Dividend Investing Ideas Center
Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Martin Currie Emerging Markets Fund
MCECX (Mutual Fund)
Martin Currie Emerging Markets Fund
Name
As of 12/06/2024Price
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
Vitals
YTD Return
5.5%
1 yr return
11.0%
3 Yr Avg Return
-7.6%
5 Yr Avg Return
0.4%
Net Assets
$442 M
Holdings in Top 10
47.6%
52 WEEK LOW AND HIGH
$12.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.89%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover 23.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$250
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/06/2024Price
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
MCECX - Profile
Distributions
- YTD Total Return 5.5%
- 3 Yr Annualized Total Return -7.6%
- 5 Yr Annualized Total Return 0.4%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.61%
- Dividend Yield 0.3%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameMartin Currie Emerging Markets Fund
-
Fund Family NameFRANKLIN TEMPLETON
-
Inception DateJul 16, 2018
-
Shares OutstandingN/A
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAndrew Mathewson
Fund Description
Under normal market conditions, the fund pursues its objective by investing at least 80% of its net assets plus borrowings for investment purposes, if any, in securities of issuers with substantial economic ties to one or more emerging market countries and other investments with similar economic characteristics. The material factors the subadviser considers when determining whether an issuer has substantial economic ties to an emerging market country include whether the issuer:
| • | is included in the MSCI Emerging Markets Index; |
| • | is organized or headquartered in an emerging market country, or maintains most of its assets in one or more such countries; |
| • | has a primary listing for its securities on a stock exchange of an emerging market country; or |
| • | derives a majority of its exposure (e.g. percentage of sales, income or other material factors) from one or more emerging market countries. |
Emerging market countries are predominantly found currently in regions such as Asia, the Indian subcontinent, South and Central America, the Middle and Near East, Eastern and Central Europe and Africa.
The fund will invest primarily in equity and equity-related securities, which may include common stocks, preferred stock, convertible bonds, other securities convertible into common stock, depositary receipts, real estate investment trusts, securities of other investment companies, including exchange-traded funds (ETFs), and synthetic foreign equity securities, including international warrants. The fund will primarily invest in securities directly in foreign markets, but may gain exposure to foreign markets indirectly through depositary receipts and synthetic foreign equity securities. American Depositary Receipts are receipts issued by a bank that demonstrate ownership of underlying foreign securities and trade on U.S. markets. Synthetic foreign equity securities are a type of derivative issued by a bank or other financial institution designed to replicate the economic exposure of buying an equity security directly in a particular foreign market. The fund will use synthetic foreign equity securities to obtain market exposure where direct access is not otherwise available. The fund may also enter into index futures contracts, a form of derivative contract, as a substitute for buying or selling securities, to obtain market exposure, in an attempt to enhance returns and to manage cash.
Within an emerging market country, the subadviser selects securities that it believes have favorable investment potential. For example, the fund may purchase stocks of companies with prices that reflect a value lower than that which the subadviser places on the company. The subadviser may also
consider factors it believes will cause the stock price to rise. In general, the subadviser will consider, among other factors, an issuer’s valuation, financial strength, competitive position in its industry, projected future earnings, cash flows and dividends and environmental, social, and governance risks and opportunities when deciding whether to buy or sell investments. The fund may invest in companies of any size and market capitalization.
The subadviser assesses environmental, social and governance (“ESG”) risks and opportunities that could impact the ability of an issuer to generate future sustainable returns. These may include such factors as:
| • | shareholder rights, |
| • | accounting standards, |
| • | remuneration, |
| • | board structure, |
| • | labor relations, |
| • | supply chain, |
| • | data protection, |
| • | pollution/hazardous waste, |
| • | water usage, and |
| • | climate change. |
The subadviser assesses these ESG factors both quantitatively and qualitatively, through its proprietary ESG ratings system and its direct research and engagement process. The subadviser’s proprietary ESG ratings capture this analysis, with companies assigned a risk rating on each of governance and sustainability (i.e., environmental and social) from 1 (low risk) to 5 (high risk) following a consideration of environment, social affairs and corporate governance sustainability factors. Companies that have a sustainability or governance risk rating of 4 or higher will not be purchased for the fund.
The subadviser considers sustainability risks tied to ESG factors relevant to the returns of the fund. Because investing on the basis of ESG criteria involves qualitative and subjective analysis, there can be no assurance that the methodology utilized by, or determinations made by, the subadviser will align with the beliefs or values of a particular investor, and other managers may make a different assessment of a company’s ESG criteria.
In addition, the fund seeks to avoid investing in companies that, based on its exclusionary criteria, the subadviser has determined:
| • | generate more than 5% of revenue from tobacco production, distribution or wholesale. |
| • | generate more than 5% of revenue from the production or distribution of conventional or nuclear weapons. |
| • | generate more than 5% of revenue from coal based power generation or the mining or distribution of thermal coal. |
| • | generate revenue from the production, sale or distribution of dedicated and key components of controversial weapons (i.e., antipersonnel mines, biological and chemical weaponry and cluster munitions). |
| • | as ‘fail’ under the principles set forth in the UN Global Compact. |
The subadviser may engage with issuers to gain information on environmental, social and governance related issues and to promote best practices in the management and disclosure of these issues.
The subadviser applies its ESG process (as set out above) to the issuer of each security held in the fund’s portfolio, provided that the subadviser does not apply its ESG process to cash and instruments used for liquidity (including mutual funds and exchange-traded funds, short-term money market instruments and derivative contracts).
The fund may invest in companies domiciled in any country that the subadviser believes to be appropriate to the fund’s investment objective. Subject to the fund’s 80% investment policy, the fund may invest a substantial amount of assets (i.e., more than 25%) in issuers located in a single country or a limited number of countries, but will always be invested in or have exposure to no less than three different emerging market countries. The fund may invest in securities denominated in foreign currencies or in U.S. dollars.
The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.
MCECX - Performance
Return Ranking - Trailing
| Period | MCECX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.5% | -11.8% | 39.7% | 84.88% |
| 1 Yr | 11.0% | -7.9% | 41.1% | 84.17% |
| 3 Yr | -7.6%* | -11.5% | 11.3% | 96.01% |
| 5 Yr | 0.4%* | -5.1% | 12.3% | 90.72% |
| 10 Yr | N/A* | -1.3% | 6.9% | N/A |
* Annualized
Return Ranking - Calendar
| Period | MCECX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.7% | -6.5% | 35.5% | 87.07% |
| 2022 | -27.6% | -50.1% | -2.4% | 74.34% |
| 2021 | -6.1% | -33.1% | 22.5% | 55.12% |
| 2020 | 26.5% | -22.1% | 80.1% | 21.75% |
| 2019 | 25.2% | -0.7% | 42.0% | 13.61% |
Total Return Ranking - Trailing
| Period | MCECX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.5% | -11.8% | 39.7% | 84.88% |
| 1 Yr | 11.0% | -7.9% | 41.1% | 84.17% |
| 3 Yr | -7.6%* | -11.5% | 11.3% | 96.01% |
| 5 Yr | 0.4%* | -5.1% | 12.3% | 90.72% |
| 10 Yr | N/A* | -1.3% | 6.9% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | MCECX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 5.1% | -1.0% | 42.0% | 92.76% |
| 2022 | -27.6% | -42.2% | 1.9% | 82.26% |
| 2021 | -6.1% | -32.5% | 33.1% | 79.81% |
| 2020 | 26.5% | -20.0% | 81.6% | 24.19% |
| 2019 | 27.9% | 2.3% | 42.0% | 14.29% |
NAV & Total Return History
MCECX - Holdings
Concentration Analysis
| MCECX | Category Low | Category High | MCECX % Rank | |
|---|---|---|---|---|
| Net Assets | 442 M | 682 K | 103 B | 52.06% |
| Number of Holdings | 52 | 2 | 7534 | 88.65% |
| Net Assets in Top 10 | 223 M | 290 K | 23.8 B | 43.12% |
| Weighting of Top 10 | 47.59% | 2.9% | 101.1% | 9.94% |
Top 10 Holdings
- Taiwan Semiconductor Manufacturing Co Ltd 11.43%
- Tencent Holdings Ltd 7.99%
- Samsung Electronics Co Ltd 6.33%
- SK Hynix Inc 3.52%
- HDFC BANK LTDDR 3.52%
- ICICI Bank Ltd 3.44%
- ALIBABA GROUP HOLDING-SP ADR 3.04%
- Reliance Industries Ltd 3.03%
- Titan Co Ltd 2.71%
- Meituan 2.60%
Asset Allocation
| Weighting | Return Low | Return High | MCECX % Rank | |
|---|---|---|---|---|
| Stocks | 99.95% | 0.00% | 103.28% | 7.38% |
| Cash | 0.05% | -2.03% | 100.35% | 90.35% |
| Preferred Stocks | 0.00% | 0.00% | 13.31% | 81.84% |
| Other | 0.00% | -1.11% | 39.53% | 65.67% |
| Convertible Bonds | 0.00% | 0.00% | 7.40% | 58.00% |
| Bonds | 0.00% | 0.00% | 95.13% | 61.99% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MCECX % Rank | |
|---|---|---|---|---|
| Technology | 28.70% | 0.00% | 47.50% | 15.95% |
| Financial Services | 22.88% | 0.00% | 48.86% | 41.52% |
| Consumer Cyclical | 14.58% | 0.00% | 48.94% | 26.15% |
| Communication Services | 11.20% | 0.00% | 39.29% | 22.84% |
| Basic Materials | 8.55% | 0.00% | 30.03% | 46.55% |
| Industrials | 5.69% | 0.00% | 43.53% | 54.60% |
| Energy | 5.25% | 0.00% | 24.80% | 32.47% |
| Healthcare | 2.39% | 0.00% | 16.53% | 74.43% |
| Consumer Defense | 0.76% | 0.00% | 25.90% | 98.28% |
| Utilities | 0.00% | 0.00% | 39.12% | 87.07% |
| Real Estate | 0.00% | 0.00% | 17.15% | 93.39% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MCECX % Rank | |
|---|---|---|---|---|
| Non US | 72.66% | 0.00% | 100.52% | 87.80% |
| US | 27.29% | 0.00% | 100.95% | 8.23% |
MCECX - Expenses
Operational Fees
| MCECX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.89% | 0.03% | 29.98% | 23.33% |
| Management Fee | 0.75% | 0.00% | 2.00% | 29.26% |
| 12b-1 Fee | 1.00% | 0.00% | 1.00% | 89.97% |
| Administrative Fee | N/A | 0.01% | 0.85% | N/A |
Sales Fees
| MCECX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | 1.00% | 1.00% | 5.00% | 63.01% |
Trading Fees
| MCECX 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.
| MCECX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 23.00% | 0.00% | 189.00% | 18.53% |
MCECX - Distributions
Dividend Yield Analysis
| MCECX | Category Low | Category High | MCECX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.29% | 0.00% | 9.74% | 87.23% |
Dividend Distribution Analysis
| MCECX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | SemiAnnual | Annual |
Net Income Ratio Analysis
| MCECX | Category Low | Category High | MCECX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.61% | -1.98% | 17.62% | 91.16% |
Capital Gain Distribution Analysis
| MCECX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Quarterly | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 15, 2023 | $0.037 | OrdinaryDividend |
| Dec 18, 2019 | $0.284 | OrdinaryDividend |
| Dec 19, 2018 | $0.056 | OrdinaryDividend |
MCECX - Fund Manager Analysis
Managers
Andrew Mathewson
Start Date
Tenure
Tenure Rank
May 29, 2015
7.01
7.0%
Andrew is a co-manager of our Global Emerging Markets strategy. He has had responsibility for researching stocks in the consumer and healthcare sectors since the formation of the Global Emerging Markets team in 2010. Prior to this, he worked in Martin Currie’s Asia and Global Emerging Markets team, as an investment manager for the Global Emerging Markets product with a research focus on EMEA markets. He joined Martin Currie in 2005 from the Scottish Investment Trust, where he was an investment manager for UK equities. Andrew is a CFA® Charterholder. He has a BSc (Hons) in Economics from the University of St Andrews.
Alastair Reynolds
Start Date
Tenure
Tenure Rank
Jun 07, 2018
3.98
4.0%
Alastair has been investing in equities for almost 30 years. He joined Martin Currie in 2010, when Martin Currie expanded its commitment to the Emerging Market asset class. In addition to managing investment portfolios and conducting investment research, Alastair is also responsible for the overall management of our Emerging Markets team. During his career, Alastair has managed a broad range of emerging market equity strategies, including frontier markets and small caps. Prior to Joining Martin Currie, Alastair worked at Scottish Widows Investment Partnership, Edinburgh Fund Managers and Scottish Amicable Investment Management. He is an associate of the UK Society of Investment Professionals (ASIP), the predecessor of the CFA Society of the UK.
Paul Desoisa
Start Date
Tenure
Tenure Rank
Jun 28, 2019
2.93
2.9%
Paul is a co-manager of Martin Currie’s Global Emerging Markets team, where he is responsible for researching stocks in the industrial and utilities sectors. He joined Martin Currie in 2013 as an investment trainee in technology, media and telecoms research, before progressing into a portfolio management role in the North America team. He previously worked as a trainee actuary for Punter Southall and has undertaken internships at J.P. Morgan and Redburn Partners. In 2012, Paul completed a BSc (Hons) in Mathematics and Statistics at the University of York. He is a CFA® Charterholder.
Paul Sloane
Start Date
Tenure
Tenure Rank
Jun 28, 2019
2.93
2.9%
Paul is a co-manager of our Global Emerging Markets strategy and has responsibility for researching financials stocks. Paul first joined Martin Currie in 2003, leading our global financials research and comanaging our Global Financials Absolute Return Fund from 2006 to 2011 and Global Alpha strategy from 2013. Paul left the firm in 2017 and re-joined in 2018 as part of the Global Emerging Markets team. Prior to his time at Martin Currie he was at Deutsche Bank, where he was responsible for specialist sales in the pan-European insurance sector. He started his career in 1993 as a Trainee Chartered Accountant at Standard Life before moving into an investment analyst role at Standard Life Investments in 1997. Paul is a Chartered Accountant (CA) and an associate of the UK Society of Investment Professionals (ASIP). Paul has a PGDip in Investment Analysis from the University of Stirling and a BA (Hons) Accounting from the University of Ulster.
Colin Dishington
Start Date
Tenure
Tenure Rank
Jun 28, 2019
2.93
2.9%
Colin is a co-manager of our Global Emerging Markets strategy, with responsibility for researching stocks in the communication services sector. Before re-joining Martin Currie in 2018, he worked as a research analyst at Matthews Asia, an Asia-only investment specialist. Before this, Colin worked at Martin Currie from 2010-2012, initially as Assistant Research Analyst, working on global financials stocks, before progressing to Assistant Portfolio Manager in our Japan team. Colin is a Chartered Accountant (CA), beginning his professional career at Chiene & Tait Chartered Accountants. He was then at Lloyds Banking Group before he first joined Martin Currie. He is a CFA® Charterholder and has an MA in Economics from the University of Glasgow.
Divya Mathur
Start Date
Tenure
Tenure Rank
Jun 28, 2019
2.93
2.9%
Divya is a co-manager of our Global Emerging Markets strategy, with responsibility for technology sector research. He joined Martin Currie in 2010 from SWIP. As sector analyst, he was responsible for stocks across the technology and utilities sectors in emerging markets. Earlier, Divya spent over a decade at Henderson Global Investors in London, before managing GEM and dedicated Indian equity portfolios for eight years. Divya has an MSc in investment analysis from the University of Stirling and a BSc (Hons) in Computer Science and Accounting from the University of Manchester.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 33.71 | 6.67 | 13.42 |
