Russell Emerging Markets Fund Class A is an Managed Funds investment product that is benchmarked against World Emerging Markets Index and sits inside the Foreign Equity - Emerging Markets Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Russell Emerging Markets Fund Class A has Assets Under Management of 105.75 M with a management fee of 0.01%, a performance fee of 0 and a buy/sell spread fee of 0.55%.
Stock selection in Taiwan contributed positively to performance over the period, including overweights to Accton Technology Corp. and ASUSTeK Computer, Inc. Both stocks posted strong gains for the month. The Fund also benefited from stock selection in South Korea; notably underweights to poor-performing names like battery manufacturer EcoPro and chemicals company POSCO Future M. Stock selection in China added further, albeit modest, value over the period. This included underweights to electric car maker NIO, Inc., e-commerce platform JD.com and fellow shopping platform Meituan. In contrast, stock selection in Hong Kong detracted from overall performance in August; notably exbenchmark holdings in maritime transport company Pacific Basin Shipping Ltd. and hotel and casino operator Galaxy Entertainment Group. Our underweight exposures to Turkey and India also weighed on returns; the latter including an underweight to information technology consulting firm Infosys. Performance was further impacted by stock selection within the materials space; notably an overweight to South African gold miner AngloGold Ashanti.
Moving forward, the Fund retains an overweight to China. Elsewhere, the Fund is overweight Brazil and Vietnam and underweight India, Taiwan and Saudi Arabia; countries where our managers do not find as many attractive opportunities. The Fund also maintains modest tilts toward value and momentum stocks, which is in line with our preferred strategic positioning, as well as biases toward small caps and growth names.
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