DBECX — BNY Mellon Diversified Emerging Markets Fund

DBECX Fund Overview

DBECX — BNY Mellon Diversified Emerging Markets Fund is a US mutual fund managed by BNY Mellon Investment Funds I, categorised as Emerging Markets Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: BNY Mellon Investment Funds I
• Category: Emerging Markets Large Cap Blend / Core Equity
• Assets under management: $69.75M
• 1-year return: -11.3%
• Ticker: DBECX
• SEC CIK: 0000799295
• SEC series ID: S000011353
• Share class ID: C000075526

DBECX Investment Objective and Strategy

BNY Mellon Diversified Emerging Markets Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by BNY Mellon Investment Funds I.

Investment objective

The fund seeks long-term growth of capital.

Principal investment strategy

"To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (or other instruments with similar economic characteristics) of companies located, organized, or with a majority of assets or business in emerging market countries, including other investment companies (underlying funds) that invest in such securities. The fund considers emerging market countries to be all countries represented in the Morgan Stanley Capital International (MSCI ) Emerging Markets Index (MSCI EM Index), the fund's benchmark index. The fund is designed to provide exposure to various portfolio managers and investment strategies that focus on investing in equity securities of emerging market issuers. The fund normally allocates its assets among emerging market equity strategies employed by one or more underlying funds and/or subadvisers.

Underlying funds may include other funds in the Dreyfus Family of Funds and unaffiliated open-end funds, closed-end funds and exchange-traded funds (ETFs), and subadvisers may be affiliated or unaffiliated with The Dreyfus Corporation (Dreyfus), the fund's investment adviser. The fund and the underlying funds also may invest in companies organized or with their principal place of business, or a majority of assets or business, in developed markets and pre-emerging markets, also known as frontier markets. The fund and the underlying funds may invest in equity securities of companies with any market capitalization. The fund invests principally in common stocks. As of the date of this prospectus, the fund allocates its assets among the emerging market equity strategies described below that are separately employed by: (i) BNY Mellon Asset Management North American Corporation (BNYM AMNAC), the fund's subadviser, through The Boston Company Asset Management (TBCAM) global research portfolio management team (the TBCAM Strategy); (ii) BNYM AMNAC through the Mellon Capital Management (Mellon Capital) active equity portfolio management team (the Mellon Capital Strategy); (iii) Dreyfus Global Emerging Markets Fund, an affiliated underlying fund, which is sub-advised by Newton Investment Management (North America) Limited (the Newton Fund); and (iv) Dreyfus Strategic Beta Emerging Markets Equity Fund, an affiliated underlying fund, which is sub-advised by BNYM AMNAC, through the Mellon Capital active equity portfolio management team (the Mellon Capital Fund).

The target percentages for allocating the fund's assets among the investment strategies and underlying funds, as of the date of this prospectus, were as follows: Strategy/Underlying Fund Target % of Fund's Total Assets TBCAM Strategy 33.3% Newton Fund 33.3% Mellon Capital Strategy 25.0% Mellon Capital Fund 8.3% The fund may use a ""fund of funds"" approach by investing in one or more underlying funds and/or a ""manager of managers"" approach by selecting one or more experienced investment managers to serve as subadvisers to the fund. The fund may hire, terminate or replace subadvisers and modify material terms and conditions of subadvisory arrangements without shareholder approval. A subadviser will have complete discretion to invest its allocated portion of the fund's assets as it deems appropriate, based on the particular investment process, philosophy, style and strategy it employs.

Dreyfus determines the investment strategies and sets the target allocations. Dreyfus will allocate new inflows and outflows of fund assets to the TBCAM Strategy, the Mellon Capital Strategy, the Newton Fund and the Mellon Capital Fund in accordance with the target weightings, and will rebalance the fund's portfolio at least quarterly if the amount allocated to a particular investment strategy varies from the normal targeted allocation by 10% or more because of market fluctuations. As a result of the fund's overall investment program, including the allocation of the fund's assets to the different investment strategies, the fund's country, sector and industry weightings will vary at any given time from those of the MSCI EM Index. TBCAM Strategy. The portfolio management team responsible for managing the portion of the fund's assets allocated to the TBCAM Strategy make both strategic and opportunistic investments.

Strategic investments are recommended by a team of emerging market analysts supported by a global research platform. The analysts are organized into emerging market groupings based on their area of regional/industry expertise. These analysts utilize a fundamental, bottom-up research process to identify investments for the fund. Pursuant to the TBCAM Strategy, the fund's assets are invested in those companies in which the analysts have the highest degree of conviction or have identified a strong near-term catalyst for earnings growth or share price appreciation. The portfolio managers responsible for the TBCAM Strategy select opportunistic investments, coordinate country selection decisions and manage risk at the overall strategy level with respect to the portion of the fund's assets allocated to the TBCAM Strategy.

Opportunistic investments typically include companies with special situations, a hidden catalyst for price appreciation, or investments selected for tactical positioning purposes. Opportunistic investments may be as much as 30% of the fund's assets allocated to the TBCAM Strategy and may include the equity securities of companies in both developed and frontier markets. The country allocation process is a function of relative valuation, combining top down qualitative and quantitative analysis with the bottom-up research process employed by the analysts. The portfolio managers responsible for the TBCAM Strategy use the sector and country weightings of the MSCI EM Index as a guide; however, sector and country weightings with respect to the portion of the fund's assets allocated to the TBCAM Strategy may significantly vary from those of the index.

Mellon Capital Strategy. The portfolio management team responsible for managing the portion of the fund's assets allocated to the Mellon Capital Strategy applies a systematic, quantitative investment approach designed to identify and exploit relative misvaluations in equity securities of emerging market issuers. The Mellon Capital Strategy employs a proprietary valuation model that identifies and ranks stocks (Composite Alpha Ranking or CAR). The portfolio managers responsible for the Mellon Capital Strategy construct a portfolio through a systematic structured approach, focusing on stock selection as opposed to making proactive decisions as to industry or sector exposure. Within each sector and style subset, the portfolio managers responsible for the Mellon Capital Strategy overweight the most attractive stocks and underweight or zero weight the stocks that have been ranked least attractive.

Newton Fund. This underlying fund principally invests in common stocks and other equity securities (or derivative or other strategic instruments with similar economic characteristics) of companies organized or with their principal place of business, or majority of assets or business, in emerging market countries. The Newton Fund also may invest, to a limited extent, in companies organized or with their principal place of business, or majority of assets or business, in developed markets and pre-emerging markets, also known as frontier markets. The Newton Fund's subadviser, Newton Investment Management (North America) Limited (Newton), an affiliate of Dreyfus, employs a fundamental bottom-up investment process that emphasizes quality, return on capital employed and governance. The process of identifying investment ideas begins by identifying a core list of investment themes.

These themes are based primarily on observable global economic, industrial, or social trends that Newton believes will positively affect certain sectors or industries and cause stocks within these sectors or industries to outperform others. Newton then identifies specific companies using investment themes to help focus on areas where thematic and strategic research indicates positive returns are likely to be achieved. Mellon Capital Fund. This underlying fund normally invests in common stocks and other equity securities of companies organized or with their principal place of business, or majority of assets or business, in emerging market countries. The Mellon Capital Fund's subadviser, BNYM AMNAC, an affiliate of Dreyfus, through the Mellon Capital Management active equity portfolio management team applies a systematic, quantitative investment approach designed to identify and exploit relative misvaluations of the stock prices of emerging market companies based on their economic fundamentals.

This underlying fund's portfolio managers use a proprietary methodology designed to rank and select stocks of emerging market companies based on fundamental company information. In this manner, the portfolio managers employ a ""strategic beta"" strategy to select and weight stocks for this underlying fund's portfolio using characteristics other than market capitalization. ""Beta"" is a measure of risk, specifically of the difference between a security's return and that of a benchmark such as the MSCI EM Index. The Mellon Capital Fund's portfolio managers first weight each stock based on the company's economic size determined by a combination of accounting metrics, including sales, earnings before interest, taxation, depreciation and amortization (EBITDA), and net total payout (including dividends and share repurchases).

By weighting stocks based on the company's economic size instead of market capitalization, this underlying fund's portfolio managers seek to focus on companies with more attractive valuations for inclusion in the underlying fund's portfolio. Next, companies are ranked based on the quality and growth of their earnings. These metrics seek to identify high quality companies with sustainable and growing earnings and consistency of performance relative to the stocks of emerging market companies in general. A company's sales and earnings and earnings quality and earnings growth contribute, in part, to its overall beta. The final step in the portfolio construction process is to exclude companies with the lowest expected performance based on the above metrics of earnings quality and earnings growth.

The weights of the excluded companies are then reallocated to the remaining companies in the Mellon Capital Fund's portfolio. Limitations may be placed on the weight of an individual stock in this underlying fund's portfolio for diversification purposes. The Mellon Capital Fund's portfolio managers manage risk by diversifying across companies and industries, seeking to limit the potential adverse impact from any one stock or industry. This underlying fund's portfolio is rebalanced semiannually, using the above-described construction methodology."

DBECX Holdings

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

View all DBECX holdings

DBECX Portfolio Allocation

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

DBECX Performance

Total returns for DBECX (as of 2026-10-01), from SEC filings.

DBECX Risk Information

Risk metrics for DBECX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 24.7%

DBECX Costs and Fees

DBECX costs about $267 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.67%
• Gross expense ratio: 2.72%
• Portfolio turnover: 46%
• Brokerage commissions: 7.68 bps of average net assets (SEC N-CEN)

DBECX Cashflows

Over the 12 months to 2023-03, BNY Mellon Diversified Emerging Markets Fund had net outflows of $81.64M, from monthly SEC N-PORT filings.

DBECX Debt Constituents

No individual debt constituents are reported in BNY Mellon Diversified Emerging Markets Fund's latest SEC N-PORT filing.

DBECX Prospectus and SEC Filings

Official BNY Mellon Diversified Emerging Markets Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-01-27
• Prospectus (485BPOS) — filed 2022-01-27
• Prospectus (485BPOS) — filed 2021-01-27
• Portfolio holdings (N-PORT) — filed 2023-05-26
• Portfolio holdings (N-PORT) — filed 2023-04-25
• Portfolio holdings (N-PORT) — filed 2023-02-24
• Annual census (N-CEN) — filed 2022-12-02
• Annual census (N-CEN) — filed 2021-12-02

Related Funds

Other Emerging Markets Large Cap Blend / Core Equity funds tracked on ABC INVEST:

• New World Fund Inc (NEWFX)
• Fidelity Series Emerging Markets Opportunities Fund (FEMSX)
• GQG Partners Emerging Markets Equity Fund (GQGPX)
• Fidelity Advisor Emerging Markets Fund (FAMKX)
• Fidelity Emerging Markets Fund (FEMKX)

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.