Key Characteristics as of 12/31/11
| Top Ten Holdings1 | |
|---|---|
| Samsung Electronics | 4.45% |
| Dragon Oil | 3.37% |
| Vale ON ADR | 3.10% |
| Tullow Oil | 2.94% |
| China Shenhua Energy Co. | 2.77% |
| Taiwan Semiconductor Manufacturing | 2.62% |
| Gulf Keystone | 2.24% |
| Hon Hai Precision Industries | 2.18% |
| China Life Insurance (Taiwan) | 2.08% |
| Hyundai Glovis | 1.89% |
| Total | 27.64% |
| View Full Quarterly Holdings |  |
| Characteristics | |
|---|---|
| Weighted Average Market Capitalization | $30,535 (mil) |
| Alpha2* | -0.49 |
| Beta2* | 1.11 |
| R-Squared2* | 0.98 |
| Information Ratio2* | 0.24 |
| Sharpe Ratio2* | 0.75 |
| Portfolio Turnover Ratio - Most Recent Annual | 44 |
| Number of Positions | 80 |
| Regional Allocation | |
|---|---|
| Asia-Pacific | 56.0% |
| Latin America | 16.8% |
| Europe | 7.4% |
| Middle East & Africa | 7.3% |
| South Africa | 4.9% |
| Other | 5.6% |
| Cash | 2.0% |
2 Risk characteristics are relative to the MSCI Emerging Markets Free Index as of 12/31/11, and for the three-year period. (Other than Sharpe Ratio which is calculated relative to the risk-free rate.)
* Alpha (annualized) is a statistical measurement used to quantify the value added or subtracted by a portfolio manager. Specifically, alpha measures the portfolio's actual return against the portfolio's expected return given the risk of the portfolio as defined by its beta.
* Beta is a statistical measurement of a portfolio's relative sensativity to the benchmark, which acts as a proxy for market risk. The beta between a portfolio and its benchmark is the amount of the units the portfolio will move when the benchmark moves one unit.
* R2 is a statistical measurement that shows the percentage of a portfolio's movements that can be explained by the movement in the benchmark. The numerical value of a portfolio's R2 is always between 0 and 1. An R2 of 1 (or 100%) means that there is perfect correlation in the movement between the portfolio and the benchmark.
* Information Ratio is a measure of the value added per unit of active risk by a manager over the benchmark. The Information Ratio is calculated by dividing the annualized excess return over a benchmark by the annualized standard deviation of excess return.
* Sharpe Ratio is a statistical measurement of the risk-adjusted performance of the portfolio. The ratio is calculated by dividing a portfolio's excess return over the risk-free rate (generally a 3-month T-bill) by the standard deviation of its excess returns. This approximates a portfolio's reward per unit of risk.