PGXIX — Polen Emerging Markets ex China Growth Fund
Data updated: 2024-03-25
PGXIX — Polen Emerging Markets ex China Growth Fund. Emerging Markets Multi-Cap / All-Cap Growth Equity. Holdings, fees, performance and SEC filings.
PGXIX Fund Overview
PGXIX — Polen Emerging Markets ex China Growth Fund is a US mutual fund managed by FundVantage Trust, categorised as Emerging Markets Multi-Cap / All-Cap Growth Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: FundVantage Trust
- Category: Emerging Markets Multi-Cap / All-Cap Growth Equity
- Assets under management: $1.60M
- Ticker: PGXIX
- SEC CIK: 0001388485
- SEC series ID: S000075086
- Share class ID: C000233890
PGXIX Investment Objective and Strategy
Polen Emerging Markets ex China Growth Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by FundVantage Trust.
Investment objective
Polen Emerging Markets ex China Growth Fund (the Fund) seeks to achieve long-term growth of capital.
Principal investment strategy
The Fund typically invests in a portfolio of common stocks of companies in emerging markets that, in the view of the Adviser, have a sustainable competitive advantage. Under normal circumstances , the Fund invests at least 80% of its net assets (plus any borrowings made for investment purposes), at the time of initial purchase, in equity or equity-related securities of issuers that: (i) have their principal securities trading market in an emerging country; (ii) alone or on a consolidated basis derive 50% or more of their annual revenue from goods produced, sales made or services performed in emerging countries; or (iii) are organized under the laws of, and have a principal office in, an emerging country, excluding issuers in the China region . The China region includes Hong Kong, the Peoples Republic of China and Taiwan, and may include securities trading in the form of depositary receipts.
The Fund may also invest in depositary receipts of issuers described in (i), (ii), and (iii) above, or in exchange-traded funds (ETFs) that invest in an emerging country or countries. This 80% policy may be changed by the Board of Trustees without shareholder approval upon 60 days written notice to shareholders. Emerging countries include those countries, excluding the China region, currently considered to be an emerging or developing country by the World Bank, the International Finance Corporation, the United Nations, and all countries represented in any widely-recognized index of emerging market securities. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products (GNP) than more developed countries. The Adviser uses intensive fundamental research processes to identify companies that it believes have certain attractive characteristics, which typically reflect an underlying competitive advantage.
Those characteristics include: (i) consistent and sustainable high return on capital; (ii) strong earnings growth and free cash flow generation; (iii) strong balance sheets and; (iv) competent and shareholder-oriented management teams. The Fund invests in companies that the Adviser believes have a sustainable competitive advantage within an industry with high barriers to entry. The Adviser believes that consistent earnings growth is the primary driver of intrinsic value growth and long-term stock price appreciation. Accordingly, the Adviser focuses on identifying and investing in a concentrated portfolio of high-quality growth companies that it believes have a competitive advantage and can deliver sustainable, above-average earnings growth. The Adviser integrates material environmental, social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a companys long-term financial sustainability.
The Adviser believes that such companies not only have the potential to contribute greater returns to the Fund, but also may hold less risk of loss of capital. Within the Advisers ESG framework, the Adviser assesses how effectively a company balances stakeholder interests and analyzes multiple ESG factors for all Fund investments, including but not limited to: management structure and experience, executive compensation, the ability to attract, develop, and retain employees, and carbon intensity. The Fund is non-diversified, which means that a significant portion of the Funds assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not concentrate (invest 25% or more of its net assets) in any industry, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market.
The Fund may invest in securities of companies with any market capitalization. The Fund will usually sell a security if, in the view of the Adviser, there is a potential threat to the companys competitive advantage or a degradation in its prospects for strong, long-term earnings growth. The Adviser may also sell a security if it is believed by the Adviser to be overvalued or if a more attractive investment opportunity exists. Although the Adviser may purchase and then sell a security in a shorter period of time, the Adviser typically invests in securities with the expectation of holding those investments on a long-term basis. A portion of the Funds assets may be held in cash or cash equivalent instruments, including, but not limited to, short term investment funds and/or U.S. Government securities.
These cash or cash equivalent holdings may serve as collateral for the positions the Fund takes and also may also earn income for the Fund.
PGXIX Holdings
Top 10 holdings of Polen Emerging Markets ex China Growth Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| HDFC Bank Ltd | 6.72% |
| Fomento Economico Mexicano SAB | 6.20% |
| Phu Nhuan Jewelry JSC | 6.06% |
| Mobile World Investment Corp | 5.72% |
| Tsmc | 5.72% |
| Wizz Air Holdings Plc | 4.85% |
| Dino Polska SA | 4.37% |
| Dlocal Ltd/Uruguay | 4.33% |
| Infosys Ltd | 4.12% |
| Karooooo Ltd | 4.05% |
PGXIX Portfolio Allocation
Asset-class allocation of Polen Emerging Markets ex China Growth Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 98.4% |
| Cash & Equivalents | 3.7% |
PGXIX Costs and Fees
PGXIX costs about $125 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.25%
- Gross expense ratio: 8.78%
- Portfolio turnover: 0%
- Brokerage commissions: 11.74 bps of average net assets (SEC N-CEN)
PGXIX Cashflows
Over the 12 months to 2024-01, Polen Emerging Markets ex China Growth Fund had net inflows of $1.55M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-01 | $250 |
| 2023-12 | $1.46K |
| 2023-11 | $43.50K |
| 2023-10 | $0 |
| 2023-09 | $0 |
| 2023-08 | $0 |
PGXIX Debt Constituents
No individual debt constituents are reported in Polen Emerging Markets ex China Growth Fund's latest SEC N-PORT filing.
PGXIX Prospectus and SEC Filings
Official Polen Emerging Markets ex China Growth Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Emerging Markets Multi-Cap / All-Cap Growth Equity funds tracked on ABC INVEST:
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.