Unconstrained Emerging Markets Bond Fund

C000117962 Fund Overview

Unconstrained Emerging Markets Bond Fund is a US mutual fund managed by VanEck Funds, categorised as Intermediate Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: VanEck Funds
• Category: Intermediate Total / Aggregate Bond
• Assets under management: $69.46M
• SEC CIK: 0000768847
• SEC series ID: S000037153
• Share class ID: C000117962

C000117962 Investment Objective and Strategy

Unconstrained Emerging Markets Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by VanEck Funds.

Investment objective

The Unconstrained Emerging Markets Bond Fund seeks total return, consisting of income and capital appreciation.

Principal investment strategy

Under normal conditions, the Fund invests at least 80% of its net assets in emerging market debt securities. An instrument will qualify as an emerging market debt security if it is either (i) issued by an emerging market government, quasi-government or corporate entity (regardless of the currency in which it is denominated) or (ii) denominated in the currency of an emerging market country (regardless of the location of the issuer). The Fund may also invest in non-emerging market debt securities. There is no limit on the amount the Fund may invest in one country or in securities denominated in one currency. The Fund may also invest in debt securities rated below investment grade (junk bonds). The Fund is considered to be non-diversified which means that it may invest a larger portion of its assets in a single issuer.

The Fund may engage in active and frequent trading of portfolio securities. The Fund invests in debt issued in emerging market and developed market currencies by governments and government-owned, controlled, or related entities (and their agencies and subdivisions), and by corporations. The Fund may invest in corporate bonds, debentures, notes, commercial paper, time deposits, and certificates of deposit, as well as debt obligations, which may have a call on a common stock or commodity by means of a conversion privilege or attached warrants. The Fund may also invest in emerging market or developed market currencies. The Fund may use derivative instruments denominated in any currency to enhance return, hedge (or protect) the value of its assets against adverse movements in commodity prices, currency exchange rates, interest rates and movements in the securities markets, manage certain investment risks and/or as a substitute for the purchase or sale of securities, currencies or commodities.

The Fund may also use derivative instruments to implement cross-hedging strategies, which involve the use of one currency to hedge against the decline in the value of another currency, or to hedge the value of a currency that is embedded in the value of another currency (for example, the value of the Euro that may be embedded in the Polish zloty). The Fund expects to use forward currency contracts; futures on securities, indices, currencies, commodities, swaps and other investments; options; and interest rate swaps, cross-currency swaps, total return swaps and credit default swaps. The Fund may also invest in credit-linked notes. The notional value of a cash-settled forward currency contract or other derivative instrument on an emerging market currency (or a currency that is embedded in an emerging market currency) or security (including any security that is a reference security for a credit default swap) will be treated as an emerging market debt security for purposes of complying with the Funds policy of investing at least 80% of its net assets in emerging market debt securities.

The Adviser has broad discretion to identify countries that it considers to qualify as emerging markets. The Adviser selects emerging market countries and currencies that the Fund will invest in based on the Advisers evaluation of economic fundamentals, legal structure, political developments and other specific factors the Adviser believes to be relevant. The Funds investment strategy normalizes countries economic fundamentals and compares them to the valuations of the relevant asset prices, particularly the relevant currencys valuation, the relevant currencys interest rate, and the relevant hard-currency securitys credit spread. The Fund may invest in instruments whose return is based on the return of an emerging market security such as a derivative instrument, rather than investing directly in emerging market securities.

The Funds holdings may include issues denominated in currencies of emerging countries, investment companies (like country funds) that invest in emerging countries, and American Depositary Receipts, and similar types of investments, representing emerging market securities. The Fund may purchase securities of any maturity or duration. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a securitys price to changes in interest rates. The longer a securitys duration, the more sensitive it will be to changes in interest rates. Similarly, a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. By way of example, the price of a bond fund with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point.

The Fund may invest up to 20% of its net assets in securities issued by other investment companies (each an Underlying Fund), including exchange-traded funds (ETFs). The Fund may also invest in money market funds, but these investments are not subject to this limitation. The Fund may invest in ETFs to participate in, or gain exposure to, certain market sectors, or when direct investments in certain countries are not permitted or available.

C000117962 Holdings

Top 10 holdings of Unconstrained Emerging Markets Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000117962 holdings

C000117962 Portfolio Allocation

Asset-class allocation of Unconstrained Emerging Markets Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000117962 Costs and Fees

C000117962 costs about $196 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.96%
• Gross expense ratio: 3.53%
• Portfolio turnover: 206%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000117962 Cashflows

Over the 12 months to 2025-09, Unconstrained Emerging Markets Bond Fund had net outflows of $12.74M, from monthly SEC N-PORT filings.

C000117962 Debt Constituents

Largest debt holdings of Unconstrained Emerging Markets Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000117962 Prospectus and SEC Filings

Official Unconstrained Emerging Markets Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-04-29
• Prospectus (485BPOS) — filed 2024-04-26
• Prospectus supplement (497) — filed 2023-06-16
• Portfolio holdings (N-PORT) — filed 2025-11-21
• Portfolio holdings (N-PORT) — filed 2025-08-21
• Portfolio holdings (N-PORT) — filed 2025-05-27
• Annual census (N-CEN) — filed 2025-03-12
• Annual census (N-CEN) — filed 2024-03-12

Related Funds

Other Intermediate Total / Aggregate Bond funds tracked on ABC INVEST:

• Vanguard Total Bond Market Index Fund (VBMFX)
• Vanguard Total Bond Market II Index Fund (VTBIX)
• Vanguard Total International Bond II Index Fund (VTIIX)
• iShares Core U.S. Aggregate Bond ETF (AGG)
• Vanguard Total International Bond Index Fund (VTIBX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.