |
|---|---|
| International Equity | 97.2 |
| Cash and Equivalents | 2.8 |
| Name | Percent |
|---|---|
| India | 25.8 |
| Mexico | 21.5 |
| Taiwan | 11.0 |
| Korea, Republic Of | 10.3 |
| Indonesia | 7.5 |
| Brazil | 6.1 |
| Poland | 4.4 |
| Argentina | 3.5 |
| Canada | 2.8 |
| Other | 7.1 |
| Name | Percent |
|---|---|
| Technology | 24.6 |
| Financial Services | 18.8 |
| Consumer Goods | 14.4 |
| Telecommunications | 11.3 |
| Consumer Services | 10.3 |
| Healthcare | 5.5 |
| Real Estate | 5.0 |
| Industrial Services | 4.7 |
| Cash and Cash Equivalent | 2.8 |
| Other | 2.6 |
Growth of $10,000 (since inception)
Data not available based on date of inception
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Taiwan Semiconductor Manufactrg Co Ltd | 9.1 |
| Maruti Suzuki India Ltd | 6.3 |
| Rede D'Or Sao Luiz SA | 5.1 |
| HDFC Bank Ltd - ADR | 5.0 |
| Bank Central Asia Tbk PT | 4.9 |
| Bharti Airtel Ltd | 4.7 |
| Grupo Aeroportuario Pacifico SAB CV - ADR Sr B | 4.7 |
| Dino Polska SA | 4.4 |
| Fomento Economico Mexicano SAB de CV - ADR | 4.3 |
| Wal Mart de Mexico SAB de CV | 4.1 |
| Total allocation in top holdings | 52.6 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | - |
| Dividend yield | 2.14% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $260,416.6 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| Data not available based on date of inception | |||
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| Data not available based on date of inception | |||
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| Data not available based on date of inception | |||
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| Data not available based on date of inception | |||
Range of returns over five years
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| Data not available based on date of inception | |||
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| Data not available based on date of inception | |||
Q4 2025 Fund Commentary
Commentary and opinions are provided by Northcape Capital.
Market commentary
December closed 2025 with the expectation of monetary policy easing continuing in the U.S. and parts of Europe. In contrast, Japan tightened its monetary policy. Emerging-market equities rose, mostly because of a weaker U.S. dollar. Several large emerging markets also benefited from disinflation trends even as growth held up.
Performance
Relative exposure to Samsung Electronics Co. Ltd. and SK Hynix Inc. contributed to the Fund’s performance. Samsung Electronics saw rising demand and higher prices for its semiconductor memory chips because of artificial intelligence (AI). SK Hynix saw higher demand for its high-bandwidth memory, which is used in AI servers.
Relative exposure to Coway Co. Ltd. and MercadoLibre Inc. detracted from the Fund’s performance. Coway’s stock dipped following strong performance over the previous 18 months. There was no company-specific news. MercadoLibre saw competition from Amazon.com Inc., which increased its investments in Brazil.
At a sector level, security selection in the communication services and information technology sectors contributed to the Fund’s performance. Overweight exposure to the consumer staples sector detracted from performance. At a regional level, underweight exposure to China and overweight exposure to South Korea contributed to performance.
Portfolio activity
The sub-advisor reduced the Fund’s exposure to South Korea’s semiconductor industry to take profits. The proceeds were invested in several stocks in the emerging markets’ communication services, health care and financials sectors.
Outlook
The sub-advisor didn’t make any changes to the Fund’s strategic positioning. Overall, the Fund was focused on what the sub-advisor considers structural growth companies. These companies tend to have high-quality environmental, social and governance characteristics, as well as what the sub-advisor considers defendable business models and balance-sheet strength.
Data not available based on date of inception
