Portfolio Characteristics

As of 12/31/2019

Emerging Markets Equity Fund
MSCI Emerging Markets (ND) Index
Number of Holdings
70
1,404
Weighted Avg. Market Cap ($Mil)
118,888.3
113,293.42
Median Market Cap ($Mil)
15,571.63
5,833.44
Price/Book Ratio
2.28
2.61
Adj. Trailing P/E Ratio
13.32
16.57
Forecasted P/E Ratio
13.57
14.87
Earnings Growth Rate (%)
10.40
14.77
Proj. Earnings Growth Rate (%)
13.80
13.34
Return on Equity (%)
16.17
16.48
Turnover (unannualized % since 10/31)
8
Beta vs. Fund Benchmark
1.05

Top Ten Holdings

As of 12/31/2019

Company Name [Ticker]
% of Net Assets
Samsung Electronics Co. Ltd.[005930]
6.2
Taiwan Semiconductor Manufacturing Co. Ltd. ADR[TSM]
5.7
Tencent Holdings Ltd.[700]
5.4
Ping An Insurance Group Co. of China Ltd.[2318]
3.3
China Construction Bank Corp.[939]
3.2
Petroleo Brasileiro SA ADR[PBR.A]
2.7
Sberbank of Russia PJSC ADR[SBER]
2.7
MediaTek Inc.[2454]
2.3
Alibaba Group Holding Ltd.[9988]
2.3
Reliance Industries Ltd.[RELIANCE]
2.2

Full Holdings

As of 12/31/2019

Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Samsung Electronics Co. Ltd. [005930]
South Korea
136
48.187
6,574
6.2
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]
Taiwan
105
58.10
6,090
5.7
Tencent Holdings Ltd. [700]
China
120
48.176
5,791
5.4
Ping An Insurance Group Co. of China Ltd. [2318]
China
301
11.833
3,562
3.3
China Construction Bank Corp. [939]
China
3,977
0.867
3,448
3.2
Petroleo Brasileiro SA ADR [PBR.A]
Brazil
196
14.92
2,919
2.7
Sberbank of Russia PJSC ADR [SBER]
Russia
175
16.474
2,883
2.7
MediaTek Inc. [2454]
Taiwan
167
14.817
2,474
2.3
Alibaba Group Holding Ltd. [9988]
Cayman Islands
92
26.59
2,438
2.3
Reliance Industries Ltd. [RELIANCE]
India
109
21.239
2,307
2.2
Itau Unibanco Holding SA ADR [ITUB]
Brazil
249
9.15
2,275
2.1
CNOOC Ltd. ADR [CEO]
China
13
166.67
2,215
2.1
ICICI Bank Ltd. ADR [IBN]
India
144
15.09
2,178
2.0
Bank Rakyat Indonesia Persero Tbk PT [BBRI]
Indonesia
6,552
0.317
2,074
1.9
Charoen Pokphand Foods PCL [CPF-F]
Thailand
2,063
0.917
1,891
1.8
AngloGold Ashanti Ltd. ADR [AU]
South Africa
79
22.34
1,771
1.7
SK Hynix Inc. [A000660]
South Korea
22
81.338
1,766
1.7
Banco Bradesco SA ADR [BBD]
Brazil
192
8.95
1,719
1.6
Anhui Conch Cement Co. Ltd. [914]
China
228
7.286
1,661
1.6
Guangzhou R&f Properties Co. Ltd. [2777]
China
897
1.847
1,656
1.6
Hana Financial Group Inc. [A086790]
South Korea
51
31.808
1,618
1.5
LUKOIL Pjsc ADR [LKOD]
Russia
16
99.607
1,608
1.5
Azul SA ADR [AZUL]
Brazil
37
42.80
1,565
1.5
BRF SA ADR [BRFS]
Brazil
175
8.70
1,527
1.4
Want Want China Holdings Ltd. [151]
China
1,626
0.934
1,519
1.4
Galaxy Entertainment Group Ltd. [27]
China
202
7.362
1,487
1.4
Semen Indonesia Persero Tbk PT [SMGR]
Indonesia
1,612
0.862
1,390
1.3
UltraTech Cement Ltd. [ULTRACEMCO]
India
24
56.83
1,351
1.3
Foschini Group Ltd. [TFG]
South Africa
126
10.682
1,344
1.3
Alpha Bank AE [ALPHA]
Greece
604
2.16
1,305
1.2
Ase Technology Holding Co. [3711]
Taiwan
459
2.787
1,279
1.2
OTP Bank plc [OTP]
Hungary
24
52.36
1,256
1.2
MTN Group Ltd. [MTN]
South Africa
210
5.895
1,239
1.2
Geely Automobile Holdings Ltd. [175]
China
630
1.958
1,233
1.2
Shimao Property Holdings Ltd. [813]
China
304
3.875
1,178
1.1
Grupo Financiero Banorte SAB de CV [GFNORTE O]
Mexico
207
5.583
1,154
1.1
Alibaba Group Holding Ltd. ADR [BABA]
China
5
212.10
1,147
1.1
Samsung Heavy Industries Co. Ltd. [A010140]
South Korea
177
6.262
1,105
1.0
China Merchants Bank Co. Ltd. [3968]
China
208
5.141
1,069
1.0
KB Financial Group Inc. [A105560]
South Korea
26
41.198
1,067
1.0
Ping An Bank Co. Ltd. [000001]
China
439
2.366
1,039
1.0
Ultrapar Participacoes SA [UGPA3]
Brazil
162
6.365
1,031
1.0
PetroChina Co. Ltd. [857]
China
2,004
0.503
1,009
0.9
POSCO [A005490]
South Korea
5
203.264
1,001
0.9
China International Travel Service Corp. Ltd. [601888]
China
78
12.788
1,000
0.9
Shoprite Holdings Ltd. [SHP]
South Africa
109
8.994
979
0.9
Wuliangye Yibin Co. Ltd. [000858]
China
50
19.137
965
0.9
Budweiser Brewing Co. Apac Ltd. [1876]
China
280
3.376
947
0.9
Cemex SAB de CV ADR [CX]
Mexico
239
3.78
903
0.8
Pharmaron Beijing Co. Ltd. [3759]
China
161
5.582
897
0.8
Wuxi Apptec Co. Ltd. [2359]
China
69
12.398
861
0.8
China Longyuan Power Group Corp. Ltd. [916]
China
1,254
0.632
793
0.7
China Shenhua Energy Co. Ltd. [1088]
China
376
2.091
787
0.7
China Railway Group Ltd. [390]
China
1,233
0.617
761
0.7
China Pacific Insurance Group Co. Ltd. [2601]
China
176
3.94
694
0.7
Afya Ltd. [AFYA]
Brazil
24
27.12
657
0.6
Hangzhou Hikvision Digital Technology Co. Ltd. [002415]
China
138
4.714
651
0.6
Suofeiya Home Collection Co. Ltd. [002572]
China
215
3.012
647
0.6
Mmg Ltd. [1208]
China
2,129
0.30
640
0.6
YPF SA ADR [YPF]
Argentina
54
11.58
625
0.6
Hangzhou Tigermed Consulting Co. Ltd. [300347]
China
66
9.077
595
0.6
ICICI Prudential Life Insurance Co. Ltd. [ICICIPRULI]
India
85
6.756
575
0.5
S-Oil Corp. [A010950]
South Korea
7
82.132
555
0.5
Baoshan Iron + Steel Co. [600019]
China
624
0.825
515
0.5
Neoenergia SA [NEOE3]
Brazil
74
6.205
462
0.4
Huya Inc. ADR [HUYA]
China
25
17.95
454
0.4
Ganfeng Lithium Co. Ltd. [1772]
China
181
2.489
452
0.4
Glenmark Pharmaceuticals Ltd. [GLENMARK]
India
76
4.862
368
0.3
United Bank Ltd. [UBL]
Pakistan
245
1.066
261
0.2
Tianhe Chemicals Group Ltd. [1619]
China
2,684
0.00
0
0.0

Sector Allocations

As of 12/31/2019

Economic Sector
Emerging Markets Equity Fund %
MSCI Emerging Markets (ND) Index %
Financials
26.4
24.2
Information Technology
17.3
15.7
Energy
12.2
7.4
Consumer Discretionary
9.3
14.2
Materials
9.1
7.4
Consumer Staples
7.3
6.3
Communication Services
7.0
11.0
Industrials
3.2
5.3
Health Care
2.9
2.8
Real Estate
2.7
3.0
Utilities
1.2
2.6

Sector Returns

As of 12/31/2019

Economic Sector
Emerging Markets Equity Fund %
MSCI Emerging Markets (ND) Index %
Real Estate
26.7
17.6
Information Technology
18.3
18.9
Utilities
17.0
4.3
Energy
13.4
9.8
Financials
12.3
9.8
Consumer Discretionary
12.1
16.7
Materials
11.9
12.3
Health Care
10.0
14.7
Industrials
6.6
7.8
Communication Services
6.0
9.8
Consumer Staples
4.1
2.5
Cash
0.3
0.0

Country Allocation

As of 12/31/2019

Country
Emerging Markets Equity Fund %
MSCI Emerging Markets (ND) Index %
China
37.2
34.3
South Korea
12.8
11.7
Brazil
11.4
7.5
Taiwan
9.2
11.7
India
6.4
8.6
South Africa
5.0
4.7
Russia
4.2
3.9
Indonesia
3.2
1.9
Mexico
1.9
2.3
Thailand
1.8
2.6
Other
6.9
10.8