Engineering & Capital Goods News

Emerging Markets – Better Times Appear Ahead


We believe that a weaker inflationary impulse combined with the rapid reversal of China’s Zero-Covid policy set up a favorable environment for the outperformance of emerging markets stocks in 4Q 2022.

The VanEck Emerging Markets Fund (GBFAX

Performance History: Average Annual Total Returns* (%) as of December 31, 2022 (In USD)
1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Life
Class A: NAV (Inception 12/20/93) -1.88 15.27 -25.23 -25.23 -8.55 -5.35 0.87
Class A: NAV Maximum 5.75% load -7.52 8.65 -29.53 -29.53 -10.34 -6.46 0.27
Class C: NAV (Inception 10/03/03) -1.85 15.15 -25.82 -25.82 -9.29 -6.09 0.04
Class C: 1.00% Redemption Fee -2.80 14.15 -26.54 -26.54 -9.29 -6.09 0.04
Class I: NAV (Inception 12/31/07) -1.77 15.52 -24.81 -24.81 -8.10 -4.88 1.36
Class Y: NAV (Inception 04/30/10) -1.76 15.52 -24.87 -24.87 -8.18 -4.97 1.23
Class Z: NAV (Inception 09/16/19) -1.73 15.51 -24.73 -24.73 -8.00 -5.32
MSCI EM IMI -1.36 9.50 -19.83 -19.83 -1.82 -1.10 1.64
MSCI EM Index -1.41 9.70 -20.09 -20.09 -2.69 -1.40 1.44


1 Monocrystalline solar panels (or wafers) are generally considered a premium solar product. They are called “monocrystalline” to indicate that the silicon used is single-crystal silicon. Because the cell is composed of a single crystal, the electrons that generate a flow of electricity have more room to move.

Quarterly returns are not annualized.

* All country and company weightings are as of December 31, 2022. Any mention of an individual security is not a recommendation to buy or to sell the security. Fund securities and holdings may vary.

All indices listed are unmanaged indices and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets countries. The MSCI Emerging Markets Investable Market Index (IMI) is a free float-adjusted market capitalization index that is designed to capture large-, mid-and small-cap representation across emerging markets countries.

MSCI Emerging Markets Investable Market Index (IMI) captures large, mid, small-cap cap representation across emerging markets (EM) countries. The index covers approximately 99% of the free float-adjusted market capitalization in each country.

This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities/financial instruments mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and forward-looking statements, which do not reflect actual results, are valid as of the date of this communication are and subject to change without notice. Information provided by third-party sources is believed to be reliable and has not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third-party data. The information herein represents the opinion of the author ((S)), but not necessarily those of VanEck. Past performance is not indicative of future results.

You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. The Fund is subject to the risks associated with its investments in Chinese issuers, direct investments, emerging market securities which tends to be more volatile and less liquid than securities traded in developed countries, foreign currency transactions, foreign securities, other investment companies, Stock Connect, management, market, operational, sectors and small- and medium-capitalization companies risks. The Fund’s investments in foreign securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls, and the possibility of arbitrary action by foreign governments, or political, economic or social instability.

Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of a fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit Please read the prospectus and summary prospectus carefully before investing.

© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.

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