Emerging Markets Fund
Actively managed emerging-markets stock fund
As of its 2026 Q2 report, Emerging Markets Fund held 88 positions with $2.03B in net assets. Its ten largest holdings made up 48.3% of the fund. The TWMIX share class costs 1.26% a year. Over the 12 months to May 2026, TWMIX returned 70.9%, with dividends reinvested. In 2026 Q2 it added 17 new positions and exited 15.
The fund seeks capital growth.
The fund invests at least 80% of its net assets in equity securities of companies located in emerging market countries, generally focusing on those in the MSCI Emerging Markets Index, and seeks stocks whose earnings, revenues, or business fundamentals are growing at an accelerating pace. The portfolio managers base decisions on analysis of individual companies rather than economic forecasts, considering factors such as headquarters location, principal operations, revenue sources, and trading market to determine country classification. Because the fund's returns depend on the portfolio managers' stock selections, performance will diverge from any index benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Taiwan Semiconductor Manufacturing Co Ltd | 15.27% | $309.28M | 4.2M | $74.09 |
Samsung Electronics Co Ltd | 9.95% | $201.60M | 961.0K | $209.79 |
SK hynix Inc | 8.23% | $166.66M | 107.0K | $1,557.01 |
Tencent Holdings Ltd | 3.19% | $64.55M | 1.2M | $54.33 |
Delta Electronics Inc | 2.39% | $48.34M | 630.0K | $76.73 |
BABAAlibaba Group Holding Ltd | 2.26% | $45.69M | 367.9K | $124.22 |
Samsung Electro-Mechanics Co Ltd | 2.07% | $41.84M | 29.6K | $1,413.59 |
China Construction Bank Corp | 1.84% | $37.24M | 34.4M | $1.08 |
Zhongji Innolight Co Ltd | 1.59% | $32.22M | 189.0K | $170.47 |
Unimicron Technology Corp | 1.55% | $31.40M | 946.2K | $33.18 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
All 88 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%.
| Stocks | 99.88% |
| Cash & short-term | 0.57% |
How it has done
TWMIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 22.83%. Past returns are a record, not a forecast.
The 9 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.26% | +70.93% | +117.03% | +38.50% | -12.85% | |
| 1.51% | +70.58% | +115.31% | +36.78% | -12.94% | |
| 1.06% | +71.43% | +118.39% | +39.94% | -12.79% | |
| 2.26% | +69.40% | +110.60% | +31.82% | -13.05% | |
| 1.76% | +70.18% | +113.91% | +35.08% | -12.98% | |
| 0.91% | +71.55% | +119.35% | +40.91% | -12.78% | |
| 0.91% | +71.59% | +119.32% | +40.99% | -12.85% | |
| 1.06% | +71.37% | +118.27% | +39.91% | -12.78% | |
| 0.01% | +73.20% | +125.37% | — | -12.58% |
These classes hold the same portfolio, so the 14.77pp spread over 3 years is the cost difference between them — roughly 4.92pp a year — not a difference in what they own.
Fees & fund details
Emerging Markets Fund is an actively managed emerging-markets equity fund.
- Asset class
- Equity
- Region
- Emerging markets
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.01% – 2.26%· TWMIX 1.26%
- Portfolio turnover
- 58.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
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.
17 new· the largest 8
15 exited· the largest 8
Understand how this fund fits with the rest.
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