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Emerging Markets Equity Quarterly Commentary - Preview Sample
Catious Optimism Continues in EM Equity Markets
David Semple, Portfolio Manager

By David Semple
Portfolio Manager, Van Eck Emerging Markets Fund (GBFAX)


Key Takeaways 1Q'2014
  • 2014 began with a sharp selloff on unexpected weak data from the U.S. and China, renewed concerns of tighter global liquidity and pockets of political turmoil in select EM “hotspots”.
  • From a macro perspective, synchronized global expansion seems to be a trend, albeit a relatively weak one. There are encouraging signs from this year’s EM election cycles, especially in India and Indonesia, and potentially Brazil.
  • The story in Ukraine and Russia continued to evolve during the quarter, and the conflict is likely to take some time to resolve.
  • We continue to see an increased idiosyncratic environment in EM and recommend not viewing these markets as one beta block, but rather to be selective as tailwinds of globalization, lower growth, technology and labor cost advantages are reduced. We will continue to focus on solid companies that embody our structural growth philosophy.

EM Equities CommentaryRead EM Fund Quarterly Commentary 1Q'14

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An actively managed mutual fund that seeks long-term capital appreciation by investing in equity securities in emerging markets around the world.
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Please note that the information herein represents the opinion of the portfolio manager and these opinions may change at any time and from time to time. Not intended to be a forecast of future events, a guarantee of future results or investment advice. Historical performance is not indicative of future results; current data may differ from data quoted. Current market conditions may not continue. Non-Van Eck Global proprietary information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Van Eck Global. 

You can lose money by investing in the Van Eck Emerging Markets Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. The Fund is subject to the risks associated with its investments in emerging markets securities, which tend to be more volatile and less liquid than securities traded in developed countries. The Fund's investments in foreign securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls, and the possibility of arbitrary action by foreign governments, including the takeover of property without adequate compensation or imposition of prohibitive taxation. The Fund is subject to risks associated with investments in debt securities, derivatives, commodity-linked instruments, illiquid securities, asset-backed securities, CMOs, and small or mid-cap companies. The Fund is also subject to inflation risk, short-sales risk, market risk, non-diversification risk, and leverage risk. Please see the prospectus and summary prospectus for information on these and other risk considerations.

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