Regional Allocation as of 05/29/2015

Region Assets
Latin America 35.2%
Asia Pacific 34.3%
Europe 26.2%
Middle East and Africa 5.5%
United States -0.1%
Other -1.0%

Portfolio Details as of 05/29/2015

Total Net Assets
$559.65 M
Number of Holdings
734
Modified Duration
.18 Years

Portfolio Positioning as of 03/31/2015

  • We continue to focus on countries with increasing growth and positive structural reforms
  • Lower commodity prices will likely prove beneficial for emerging market countries overall, and previous currency depreciation will help those countries that rely on export revenue.
  • Our expectation is that emerging market currencies will outperform their developed peers (excluding the U.S. dollar) and we seek to capitalize through select underweights in certain developed countries.
  • We anticipate differentiation will continue in emerging market currencies and central banks to take action based on domestic economic cycles, assuming the price of oil remains stable and rates are hiked only gradually in the United States.
  • We expect those countries with the ability to tighten monetary policy in step with the U.S Federal Reserve will outperform their peers. 
Currency Assets
Mexico 9.0%
South Korea 9.0%
Chile 8.9%
Indonesia 8.9%
Turkey 8.4%
Argentina 7.9%
India 7.4%
Hungary 6.2%
Thailand 6.1%
Philippines 5.9%
Colombia 5.7%
Brazil 5.6%
South Africa 5.5%
Russia 5.5%
Poland 5.0%
Euro 1.2%
Australia -1.0%
Malaysia -1.0%
Peru -2.0%
Singapore -2.0%
Currency Name Position Expiration Date Current MV (USD)
Argentine Peso Total Contracts: $44,362,376
Argentine Peso Long 08/12/2015 $15,948,371
Argentine Peso Long 07/13/2015 $273,037
Argentine Peso Long 06/10/2015 $741,717
Argentine Peso Long 06/10/2015 $1,328,449
Argentine Peso Long 06/10/2015 $1,926,250
Argentine Peso Long 06/10/2015 $2,103,377
Argentine Peso Long 06/10/2015 $22,041,175
Australian Dollar Total Contracts: $-5,542,806
Australian Dollar Short 08/12/2015 $-5,542,806
Australian Dollar Long 06/10/2015 $11,239,344
Australian Dollar Short 06/10/2015 $-6,005,523
Australian Dollar Short 06/10/2015 $-389,671
Australian Dollar Short 06/10/2015 $-366,750
Australian Dollar Short 06/10/2015 $-4,477,400
Baht Total Contracts: $34,346,297
Baht Long 08/13/2015 $9,281,671
Baht Long 08/13/2015 $346,061
Baht Long 07/13/2015 $8,488,884
Baht Long 06/10/2015 $668,561
Baht Long 06/10/2015 $1,191,524
Baht Long 06/10/2015 $1,726,372
Baht Long 06/10/2015 $1,946,254
Baht Long 06/10/2015 $17,857,997
Baht Short 06/10/2015 $-7,161,027
Brazilian Real Total Contracts: $31,304,827
Brazilian Real Long 08/12/2015 $336,083
Brazilian Real Long 08/12/2015 $26,092,227
Brazilian Real Long 06/10/2015 $1,445,299
Brazilian Real Long 06/10/2015 $1,343,737
Brazilian Real Long 06/10/2015 $1,359,362
Brazilian Real Long 06/10/2015 $853,117
Brazilian Real Long 06/10/2015 $468,746
Brazilian Real Short 06/10/2015 $-593,744
Chilean Peso Total Contracts: $50,125,042
Chilean Peso Long 08/12/2015 $449,692
Chilean Peso Long 08/12/2015 $8,672,626
Chilean Peso Long 08/12/2015 $5,243,727
Chilean Peso Long 07/13/2015 $652,312
Chilean Peso Long 06/10/2015 $500,970
Chilean Peso Long 06/10/2015 $685,198
Chilean Peso Long 06/10/2015 $18,099,561
Chilean Peso Long 06/10/2015 $1,139,303
Chilean Peso Long 06/10/2015 $14,681,653
Colombian Peso Total Contracts: $32,027,513
Colombian Peso Long 08/12/2015 $22,082,349
Colombian Peso Long 06/10/2015 $5,623,753
Colombian Peso Long 06/10/2015 $1,144,483
Colombian Peso Long 06/10/2015 $1,716,725
Colombian Peso Long 06/10/2015 $789,299
Colombian Peso Long 06/10/2015 $670,904
Euro Total Contracts: $6,871,898
Euro Short 08/13/2015 $-5,607,469
Euro Long 08/13/2015 $12,479,367
Forint Total Contracts: $34,629,645
Forint Long 08/12/2015 $560,441
Forint Long 08/12/2015 $2,451,044
Forint Long 08/12/2015 $18,373,960
Forint Long 07/13/2015 $9,086,046
Forint Long 06/10/2015 $486,562
Forint Long 06/10/2015 $770,686
Forint Long 06/10/2015 $1,306,260
Forint Long 06/10/2015 $1,594,646
Indian Rupee Total Contracts: $41,527,420
Indian Rupee Long 08/12/2015 $343,257
Indian Rupee Long 08/12/2015 $25,234,046
Indian Rupee Long 07/13/2015 $575,298
Indian Rupee Short 06/10/2015 $-8,472,524
Indian Rupee Short 06/10/2015 $-281,375
Indian Rupee Long 06/10/2015 $2,648,836
Indian Rupee Long 06/10/2015 $1,352,165
Indian Rupee Long 06/10/2015 $1,922,732
Indian Rupee Long 06/10/2015 $14,855,055
Indian Rupee Long 06/10/2015 $578,383
Indian Rupee Long 06/10/2015 $2,771,547
Malaysian Ringgit Total Contracts: $-5,615,217
Malaysian Ringgit Short 07/27/2015 $-5,615,217
Mexican Peso Total Contracts: $50,455,065
Mexican Peso Long 08/12/2015 $339,057
Mexican Peso Long 08/12/2015 $10,060,314
Mexican Peso Long 08/12/2015 $26,672,506
Mexican Peso Long 07/13/2015 $4,012,710
Mexican Peso Long 07/13/2015 $679,572
Mexican Peso Long 06/10/2015 $648,817
Mexican Peso Long 06/10/2015 $1,057,572
Mexican Peso Long 06/10/2015 $2,416,844
Mexican Peso Long 06/10/2015 $2,478,482
Mexican Peso Long 06/10/2015 $2,089,191
New Israeli Sheqel Total Contracts: $0
New Israeli Sheqel Short 07/27/2015 $-5,737,734
New Israeli Sheqel Long 07/27/2015 $5,737,734
Nuevo Sol Total Contracts: $-11,230,145
Nuevo Sol Short 07/27/2015 $-11,230,145
Philippine Peso Total Contracts: $33,117,200
Philippine Peso Long 08/12/2015 $17,425,355
Philippine Peso Long 07/13/2015 $515,262
Philippine Peso Long 07/13/2015 $6,985,162
Philippine Peso Long 06/10/2015 $6,980,468
Philippine Peso Long 06/10/2015 $760,209
Philippine Peso Long 06/10/2015 $390,196
Philippine Peso Long 06/10/2015 $715,359
Philippine Peso Long 06/10/2015 $493,351
Philippine Peso Short 06/10/2015 $-8,476,667
Philippine Peso Long 06/10/2015 $7,328,505
Rand Total Contracts: $30,711,146
Rand Long 08/12/2015 $16,215,004
Rand Long 08/12/2015 $390,135
Rand Long 07/13/2015 $11,618,586
Rand Short 06/10/2015 $-387,452
Rand Short 06/10/2015 $-16,270,537
Rand Long 06/10/2015 $13,271,170
Rand Long 06/10/2015 $2,176,390
Rand Long 06/10/2015 $986,093
Rand Long 06/10/2015 $402,655
Rand Long 06/10/2015 $197,219
Rand Long 06/10/2015 $2,111,883
Rupiah Total Contracts: $49,598,283
Rupiah Long 08/12/2015 $20,536,058
Rupiah Long 08/12/2015 $223,218
Rupiah Long 08/12/2015 $401,792
Rupiah Long 07/13/2015 $787,561
Rupiah Long 07/13/2015 $502,539
Rupiah Short 06/10/2015 $-452,955
Rupiah Short 06/10/2015 $-339,716
Rupiah Long 06/10/2015 $294,421
Rupiah Long 06/10/2015 $294,421
Rupiah Long 06/10/2015 $1,272,049
Rupiah Long 06/10/2015 $2,468,606
Rupiah Long 06/10/2015 $2,502,577
Rupiah Long 06/10/2015 $21,107,712
Russian Ruble Total Contracts: $30,557,344
Russian Ruble Long 08/12/2015 $495,434
Russian Ruble Long 08/12/2015 $6,958,347
Russian Ruble Long 07/13/2015 $874,021
Russian Ruble Long 07/13/2015 $3,563,605
Russian Ruble Long 06/10/2015 $759,936
Russian Ruble Long 06/10/2015 $14,324,801
Russian Ruble Long 06/10/2015 $1,947,337
Russian Ruble Long 06/10/2015 $1,633,863
Singapore Dollar Total Contracts: $-11,375,975
Singapore Dollar Short 06/10/2015 $-1,049,348
Singapore Dollar Short 06/10/2015 $-452,369
Singapore Dollar Short 06/10/2015 $-470,909
Singapore Dollar Short 06/10/2015 $-433,830
Singapore Dollar Short 06/10/2015 $-507,988
Singapore Dollar Short 06/10/2015 $-548,776
Singapore Dollar Short 06/10/2015 $-348,547
Singapore Dollar Short 06/10/2015 $-7,564,208
Turkish Lira Total Contracts: $46,854,955
Turkish Lira Long 08/12/2015 $5,181,506
Turkish Lira Long 08/12/2015 $10,620,249
Turkish Lira Long 08/12/2015 $5,769,478
Turkish Lira Long 07/13/2015 $21,349,800
Turkish Lira Long 06/10/2015 $1,325,032
Turkish Lira Long 06/10/2015 $1,751,737
Turkish Lira Long 06/10/2015 $857,153
Won Total Contracts: $50,357,755
Won Long 08/12/2015 $14,011,999
Won Long 08/12/2015 $394,843
Won Long 08/12/2015 $5,262,782
Won Long 07/13/2015 $1,971,327
Won Long 07/13/2015 $15,232,978
Won Long 06/10/2015 $1,491,623
Won Long 06/10/2015 $1,336,467
Won Long 06/10/2015 $9,449,766
Won Long 06/10/2015 $539,987
Won Long 06/10/2015 $665,983
Yen Total Contracts: $0
Yen Short 07/13/2015 $-5,366,027
Yen Long 07/13/2015 $5,366,027
Zloty Total Contracts: $28,098,839
Zloty Long 08/12/2015 $14,981,796
Zloty Long 08/12/2015 $266,580
Zloty Long 08/12/2015 $279,909
Zloty Long 07/13/2015 $8,191,605
Zloty Long 06/10/2015 $1,308,743
Zloty Long 06/10/2015 $1,935,071
Zloty Long 06/10/2015 $841,335
Zloty Long 06/10/2015 $293,800
Fund Dividends & Cap Gains next tab

Contact a Representative