DFCEX Performance — Emerging Markets Core Equity 2 Portfolio, Institutional Class Shares
Data updated: 2026-09-24
DFCEX returned +14.08% year to date and +27.34% over one year to Jul 2026. Annualised returns are +16.67% over 3 years and +8.60% over 5 years. The fund trailed its Emerging Markets Equity category average: $100 invested three years ago grew to $159, against $164 for the category, and to $127 over one year, against $134. Volatility over the past three years was 14.97% a year. In the 12 months to Jul 2026 the fund lost a net $1.3B, and assets reached $36.43B.
DFCEX Growth of $100
What $100 invested in Emerging Markets Core Equity 2 Portfolio grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Emerging Markets Equity category average over the same months.
| Period | DFCEX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $127 | $134 |
| 3 years (Aug 2023 – Jul 2026) | $159 | $164 |
| 5 years (Aug 2021 – Jul 2026) | $151 | $143 |
| Since data start (Aug 2019 – Jul 2026) | $200 | $188 |
DFCEX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +14.08% |
| 1 year | +27.34% |
| 3 years (annualised) | +16.67% |
| 5 years (annualised) | +8.60% |
DFCEX Annual Returns
Calendar-year total returns of Emerging Markets Core Equity 2 Portfolio, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +14.08% |
| 2025 | +28.79% |
| 2024 | +7.34% |
| 2023 | +15.45% |
| 2022 | −16.41% |
| 2021 | +5.84% |
| 2020 | +13.86% |
| 2019 (Aug–Dec) | +8.79% |
DFCEX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +7.6% | +5.9% | −9.6% | +12.0% | +5.7% | −0.3% | −6.1% | — | — | — | — | — |
| 2025 | +0.4% | −0.5% | +1.1% | +0.6% | +5.3% | +6.3% | +1.3% | +2.5% | +4.9% | +2.7% | −1.3% | +2.3% |
| 2024 | −3.4% | +4.2% | +1.8% | +1.1% | +2.1% | +2.4% | +0.5% | +0.8% | +5.2% | −4.1% | −1.6% | −1.3% |
| 2023 | +8.3% | −5.2% | +2.9% | 0.0% | −1.4% | +4.4% | +5.5% | −5.0% | −1.8% | −3.6% | +7.7% | +3.9% |
| 2022 | −0.4% | −2.1% | −1.3% | −5.7% | +0.9% | −7.4% | +0.4% | −0.4% | −10.9% | −1.3% | +14.7% | −2.4% |
| 2021 | +1.3% | +3.1% | +0.8% | +2.7% | +2.3% | +1.2% | −4.7% | +2.1% | −3.6% | +0.5% | −3.2% | +3.7% |
| 2020 | −6.1% | −5.1% | −19.6% | +10.8% | +1.7% | +7.1% | +8.1% | +1.1% | −0.8% | +1.3% | +11.1% | +7.8% |
| 2019 | — | — | — | — | — | — | — | −4.2% | +2.7% | +4.0% | −0.7% | +7.0% |
DFCEX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 14.97%
- 3-year Sharpe ratio: 0.81 (vs 4.5% risk-free rate)
- Best month: +11.97% (Apr 2026)
- Worst month: −9.59% (Mar 2026)
DFCEX Fund Flows
Monthly money in and out of Emerging Markets Core Equity 2 Portfolio, from SEC Form N-PORT.
- 12-month net flow: −$1.3B
- 12-month gross sales (incl. reinvestments): $5.7B
- Sales ÷ redemptions: 0.82×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $358.9M | $418.4M | −$59.6M |
| Jun 2026 | $574.2M | $945.0M | −$370.8M |
| May 2026 | $406.9M | $805.8M | −$399.0M |
| Apr 2026 | $362.5M | $539.4M | −$176.9M |
| Mar 2026 | $435.1M | $646.0M | −$210.9M |
| Feb 2026 | $490.4M | $685.0M | −$194.5M |
| Jan 2026 | $592.4M | $568.8M | $23.6M |
| Dec 2025 | $717.6M | $484.3M | $233.4M |
| Nov 2025 | $433.5M | $588.1M | −$154.6M |
| Oct 2025 | $280.9M | $489.3M | −$208.3M |
| Sep 2025 | $810.4M | $555.7M | $254.7M |
| Aug 2025 | $283.2M | $315.7M | −$32.4M |
DFCEX Assets Under Management
Net assets of Emerging Markets Core Equity 2 Portfolio by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $36.43B |
| 2026-04-30 | $37.86B |
| 2026-01-31 | $35.95B |
| 2025-10-31 | $33.33B |
| 2025-07-31 | $30.45B |
| 2025-04-30 | $27.23B |
| 2025-01-31 | $26.97B |
| 2024-10-31 | $28.37B |
| 2024-07-31 | $27.87B |
| 2024-04-30 | $26.96B |
| 2024-01-31 | $25.19B |
| 2023-10-31 | $23.01B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.