Fund Evaluator:

Dunham Emerging Markets Stock N Overview

Dunham Emerging Markets Stock N (DNEMX) is an actively managed International Equity Diversified Emerging Mkts fund. Dunham Funds launched the fund in 2004.

The investment seeks to maximize capital appreciation. The fund invests primarily in emerging market equity securities traded on foreign stock exchanges. Under normal market conditions, it invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in stock of companies that are organized in or maintain at least 50% of their assets in, or that derive at least 50% of their revenues from, emerging market countries.

About Dunham Emerging Markets Stock N (DNEMX)

There are 5 members of the management team with an average tenure of 5.17 years: Brian Coffey (2019), Oliver Adcock (2019), Ian Beattie (2019), Luis Alves de Lima (2025), Mazika Li (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and MSCI EM NR USD index with a weighting of 100%. Dunham Emerging Markets Stock N has 88 securities in its portfolio. The top 10 holdings constitute 45.0% 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.

Dunham Emerging Markets Stock N is part of the Equity global asset class and is within the International Equity fund group. Dunham Emerging Markets Stock N has 99.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 99.5% 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). Dunham Emerging Markets Stock N has 0.3% of the portfolio in cash.

Assets Under Management

The fund has $93 million in total assets, which is below 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.

DNEMX 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 Dunham Emerging Markets Stock N expense ratio is high compared to funds in the Diversified Emerging Mkts category. Dunham Emerging Markets Stock N has an expense ratio of 1.21%, which is 5% higher than its category average, making the fund expense ratio grade a D. 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. Dunham Emerging Markets Stock N has a portfolio turnover rate of 107%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.

Recently, in the month of July 2026, Dunham Emerging Markets Stock N returned -10.6%, which earned it a grade of F, 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.

Dunham Emerging Markets Stock N has a trailing yield of 2.17%, which is above the 1.72% category average. The fund normally distributes its income annually 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.

Dunham Emerging Markets Stock N Grades

Year to date, the fund has returned 17.8%, 1.3 percentage points worse than the category, which translates into a grade of C. The fund has returned 35.2% over the past year (grade of C), 17.0% over the past three years (grade of D) and 4.8% per year over the past five years (grade of D) and 7.3% per year over the past 10 years (grade of D).

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