Note: Redemption on shares held less than 365 days are subject to a redemption fee of 2% of the redemption proceeds.
Fund Description
Overview
- Normally invests at least 80% of its assets in equity securities of Russian companies
- Not constrained by investment style or market capitalization
- Seeks companies undervalued by the market because their pace of development or earnings growth have been underestimated
Investment Objective
The Fund seeks long-term capital appreciation through investment primarily in equity securities of Russian companies.
|
|
Management Team
Jan-Wim Derks
Portfolio Manager
Managed Fund since 2002
Angus Alexander Robertson
Portfolio Manager
Managed Fund since 2008
View Detailed Information
|
Most Recent Month-End
|
Most Recent Quarter-End
| As of 06/30/2010 |
YTD |
1 YR |
3 YR |
5 YR |
10 YR |
Inception
(07/1996) |
Gross
Exp. |
Net
Exp.1, 2 |
| Net Asset Value |
-5.11 |
+39.65 |
-7.87 |
+15.33 |
+22.80 |
+13.18 |
2.23% |
2.23% |
| With Sales Charge |
-10.57 |
+31.64 |
-9.67 |
+13.97 |
+22.08 |
+12.70 |
|
|
| As of 06/30/2010 |
YTD |
1 YR |
3 YR |
5 YR |
10 YR |
Inception
(07/1996) |
Gross
Exp. |
Net
Exp.1, 2 |
| Net Asset Value |
-5.11 |
+39.65 |
-7.87 |
+15.33 |
+22.80 |
+13.18 |
2.23% |
2.23% |
| With Sales Charge |
-10.57 |
+31.64 |
-9.67 |
+13.97 |
+22.08 |
+12.70 |
|
|
View Detailed Performance
Current Maximum Sales Charge: 5.75%
1 The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, brokerage, and extraordinary expenses and is subject to possible recoupment. Please see the Fund's prospectus for more information.
2 The expense limits will continue through at least March 1, 2011. The Fund is operating under the contractual expense limits.
Index return calculations starting prior to December 31, 1998 are at Price. Index returns with a starting date January 31, 1999 are based on dividends reinvested.
Past performance is no guarantee of future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
SEC fund returns assume the reinvestment of dividends and capital gain distributions and include a sales charge. Net Asset Value fund returns assume the reinvestment of dividends and capital gain distributions. Total return for less than one year is not annualized. Results would have been less favorable if the sales charge were included.
Principal Risks
All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Foreign Investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Emerging Market stocks may be especially volatile. Prices of Value-Oriented Securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions. Prices of Growth Stocks may be more volatile than value stocks due to their relatively high valuations, and growth investing may fall out of favor with investors. High-yield, lower grade debt securities and junk bonds are highly speculative and more volatile than with higher-grade Debt Securities. There is risk due to the extremely volatile and often illiquid nature of the Russian Securities Markets, and price volatility due to non-diversification of investments and geographic concentration. There is the Non-Diversification Risk that the Fund may invest a relatively high percentage of its assets in a limited number of issuers. The Fund Concentrates in a single region of the world, the Fund's performance may be more volatile and may be affected unfavorably by political developments, social instability, changes in government polices and other political and economic developments. Russian securities markets are substantially smaller, less liquid and more volatile than securities markets in the U.S. There may be a Lack of Reliable Financial Information and there is less transparency with Russian investments. Potential for Expropriation, Dilution, Devaluation, Default or Excessive Taxation by the Russian government. Other risks of the Fund include but are not limited to: Convertible and Debt Securities Risks; Market Trends Risks; Price Volatility Risks; Other Investment Companies Risks; Political Risks; Settlement and Custody Risks; Inability to Sell Securities Risks; and Securities Lending Risks. Investors should consult the Fund's Prospectus and Statement of Additional Information for a more detailed discussion of the Fund's risks.