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GBFAX
Emerging Markets Fund - Class A

Daily Price as of 06/08/2023

NAV† DAILY CHANGE
$12.72 $0.05 / +0.39%

Class A Details: GBFAX

INCEPTION DATE GROSS/NET EXPENSES1
12/20/93 1.54%/1.54%
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Growth Rotates to Asia in Emerging Markets
Growth Rotates to Asia in Emerging Markets

Fund Summary and Key Points

The VanEck Emerging Markets Fund (the "Fund") seeks long-term capital appreciation by investing in equity securities in emerging markets around the world.

  • A global emerging markets equity portfolio focused on companies with growth potential at a reasonable price (“GARP”)
  • A bottom-up investment process driven by fundamental research into the sustainability of a company’s growth drivers
  • Growth is oriented toward strong secular stories, many of which reflect domestic demand themes and are often found in smaller-capitalization stocks

Fund Details
as of 04/30/2023

  • Net Assets (All Classes)
    $919.6M
  • Number of Holdings
    85
  • Avg. Wtd. Market Cap
    $12.0B
  • Turnover Rate (2022)
    11.1%
  • P/E (LTM) /  P/E (Forward)
    12.7 / 13.2
  • P/B (LTM)
    2.3
  • 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.

Investment Style Box

image Investment style box diagram illustrating the investment strategy of the Emerging Markets Fund

This investment style box is based on the Fund's overall targeted capitalization range and relative valuation as determined by VanEck.

Performance History:

Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
(12/20/93)
VanEck Emerging Markets Fund: Class A
At Net Asset Value
 0.16 -6.64 2.12 0.67 -1.53 -4.59 0.27 --
At Maximum 5.75% Sales Charge
 -5.60 -12.01 -3.75 -5.12 -3.46 -5.72 -0.32 --
MSCI EM IMI2
 -0.90 -4.30 3.01 -6.40 5.57 -0.68 1.95 --
MSCI EM Index2
 -1.13 -4.74 2.78 -6.51 4.33 -1.05 1.80 --
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
(12/20/93)
VanEck Emerging Markets Fund: Class A
At Net Asset Value 0.24 1.96 1.96 -6.31 1.72 -5.25 0.55 --
At Maximum 5.75% Sales Charge -5.52 -3.90 -3.90 -11.70 -0.27 -6.37 -0.04 --
MSCI EM IMI2 2.75 3.94 3.94 -10.74 9.18 -0.58 2.13 --
MSCI EM Index2 3.03 3.96 3.96 -10.70 7.83 -0.91 2.00 --

*Returns less than one year are not annualized.

The table presents 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 A: Gross 1.54% and Net 1.54%. Expenses are capped contractually through 05/01/24 at 1.60% for Class A. Investment returns and Fund share values will fluctuate so that investors' 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.

^The Fund's inception date was December 20, 1993, but prior to December 18, 2002, it operated with a substantially different investment strategy. Specifically, it invested primarily in the common stocks and other equity securities of global large-cap growth companies and could invest no more than 10% of its assets in emerging markets securities.

Top 10 Holdings (%)

HOLDINGS
SECTOR
 % OF NET ASSETS
Taiwan Semiconductor Manufacturing Co., Ltd.
Information Technology
 5.6
Reliance Industries Limited
Energy
 5.2
Prosus N.V. Class N
--
4.9
HDFC Bank Limited
Financials
 4.9
MercadoLibre, Inc.
--
4.2
Bank of Georgia Group Plc
Financials
 3.8
Kaspi.kz JSC Sponsored GDR RegS
Financials
 3.3
International Container Terminal Services, Inc.
Industrials
 3.2
Vamos Locacao de Caminhoes, Maquinas e Equipamentos SA
--
3.0
Samsung Electronics Co Ltd Pfd Non-Voting
Information Technology
 2.7
Top 10 Total 40.8

View All Holdings

These are not recommendations to buy or sell any security. Holdings may vary.

Sector Weightings (%)
as of 04/30/2023

SECTOR % OF NET ASSETS
Financials 22.6
Consumer Discretionary 20.9
Industrials 15.7
Information Technology 13.3
Health Care 6.9
Energy 5.9
Materials 4.2
Real Estate 3.9
Communication Services 2.8
Consumer Staples 2.6
Utilities 0.5
Cash 0.7

Country Weightings (%) as of 04/30/2023

COUNTRY % OF NET ASSETS
■
China
25.4
■
India
14.7
■
Brazil
9.7
■
Taiwan Region
9.4
■
South Korea
6.0
■
Philippines
4.8
■
Georgia
4.6
■
Turkey
4.4
■
Argentina
4.2
■
Kazakhstan
3.3
■
Mexico
2.8
■
Indonesia
1.6
■
Egypt
1.5
■
Poland
1.4
■
Germany
1.3
■
Tanzania
1.3
■
Hungary
1.0
■
Russia
0.8
■
United Arab Emirates
0.6
■
Kuwait
0.3
■
Greece
0.2
■
South Africa
0.1
■
Cash
0.7
Total
GBFAX