Global Emerging Markets
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July 2010

Strengths

  • The fund was overweight Turkey and Russia, which outperformed with returns of 14.4 percent and 10.3 percent, respectively.
  • The best contributions for the fund came from PZU (up 24.2 percent), Banco de Brasil (up 41 percent), Itau Unibanco (up 25 percent), and National Bank of Greece (up 34 percent).

Weaknesses

  • The fund was underweight Brazil, which outperformed with a return of 13.1 percent.
  • The fund was overweight Mexico, which underperformed with a return of 5.6 percent.

Opportunities

  • We continue to search for quality companies in emerging markets, including some frontier markets.
  • We believe that key infrastructure projects in most of the global emerging markets will be undertaken despite the current volatility.

Threats

  • Downward exchange volatility in global emerging markets may affect companies with foreign currency denominated debt and revenue in local currencies.
  • A global slowdown in the economic activity will likely affect those emerging market companies that rely on exports.

Past performance does not guarantee future results.

Holdings in the Global Emerging Markets Fund as a percentage of net assets as of 6/30/10:
Powszechny Zaklad Ubezpieczen SA (PZU) 1.75%, Banco de Brasil 0.87%, Itau Unibanco 1.43%, National Bank of Greece 0.92%.


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