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EMBUX
Unconstrained Emerging Markets Bond Fund - Class I

Daily Price as of 11/15/19

NAV† DAILY CHANGE
$6.35 $0.01 / +0.2%

Class I Details: EMBUX

INCEPTION DATE GROSS/NET EXPENSES1
07/09/12 1.33%/0.96%

Fund Summary and Key Points

The VanEck Unconstrained Emerging Markets Bond Fund (the "Fund") seeks total return, consisting of income and capital appreciation. The Fund can invest in debt securities that are issued by governments, quasi-government entities or corporations in emerging market countries. These securities may be denominated in any currency, including those of emerging markets. By investing in emerging markets debt securities, the Fund offers exposure to emerging markets fundamentals, generally characterized by lower debts and deficits, higher growth rates and independent central banks. Lead Portfolio Manager, Eric Fine, has over 25 years of experience in emerging markets.

Fund Details
as of 10/31/19

  • Net Assets (All Classes)
    $26.9M
  • Number of Issues
    68
  • Dividend
    Monthly
  • Capital Gains
    Annual
  • Benchmark Index2
    50% GBI-EM/50% EMBI

EM Fixed Income Investment Team

Eric Fine, Portfolio Manager, with Deputy Portfolio Managers, Carlos Nogueira and David Austerweil.  Economist, Natalia Gurushina. Senior Corporate Analyst, Robert Schmieder.

Photo L to R

Robert Schmieder , Eric Fine , David Austerweil , Natalia Gurushina , Carlos Nogueira

30-Day SEC Yield* Class I 
as of 10/31/19

30-Day SEC Yield 6.82%

* 30-Day SEC Yield is a standard calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the Fund's expenses for the period. In the absence of temporary fee waivers, the 30-Day SEC Yield for EMBUX would have been 5.97% as of 10/31/19.

Holdings

View All Holdings

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
(07/09/12)
VanEck Unconstrained Emerging Markets Bond Fund: Class I
At Net Asset Value 0.30 -3.30 8.45 7.35 4.00 0.09 -- 1.80
50% GBI-EM/50% EMBI2 1.59 0.88 12.19 15.04 4.80 3.18 -- 3.12
GBI-EM Index2 2.90 1.14 10.98 15.59 4.34 0.82 -- 0.73
EMBI Index2 0.28 0.57 13.30 14.35 5.14 5.44 -- 5.42
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
(07/09/12)
VanEck Unconstrained Emerging Markets Bond Fund: Class I
At Net Asset Value 2.25 -1.67 8.13 6.09 3.88 -0.08 -- 1.78
50% GBI-EM/50% EMBI2 0.25 0.37 10.44 10.91 3.89 3.19 -- 2.93
GBI-EM Index2 0.96 -0.79 7.86 10.13 3.06 0.55 -- 0.35
EMBI Index2 -0.46 1.50 12.99 11.57 4.61 5.74 -- 5.45

*Returns less than one year are not annualized.

The tables present past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the Fund incurred all expenses and fees1, investment returns would have been reduced. Expenses: Class I Gross 1.33% and Net 0.96%. Expenses are capped contractually through 05/01/20 at 0.95% for Class I. Investment returns and Fund share values will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. 

Country Weightings (%) as of 10/31/19

Country % of Net Assets
■
Brazil
11.7
■
Mexico
10.0
■
Argentina
9.4
■
Indonesia
7.4
■
Ukraine
7.3
■
El Salvador
6.4
■
Peru
6.1
■
Uruguay
5.3
■
Belarus
5.0
■
Azerbaijan
3.1
■
Nigeria
2.5
■
Dominican Republic
2.1
■
Armenia
2.0
■
Saudi Arabia
1.4
■
Singapore
1.3
■
Georgia
1.3
■
Cyprus
1.2
■
Ireland
1.2
■
Cambodia
1.2
■
Canada
1.2
■
Vietnam
1.2
■
Norway
1.1
■
Mongolia
1.1
■
Paraguay
1.0
■
Ghana
0.9
■
Chile
0.9
■
Colombia
0.3
■
Cash
6.4

Portfolio Weightings (%)
as of 10/31/19

% of Net Assets
Sovereign Bond 49.3
Corporate Bond 33.4
Quasi-Sovereign Bond 10.9
Cash 6.4

Regional Weightings (%)
as of 10/31/19

% of Net Assets
Latin America 53.1
Non-EU Europe 19.9
Asia 13.7
Africa 3.3
EU Europe 2.4
North America 1.2
Cash 6.4
Regional Total (%) 100
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Important Disclosure

Unless otherwise stated, portfolio facts and statistics are shown for Class A shares; other classes may have different characteristics.

†NAV: Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares of the Fund is the Net Asset Value (NAV) of the shares plus an initial sales charge. The initial sales charge varies depending upon the size of your purchase.  No sales charge is imposed where Class A or Class C shares are issued to you pursuant to the automatic investment of income dividends or capital gains distribution. It is the responsibility of the financial intermediary to ensure that the investor obtains the proper “breakpoint” discount. Class C, Class I and Class Y do not have an initial sales charge; however, Class C does charge a contingent deferred redemption charge.  See the prospectus and summary prospectus for more information.

1Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding 1.25% for Class A, 1.95% for Class C, 0.95% for Class I, and 1.00% for Class Y of the Fund’s average daily net assets per year until May 1, 2020. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a portion of such expense limitation.

2The Fund's benchmark index (50% GBI-EM/50% EMBI) is a blended index consisting of 50% J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified and 50% J.P. Morgan Emerging Markets Bond Index (EMBI). The J.P. Morgan GBI-EM Global Diversified tracks local currency bonds issued by Emerging Markets governments. The index spans over 15 countries. The J.P. Morgan EMBI Global Diversified tracks returns for actively traded external debt instruments in emerging markets, and is also J.P. Morgan’s most liquid U.S-dollar emerging markets debt benchmark. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The index may not be copied, used or distributed without J.P. Morgan’s written approval. Copyright 2014, J.P. Morgan Chase & Co. All rights reserved.

3Average Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. Effective maturity is the length of time until a fixed income investment returns its original investment. Distribution Yield is the amount of cash flow paid out and is calculated by dividing the annual income (interest or dividends) by the current price of the security. Averages are market weighted. These statistics do not take into account fees and expenses associated with investments or the Fund.

The views and opinions expressed are those of VanEck. Fund manager commentaries are general in nature and should not be construed as investment advice. Opinions are subject to change with market conditions. Any discussion of specific securities mentioned in the commentaries is neither an offer to sell nor a solicitation to buy these securities. Fund holdings will vary.

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 risks associated with its investments in below investment grade securities, credit, currency management strategies, debt securities, derivatives, emerging market securities, foreign currency transactions, foreign securities, hedging, other investment companies, Latin American issuers, management, market, non-diversification, operational, portfolio turnover, restricted securities, sectors and sovereign bond risks. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. As the Fund may invest in securities denominated in foreign currencies and some of the income received by the Fund will be in foreign currencies, changes in currency exchange rates may negatively impact the Fund’s return. Derivatives may involve certain costs and risks such as liquidity, interest rate, and the risk that a position could not be closed when most advantageous. The Fund may also be subject to risks associated with non-investment grade securities.

Investing involves risk, including possible loss of principal. Please call 800.826.2333 or visit vaneck.com for a free prospectus and summary prospectus. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus and summary prospectus contain this and other information. Please read the prospectus and summary prospectus carefully before investing.

Van Eck Securities Corporation, Distributor
666 Third Avenue
New York, NY 10017
800.826.2333

 



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