Active Equities
Emerging Markets Equity Fund (Class A) (PEMMX)
Pursuing growth opportunities in developing economies
Highlights
Objective
The fund seeks long-term capital appreciation.
Strategy and process
- Growth potential: Emerging markets offer the potential for continued growth due to attractive demographics, rising wealth, and increased investment in infrastructure in developing countries.
- A disciplined process: By integrating multiple perspectives into portfolio construction, the fund manager is able to better evaluate individual companies within the context of changing local and global influences.
- Rigorous research: The manager leverages Putnam's global research platform to identify opportunities across emerging and select frontier markets.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$17.59
-0.90% | $-0.16 |
$17.75
01/14/21 |
$9.25
03/23/20 |
Fund facts as of 12/31/20
$493.58M
127%
Annually
53
August
746764109 / 0059
09/29/08
Blend
PEMMX
Management team
Manager commentary | Q4 2020
China’s deglobalization creates new opportunities
Portfolio Manager Brian Freiwald, CFA, explains that a shift in policies make some of China’s domestic-oriented stocks more attractive.
Literature
Fund documents |
| Prospectuses/SAI |
| Fact Sheet (R6 share) (PDF) |
| Fact Sheet (YA share) (PDF) |
| Annual Fund Report (PDF) |
| Semiannual Fund Report (PDF) |
Deglobalization creates new winners in China
The trade war, pandemic, and the Made in China 2025 initiative are resulting in a deglobalization trend and opportunities in China.Navigating market turmoil: Our intrinsic value compass
Our investments in the communications sector help illustrate our intrinsic value approach to finding opportunities.Performance
Consistency of positive performance over five years
Performance shown above does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.
15.75%
Best 5-year annualized return
(for period ending 12/31/20)
-4.95%
Worst 5-year annualized return
(for period ending 03/31/16)
4.12%
Average 5-year annualized return
Total return (%) as of 12/31/20
Annual performance as of 12/31/20
Annualized Total return (%) as of 12/31/20
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 36.71% | 11.34% | 15.75% | 4.92% |
| After sales charge | 28.85% | 9.17% | 14.39% | 4.30% |
| MSCI Emerging Markets Index (ND) | 18.31% | 6.17% | 12.81% | 3.63% |
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds (2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam Strategic Intermediate Municipal Fund, which are based on the historical performance of class B shares). Performance for class A, C, R6, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which have been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 12/31/20 | 7.80% | 1.60% | |
| YTD as of 01/15/21 | 4.76% | -1.26% | |
Risk-adjusted performance as of 12/31/20
| Alpha (3 yrs.) | 5.45 |
|---|---|
| Sharpe ratio (3 yrs.) | 0.52 |
| Treynor ratio (3 yrs.) | 10.48 |
| Information ratio (3 yrs.) | 1.01 |
Volatility as of 12/31/20
| Standard deviation (3 yrs.) | 19.09% |
|---|---|
| Beta | 0.94 |
| R-squared | 0.93 |
Capture ratio as of 12/31/20
| Up-market (3 yrs.) | 105.95 |
|---|---|
| Down-market (3 yrs.) | 87.77 |
Lipper rankings as of 12/31/20
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 52/767 | 7% |
| 3 yrs. | 89/665 | 14% |
| 5 yrs. | 77/574 | 14% |
| 10 yrs. | 91/285 | 32% |
Morningstar Ratings™ as of 12/31/20
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 697 | |
| 3 yrs. | 697 | |
| 5 yrs. | 597 | |
| 10 yrs. | 278 |
Distributions
| Record/Ex dividend date | 12/23/20 |
|---|---|
| Payable date | 12/28/20 |
| Income | $0.019 |
| Extra income | -- |
| Short-term cap. gain | $0.259 |
| Long-term cap. gain | -- |
Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.
Holdings
| Tencent Holdings | 7.72% |
|---|---|
| Alibaba Group Holding | 7.07% |
| Taiwan Semiconductor Manufacturing | 6.69% |
| Samsung Electronics | 6.28% |
| Reliance Industries | 3.45% |
| Sk Hynix | 3.35% |
| Meituan | 2.90% |
| Hdfc Bank | 2.78% |
| Itau Unibanco Holding | 2.58% |
| Jd.Com | 2.57% |
| Top 10 holdings, percent of portfolio | 45.39% |
| Top 10 holdings as of 12/31/20 | |
|---|---|
| Tencent Holdings | |
| Alibaba Group Holding | |
| Taiwan Semiconductor Manufacturing | |
| Samsung Electronics | |
| Reliance Industries | |
| Sk Hynix | |
| Meituan | |
| Hdfc Bank | |
| Itau Unibanco Holding | |
| Jd.Com | |
| Holdings represent 45.39% of portfolio | |
| Top 10 holdings as of 11/30/20 | |
|---|---|
| Alibaba Group Holding | |
| Tencent Holdings | |
| Taiwan Semiconductor Manufacturing | |
| Samsung Electronics | |
| Reliance Industries | |
| Hdfc Bank | |
| Sk Hynix | |
| Meituan | |
| Sberbank Of Russia Pjsc | |
| Jd.Com | |
| Holdings represent 46.03% of portfolio | |
| Top 10 holdings as of 10/31/20 | |
|---|---|
| Alibaba Group Holding | |
| Tencent Holdings | |
| Taiwan Semiconductor Manufacturing | |
| Samsung Electronics | |
| Reliance Industries | |
| Meituan | |
| Wal-Mart De Mexico Sab De Cv | |
| Hdfc Bank | |
| Sk Hynix | |
| China Mobile Hk | |
| Holdings represent 47.63% of portfolio | |
| Top 10 holdings as of 09/30/20 | |
|---|---|
| Alibaba Group Holding | |
| Tencent Holdings | |
| Taiwan Semiconductor Manufacturing | |
| Samsung Electronics | |
| Reliance Industries | |
| Meituan Dianping | |
| China Mobile Hk | |
| Sk Hynix | |
| Wal-Mart De Mexico Sab De Cv | |
| Tata Consultancy Services | |
| Holdings represent 47.21% of portfolio | |
| TENCENT HOLDINGS LTD SEDOL BMMV2K8 | 7.72% |
|---|---|
| ALIBABA GROUP HOLDING LTD SEDOL BK6YZP5 | 7.07% |
| TAIWAN SEMICONDUCTOR MANUFAC SEDOL 6889106 | 6.69% |
| SAMSUNG ELECTRONICS CO LTD SEDOL 6771720 | 6.28% |
| RELIANCE INDUSTRIES LTD SEDOL 6099626 | 3.45% |
| SK HYNIX INC SEDOL 6450267 | 3.35% |
| MEITUAN-CLASS B SEDOL BGJW376 | 2.90% |
| HDFC BANK LIMITED SEDOL BK1N461 | 2.78% |
| BANCO ITAU HOLDING PFD SEDOL B037HR3 PCT 0.00 | 2.58% |
| JD.COM INC-ADR SEDOL BMM27D9 | 2.57% |
| LI NING CO LTD SEDOL B01JCK9 | 2.20% |
| SBERBANK PJSC -SPONSORED ADR SEDOL B5SC091 | 2.05% |
| XINYI SOLAR HOLDINGS LTD SEDOL BGQYNN1 | 1.91% |
| SHENZHEN INOVANCE TECHNOLO-A SEDOL BD5CMN8 | 1.84% |
| LG CHEM LTD SEDOL 6346913 | 1.80% |
| BAIDU INC - SPON ADR SEDOL B0FXT17 | 1.73% |
| WALMART DE MEXICO SAB DE CV SEDOL BW1YVH8 | 1.71% |
| YANDEX NV-A SEDOL B5BSZB3 | 1.71% |
| B3 SA-BRASIL BOLSA BALCAO SEDOL BG36ZK1 | 1.70% |
| KAKAO CORP SEDOL 6194037 | 1.65% |
| HINDUSTAN UNILEVER LTD SEDOL 6261674 | 1.62% |
| TATA CONSULTANCY SVS LTD SEDOL B01NPJ1 | 1.61% |
| TECHTRONIC INDUSTRIES CO LTD SEDOL B0190C7 | 1.60% |
| AIRTAC INTERNATIONAL GROUP SEDOL B52J816 | 1.58% |
| MEDIATEK INC SEDOL 6372480 | 1.56% |
| ICICI BANK LTD SEDOL BSZ2BY7 | 1.55% |
| WULIANGYE YIBIN CO LTD-A SEDOL BD5CPG2 | 1.52% |
| HANA FINANCIAL GROUP SEDOL B0RNRF5 | 1.41% |
| CENTRE TESTING INTL GROUP-A SEDOL BD5C7D3 | 1.37% |
| YUM CHINA HOLDINGS INC SEDOL BN2BD13 | 1.35% |
| COPA HOLDINGS SA-CLASS A SEDOL B0TNJH9 | 1.28% |
| WUXI APPTEC CO LTD-H SEDOL BGHH0L6 | 1.23% |
| HONG KONG EXCHANGES & CLEAR SEDOL 6267359 | 1.23% |
| SEA LTD-ADR SEDOL BYWD7L4 | 1.18% |
| SHENZHEN MINDRAY BIO-MEDIC-A SEDOL BHQK864 | 1.12% |
| POYA INTERNATIONAL CO LTD SEDOL 6541826 | 1.11% |
| A-LIVING SMART CITY SVCS 144A SEDOL BFWK4M2 | 1.11% |
| ZHONGSHENG GROUP HOLDINGS SEDOL B633D97 | 1.09% |
| ELITE MATERIAL CO LTD SEDOL 6316121 | 1.09% |
| ASIAN PAINTS LTD SEDOL BCRWL65 | 1.06% |
| TOTVS SA SEDOL B10LQP6 | 1.02% |
| COMPANHIA DE LOCACAO DAS AME SEDOL B82CQN4 | 1.01% |
| MERCADOLIBRE INC SEDOL B23X1H3 | 0.96% |
| DINO POLSKA SA SEDOL BD0YVN2 | 0.89% |
| WYNN MACAU LTD SEDOL B4JSTL6 | 0.89% |
| CIA PARANAENSE DE ENERGI-PFB | 0.89% |
| JUBILANT FOODWORKS LTD SEDOL B3PRM66 | 0.73% |
| UNIVERSAL VISION BIOTECHNOLO SEDOL 6732051 | 0.70% |
| ISHARES CORE MSCI EMERGING SEDOL B8NDCB6 | 0.65% |
| MTN GROUP LTD SEDOL 6563206 | 0.47% |
| BANK BTPN SYARIAH TBK PT SEDOL BFNBJ41 | 0.46% |
| JUMBO SA SEDOL 7243530 | 0.27% |
| HC BRILLANT SERVICES GMBH P/P | 0.00% |
| ALIBABA GROUP HOLDING LTD SEDOL BK6YZP5 | 11.35% |
|---|---|
| TENCENT HOLDINGS LTD SEDOL BMMV2K8 | 8.92% |
| TAIWAN SEMICONDUCTOR MANUFAC SEDOL 6889106 | 6.78% |
| SAMSUNG ELECTRONICS CO LTD SEDOL 6771720 | 5.37% |
| RELIANCE INDUSTRIES LTD SEDOL 6099626 | 3.63% |
| MEITUAN DIANPING SEDOL BGJW376 | 2.35% |
| CHINA MOBILE LTD SEDOL 6073556 | 2.32% |
| SK HYNIX INC SEDOL 6450267 | 2.26% |
| WALMART DE MEXICO SAB DE CV SEDOL BW1YVH8 | 2.20% |
| TATA CONSULTANCY SVS LTD SEDOL B01NPJ1 | 2.03% |
| HDFC BANK LIMITED SEDOL BK1N461 | 2.03% |
| JD.COM INC-ADR SEDOL BMM27D9 | 1.78% |
| PROSUS NV SEDOL BJDS7M4 | 1.73% |
| LI NING CO LTD SEDOL B01JCK9 | 1.56% |
| TECHTRONIC INDUSTRIES CO LTD SEDOL B0190C7 | 1.54% |
| B3 SA-BRASIL BOLSA BALCAO SEDOL BG36ZK1 | 1.46% |
| HINDUSTAN UNILEVER LTD SEDOL 6261674 | 1.42% |
| LUKOIL PJSC-SPON ADR SEDOL BYZDW27 | 1.24% |
| CHINA LESSO GROUP HOLDINGS L SEDOL BCDBKF8 | 1.23% |
| NAVER CORP SEDOL 6560393 | 1.22% |
| SHENZHEN MINDRAY BIO-MEDIC-A SEDOL BHQK864 | 1.21% |
| WUXI APPTEC CO LTD-H SEDOL BGHH0L6 | 1.19% |
| TOTVS SA SEDOL B10LQP6 | 1.16% |
| VOLTRONIC POWER TECHNOLOGY SEDOL B96HCH8 | 1.15% |
| ZHONGSHENG GROUP HOLDINGS SEDOL B633D97 | 1.15% |
| HANA FINANCIAL GROUP SEDOL B0RNRF5 | 1.14% |
| ISHARES CORE MSCI EMERGING SEDOL B8NDCB6 | 1.13% |
| CENTRE TESTING INTL GROUP-A SEDOL BD5C7D3 | 1.10% |
| HONG KONG EXCHANGES & CLEAR SEDOL 6267359 | 1.10% |
| LG CHEM LTD SEDOL 6346913 | 1.09% |
| POYA INTERNATIONAL CO LTD SEDOL 6541826 | 1.09% |
| MERCADOLIBRE INC SEDOL B23X1H3 | 1.08% |
| AIRTAC INTERNATIONAL GROUP SEDOL B52J816 | 1.08% |
| SHENZHEN INOVANCE TECHNOLO-A SEDOL BD5CMN8 | 1.08% |
| WULIANGYE YIBIN CO LTD-A SEDOL BD5CPG2 | 1.05% |
| ELITE MATERIAL CO LTD SEDOL 6316121 | 1.03% |
| MEDIATEK INC SEDOL 6372480 | 1.02% |
| YANDEX NV-A SEDOL B5BSZB3 | 1.02% |
| FU SHOU YUAN INTERNATIONAL SEDOL BH4TZ73 | 0.99% |
| SBERBANK PJSC -SPONSORED ADR SEDOL B5SC091 | 0.98% |
| COPA HOLDINGS SA-CLASS A SEDOL B0TNJH9 | 0.98% |
| JUMBO SA SEDOL 7243530 | 0.92% |
| HYPERA SA SEDOL B2QY968 | 0.89% |
| SEA LTD-ADR SEDOL BYWD7L4 | 0.87% |
| A-LIVING SVCS CO LTD SEDOL BFWK4M2 | 0.86% |
| KAKAO CORP SEDOL 6194037 | 0.83% |
| COMPANHIA DE LOCACAO DAS AME SEDOL B82CQN4 | 0.82% |
| UNIVERSAL VISION BIOTECHNOLO SEDOL 6732051 | 0.81% |
| ASIAN PAINTS LTD SEDOL BCRWL65 | 0.79% |
| MTN GROUP LTD SEDOL 6563206 | 0.79% |
| CIA PARANAENSE DE ENERGI-PFB | 0.74% |
| CHINA RESOURCES GAS GROUP LT SEDOL 6535517 | 0.73% |
| JUBILANT FOODWORKS LTD SEDOL B3PRM66 | 0.66% |
| BANK BTPN SYARIAH TBK PT SEDOL BFNBJ41 | 0.64% |
| DINO POLSKA SA SEDOL BD0YVN2 | 0.61% |
| 21VIANET GROUP INC-ADR SEDOL B3Q0VS9 | 0.60% |
| SICHUAN LANGUANG JUSTBON -H SEDOL BK8JKG4 | 0.54% |
| WILCON DEPOT INC SEDOL BYXYHM7 | 0.52% |
| SUNNY FRIEND ENVIRONMENTAL T SEDOL B6RXHJ1 | 0.51% |
| SILERGY CORP SEDOL BH4DMW9 | 0.44% |
| CLICKS GROUP LTD SEDOL 6105578 | 0.41% |
| SAFARICOM PLC SEDOL B2QN3J6 | 0.30% |
| HC BRILLANT SERVICES GMBH P/P | 0.00% |
Portfolio composition as of 12/31/20
| Common stock | 95.82% |
|---|---|
| Preferred stock | 3.47% |
| Cash and net other assets | 0.71% |
Equity statistics as of 12/31/20
| Median market cap | $28.92B |
|---|---|
| Weighted average market cap | $208.92B |
| Price to book | 3.97 |
| Price to earnings | 21.35 |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Top industry sectors as of 12/31/20
| Information technology | 23.49% |
|---|---|
| Consumer discretionary | 21.14% |
| Communication services | 14.45% |
| Financials | 13.76% |
| Industrials | 9.79% |
| Consumer staples | 5.75% |
| Energy | 3.45% |
| Health care | 3.05% |
| Materials | 2.87% |
| Other | 2.25% |
0
The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.
Sectors will vary over time.
Country allocation as of 12/31/20
| China | 39.21% |
|---|---|
| South Korea | 14.48% |
| India | 12.80% |
| Taiwan | 11.14% |
| Brazil | 7.20% |
| Russia | 3.76% |
| Hong Kong | 2.83% |
| Mexico | 1.71% |
| Panama | 1.28% |
| Other | 5.59% |
0
Expenses
Expense ratio |
Class A | Class B | Class C | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| Total expense ratio | 1.69% | 2.44% | 2.44% | 1.94% | 1.27% | 1.44% |
| What you pay† | 1.33% | 2.08% | 2.08% | 1.58% | 0.91% | 1.08% |
† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 02/28/22
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| $0-$49,999 | 5.75% | 0.00% | 0.00% | -- | -- | -- |
| $50,000-$99,999 | 4.50% | 0.00% | 0.00% | -- | -- | -- |
| $100,000-$249,999 | 3.50% | -- | 0.00% | -- | -- | -- |
| $250,000-$499,999 | 2.50% | -- | 0.00% | -- | -- | -- |
| $500,000-$999,999 | 2.00% | -- | 0.00% | -- | -- | -- |
| $1M-$4M | 0.00% | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% | -- | -- | -- | -- | -- |
| $50M+ | 0.00% | -- | -- | -- | -- | -- |
CDSC
| Class A (sales for $1,000,000+) | Class B | Class C | Class R | Class R6 | Class Y | |
|---|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- |
| 9 to 12 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- |
| 2 yrs. | 0.00% | 4.00% | 0.00% | -- | -- | -- |
| 3 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- |
| 4 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- |
| 5 yrs. | 0.00% | 2.00% | 0.00% | -- | -- | -- |
| 6 yrs. | 0.00% | 1.00% | 0.00% | -- | -- | -- |
| 7+ yrs. | 0.00% | 0.00% | 0.00% | -- | -- | -- |
MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. You cannot invest directly in an index.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.