The Emerging Markets ADR Strategy primarily invests in American Depository Receipts (ADRs) of companies domiciled outside the United States. These stocks represent companies primarily in the emerging markets of Eastern Europe, the Middle East, Africa, Latin America, the Far East and the Indian Sub-Continent, and to a lesser extent in the developed markets of Europe and Asia.
|Strategy Assets AUA / AUM: $192 mm / $154 mm (as of March 31, 2023)
|Inception:March 31, 2011
|Portfolio Manager:Senior Investment Committee
|Asset Class:Emerging Markets Equity ADR
|Process:Hybrid (Quantitative & Fundamental)
|Stated Benchmarks:MSCI Emerging Markets Index
Our Emerging Markets ADR product is currently available as a separately managed account or through a Wrap Program sponsor.
Emerging Markets ADR Equity Performance Disclosure
The Emerging Markets ADR Composite contains fully discretionary Emerging Markets ADR accounts and for comparison purposes is measured against the MSCI Emerging Markets (net) Index. The MSCI Emerging Markets (net) Index uses withholding tax ranges applicable to Luxembourg based holding companies.
Thomas White International, Ltd. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Thomas White International, Ltd. has been independently verified for the periods July 1, 1992 through December 31, 2021. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Emerging Markets ADR Composite has been examined for the periods April 1, 2011 through December 31, 2021. The verification and performance examination reports are available upon request. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Thomas White International, Ltd. is an independent registered investment adviser. A list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds are available upon request.
The Emerging Markets ADR Composite has an inception date and a composite creation date of April 1, 2011. Results are based on fully discretionary accounts under management. Non-fee-paying accounts are not included in this composite. Leverage is not used in this composite. Past performance is not indicative of future results.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. All dividends are included in performance calculations as net dividends. Foreign withholding taxes on ADR holdings may be deducted from either income or principal cash depending on the policy of the applicable custodian. Beginning January 1, 2013, gross returns are shown as supplemental information. Gross returns for wrap accounts are gross of all fees and transaction costs; gross returns for non-wrap accounts are gross of all fees, but net of transaction costs. Net returns for both wrap and non-wrap accounts are reduced by all fees and transaction costs incurred. For wrap accounts, other than brokerage commissions the fee includes investment management, portfolio monitoring, consulting services, and in some cases, custodial services. Net of fee performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated, using gross returns, for the accounts in the composite the entire year. The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36-month period. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.
The investment management fee schedule for the composite is as follows: for the first $25 million, 0.75%; for the next $25 million, 0.65%; over $50 million, 0.55%. The wrap program may charge an all-inclusive fee as high as 3.00%. Wrap fees are available upon request from the wrap sponsor. Actual investment advisory fees incurred by clients may vary.
||Five or fewer
||Five or fewer
1 Pure gross-of-fees returns do not reflect the deduction of any expenses, including trading costs, and are supplemental to net returns.
2 Composite dispersion is not shown for periods where there are an insufficient number of portfolios in the composite for the entire year.
3 The three-year annualized ex-post standard deviation is not presented because 36 monthly returns are not available for periods prior to January 1, 2014.
4 Returns shown above for the year 2011 represent period-to-date returns beginning April 1, 2011 and ending December 31, 2011.