Fund Evaluator:
DFA Emerging Markets Value I (DFEVX)
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Best Performing in Diversified Emerging Mkts Over the Last Year
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Fund Details
DFA Emerging Markets Value I Overview
DFA Emerging Markets Value I (DFEVX) is an actively managed International Equity Diversified Emerging Mkts fund. Dimensional Fund Advisors launched the fund in 1998.
The investment seeks long-term capital appreciation. The Portfolio is a Feeder Portfolio and pursues its objective by investing substantially all of its assets in its corresponding master fund, the Dimensional Emerging Markets Value Fund (the “Emerging Markets Value Fund”), which has the same investment objective and policies as the Portfolio. As a non-fundamental policy, under normal circumstances, it will invest at least 80% of its net assets in emerging markets investments that are defined in the Prospectus as Approved Markets securities.
About DFA Emerging Markets Value I (DFEVX)
There are 3 members of the management team with an average tenure of 8.42 years: Jed Fogdall (2010), Mary Phillips (2024), Ethan Wren (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI EM NR USD index with a weighting of 100% and MSCI EM Value NR USD index with a weighting of 100%. DFA Emerging Markets Value I has 3535 securities in its portfolio. The top 10 holdings constitute 21.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DFA Emerging Markets Value I is part of the Equity global asset class and is within the International Equity fund group. DFA Emerging Markets Value I has 96.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.2%. There is 96.8% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). DFA Emerging Markets Value I has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $14 billion in total assets, which is above the $967 million average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DFEVX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DFA Emerging Markets Value I expense ratio is average compared to funds in the Diversified Emerging Mkts category. DFA Emerging Markets Value I has an expense ratio of 0.44%, which is 62% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DFA Emerging Markets Value I has a portfolio turnover rate of 11%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.
Recently, in the month of July 2026, DFA Emerging Markets Value I returned -3.5%, which earned it a grade of B, as the Diversified Emerging Mkts category had an average return of -4.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DFA Emerging Markets Value I has a trailing yield of 3.25%, which is above the 1.72% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DFA Emerging Markets Value I Grades
Year to date, the fund has returned 15.9%, 3.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 29.4% over the past year (grade of D), 17.2% over the past three years (grade of C) and 10.9% per year over the past five years (grade of A) and 9.7% per year over the past 10 years (grade of B).
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DFEVX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DFEVX Return (NAV) | -3.5% | 1.3% | 29.4% | 17.2% | 10.9% | 9.7% |
| DFEVX Grade | B | D | D | C | A | B |
| +/- Category | 1.4% | -1.1% | -6.5% | -0.8% | 4.4% | 1.0% |
| Diversified Emerging Mkts Avg | -4.9% | 2.4% | 35.9% | 17.9% | 6.5% | 8.7% |
| DFEVX Tax Cost Ratio | na | na | 1.3% | 1.4% | 1.4% | 1.0% |
DFEVX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DFEVX Return (NAV) | 15.9% | 29.5% | 6.2% | 16.5% | -10.7% | 12.4% | 2.7% | 9.6% | -11.9% | 33.8% | 19.8% |
| DFEVX Grade | D | D | C | A | A | A | F | F | A | D | A |
| +/- Category | -3.1% | -1.9% | -0.1% | 4.4% | 11.9% | 12.7% | -18.9% | -12.2% | 4.5% | -2.9% | 11.2% |
| Diversified Emerging Mkts Avg | 19.1% | 31.4% | 6.2% | 12.1% | -22.6% | -0.2% | 21.6% | 21.9% | -16.4% | 36.6% | 8.6% |
| Risk Measures | |
| Standard Deviation: | 14.1% |
| Total Risk Index: | 1.15 - Above Average |
| Category Risk Index: | 0.84 - Low |
| Category Risk Grade: | A (18% Rank) |
| Beta: | 0.92 |
| R-Squared: | 81% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.3% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $14196 Mil |
| Fund Total Assets: | $14,196 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 11% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.4 years | |||
| Average Tenure: 8.4 years | |||
| Managers (Year): Fogdall Jed (2010), Wren Ethan (2020), Phillips Mary (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 3535 |
| % in Top 10 Holdings: | 21.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 96.8% |
Portfolio Allocation |
|
| Domestic Stock: | 1.2% |
| Foreign Stock: | 96.8% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | April 1, 1998 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.44% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.16% |
| Share Class: | DFA Emerging Markets Value I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
