Asia Fund

Investment Strategy

The Fund seeks to achieve long-term capital growth by investing in equity securities in Asia.

  • The Fund invests in leading companies that can maintain, or achieve in the future, a dominant position within their respective market.
  • The Fund’s investment strategy is tailored to Asia’s fast-growing and dynamic environment.
  • The Fund’s investment strategy aims to identify early winners in growing industries, where entrepreneurship can produce long-term global competitiveness.
  • Mirae Asset applies extensive bottom-up research methods in a team-based setting to identify investment opportunities.

Morningstar Overall Rating

  1. Two Stars
As of 11/30/2019. For the Overall, 3-, and 5-year periods, respectively, MILAX was rated 2 , 3 and 2 stars among 76 , 76, and 68 funds in the Pacific/Asia ex-Japan category, as of 11/30/2019. Morningstar ratings are based on risk-adjusted returns.

Fund Facts As of 11/30/2019

Ticker
MILAX
CUSIP

60462F408

Inception Date
09/24/2010
Fund Assets
$26.1M
Net Expense Ratio
1.15%
Gross Expense Ratio
1.75%
Number of Holdings
47
Asset Class
Equity
Benchmark
MSCI AC Asia ex Japan NR Index

Performance

________ Asia Fund ________ MSCI AC AxJ Index

This is a hypothetical $10,000 investment in the Fund. Assumes reinvestment of dividends and capital gains.

Past performance does not guarantee future results. Performance for the Fund’s other share classes would vary.

As of 11/30/2019 As of 9/30/2019
  1 month
(%)
YTD
(%)
SI*
(%)
Quarterly
(%)
1 YEAR
(%)
3 YEARS
(%)
5 YEARS
(%)
7 YEARS
(%)
SI*
(%)
at NAV As of 11/30/2019 -0.94 16.21 5.02 As of 9/30/2019 -1.34 1.24 6.24 3.59 6.92 4.74
at Max Load As of 11/30/2019 -0.94 16.21 5.02 As of 9/30/2019 -1.34 1.24 6.24 3.59 6.92 4.74
MSCI AC Asia ex Japan NR Index As of 11/30/2019 0.25 10.80 4.71 As of 9/30/2019 -4.50 -3.44 6.32 4.23 4.95 4.26

Asia Fund: Total expense ratios: Class A=2.02%; Class C=2.76%; Class I=1.75%. Net expense ratios after fee waiver and reimbursement: Class A=1.40%; Class C=2.15%; Class I=1.15%. 

*SI = Since Inception. Inception Date (Asia Fund)= 9/24/2010.

Past performance does not guarantee future results. The performance data quoted represent past performance and current returns may be lower or higher. Share price and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. For periods more than one year, performance is annualized.  For performance data as of the most recent month-end please call (888) 335-3417.

The Fund's investment manager, Mirae Asset Global Investments (USA) LLC ("Mirae Asset USA" or the "Investment Manager"), has contractually agreed to forego its management fee and, if necessary, to reimburse the Fund so that total operating expenses (excluding interest expense, taxes, brokerage commissions and certain other Fund expenses) of the Fund through August 31, 2020 do not exceed the "Net" values shown in the table above. The agreement may be terminated prior to August 31, 2020 upon 90 days' prior written notice by a majority of the non-interested trustees of the Trust or by a majority of the outstanding voting securities of the Fund.

The Fund performance may not be indicative of the Fund's long-term potential. The Fund's returns will fluctuate over long- and short-term periods. "NAV" is the Fund's Net Asset Value per share and has not been adjusted to reflect any applicable sales charge. Maximum sales charge (load) as a percentage of the offering price (applies to Class A shares only): 5.75%. Maximum deferred sales charge (load) for redemptions within one year of purchase (applies to Class C shares and may apply to certain redemptions of Class A shares): 1.00%.

Past performance does not guarantee future results. Performance for the Fund’s other share classes would vary.

Portfolio Allocation As of 11/30/2019

  • Top 10 Holdings
  • Sector Allocation
  • Country Allocation
  • Market Cap
Top Ten Holdings
Company Weighting (%) Country
Alibaba Group Holding Ltd. Sponsored ADR 8.1 China
Tencent Holdings Ltd. 4.9 China
ICICI Bank Limited 4.5 India
SBI Life Insurance Co. Ltd. 4.0 India
Samsung Electronics Co., Ltd. 4.0 South Korea
IHH Healthcare Bhd. 3.7 Malaysia
Taiwan Semiconductor Manufacturing Co., Ltd. 3.5 Taiwan
AIA Group Limited 3.2 Hong Kong
TAL Education Group Sponsored ADR Class A 2.4 China
HDFC Bank Limited 2.4 India
Total 40.7

The portfolio holdings and allocations will change and the information provided should not be considered as a recommendation to purchase or sell a particular security. There is no assurance that the securities mentioned remain in the Fund’s portfolio or that securities sold have not been repurchased.

Management Team

rahul-chadha.jpg

Rahul Chadha

Chief Investment Officer (Hong Kong) View Full Bio
vineet-thodge.jpg

Vineet Thodge, CFA

Portfolio Manager (Hong Kong) View Full Bio

Fund Documents

©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance does not guarantee future results.

The MSCI AC Asia ex-Japan NR Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan.

An investor cannot invest directly in an index.

For shares of those Funds that have been in existence for less than one year, cumulative performance is utilized.

Risk Factors

Equity Securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Emerging Market investing may be subject to additional economic, political, legal, liquidity, and currency risks not associated with more developed countries.

Geographic Concentration Risk — A small number of companies and industries may represent a large portion of the market in a particular country or region, and these companies and industries can be sensitive to adverse social, political, economic or regulatory developments in that country or region.