|
| UP TO 50 ISSUERS |
| Period |
Total Return
Gross of Mgmt. Fees |
MSCI EM Return |
Number of Portfolios |
Composite Dispersion |
Total Assets
at End of Period ($millions) |
Percent of Firm’s
Assets |
Firmwide Assets
at End of Period ($millions) |
Total Return
Net of Mgmt. Fees |
| 8/1/98
– 12/31/98 |
1.3% |
-10.8% |
1 |
0.0% |
$26.0 |
1.4% |
$1,879 |
0.8% |
| 1999 |
87.3% |
66.4% |
1 |
0.0% |
$59.0 |
1.6% |
$3,754 |
85.1% |
| 2000 |
-31.8% |
-30.6% |
3 |
1.1% |
$127.8 |
4.4% |
$2,914 |
-32.7% |
| 2001 |
2.5% |
-2.4% |
3 |
1.5% |
$188.6 |
5.3% |
$3,530 |
1.5% |
2002
|
-6.7% |
-6.0% |
3 |
1.4% |
$239.5 |
5.9% |
$4,070 |
-7.6% |
| 2003 |
57.7% |
56.3% |
1 |
0.0% |
$163.0 |
1.8% |
$9,062 |
56.1% |
| 2004 |
27.5% |
25.6% |
1 |
N/A |
$156.9 |
1.3% |
$12,071 |
26.1% |
| 2005 |
43.0% |
34.0% |
1 |
N/A |
$146.3 |
0.9% |
$15,987 |
41.5% |
| 2006 |
26.5% |
32.2% |
1 |
N/A |
$53.8 |
0.3% |
$21,408 |
25.1% |
2007 |
26.0% |
39.4% |
1 |
N/A |
$19.0 |
0.1% |
$22,183 |
24.6% |
| 1/1/08 - 4/30/08 |
-5.5% |
-3.8% |
1 |
N/A |
$17.8 |
0.1% |
$19,643 |
-5.8% |
Past performance is not a guarantee of
future results.
Emerging Markets Management, L.L.C. (EMM) has prepared and presented
this report in compliance with the Global Investment Performance
Standards (GIPS®).
GENERAL NOTES ON
ALL COMPOSITES
1. EMM is a U.S. registered investment management firm that invest primarily in emerging markets securities. EMM invested exclusively in emerging markets securities from its inception in 1987 until April 2008, when it introduced a quantitative product that invests in both emerging and developed (ex U.S.) countries.
2. The base currency used to express performance is the U.S. dollar.
3. EMM currently offers new separately managed account clients either a tiered (1.25% per annum on the first U.S. $50 million, 0.90% on the next U.S. $100 million, 0.75% on the next U.S. $100 million, and negotiable thereafter) or performance-based (0.50% per annum, plus 20% of value added) advisory fee structure. EMM’s advisory fees are negotiable based upon account size and other relevant factors. Please see Part II of EMM’s Form ADV for further information regarding advisory fees.
4. Certain prices and exchange rates used for the individual portfolios within each composite vary due to differences in custodians used by each client.
5. A complete list and description of all of the firm's composites are available upon request. Additional information regarding policies for calculating and reporting returns is available upon request.
6. All composites consist exclusively of fee-paying portfolios.
NOTES
ON GLOBAL MANDATE - UP TO 50 ISSUERS COMPOSITE
(Figures are based on most recent estimates)
1. The Global Mandate - Up to 50 Issuers composite is a concentrated strategy limited to no more than 50 emerging markets stocks. This composite was created on August 1, 1998.
2. The composite is presented net of withholding taxes for applicable countries. For this composite, the MSCI EM Index is only reported net of withholding taxes at rates that are applicable to non-residents for each respective country within the index. Prior to January 1, 2004, the MSCI EM Index was reported gross of withholding taxes. The assumed withholding tax rate for the composite (asset weighted) was approximately 8% for a U.S. investor and 0% for the MSCI EM Index (due to gross reporting).
3. Composite results for the full historical period are time-weighted and include reinvestment of dividends and capital gains. Results were calculated monthly and linked geometrically. For separate account portfolios, returns are calculated gross of management fees and a monthly estimate of this fee is deducted at the end of each month to obtain the net of fees return for that month. For investment funds, management fees are accrued monthly and included in the fund's net asset value calculation. Gross of fees returns for investment funds are obtained by adding back the fee for each month. The composite is asset-weighted by beginning of month asset values. The composite returns are net of brokerage and other administration fees.
4. The benchmark for this composite is currently the MSCI Emerging Markets Total Return Index Net of Withholding Taxes. Prior to January 1, 2004, the benchmark was the MSCI Emerging Markets Index (gross of dividend withholding taxes). The benchmark change(s) were made in each instance because EMM believed that the new benchmark represented a more accurate reflection of the composite's investable universe versus the then-existing benchmark.
5. As of the date of this report, approximately 0.0% of the composite was invested in countries outside the composite's benchmark.
6. N/A - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
7. Total Return information referenced above (both “gross” and “net” of investment management fees) are calculated after deducting applicable administrative and operating expenses, such as custodian fees and/or trading expenses.
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