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Voya Multi-Manager Emerging Markets Equity Fund
IEMKX (Mutual Fund)
Voya Multi-Manager Emerging Markets Equity Fund
Name
As of 12/10/2024Price
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
4.3%
1 yr return
10.8%
3 Yr Avg Return
-3.6%
5 Yr Avg Return
1.1%
Net Assets
$255 M
Holdings in Top 10
36.5%
52 WEEK LOW AND HIGH
$10.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.01%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 59.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
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
IEMKX - Profile
Distributions
- YTD Total Return 4.3%
- 3 Yr Annualized Total Return -3.6%
- 5 Yr Annualized Total Return 1.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.15%
- Dividend Yield 1.4%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameVoya Multi-Manager Emerging Markets Equity Fund
-
Fund Family NameVoya mutual funds
-
Inception DateOct 11, 2011
-
Shares OutstandingN/A
-
Share ClassR
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerLiu-Er Chen
Fund Description
Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of issuers in emerging markets. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy.The Fund currently considers developing or emerging market countries to include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, Singapore, the United Kingdom, the U.S., and most of the countries of Western Europe. An emerging market company is one (i) that is organized under the laws of, or has a principal place of business in, an emerging market; (ii) for which the principal securities market is in an emerging market; (iii) that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in an emerging market; or (iv) at least 50% of the assets of which are located in an emerging market. The Fund may invest in companies of any market capitalization.Equity securities may include common stock, preferred stock, convertible securities, depositary receipts, participatory notes, trust or partnership interests, warrants and rights to buy common stock, and privately placed securities. The Fund may invest in real estate-related securities, including real estate investment trusts (“REITs”) and non-investment grade bonds (high-yield or “junk bonds”).The Fund may invest in derivatives, including but not limited to, futures, options, swaps, and forward foreign currency exchange contracts as a substitute for securities in which the Fund can invest; to hedge various investments; to seek to reduce currency deviations, where practicable, for the purpose of risk management; to seek to increase the Fund's gains; and for the efficient management of cash flows.The Fund may invest in securities denominated in U.S. dollars, other major reserve currencies, such as the euro, yen and pound sterling, and currencies of other countries in which it can invest. The Fund typically maintains full currency exposure to those markets in which it invests. However, the Fund may, from time to time, hedge a portion of its foreign currency exposure into the U.S. dollar.The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder.The Investment Adviser allocates the Fund’s assets to different sub-advisers. When selecting sub-advisers, the Investment Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy of a potential sub-adviser, its personnel, and its fit with other sub-advisers to the Fund. Among those, the Investment Adviser will typically consider the extent to which a potential sub-adviser takes into account environmental, social, and governance (“ESG”) factors as part of its investment process. ESG factors will be only one of many considerations in the Investment Adviser’s evaluation of any potential sub-adviser; the extent to which ESG factors will affect the Investment Adviser’s decision to retain a sub-adviser, if at all, will depend on the analysis and judgment of the Investment Adviser.Delaware Investments Fund Advisers and Macquarie Investment Management Global Limited (together, “DIFA”), Sustainable Growth Advisers, LP (“SGA”), and Voya Investment Management Co. LLC (“Voya IM”) (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.Each Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. In addition, Voya IM may sell securities to rebalance and reconstitute its investments in connection with such changes in the Index (as defined below).The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets.DIFADIFA believes that, although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. DIFA seeks to take advantage of these divergences through a disciplined, fundamental, bottom-up approach. DIFA seeks to invest in companies with sustainable franchises when they are trading at a significant discount to DIFA’s conservative intrinsic value estimate. DIFA also prefers companies that have large market opportunities in which to deploy capital, ensuring that they grow faster than the overall economy.Fundamental bottom-up research is the core of the investment process. DIFA’s fundamental research process can be broken down into two main components: analyzing a company’s sustainability and assessing its intrinsic value. Sustainability analysis involves identification of a company’s source of competitive advantage and the ability of its management to maximize its return potential. Intrinsic value assessment is typically quantitatively driven by a number of valuation methods including discounted cash flow, replacement cost, private market transaction, and multiples analysis. This bottom-up approach considers current and historical macro drivers that impact a firm’s ability to generate returns over the long-term.SGASGA is focused on identifying and owning the rare businesses which generate predictable, sustainable earnings and cash flow growth over time with lower variability. SGA’s objective is to translate earnings growth into portfolio returns. The companies in which SGA invests have unique characteristics that lead to a high degree of predictability, strong profitability, and well above average earnings and cash flow growth. These characteristics include pricing power, recurring revenues, and secular growth opportunity, as well as financial and management strength. SGA’s emerging markets growth strategy focuses solely on the companies they believe will also benefit in a sustained way from rising incomes and increasing consumption within developing economies.Voya IMTo manage its portion of the Fund’s assets, Voya IM employs a “passive management” approach designed to track the performance of a custom index created by FTSE Russell for Voya IM, the FTSE Emerging Plus Korea Select Factor Index (the “Index”). The Index is designed to capture exposure to a broad set of five factors that contribute to emerging equity market performance. These five factors are Low Volatility, Momentum, Quality, Size, and Value. As a result of the five factor selection process, the Index may be focused in one or more sectors, which may change from time to time. As of December 31, 2023, a portion of the Index was focused in the energy, materials and technology sectors.Voya IM seeks to replicate the performance of the Index, meaning it generally will invest in all of the securities in the Index in weightings, consistent with that of the Index. The Fund’s portfolio may not always hold all of the same securities as the Index. Voya IM may also invest in ETFs, stock index futures, and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Fund’s cash position. Although Voya IM attempts to track, as closely as possible, the performance of the Index, the Fund’s portfolio does not always perform exactly like the Index. Unlike the Index, the Fund has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.
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IEMKX - Performance
Return Ranking - Trailing
| Period | IEMKX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.3% | -11.8% | 39.7% | 85.73% |
| 1 Yr | 10.8% | -7.9% | 41.1% | 80.74% |
| 3 Yr | -3.6%* | -11.5% | 11.3% | 66.17% |
| 5 Yr | 1.1%* | -5.1% | 12.3% | 79.48% |
| 10 Yr | 2.6%* | -1.3% | 6.9% | 77.58% |
* Annualized
Return Ranking - Calendar
| Period | IEMKX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 12.7% | -6.5% | 35.5% | 21.88% |
| 2022 | -27.6% | -50.1% | -2.4% | 73.90% |
| 2021 | -18.8% | -33.1% | 22.5% | 94.25% |
| 2020 | 12.7% | -22.1% | 80.1% | 66.72% |
| 2019 | 21.8% | -0.7% | 42.0% | 30.08% |
Total Return Ranking - Trailing
| Period | IEMKX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.3% | -11.8% | 39.7% | 85.73% |
| 1 Yr | 10.8% | -7.9% | 41.1% | 80.74% |
| 3 Yr | -3.6%* | -11.5% | 11.3% | 66.17% |
| 5 Yr | 1.1%* | -5.1% | 12.3% | 79.48% |
| 10 Yr | 2.6%* | -1.3% | 6.9% | 77.58% |
* Annualized
Total Return Ranking - Calendar
| Period | IEMKX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 14.4% | -1.0% | 42.0% | 27.27% |
| 2022 | -24.5% | -42.2% | 1.9% | 65.54% |
| 2021 | -3.5% | -32.5% | 33.1% | 66.15% |
| 2020 | 16.2% | -20.0% | 81.6% | 61.69% |
| 2019 | 23.8% | 2.3% | 42.0% | 31.26% |
NAV & Total Return History
IEMKX - Holdings
Concentration Analysis
| IEMKX | Category Low | Category High | IEMKX % Rank | |
|---|---|---|---|---|
| Net Assets | 255 M | 682 K | 103 B | 62.70% |
| Number of Holdings | 394 | 2 | 7534 | 15.60% |
| Net Assets in Top 10 | 83.1 M | 290 K | 23.8 B | 61.99% |
| Weighting of Top 10 | 36.46% | 2.9% | 101.1% | 44.74% |
Top 10 Holdings
- Taiwan Semiconductor Manufacturing Co Ltd 9.96%
- Reliance Industries Ltd 4.37%
- SK Hynix Inc 4.04%
- Samsung Electronics Co Ltd 3.81%
- SK Square Co Ltd 3.57%
- MediaTek Inc 2.63%
- Tencent Holdings Ltd 2.28%
- Infosys Ltd 2.11%
- HDFC Bank Ltd 2.07%
- Fomento Economico Mexicano SAB de CV 1.63%
Asset Allocation
| Weighting | Return Low | Return High | IEMKX % Rank | |
|---|---|---|---|---|
| Stocks | 98.72% | 0.00% | 103.28% | 24.54% |
| Cash | 0.74% | -2.03% | 100.35% | 79.29% |
| Other | 0.67% | -1.11% | 39.53% | 9.36% |
| Preferred Stocks | 0.64% | 0.00% | 13.31% | 46.81% |
| Convertible Bonds | 0.00% | 0.00% | 7.40% | 31.14% |
| Bonds | 0.00% | 0.00% | 95.13% | 37.45% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | IEMKX % Rank | |
|---|---|---|---|---|
| Technology | 25.06% | 0.00% | 47.50% | 34.48% |
| Financial Services | 11.06% | 0.00% | 48.86% | 93.10% |
| Communication Services | 10.82% | 0.00% | 39.29% | 25.00% |
| Consumer Cyclical | 9.58% | 0.00% | 48.94% | 82.18% |
| Basic Materials | 9.44% | 0.00% | 30.03% | 34.05% |
| Energy | 9.42% | 0.00% | 24.80% | 6.03% |
| Consumer Defense | 8.33% | 0.00% | 25.90% | 25.14% |
| Industrials | 7.87% | 0.00% | 43.53% | 27.01% |
| Healthcare | 3.93% | 0.00% | 16.53% | 50.29% |
| Utilities | 2.80% | 0.00% | 39.12% | 25.14% |
| Real Estate | 1.67% | 0.00% | 17.15% | 45.11% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | IEMKX % Rank | |
|---|---|---|---|---|
| Non US | 82.50% | 0.00% | 100.52% | 62.13% |
| US | 16.22% | 0.00% | 100.95% | 25.96% |
IEMKX - Expenses
Operational Fees
| IEMKX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.01% | 0.03% | 29.98% | 20.91% |
| Management Fee | 0.98% | 0.00% | 2.00% | 70.88% |
| 12b-1 Fee | 0.50% | 0.00% | 1.00% | 64.21% |
| Administrative Fee | N/A | 0.01% | 0.85% | 22.56% |
Sales Fees
| IEMKX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| IEMKX 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.
| IEMKX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 59.00% | 0.00% | 189.00% | 62.76% |
IEMKX - Distributions
Dividend Yield Analysis
| IEMKX | Category Low | Category High | IEMKX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.38% | 0.00% | 9.74% | 63.12% |
Dividend Distribution Analysis
| IEMKX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | SemiAnnual | Annual |
Net Income Ratio Analysis
| IEMKX | Category Low | Category High | IEMKX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.15% | -1.98% | 17.62% | 72.90% |
Capital Gain Distribution Analysis
| IEMKX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Quarterly | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 12, 2023 | $0.140 | OrdinaryDividend |
| Dec 15, 2022 | $0.359 | OrdinaryDividend |
| Dec 16, 2021 | $2.209 | OrdinaryDividend |
| Dec 16, 2020 | $0.437 | OrdinaryDividend |
| Dec 31, 2019 | $0.009 | Extra |
| Dec 16, 2019 | $0.204 | OrdinaryDividend |
| Dec 14, 2018 | $0.045 | OrdinaryDividend |
| Dec 15, 2017 | $0.118 | OrdinaryDividend |
| Dec 16, 2016 | $0.060 | OrdinaryDividend |
| Dec 17, 2014 | $0.085 | OrdinaryDividend |
| Dec 17, 2013 | $0.119 | OrdinaryDividend |
| Dec 17, 2012 | $0.020 | CapitalGainShortTerm |
| Dec 17, 2012 | $0.130 | CapitalGainLongTerm |
| Jul 18, 2012 | $0.084 | ExtraDividend |
| Dec 16, 2011 | $0.021 | CapitalGainShortTerm |
| Dec 16, 2011 | $0.029 | CapitalGainLongTerm |
IEMKX - Fund Manager Analysis
Managers
Liu-Er Chen
Start Date
Tenure
Tenure Rank
Oct 11, 2011
10.64
10.6%
Liu-Er Chen, CFA, Senior Vice President, Chief Investment Officer — Emerging Markets and Healthcare, is a Portfolio Manager in Delaware Investments Fund Advisers, a series of Macquarie Investment Management Business Trust. Mr. Chen heads the firm's global Emerging Markets team. Prior to joining Macquarie Investment Management (MIM) in September 2006 in his current position, Mr. Chen spent nearly 11 years at Evergreen Investment Management Company, where he most recently served as Managing Director and Senior Portfolio Manager. Mr. Chen began his career at Evergreen in 1995 as an analyst.
Angus Shillington
Start Date
Tenure
Tenure Rank
Aug 24, 2015
6.77
6.8%
Mr. Shillington joined VanEck in 2009. He serves as Deputy Portfolio Manager for VanEck’s Emerging Markets Equity Strategy. With extensive experience in Asia and broad emerging markets equity, his current responsibilities include company and macroeconomic research relating to these regions, with a particular emphasis on Asia. Prior to joining VanEck, Mr. Shillington was Head of International Equity for ABN AMRO in New York with, among other things, oversight for equity sales and trading. Prior to moving to New York in 2001 to become Managing Director and head of Asian equity and derivatives distribution in the U.S. at BNP Paribas, he held senior management positions as a Director at both Paribas in Los Angeles and, internationally, at UBS Securities in Hong Kong, and in private client management at Hill Samuel/BLW in Edinburgh, Scotland. In his roles in both research and portfolio management, Mr. Shillington has developed a specialized focus on many Asian markets, a region in which he continues to be deeply involved.
David Semple
Start Date
Tenure
Tenure Rank
Aug 24, 2015
6.77
6.8%
Mr. Semple joined VanEck in 1998. He serves as Portfolio Manager for VanEck’s Emerging Markets Equity Strategy and oversees the Emerging Markets Equity Team. He is responsible for company research, stock selection, and portfolio construction. Mr. Semple is a veteran of emerging markets investing, with over 25 years of experience. From 1996 to 1998, Mr. Semple was a portfolio manager for Asian-focused funds and served on the team sub-advising VanEck’s VIP Emerging Markets Fund at Peregrine Asset Management (Hong Kong). From 1993 to 1996, he served as sales director and regional strategist at Peregrine Brokerage. Prior to 1993, Mr. Semple was a portfolio manager specializing in Asia equity markets at Murray Johnstone (Glasgow). Mr. Semple is a member of the CFA Institute and the Association of Investment Management and Research. He received a Bachelor of Law with Honours from the University of Edinburgh, Scotland. He has had numerous media appearances, including CNBC, Bloomberg, and NPR. Additionally, he was quoted in Financial Times, The Wall Street Journal, and Barron’s, among others.
Paul Zemsky
Start Date
Tenure
Tenure Rank
May 11, 2018
4.06
4.1%
Paul Zemsky is the chief investment officer and founder of the Multi-Asset Strategies and Solutions Team (MASS) at Voya Investment Management. He is responsible for the firm’s suite of value-added, customized and off-the-shelf products and solutions that are supported by the team’s asset allocation, manager research, quantitative research, portfolio implementation and multi-manager capabilities. Prior to joining the firm, he co-founded CaliberOne Private Funds Management, a macro hedge fund. Paul began his career at JPMorgan Investment Management, where he held a number of key positions, including head of investments for over $300 Billion of Fixed Income assets. Paul is a member of the firm’s Management Committee and a board member of Pomona Capital. He holds a dual degree in finance and electrical engineering from the Management and Technology Program at the University of Pennsylvania and holds the Chartered Financial Analyst® designation.
Steven Wetter
Start Date
Tenure
Tenure Rank
Aug 09, 2019
2.81
2.8%
Steven Wetter is a portfolio manager for the portfolio engineering group at Voya Investment Management responsible for the index, research enhanced index and rules-based strategies. Prior to joining Voya IM, he served as Co-Head of International Indexing responsible for managing ETFs, index funds and quantitative portfolios at BNY Mellon, and formerly held similar positions at Northern Trust and Bankers Trust. Steve earned a BA from the University of California at Berkeley, and an MBA in finance (with distinction) from New York University Stern School of Business.
Kai Wong
Start Date
Tenure
Tenure Rank
Aug 09, 2019
2.81
2.8%
Kai Yee Wong is a portfolio manager for the portfolio engineering group at Voya Investment Management responsible for the index, research enhanced index and rules-based strategies. Prior to joining the firm in 2012, she worked as a senior equity portfolio manager at Northern Trust responsible for managing various global indices including developed, emerging, real estate, Topix and socially responsible benchmarks. Previously Kai Yee served as a portfolio manager with Deutsche Bank, an assistant treasurer at Bankers Trust and a trust officer at the Bank of Tokyo. She earned a BS from New York University Stern School of Business.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 33.71 | 6.67 | 13.42 |
