Emerging Markets Debt Fund
Actively managed emerging-markets bond fund
As of its 2026 Q2 report, Emerging Markets Debt Fund held 215 positions with $2.08B in net assets. Its ten largest holdings made up 19.1% of the fund. Over the 12 months to May 2026, JMKAX returned 12.5%, with dividends reinvested. In 2026 Q2 it added 37 new positions and exited 41.
Emerging Markets Debt Fund is actively managed emerging-markets bond fund.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States Treasury Note/Bond 3.75% · due 2028-04-30 | 2.80% | $58.28M | — |
Argentine Republic Government International Bond 4.13% floating · due 2035-07-09 | 2.15% | $44.81M | — |
BRAZIL NOTAS DO TESOURO NACION NOTES 01/27 10 10.00% · due 2027-01-01 | 2.03% | $42.25M | — |
Peru Government Bond 6.90% · due 2037-08-12 | 2.00% | $41.57M | — |
JH COLLATERAL | 1.96% | $40.76M | — |
MEXICAN BONOS BONDS 02/36 8 8.00% · due 2036-02-21 | 1.91% | $39.70M | — |
ECUADOR GOVERNMENT INTERNATION SR UNSECURED REGS 07/35 VAR 6.90% floating · due 2035-07-31 | 1.64% | $34.20M | — |
Turkey Government International Bond 6.00% · due 2041-01-14 | 1.62% | $33.77M | — |
Turkey Government International Bond 6.38% · due 2031-05-22 | 1.53% | $31.73M | — |
Farmer Mac Discount Notes 0.00% · due 2026-06-01 | 1.48% | $30.78M | — |
The 200 largest of 215 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 97.27% |
| Cash & short-term | 1.96% |
| Stocks | 0.04% |
| Derivatives | -0.77% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
How it has done
JMKAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.79%. Past returns are a record, not a forecast.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +12.49% | +36.80% | +16.07% | -6.43% | |
| — | +12.70% | +37.28% | +17.15% | -6.48% | |
| — | +12.99% | +37.98% | +17.99% | -6.45% | |
| — | +11.75% | +33.55% | +11.64% | -6.73% | |
| — | — | — | — | — | |
| — | +12.86% | +37.95% | +17.94% | -6.46% |
Fees & fund details
Emerging Markets Debt Fund is an actively managed emerging-markets bond fund.
- Asset class
- Bonds
- Region
- Emerging markets
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Features
- Non-diversified
This fund files no prospectus profile. Unit investment trusts and closed-end funds register on forms that carry no objective or fee tagging, and some fund families file without it — a gap in what was filed, not a fund without an objective or without fees.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
37 new· the largest 8
41 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 86.8% |
| Floating rate | 9.7% |
| Zero-coupon or unclassified | 3.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 9.0% |
| 1-3y | 8.2% |
| 3-5y | 9.4% |
| 5-10y | 33.3% |
| 10y+ | 40.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 53% |
| Credit spreads | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.49 yr |
| High yield | +2.47 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.47 yr | 7% |
| 5 yr | 2.03 yr | 30% |
| 10 yr | 3.02 yr | 44% |
| 30 yr | 1.34 yr | 19% |
3 mo is NEGATIVE (-0.01 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.33 yr | 5% |
| 5 yr | 1.54 yr | 26% |
| 10 yr | 2.74 yr | 46% |
| 30 yr | 1.35 yr | 23% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.01 | +0.01 | +0.01 | $1.1k | $1.6k |
| 1 yr | +0.47 | +0.12 | +0.20 | $25.8k | $41.9k |
| 5 yr | +2.03 | +0.75 | +0.80 | $155.1k | $165.7k |
| 10 yr | +3.02 | +1.70 | +1.04 | $352.6k | $216.4k |
| 30 yr | +1.34 | +0.92 | +0.43 | $192.3k | $88.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 6.85 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
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