The Best and Worst Emerging-Market Funds
With the average stock in the fund's portfolio shedding 2.83% and no stock falling more than 11%, how did the fund lose 12.42%? Well, the net asset value of this fund sank 4.77%, because of larger holdings of the bigger losers. But the price of the fund is set by supply and demand, not just net asset value.
On Thursday Feb. 22, the closed-end fund was selling at an 11.8% premium above its net asset value. Traders continued to sell until a premium of only 2.8% remained. This crushed the price of the fund by 12.42%. Closed-end funds, unlike open-end ones, have a fixed number of shares and trade according to market demands.
The exchange-traded fund suffering the worst decline was the BLDRS Emerging Markets 50 ADR Index Fund (ADRE).
|Worst-Performing Emerging-Market Funds|
|Fund||Ticker||Rating||Fund Type||1 Week Total Return|
|Emerging Market Telecom Fund||ETF||B-||Closed-end||-9.89%|
|BLDRS Emerging Market 50 ADR||ADRE||C-||ETF||-8.35%|
|Templeton Emerging Markets Fund||EMF||C||Closed-end||-8.26%|
|Fidelity Latin American Fund||FLATX||C+||Open-end||-8.13%|
|US Global Accolade East European||EUROX||C-||Open-end||-8.10%|
|iShares MSCI Emerging Markets||EEM||C+||ETF||-8.01%|
|TCW Emerging Markets Eq I||TGEMX||B-||Open-end||-7.33%|
|Harding Loevner Emerging Market Inv||HLEMX||C||Open-end||-7.10%|
|Seligman Emerging Markets R||SERRX||B-||Open-end||-7.08%|
|Best-Performing Emerging-Market Funds*|
|Fund||Ticker||Rating||1 Week Total Return|
|American Independence International Equity||IMSSX||A+||-3.77%|
|ING Emerging Countries A||NECAX||B+||-4.88%|
|AIM International Small Co A||IEGAX||A-||-5.02%|
|Van Eck Emerging Markets A||GBFAX||C+||-5.09%|
|Third Millennium Russia Fund||TMRFX||D+||-5.36%|
|Phoenix Insight Emerging Market A||HEMZX||C||-5.48%|
|Adv Inn Cir Acadian Emerging Market I||AEMGX||C+||-5.62%|
|Fidelity Adv Emerging Asia I||FERIX||B+||-5.65%|
|GMO Emerging Markets Fund V||GEMVX||B-||-5.68%|
|Eaton Vance Tax-Mgd Emerging Market Fd I||EITEX||A+||-5.68%|
|* All funds are open-end funds
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