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Ashmore Emerging Markets Corporate Income Fund
mutual fund
EMCIX
Payout Change
Pending
Price as of:
$5.72
+0.0
+0.0%
primary theme
Emerging Markets Bond
share class
EMCIX (Mutual Fund)
Ashmore Emerging Markets Corporate Income Fund
Payout Change
Pending
Price as of:
$5.72
+0.0
+0.0%
primary theme
Emerging Markets Bond
share class
EMCIX (Mutual Fund)
Ashmore Emerging Markets Corporate Income Fund
Payout Change
Pending
Price as of:
$5.72
+0.0
+0.0%
primary theme
Emerging Markets Bond
share class
Name
As of 12/24/2024Price
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
8.8%
1 yr return
8.8%
3 Yr Avg Return
-2.9%
5 Yr Avg Return
-1.2%
Net Assets
$67.1 M
Holdings in Top 10
24.0%
52 WEEK LOW AND HIGH
$5.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.20%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/24/2024Price
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
EMCIX - Profile
Distributions
- YTD Total Return 8.8%
- 3 Yr Annualized Total Return -2.9%
- 5 Yr Annualized Total Return -1.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 4.98%
- Dividend Yield 4.9%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameAshmore Emerging Markets Corporate Income Fund
-
Fund Family NameAshmore Funds
-
Inception DateDec 08, 2010
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryGB
-
ManagerRicardo Xavier
Fund Description
The Fund seeks to achieve its objective by investing principally in debt instruments of Corporate issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. A Corporate issuer is an issuer 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. For these purposes, Corporate issuers do not include Sovereigns or governmental agency issuers, but may include corporate or other business entities in which a Sovereign or governmental agency or entity may have, indirectly or directly, an interest, including a majority or greater ownership interest (e.g., CITIC, Qatar Telecom). 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 debt instruments of all types issued by Corporate issuers, whether subordinated or unsubordinated, secured or unsecured, quoted or unquoted, rated or unrated, or floating rate or fixed rate. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, trade claims, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time.
The Fund may invest in obligations of any credit quality, including obligations that are in default or that are subject to insolvency proceedings. The Fund may invest without limitation in debt securities that are of below investment grade or that are unrated but judged by the Investment Manager to be of comparable quality (“junk bonds”).
The Fund normally seeks to maintain a weighted average portfolio duration of between 2 and 10 years.
Although the Fund may gain most of its investment exposure to Corporate issuers directly, the Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to one or more Corporate 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, interest rate and credit default swaps) and other related instruments with respect to individual bonds and other securities, indices and baskets of securities, interest rates and currencies, and credit-linked notes as part of its principal investment strategies. 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.
The Fund may invest in convertible debt instruments and equity securities related to convertible securities or warrants the Fund holds or has held, as well as acquire and hold equity securities, including warrants, resulting from debt conversion or restructuring. The Fund may invest in the securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly. The Fund may also lend its portfolio securities, borrow money for investment and other purposes, and enter into repurchase and reverse repurchase agreement transactions.
The Fund will not invest more than 25% of its net assets in any one Emerging Market Country. In addition, the Fund will not invest more than 20% of its net assets in investments denominated in currencies other than the U.S. dollar.
In managing the Fund, the Investment Manager’s fixed income and asset allocation investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team combines its top-down approach with an analytically-driven, bottom-up approach to making purchase and sale decisions with respect to individual corporate credits. The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence, and seeks to invest in issuers in Corporate sectors it expects will benefit from such developments and associated economic development and growth. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. The Investment Team utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.
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, 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 bonds and other debt instruments of Corporate issuers (as defined above). 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 bid/asked spread on purchases and sales of securities, 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.
EMCIX - Performance
Return Ranking - Trailing
| Period | EMCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.8% | -9.6% | 449.0% | 9.56% |
| 1 Yr | 8.8% | -9.1% | 449.0% | 13.65% |
| 3 Yr | -2.9%* | -8.5% | 57.9% | 96.42% |
| 5 Yr | -1.2%* | -8.1% | 28.5% | 82.22% |
| 10 Yr | -0.3%* | -4.9% | 14.5% | 89.67% |
* Annualized
Return Ranking - Calendar
| Period | EMCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.5% | -10.6% | 17.8% | 95.56% |
| 2022 | -27.1% | -29.1% | -2.4% | 98.94% |
| 2021 | -10.1% | -24.0% | 2.7% | 73.12% |
| 2020 | 1.4% | -14.0% | 9.7% | 38.89% |
| 2019 | 3.9% | -6.4% | 13.0% | 90.60% |
Total Return Ranking - Trailing
| Period | EMCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.8% | -9.6% | 449.0% | 9.56% |
| 1 Yr | 8.8% | -9.1% | 449.0% | 13.65% |
| 3 Yr | -2.9%* | -8.5% | 57.9% | 96.42% |
| 5 Yr | -1.2%* | -8.1% | 28.5% | 82.22% |
| 10 Yr | -0.3%* | -4.9% | 14.5% | 89.67% |
* Annualized
Total Return Ranking - Calendar
| Period | EMCIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.0% | -0.6% | 20.0% | 95.56% |
| 2022 | -20.0% | -27.6% | -1.7% | 95.76% |
| 2021 | -5.2% | -18.5% | 7.4% | 69.53% |
| 2020 | 7.7% | -7.8% | 18.0% | 15.56% |
| 2019 | 7.3% | -3.0% | 23.0% | 93.23% |
NAV & Total Return History
EMCIX - Holdings
Concentration Analysis
| EMCIX | Category Low | Category High | EMCIX % Rank | |
|---|---|---|---|---|
| Net Assets | 67.1 M | 565 K | 14.9 B | 70.65% |
| Number of Holdings | 160 | 4 | 1860 | 75.43% |
| Net Assets in Top 10 | 6.55 M | -134 M | 1.25 B | 81.57% |
| Weighting of Top 10 | 24.04% | 5.8% | 102.5% | 31.38% |
Top 10 Holdings
- FUT. US 2YR T-NOTE DEC24 7.56%
- PDVSA 8.5 10/27/20 REGS 6.43%
- PDVSA 9.75 05/17/35 REGS 1.40%
- STANLN V7.875 PERP REGS 1.33%
- FMCN 8.625 06/01/31 REGS 1.31%
- KZOKZ 6.375 10/24/48 REGS 1.27%
- OIBRBZ 10 06/30/27 144A 1.25%
- MEDCIJ 8.96 04/27/29 REGS 1.23%
- CBQKQD V4.5 PERP 1.14%
- VALIAE 7.875 02/15/39 REGS 1.13%
Asset Allocation
| Weighting | Return Low | Return High | EMCIX % Rank | |
|---|---|---|---|---|
| Bonds | 96.53% | 0.00% | 100.50% | 36.18% |
| Other | 7.50% | -10.15% | 91.74% | 2.39% |
| Convertible Bonds | 3.16% | 0.00% | 8.47% | 5.52% |
| Stocks | 1.08% | -0.01% | 96.78% | 9.22% |
| Preferred Stocks | 0.00% | 0.00% | 2.24% | 56.31% |
| Cash | 0.00% | 0.00% | 29.76% | 97.61% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | EMCIX % Rank | |
|---|---|---|---|---|
| Corporate | 86.23% | 0.00% | 91.26% | 8.28% |
| Government | 8.48% | 0.00% | 99.79% | 93.79% |
| Derivative | 7.50% | -1.67% | 7.50% | 1.02% |
| Cash & Equivalents | 0.00% | 0.00% | 23.23% | 89.76% |
| Securitized | 0.00% | 0.00% | 2.41% | 61.38% |
| Municipal | 0.00% | 0.00% | 0.00% | 55.17% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | EMCIX % Rank | |
|---|---|---|---|---|
| US | 96.14% | -42.31% | 99.43% | 16.72% |
| Non US | 0.40% | 0.00% | 132.49% | 84.98% |
EMCIX - Expenses
Operational Fees
| EMCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.20% | 0.02% | 32.92% | 53.77% |
| Management Fee | 0.85% | 0.00% | 1.10% | 89.76% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.02% | 0.65% | 2.99% |
Sales Fees
| EMCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.75% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| EMCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.75% | 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.
| EMCIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 218.00% | 77.13% |
EMCIX - Distributions
Dividend Yield Analysis
| EMCIX | Category Low | Category High | EMCIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.90% | 0.00% | 22.22% | 73.38% |
Dividend Distribution Analysis
| EMCIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Annual | Monthly | Monthly |
Net Income Ratio Analysis
| EMCIX | Category Low | Category High | EMCIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 4.98% | -2.28% | 8.00% | 14.69% |
Capital Gain Distribution Analysis
| EMCIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 22, 2024 | $0.023 | OrdinaryDividend |
| Oct 25, 2024 | $0.033 | OrdinaryDividend |
| Sep 25, 2024 | $0.025 | OrdinaryDividend |
| Aug 23, 2024 | $0.029 | OrdinaryDividend |
| Mar 28, 2024 | $0.028 | OrdinaryDividend |
| Feb 29, 2024 | $0.019 | OrdinaryDividend |
| Jan 31, 2024 | $0.025 | OrdinaryDividend |
| Dec 20, 2023 | $0.025 | OrdinaryDividend |
| Oct 24, 2023 | $0.023 | OrdinaryDividend |
| Sep 22, 2023 | $0.022 | OrdinaryDividend |
| Aug 24, 2023 | $0.025 | OrdinaryDividend |
| Jul 21, 2023 | $0.021 | OrdinaryDividend |
| Jun 23, 2023 | $0.029 | OrdinaryDividend |
| May 23, 2023 | $0.026 | OrdinaryDividend |
| Apr 21, 2023 | $0.027 | OrdinaryDividend |
| Mar 24, 2023 | $0.031 | OrdinaryDividend |
| Feb 22, 2023 | $0.024 | OrdinaryDividend |
| Jan 20, 2023 | $0.039 | OrdinaryDividend |
| Dec 16, 2022 | $0.135 | OrdinaryDividend |
| Nov 22, 2022 | $0.029 | OrdinaryDividend |
| Oct 26, 2022 | $0.033 | OrdinaryDividend |
| Sep 23, 2022 | $0.032 | OrdinaryDividend |
| Aug 24, 2022 | $0.030 | OrdinaryDividend |
| Jul 22, 2022 | $0.034 | OrdinaryDividend |
| Jun 23, 2022 | $0.028 | OrdinaryDividend |
| May 25, 2022 | $0.037 | OrdinaryDividend |
| Apr 22, 2022 | $0.040 | OrdinaryDividend |
| Mar 24, 2022 | $0.044 | OrdinaryDividend |
| Feb 23, 2022 | $0.043 | OrdinaryDividend |
| Jan 21, 2022 | $0.062 | OrdinaryDividend |
| Dec 31, 2021 | $0.013 | OrdinaryDividend |
| Dec 17, 2021 | $0.033 | OrdinaryDividend |
| Nov 23, 2021 | $0.040 | OrdinaryDividend |
| Oct 26, 2021 | $0.030 | OrdinaryDividend |
| Sep 24, 2021 | $0.031 | OrdinaryDividend |
| Aug 24, 2021 | $0.034 | OrdinaryDividend |
| Jul 23, 2021 | $0.036 | OrdinaryDividend |
| Jun 24, 2021 | $0.034 | OrdinaryDividend |
| May 25, 2021 | $0.035 | OrdinaryDividend |
| Apr 23, 2021 | $0.038 | OrdinaryDividend |
| Mar 24, 2021 | $0.034 | OrdinaryDividend |
| Feb 23, 2021 | $0.028 | OrdinaryDividend |
| Jan 22, 2021 | $0.042 | OrdinaryDividend |
| Dec 18, 2020 | $0.032 | OrdinaryDividend |
| Nov 24, 2020 | $0.035 | OrdinaryDividend |
| Oct 27, 2020 | $0.004 | ReturnOfCapital |
| Oct 27, 2020 | $0.031 | OrdinaryDividend |
| Sep 25, 2020 | $0.044 | OrdinaryDividend |
| Aug 25, 2020 | $0.040 | OrdinaryDividend |
| Jul 24, 2020 | $0.043 | OrdinaryDividend |
| Jun 25, 2020 | $0.035 | OrdinaryDividend |
| May 26, 2020 | $0.043 | OrdinaryDividend |
| Apr 24, 2020 | $0.025 | OrdinaryDividend |
| Mar 25, 2020 | $0.041 | OrdinaryDividend |
| Feb 25, 2020 | $0.040 | OrdinaryDividend |
| Jan 24, 2020 | $0.054 | OrdinaryDividend |
| Dec 19, 2019 | $0.035 | OrdinaryDividend |
| Nov 25, 2019 | $0.048 | OrdinaryDividend |
| Oct 24, 2019 | $0.044 | OrdinaryDividend |
| Sep 25, 2019 | $0.045 | OrdinaryDividend |
| Aug 26, 2019 | $0.049 | OrdinaryDividend |
| Jul 24, 2019 | $0.043 | OrdinaryDividend |
EMCIX - Fund Manager Analysis
Managers
Ricardo Xavier
Start Date
Tenure
Tenure Rank
Dec 08, 2010
11.48
11.5%
Ricardo Xavier is Senior portfolio manager of Ashmore since 2003, Ashmore’s head of local currency and the deputy chairman of Ashmore’s investment committee since 2014. Mr. Xavier has geographic responsibility for Latin America, and product responsibility for local currencies, local currency debt and related derivatives. He began his investment career in 1992 and has a bachelor’s degree from Fundação Armando Alvares Penteado, Sao Paulo.
Mark Coombs
Start Date
Tenure
Tenure Rank
Dec 08, 2010
11.48
11.5%
Mark Coombs, the Investment Manager’s Chief Executive Officer and Chairman of the Investment Committee, having been involved in emerging markets since 1983. He holds an MA (Hons) in Law from Cambridge University and joined Grindlays Bank plc in 1983. Following its acquisition by Australia and New Zealand Banking Group Limited (ANZ) he was appointed Head of Emerging Markets Group for ANZ Merchant Bank Limited in 1988 and in 1991 became Head of the International Merchant Banking Division of ANZ Grindlays Bank plc and in 1997 Head of Markets for ANZ Group. He was appointed to the Board of the Emerging Markets Trade Association in 1993 and Co-Chair in 2000. He has been Chairman of the Investment Committee since he established the business as a separate division within ANZ in 1992, and is responsible for setting overall investment strategy of funds managed.
Herbert Saller
Start Date
Tenure
Tenure Rank
Dec 08, 2010
11.48
11.5%
Mr. Saller has been Senior portfolio manager and head of external debt of Ashmore since 2009, and a member of Ashmore’s investment committee since he joined Ashmore in 2002. He began his investment career in 1988 and has a business management degree from Verwaltungs-und Wirtschafts-Akademie, Munich.
Robin Forrest
Start Date
Tenure
Tenure Rank
Jul 02, 2012
9.92
9.9%
Robin Forrest is a Senior Portfolio Manager of Ashmore Investment Management Limited and a Member of its Investment Committee. Mr. Forrest joined Ashmore in 2006 after 13 years at JP Morgan, where he was most recently Vice President—Situational Finance, with a focus on credit intensive corporate situations in CEEMEA geographies. During this period, he had several years of experience in each of capital markets, origination, structuring, execution, syndication, risk management and credit within loan and high yield markets and in Emerging Markets. Robin has a BA (Hons) in Russian & French from Oxford University.
Fernando Assad
Start Date
Tenure
Tenure Rank
Oct 01, 2016
5.67
5.7%
Fernando Assad is a Senior Portfolio Manager of the Investment Manager and a Member of its Investment Committee. He joined Ashmore Investment Advisors Limited in 2007 as an equity portfolio manager after six years at Morgan Stanley where he was a Vice President responsible for management of Emerging Market equities and the launch of the Global Emerging and Convergence Opportunities portfolio within Global Wealth Management in London. He previously worked for SG Asset Management Emerging Markets and as an intern in Merrill Lynch Broker Services. Mr. Assad is a CFA Charterholder and has a BA in Economics from the American International University in London.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.15 | 23.87 | 6.5 | 6.11 |
