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Daily Price as of 08/23/19

NAV DAILY CHANGE
$16.13 $-0.22 / -1.4%

Class A Details: GBFAX

INCEPTION DATE GROSS/NET EXPENSES1
12/20/93 1.50%/1.50%

Country Weightings (%) as of 07/31/19

Country % of Net Assets
China
33.5
India
9.7
Brazil
8.0
South Africa
7.1
Philippines
5.7
Russia
3.2
Indonesia
3.1
Mexico
3.0
Turkey
2.9
South Korea
2.8
Taiwan
2.8
Thailand
2.6
Other EM
13.9
Cash
1.6

Top 10 Holdings (%)

Holdings Sector % of Net Assets
Alibaba Group Holding Ltd. Sponsored ADR Consumer Discretionary 6.1
Ping An Insurance (Group) Company of China, Ltd. Class H Financials 5.7
Tencent Holdings Ltd. Communication Services 5.6
Naspers Limited Class N Consumer Discretionary 5.0
HDFC Bank Limited Financials 4.5
Baozun Inc Sponsored ADR Class A Consumer Discretionary 2.7
Ayala Land Inc. Financials 2.4
A-Living Services Co. Ltd. Class H Industrials 2.2
Movida Participacoes SA Industrials 2.0
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 1.8
Top 10 Total 38.0
Holdings Sector % of Net Assets
Alibaba Group Holding Ltd. Sponsored ADR Consumer Discretionary 5.8
Ping An Insurance (Group) Company of China, Ltd. Class H Financials 5.7
Tencent Holdings Ltd. Communication Services 5.4
HDFC Bank Limited Financials 4.9
Naspers Limited Class N Consumer Discretionary 4.9
Baozun Inc Sponsored ADR Class A Consumer Discretionary 2.7
Ayala Land Inc. Financials 2.5
Movida Participacoes SA Industrials 2.1
CIE Automotive, S.A. Consumer Discretionary 2.0
A-Living Services Co. Ltd. Class H Industrials 1.9
Top 10 Total 37.9
These are not recommendations to buy or sell any security. Holdings may vary.

Sector Weightings (%)
as of 07/31/19

Sector % of Net Assets
Financials 30.2
Consumer Discretionary 26.7
Communication Services 13.9
Industrials 9.1
Consumer Staples 4.7
Health Care 4.6
Information Technology 3.8
Real Estate 3.7
Utilities 1.1
Energy 0.6
Materials 0.0
Cash 1.6

Fund Details
as of 07/31/19

  • Net Assets (All Classes)
    $2084.2M
  • Number of Holdings
    79
  • Avg. Wtd. Market Cap
    $13.6B
  • Turnover Rate (2018)
    38.1%
  • P/E (LTM) / P/E (Forward)*
    18.5 / 17.4
  • P/B (LTM)*
    3.2
  • Benchmark Index
    MSCI EM IMI
*Price-to-Earnings (P/E) ratio is the price of a stock divided by its earnings per share. Price-to-Book (P/B) ratio is the ratio of a stock's price to its book value.

Market Capitalization Breakdown (%) as of 07/31/19

Market Capitalization % of Net Assets
Large (>= $10 billion) 49.0%
Mid (< $10 billion >= $2 billion) 26.5%
Small (< $2 billion) 24.5%
Average Weighted Market Cap $13.6B

Market capitalization (cap) is the value of a corporation as determined by the market price of its issued and outstanding common stock.

Three-Year Risk Measures and Statistics 
as of 07/31/19

Volatility (Standard Deviation) 15.98
Sharpe Ratio 0.57
Alpha vs. MSCI EME IMI 1.05
Beta vs. MSCI EME IMI 1.12
R-squared vs. MSCI EME IMI 88.56
Source: VanEck and FactSet.
Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk-free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund's movements that can be explained by movements in its benchmark index.

Five-Year Risk Measures and Statistics 
as of 07/31/19

Volatility (Standard Deviation) 16.54
Sharpe Ratio 0.10
Alpha vs. MSCI EME IMI 0.92
Beta vs. MSCI EME IMI 1.00
R-squared vs. MSCI EME IMI 87.66
Source: VanEck and FactSet.
Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk-free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund's movements that can be explained by movements in its benchmark index.

Industry Benchmarks: Know Your Indices

  • The S&P® 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sectors.

  • The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

  • The MSCI Emerging Markets Investable Market Index (IMI) is a free float adjusted market capitalization index that is designed to capture large-, mid- and small-cap representation across 23 emerging markets countries. Emerging Markets countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

All indices listed are unmanaged and are not securities in which investments can be made.

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 distributions. 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 1.60% for Class A, 2.50% for Class C, 1.00% for Class I, and 1.10% 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 MSCI Emerging Markets Investment Market Index (MSCI EM IMI) is a free float-adjusted market capitalization index that is designed to capture large-, mid- and small-cap representation across 24 emerging markets countries. Emerging Markets countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

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 the risks associated with its investments in Chinese issuers, communication services sectors, direct investments, emerging market securities which tends to be more volatile and less liquid than securities traded in developed countries, foreign currency transactions, foreign securities, other investment companies, Stock Connect, management, market, operational, sectors and small- and medium-capitalization companies risks . The Fund’s investments in foreign securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls, and the possibility of arbitrary action by foreign governments, or political, economic or social instability.

Investing involves risk, including possible loss of principal. 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 them carefully before investing.