Nomura Emerging Markets Fund
Actively managed emerging-markets stock fund
As of its 2026 Q2 report, Nomura Emerging Markets Fund held 111 positions with $14.45B in net assets. Its ten largest holdings made up 82.9% of the fund. The DEMAX share class costs 1.4% a year. Over the 12 months to May 2026, DEMAX returned 238.5%, with dividends reinvested. In 2026 Q2 it added 5 new positions and exited 5.
Nomura Emerging Markets Fund seeks long-term capital appreciation.
The fund invests in equity securities of emerging market companies selected through a bottom-up fundamental analysis that seeks to identify businesses with durable competitive advantages trading below the manager's intrinsic value estimate, using methods including discounted cash flow and multiples analysis. At least 80% of assets will be invested in emerging market issuers, though the fund may hold over 25% in a single country and may also invest in developed-market companies if the manager believes their performance will be influenced by emerging market opportunities or to access needed industry exposure. Because the fund concentrates significantly in the Asia-Pacific region and may hold substantial positions in individual countries, performance depends heavily on those geographic areas and issuers.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
SK SQUARE CO LTD | 29.91% | $4.32B | 5.3M | $818.18 |
SK HYNIX INC | 18.53% | $2.68B | 1.7M | $1,548.11 |
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD | 13.26% | $1.92B | 25.5M | $75.18 |
SAMSUNG ELECTRONICS CO LTD | 7.57% | $1.09B | 5.2M | $210.35 |
SAMSUNG C&T CORP | 4.01% | $579.11M | 2.0M | $286.99 |
MEDIATEK INC | 3.71% | $536.59M | 3.9M | $137.59 |
RELIANCE INDUSTRIES LTD | 2.02% | $292.05M | 21.0M | $13.91 |
BABAALIBABA GROUP HOLDING LTD | 1.74% | $250.92M | 2.0M | $124.22 |
SAMSUNG ELECTRONICS CO LTD | 1.10% | $158.98M | 1.2M | $134.37 |
TENCENT HOLDINGS LTD | 1.01% | $146.31M | 2.7M | $54.51 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-29 — not a live quote, and not what the fund paid.
All 111 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 | 100.60% |
| Cash & short-term | 0.04% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q4, one or more quarters before the direct holdings (2026Q2).
How it has done
DEMAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 52.73%. Past returns are a record, not a forecast.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.40% | +238.50% | +353.03% | +205.72% | -17.67% | |
| 2.15% | +236.01% | +342.87% | +194.51% | -17.70% | |
| 1.15% | +239.35% | +356.41% | +209.54% | -17.64% | |
| 1.65% | +237.63% | +349.69% | +201.85% | -17.66% | |
| 1.06% | +239.68% | +357.80% | +211.11% | -17.63% |
These classes hold the same portfolio, so the 16.60pp spread over 5 years is the cost difference between them — roughly 3.32pp a year — not a difference in what they own.
Fees & fund details
Nomura 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
- 1.06% – 2.15%· DEMAX 1.40%
- Portfolio turnover
- 5.00% 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.
5 new
5 exited
Understand how this fund fits with the rest.
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