The investment team seeks to capitalize on low-penetration opportunities by investing in companies that compound business value over a market cycle, while implementing a forward-looking construct for managing risk.
Business Value Compounding
The team seeks to invest in companies with the capital structures and business models to realize their domestic demand potential.
Foundational Risk Management
The team implements a forward-looking construct for managing risk by emphasizing differentiated correlation and currency profiles.
| As of 31 December 2018 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
|---|---|---|---|---|---|---|---|
| Advisor Class: APDYX | -3.69 | -15.52 | -15.52 | 8.57 | — | — | 3.41 |
| MSCI Emerging Markets Index | -7.47 | -14.58 | -14.58 | 9.25 | — | — | 2.55 |
| As of 31 December 2018 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
|---|---|---|---|---|---|---|---|
| Advisor Class: APDYX | -3.69 | -15.52 | -15.52 | 8.57 | — | — | 3.41 |
| MSCI Emerging Markets Index | -7.47 | -14.58 | -14.58 | 9.25 | — | — | 2.55 |
| 2016 | 2017 | 2018 | |||
|---|---|---|---|---|---|
 |
|||||
| Advisor Class: APDYX | 12.02 | 35.22 | -15.52 | ||
| MSCI Emerging Markets Index | 11.19 | 37.28 | -14.58 | ||
| As of 31 December 2018 | Average Up Month | Average Down Month |
| Advisor Class: APDYX | 323bps | -320bps |
| MSCI Emerging Markets Index | 350bps | -370bps |
| Difference | -27bps | +50bps |
Based on monthly returns for APDYX (Advisor Shares) beginning with July 2015, the first full month since inception. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively.
| Annual Report 30 September 2018 | 1.18% |
|---|---|
| Prospectus 30 September 2017 | 1.21% |
See prospectus for further details.
|
Top 10 Holdings (% of total portfolio as of 31 December 2018) |
|
|---|---|
| Kweichow Moutai Co Ltd (China) | 4.9 |
| Alibaba Group Holding Ltd (China) | 4.7 |
| TAL Education Group (China) | 4.7 |
| MercadoLibre Inc (Argentina) | 4.6 |
| Visa Inc (United States) | 4.6 |
| AIA Group Ltd (Hong Kong) | 4.5 |
| ASML Holding NV (Netherlands) | 4.5 |
| Tencent Holdings Ltd (China) | 4.5 |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 4.2 |
| HDFC Bank Ltd (India) | 4.0 |
| Total | 45.4% |
|
Portfolio Statistics (as of 31 December 2018) |
|
|---|---|
| Median Market Cap (Billions) | $17.6 |
| Weighted Avg. Market Cap (Billions) | $90.1 |
| Number of Securities | 41 |
| Number of Countries | 15 |
| Cash (% of total portfolio) | 5.7% |
|
Region Allocation (% of total portfolio equities as of 31 December 2018) |
|
|---|---|
|
|
| Emerging Asia | 53.2 |
| Developed Markets | 24.4 |
| Latin America | 17.9 |
| Europe, Middle East and Africa | 4.6 |
| Total | 100.0% |
|
Top 10 Countries (% of total portfolio equities as of 31 December 2018) |
|
|---|---|
| China | 36.8 |
| India | 12.8 |
| Brazil | 8.9 |
| Netherlands | 7.2 |
| United States | 5.7 |
| Argentina | 4.9 |
| Hong Kong | 4.8 |
| France | 4.4 |
| Russia | 3.7 |
| Thailand | 2.4 |
