MFEM
MFEM
Fund Overview
why invest in this fund
Designed To Provide Improved Return Potential
Research Affiliates’ equity factors are robust and designed with an eye toward simplicity, transparency, a sound economic rationale and reduced transaction costs.
Employs A Differentiated Approach To Factor Investing
Individual stocks within factor portfolios are weighted by fundamental size as measured by each company’s sales, cash flow, dividends and book value relative to the markets’ aggregate size.
Factor Valuations Matter
The fund seeks to provide diversification and structural sources of returns through an innovative methodology that introduces a “buy-low, sell-high” discipline to factor investing.
Portfolio Information
Fund Facts
Price
Fund Information
| Data point name | Data point value |
|---|---|
| TYPE | Smart Beta |
| CUSIP | 72202L389 |
| Inception Date | 08/31/2017 |
| Shares Outstanding | 4,720,000 |
| Total Net Assets | $84,092,876.82 |
INDEX INFORMATION
RAFI Dynamic Multi-Factor Emerging Markets Index
The RAFI Dynamic Multi-Factor EM index strategy takes time-varying exposures to four return factors; value, low volatility, quality, and momentum. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis. It is not possible to invest directly in the index.
| Data point name | Data point value |
|---|---|
| Index Ticker | RADMFENT |
| Inception Date | 01/31/2017 |
| Rebalancing Frequency | Quarterly |
Top Ten Holdings
| Description | % of Assets | Security Type |
|---|---|---|
| YUAN RENMINBI OFFSHORE | 6.47 | CURRENCY - FORWARD |
| PETROBRAS PETROLEO BRAS PR PREFERENCE | 2.45 | PREFERRED STOCK |
| POSCO HOLDINGS INC COMMON STOCK KRW5000.0 | 1.44 | COMMON STOCK |
| HON HAI PRECISION INDUSTRY COMMON STOCK TWD10. | 1.30 | COMMON STOCK |
| HYUNDAI MOTOR CO COMMON STOCK KRW5000. | 1.21 | COMMON STOCK |
| TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK TWD10. | 1.12 | COMMON STOCK |
| VALE SA COMMON STOCK | 1.07 | COMMON STOCK |
| KIA CORP COMMON STOCK KRW5000.0 | 1.05 | COMMON STOCK |
| HDFC BANK LIMITED COMMON STOCK INR1.0 | 1.03 | COMMON STOCK |
| COUNTRY GARDEN HOLDINGS CO COMMON STOCK HKD.1 | 0.99 | COMMON STOCK |
Fund Managers
Current holdings are subject to risk. Holdings are subject to change at any time.
Fees & Expenses
| Name | Value |
|---|---|
| Gross Expense Ratio | 0.52% |
| Name | Value |
|---|---|
| Net Expense Ratio | 0.51% |
The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 10/31/2023 and renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the agreement. See the Fund's prospectus for more information..
Yields & Distributions
Yields
Dividends & Capital Gains Distribution
| Distribution Date | Dist. Nav | Long Term Cap. Gain | Short Term Cap. Gain | Dividend Income | Special Dist. | Dist. Total |
|---|---|---|---|---|---|---|
| 12/29/2022 | 17.59 | - | - | 0.050000 | - | 0.050000 |
| 10/03/2022 | 16.57 | - | - | 0.290000 | - | 0.290000 |
| 07/01/2022 | 18.07 | - | - | 0.190000 | - | 0.190000 |
| 04/01/2022 | 21.22 | - | - | 0.100000 | - | 0.100000 |
| 12/30/2021 | 23.25 | - | - | 1.570000 | - | 1.570000 |
| 12/10/2021 | 24.58 | 4.537040 | 0.000000 | - | - | 4.537040 |
| 10/01/2021 | 29.04 | - | - | 0.600000 | - | 0.600000 |
| 07/01/2021 | 30.70 | - | - | 0.190000 | - | 0.190000 |
| 04/01/2021 | 29.08 | - | - | 0.030000 | - | 0.030000 |
| 12/30/2020 | 27.14 | - | - | 0.200000 | - | 0.200000 |
| 12/11/2020 | 26.39 | 0.000000 | 0.000000 | - | - | 0.000000 |
| 10/01/2020 | 22.49 | - | - | 0.080000 | - | 0.080000 |
| 07/01/2020 | 20.86 | - | - | 0.110000 | - | 0.110000 |
| 04/01/2020 | 16.89 | - | - | 0.070000 | - | 0.070000 |
| 12/30/2019 | 24.74 | - | - | 0.280000 | - | 0.280000 |
| 12/11/2019 | 23.92 | 0.000000 | 0.000000 | - | - | 0.000000 |
| 10/01/2019 | 22.79 | - | - | 0.075000 | - | 0.075000 |
| 07/01/2019 | 24.22 | - | - | 0.150000 | - | 0.150000 |
| 04/01/2019 | 23.79 | - | - | 0.085000 | - | 0.085000 |
| 12/28/2018 | 21.99 | - | - | 0.400000 | - | 0.400000 |
| 12/12/2018 | 22.56 | 0.000000 | 0.000000 | - | - | 0.000000 |
| 10/01/2018 | 24.19 | - | - | 0.125000 | - | 0.125000 |
| 07/02/2018 | 23.67 | - | - | 0.120000 | - | 0.120000 |
| 04/02/2018 | 25.96 | - | - | 0.015000 | - | 0.015000 |
| 12/28/2017 | 25.98 | - | - | 0.054000 | - | 0.054000 |
| 12/13/2017 | 25.12 | 0.000000 | 0.000000 | - | - | 0.000000 |
No dividend reinvestment service is provided by the Trust. Financial intermediaries may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of Fund shares for reinvestment of their dividend distributions. Beneficial owners should contact their financial intermediary to determine the availability and costs of the service and the details of participation therein. Financial intermediaries may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and net capital gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary market.
Price & Performance
| Returns | 1YR | 3YR | 5YR | 10YR | Inception |
|---|---|---|---|---|---|
| NAV Total Returns (After Fees) | -12.91 | 5.10 | -0.10 | - | 1.06 |
| Market Price Returns | -13.39 | 4.64 | 0.02 | - | 1.12 |
| RAFI Dynamic Multi-Factor Emerging Markets Index | -12.56 | 6.46 | 0.54 | - | 1.81 |
| MSCI Emerging Markets Index | -15.28 | 0.97 | -1.87 | 1.52 | 0.12 |
| Performance Difference (Fund NAV vs. Index) | -0.35 | -1.36 | -0.64 | - | -0.75 |
| Performance Difference (Fund Market Price vs. Index) | -0.83 | -1.82 | -0.52 | - | -0.69 |
| Standard Deviation | - | 21.31 | 18.90 | - | 18.48 |
| After Tax Pre-Liquidation | -14.81 | 1.70 | -2.38 | - | -1.05 |
| After Tax Post-Liquidation | -7.20 | 3.63 | -0.34 | - | 0.57 |
| Returns | 1YR | 3YR | 5YR | 10YR | Inception |
|---|---|---|---|---|---|
| NAV Total Returns (After Fees) | -19.41 | 0.10 | 0.13 | - | 0.92 |
| Market Price Returns | -19.55 | -0.18 | -0.09 | - | 0.78 |
| RAFI Dynamic Multi-Factor Emerging Markets Index | -18.49 | 1.25 | 0.86 | - | 1.69 |
| MSCI Emerging Markets Index | -20.09 | -2.69 | -1.40 | 1.44 | -0.05 |
| Performance Difference (Fund NAV vs. Index) | -0.92 | -1.15 | -0.73 | - | -0.77 |
| Performance Difference (Fund Market Price vs. Index) | -1.06 | -1.43 | -0.95 | - | -0.91 |
| Standard Deviation | - | 21.61 | 18.94 | - | 18.46 |
| After Tax Pre-Liquidation | -21.18 | -3.13 | -2.15 | - | -1.25 |
| After Tax Post-Liquidation | -11.07 | -0.18 | -0.15 | - | 0.46 |
| Returns | YTD | 1MO | 3MO | 6MO |
|---|---|---|---|---|
| NAV Total Returns (After Fees) | 0.91 | -4.90 | -1.27 | 1.39 |
| Market Price Returns | 2.01 | -5.39 | -0.54 | 2.03 |
| RAFI Dynamic Multi-Factor Emerging Markets Index | 0.92 | -4.46 | -0.45 | 1.09 |
| MSCI Emerging Markets Index | 0.90 | -6.48 | -0.52 | -2.29 |
| Performance Difference (Fund NAV vs. Index) | -0.01 | -0.44 | -0.82 | 0.30 |
| Performance Difference (Fund Market Price vs. Index) | 1.09 | -0.93 | -0.09 | 0.94 |
| Standard Deviation | - | - | - | - |
| After Tax Pre-Liquidation | 0.91 | -4.90 | -2.15 | -0.22 |
| After Tax Post-Liquidation | 0.54 | -2.90 | -0.22 | 1.33 |
| Returns | YTD | 1MO | 3MO | 6MO |
|---|---|---|---|---|
| NAV Total Returns (After Fees) | -19.41 | -2.16 | 10.92 | 1.69 |
| Market Price Returns | -19.55 | -2.50 | 10.64 | 0.45 |
| RAFI Dynamic Multi-Factor Emerging Markets Index | -18.49 | -1.35 | 10.63 | 2.39 |
| MSCI Emerging Markets Index | -20.09 | -1.41 | 9.70 | -2.99 |
| Performance Difference (Fund NAV vs. Index) | -0.92 | -0.81 | 0.29 | -0.70 |
| Performance Difference (Fund Market Price vs. Index) | -1.06 | -1.15 | 0.01 | -1.94 |
| Standard Deviation | - | - | - | - |
| After Tax Pre-Liquidation | -21.18 | -3.03 | 9.17 | -0.34 |
| After Tax Post-Liquidation | -11.07 | -0.74 | 7.03 | 1.51 |
Premium / Discount
| Premium / Discount | Calendar Year 2022 |
|---|---|
| Days Traded At Premium | 106 |
| Days Traded At NAV | 14 |
| Days Traded At Discount | 131 |
The performance figures presented reflect the total return performance, unless otherwise noted, and reflect changes in share price and reinvestment of dividend and capital gain distributions. All periods longer than one year are annualized. Periods less than one year are cumulative.
Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund's performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance.
Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.
The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.
© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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. Past performance is no guarantee of future results.Past performance is not a guarantee or a reliable indicator of future results.
A monthly rating is not a recommendation to buy, sell or hold a fund. © 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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.
Portfolio Composition
| sector | FUND | Fund ratio | MSCI Emerging Markets Index | Secondary index ratio |
|---|---|---|---|---|
| No Classification | 0.16 | - | ||
| Energy | 10.00 | 4.71 | ||
| Materials | 12.31 | 8.78 | ||
| Industrials | 7.26 | 5.96 | ||
| Consumer Discretionary | 10.87 | 13.78 | ||
| Consumer Staples | 8.06 | 6.38 | ||
| Health Care | 2.00 | 3.86 | ||
| Financials | 22.36 | 21.02 | ||
| Information Technology | 11.99 | 20.25 | ||
| Communication Services | 7.01 | 10.13 | ||
| Utilities | 5.01 | 2.58 | ||
| Real Estate | 1.94 | 1.92 |
| Sector | Fund | Fund ratio |
|---|---|---|
| No Classification | 0.00 | |
| Energy | 0.00 | |
| Materials | 0.00 | |
| Industrials | 0.00 | |
| Consumer Discretionary | 0.00 | |
| Consumer Staples | 0.00 | |
| Health Care | 0.00 | |
| Financials | 0.00 | |
| Information Technology | 0.00 | |
| Communication Services | 0.00 | |
| Utilities | 0.00 | |
| Real Estate | 0.00 |
| Factor | Percentage Weight | Weight ratio |
|---|---|---|
| Value | 22.86 | |
| Low Volatility | 31.12 | |
| Quality | 20.63 | |
| Momentum | 25.39 | |
| Size | 0.00 |
Summary Characteristics
|
Data Point
As of 03/23/2023
|
|
|---|---|
| Number of Holdings | 783 |
| Weighted Average Market Cap ($ US MM) | 19,501.02 |
| Median Market Cap ($ US MM) | 7,728.78 |
| P/E Ratio (Forward) | 8.34 |
| P/E Ratio (Trailing) | 7.52 |
| P/S Ratio (Price to Sales) | 0.56 |
| P/B Ratio (Price to Book) | 1.01 |
| Dividend Yield | 4.76 |
country exposure breakdown
Documents
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Net Asset Value (NAV) represents an ETF’s per-share value. The per-share value of an ETF is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of ETF shares outstanding. ETF shares are valued as of the close of regular trading on the New York Stock Exchange (normally 4:00 P.M. Eastern Time) (The “NYSE Close”) on each business day.
The Fund’s Net Asset Value, shares outstanding and total net assets are calculated as of the close of regular trading on each day that the New York Stock Exchange is open, and do not reflect security transactions or Fund shares created or redeemed on the date stated. Such transactions are recorded on the next business day and reported on the website the following business day.
A word about risk: Equities may decline in value due to both real and perceived general market, economic and industry conditions. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Model Risk is the risk that the investment models used in constructing the Underlying Index may not adequately take into account certain factors and may result in a decline in the value of the Underlying Index and, therefore, the Fund. Management and Tracking Error Risk is the risk that the portfolio manager’s investment decisions may not produce the desired results or that the Fund’s portfolio may not closely track the Underlying Index for a number of reasons. Derivatives may involve certain costs and risks, such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested.
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