Fund Evaluator:
Emerging Markets Equities M (EMRGX)
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Best Performing in Diversified Emerging Mkts Over the Last Year
| 55.1% | Invesco Emerging Markets ex-China Y (GTDYX) |
| 51.1% | WCM Focused Emerging Mkts Ex Chn Inv (WCFEX) |
| 47.2% | Matthews Emerging Markets Sust Fut Inv (MASGX) |
| 46.5% | Lazard Emerging Markets Equity Instl (LZEMX) |
| 46.5% | LSV Emerging Markets Equity Inv (LVAZX) |
Fund Details
Emerging Markets Equities M Overview
Emerging Markets Equities M (EMRGX) is an actively managed International Equity Diversified Emerging Mkts fund. Capital Group launched the fund in 1986.
The investment seeks long-term capital growth. The fund invests primarily in common stock and other equity securities of issuers in developing countries. Developing countries are also known as "emerging markets." In determining whether an issuer is in a developing country, the manager will consider, among other things, whether the country is generally considered to be a developing country by the international financial community, where the issuer is domiciled and/or the location of the issuer’s principal place of business. It invests at least 90% of its net assets in developing country equity securities.
About Emerging Markets Equities M (EMRGX)
There are 4 members of the management team with an average tenure of 3.25 years: Patricio Ciarfaglia (2025), Arthur Caye (2018), Samir Parekh (2024), Saurav Jain (2025). 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 IMI NR USD index with a weighting of 100%. Emerging Markets Equities M has 144 securities in its portfolio. The top 10 holdings constitute 37.3% 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.
Emerging Markets Equities M is part of the Equity global asset class and is within the International Equity fund group. Emerging Markets Equities M has 94.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.7%. There is 94.2% allocated to foreign stock, and 0.0% 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). Emerging Markets Equities M has 3.1% of the portfolio in cash.
Assets Under Management
The fund has $367 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.
EMRGX 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 Emerging Markets Equities M expense ratio is above average compared to funds in the Diversified Emerging Mkts category. Emerging Markets Equities M has an expense ratio of 0.71%, which is 39% 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. Emerging Markets Equities M has a portfolio turnover rate of 57%, 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, Emerging Markets Equities M returned -2.1%, 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.
Emerging Markets Equities M has a trailing yield of 0.39%, which is below 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.
Emerging Markets Equities M Grades
Year to date, the fund has returned 19.1%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 32.7% over the past year (grade of D), 15.2% over the past three years (grade of D) and 4.4% per year over the past five years (grade of D) and 8.9% per year over the past 10 years (grade of C).
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EMRGX 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 |
|
| EMRGX Return (NAV) | -2.1% | 6.6% | 32.7% | 15.2% | 4.4% | 8.9% |
| EMRGX Grade | B | A | D | D | D | C |
| +/- Category | 2.8% | 4.1% | -3.2% | -2.7% | -2.1% | 0.2% |
| Diversified Emerging Mkts Avg | -4.9% | 2.4% | 35.9% | 17.9% | 6.5% | 8.7% |
| EMRGX Tax Cost Ratio | na | na | 1.1% | 0.7% | 1.0% | 0.9% |
EMRGX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EMRGX Return (NAV) | 19.1% | 31.5% | 2.6% | 8.1% | -24.7% | -0.8% | 21.6% | 24.0% | -14.6% | 41.3% | 9.5% |
| EMRGX Grade | C | C | F | D | D | C | C | B | B | B | C |
| +/- Category | 0.1% | 0.1% | -3.6% | -4.1% | -2.1% | -0.5% | 0.0% | 2.1% | 1.8% | 4.7% | 0.9% |
| 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: | 16.0% |
| Total Risk Index: | 1.30 - Above Average |
| Category Risk Index: | 0.95 - Below Average |
| Category Risk Grade: | B (37% Rank) |
| Beta: | 1.05 |
| R-Squared: | 82% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $540 Mil |
| Fund Total Assets: | $ 367 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 57% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 7.9 years | |||
| Average Tenure: 3.2 years | |||
| Managers (Year): Caye Arthur (2018), Parekh Samir (2024), Jain Saurav (2025), Ciarfaglia Patricio (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 144 |
| % in Top 10 Holdings: | 37.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 94.2% |
Portfolio Allocation |
|
| Domestic Stock: | 2.7% |
| Foreign Stock: | 94.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.1% |
Purchase Information
| Fund Family: | Capital Group |
| Phone Number: | 800-421-4989 |
| Website: |
| Status: | Open |
| Inception Date: | May 30, 1986 |
| Min. Initial Purchase: | $1,000,000 |
| 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 (%): | 0.71% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.16% |
| Share Class: | Emerging Markets Equities M |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
