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Ashmore Emerging Markets Small-Cap Equity Fund

mutual fund
ESSAX
Payout Change
Pending
Price as of:
$14.21 -0.04 -0.28%
primary theme
Emerging Markets Equity
ESSAX (Mutual Fund)

Ashmore Emerging Markets Small-Cap Equity Fund

Payout Change
Pending
Price as of:
$14.21 -0.04 -0.28%
primary theme
Emerging Markets Equity
ESSAX (Mutual Fund)

Ashmore Emerging Markets Small-Cap Equity Fund

Payout Change
Pending
Price as of:
$14.21 -0.04 -0.28%
primary theme
Emerging Markets Equity

Name

As of 06/21/2024

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

$14.21

$9.9 M

0.00%

3.22%

Vitals

YTD Return

7.8%

1 yr return

14.9%

3 Yr Avg Return

-2.0%

5 Yr Avg Return

10.4%

Net Assets

$9.9 M

Holdings in Top 10

35.0%

52 WEEK LOW AND HIGH

$14.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 3.22%

SALES FEES

Front Load 5.25%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/21/2024

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

$14.21

$9.9 M

0.00%

3.22%

ESSAX - Profile

Distributions

  • YTD Total Return 7.8%
  • 3 Yr Annualized Total Return -2.0%
  • 5 Yr Annualized Total Return 10.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.50%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Ashmore Emerging Markets Small-Cap Equity Fund
  • Fund Family Name
    Ashmore Funds
  • Inception Date
    Feb 01, 2012
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    GB
  • Manager
    Patrick Cadell

Fund Description

The Fund seeks to achieve its objective by investing at least 80% of its net assets in equity securities and equity-related investments of Small-Capitalization Emerging Market Issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. The Fund currently defines a Small-Capitalization issuer as any issuer included in the MSCI Emerging Market Small Cap Index at the time of purchase, as well as any issuer with a market capitalization that is in the lowest 15% of the market capitalization range of issuers included in the MSCI Emerging Markets Investible Market Index (IMI) at the time of purchase (between $98.60 million and $3.53 billion as of January 1, 2024). An Emerging Market Issuer is an issuer 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 equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer’s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in a particular Emerging Market Country or region, particularly in the case of countries in which such an investment vehicle is the exclusive or main vehicle for foreign portfolio investment. The Fund’s investments may include securities of companies that are in the process of being privatized by a government, securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets, and unregistered securities issued in private placements. The Fund may also invest in initial public offerings. Although the Fund focuses on Small-Capitalization securities, it reserves the flexibility to invest a portion of its assets in securities of medium-or large-capitalization issuers. The Fund may utilize various derivative instruments and related strategies 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 and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. 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.
In managing the Fund’s portfolio, the Investment Manager uses principally a bottom-up approach to identify particular securities for investment within Emerging Market Countries. The Investment Manager’s investment approach is driven by fundamental value and involves a rigorous, systemic and value-oriented security selection process. The portfolio manager analyzes the universe of available Small-Capitalization Emerging Market equity investments in an attempt to identify issuers that are undervalued relative to their long-term growth prospects. Potential candidates are systematically screened for fundamental value based on a number of factors, such as price to earnings ratio, price to future growth ratio, price to book value ratio, price to cash flow ratio, free cash flow, return on equity, debt to equity ratio, earnings growth and earnings momentum. Attractive candidates undergo a more rigorous review to assess the issuer’s long-term prospects, including with respect to management strength, market outlook, competitiveness, regulatory changes, restructuring and expansion plans, profitability, financial viability, interest coverage and hidden assets. As part of this process, the Investment Manager conducts visits to various companies in the small-capitalization segment of Emerging Market Countries and utilizes a proprietary database and earnings forecasts to compare applicable industries and issuers. The screening process is designed, in part, to avoid investments deemed by the portfolio manager to have unacceptable risk factors. The portfolio manager also reviews and takes into account overall Fund exposures to particular Emerging Market Countries and sectors in an effort to construct a portfolio that provides adequate diversification and risk controls. Taking into account the results of this screening process, the portfolio manager selects particular investments designed to produce a diversified equity portfolio of Small-Capitalization Emerging Market Issuers.
The Investment Manager may in its sole discretion consider selling a particular security held in the Fund’s portfolio when the factors that led to its investment change adversely or when a more attractive candidate is identified.
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, including obligations of Emerging Market Issuers and countries, 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 equity securities and other equity-related investments of Small-Capitalization Emerging Market Issuers. 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 brokerage commissions, 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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ESSAX - Performance

Return Ranking - Trailing

Period ESSAX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.8% -8.5% 20.2% 41.23%
1 Yr 14.9% -10.7% 35.3% 31.55%
3 Yr -2.0%* -21.2% 10.3% 23.10%
5 Yr 10.4%* -5.8% 12.2% 1.59%
10 Yr 4.3%* -2.7% 6.2% 18.69%

* Annualized

Return Ranking - Calendar

Period ESSAX Return Category Return Low Category Return High Rank in Category (%)
2023 19.1% -6.5% 35.5% 7.10%
2022 -25.5% -50.1% -2.4% 61.07%
2021 11.7% -33.1% 22.5% 2.98%
2020 43.0% -22.1% 80.1% 4.52%
2019 15.0% -0.7% 42.0% 74.84%

Total Return Ranking - Trailing

Period ESSAX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.8% -8.5% 20.2% 41.23%
1 Yr 14.9% -10.7% 35.3% 31.55%
3 Yr -2.0%* -21.2% 10.3% 23.10%
5 Yr 10.4%* -5.8% 12.2% 1.59%
10 Yr 4.3%* -2.7% 6.2% 18.69%

* Annualized

Total Return Ranking - Calendar

Period ESSAX Return Category Return Low Category Return High Rank in Category (%)
2023 19.8% -2.7% 42.0% 11.75%
2022 -24.5% -42.2% 1.9% 65.30%
2021 11.7% -32.5% 33.1% 9.54%
2020 43.0% -20.0% 81.6% 4.52%
2019 15.0% 2.3% 42.0% 87.10%

NAV & Total Return History


ESSAX - Holdings

Concentration Analysis

ESSAX Category Low Category High ESSAX % Rank
Net Assets 9.9 M 682 K 103 B 94.41%
Number of Holdings 45 10 7049 91.13%
Net Assets in Top 10 3.32 M 290 K 19.2 B 94.27%
Weighting of Top 10 34.97% 2.9% 140.4% 43.85%

Top 10 Holdings

  1. MY Eg Services Bhd NPV 4.92%
  2. Komico Ltd KRW500 3.93%
  3. PB Fintech Ltd. INR2.00 3.89%
  4. Dentium Co Ltd KRW500 3.63%
  5. E Ink Holdings Inc. TWD10 3.47%
  6. Winway Technology Co Ltd TWD10 3.45%
  7. Granules India INR1 3.15%
  8. Andes Technology Corporation TWD10 2.98%
  9. Krishna Institute of Medical Sciences Ltd. INR10 2.79%
  10. Totvs SA COM NPV 2.75%

Asset Allocation

Weighting Return Low Return High ESSAX % Rank
Stocks
100.10% 0.00% 102.46% 5.46%
Preferred Stocks
0.00% 0.00% 10.09% 65.08%
Other
0.00% -0.14% 37.51% 37.38%
Convertible Bonds
0.00% 0.00% 7.40% 15.52%
Cash
0.00% -2.03% 40.36% 94.41%
Bonds
0.00% 0.00% 92.29% 25.10%

Stock Sector Breakdown

Weighting Return Low Return High ESSAX % Rank
Technology
33.77% 0.00% 47.50% 4.42%
Consumer Cyclical
17.29% 0.00% 48.94% 14.78%
Healthcare
14.49% 0.00% 16.53% 4.42%
Industrials
11.49% 0.00% 43.53% 11.46%
Basic Materials
9.61% 0.00% 30.03% 31.63%
Consumer Defense
8.27% 0.00% 25.90% 25.83%
Financial Services
3.19% 0.00% 48.86% 99.03%
Communication Services
1.88% 0.00% 39.29% 97.79%
Utilities
0.00% 0.00% 39.12% 72.79%
Real Estate
0.00% 0.00% 17.15% 86.19%
Energy
0.00% 0.00% 24.80% 86.88%

Stock Geographic Breakdown

Weighting Return Low Return High ESSAX % Rank
Non US
90.53% 0.00% 100.18% 29.06%
US
9.57% 0.00% 99.51% 55.25%

ESSAX - Expenses

Operational Fees

ESSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 3.22% 0.03% 29.98% 6.43%
Management Fee 1.25% 0.00% 2.00% 95.36%
12b-1 Fee 0.25% 0.00% 1.00% 23.00%
Administrative Fee N/A 0.01% 0.85% 5.21%

Sales Fees

ESSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.25% 3.50% 5.75% 64.13%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ESSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

ESSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 189.00% 66.41%

ESSAX - Distributions

Dividend Yield Analysis

ESSAX Category Low Category High ESSAX % Rank
Dividend Yield 0.00% 0.00% 9.74% 82.40%

Dividend Distribution Analysis

ESSAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annual

Net Income Ratio Analysis

ESSAX Category Low Category High ESSAX % Rank
Net Income Ratio -0.50% -1.98% 17.62% 89.38%

Capital Gain Distribution Analysis

ESSAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Semi-Annually

Distributions History

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ESSAX - Fund Manager Analysis

Managers

Patrick Cadell


Start Date

Tenure

Tenure Rank

Nov 01, 2017

4.58

4.6%

Patrick Cadell, Portfolio Manager, joined Ashmore Investment Advisors Limited in 2017. Prior to joining the firm, he joined the J.P. Morgan investment bank analyst training programme in 2008 and worked at J.P. Morgan Cazenove as a Corporate Finance Analyst on the UK Financial Institutions Team. In 2010, Patrick moved to Nevsky Capital as an Investment Analyst covering Emerging Asian Equities. The team he was part of then moved to Thames River Capital, which was subsequently acquired by Foreign and Colonial, where he progressed into a Portfolio Management role managing the F&C Directional Opportunities EM Equity fund. In 2015, Patrick joined Liontrust Investment Partners as a Partner and Portfolio Manager, where he was part of a team managing an EM Equity Fund. Mr. Cadell gained a 1st Class BSc in Economics from University College London.

Dhiren Shah


Start Date

Tenure

Tenure Rank

Nov 01, 2017

4.58

4.6%

Dhiren Shah is the Head of All Cap Equity Investment team of Ashmore Investment Advisors Limited. Prior to joining the firm in 2017, Mr. Shah was with BlackRock Investment Management (UK) Limited (formerly Merrill Lynch Investment Managers). He has been involved in the management of a range of Emerging Markets Equity products for both retail and institutional clients. In recent roles, Mr. Shah also had the responsibility as co-head and head of research for the Global Emerging Markets team at BlackRock. He is a CFA charter holder and gained a 1st in Economics from University College London.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 33.71 6.52 13.42