Fund Evaluator:

Voya Multi-Manager Emerging Markets Eq C Overview

Voya Multi-Manager Emerging Markets Eq C (IEMJX) is an actively managed International Equity Diversified Emerging Mkts fund. Voya launched the fund in 2011.

The investment seeks long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of issuers in emerging markets. It may invest in bonds rated below investment grade (sometimes referred to as “high-yield securities”, “high-yield bonds”, or “junk bonds”).

About Voya Multi-Manager Emerging Markets Eq C (IEMJX)

There are 8 members of the management team with an average tenure of 4.64 years: Alexandra Lee (2025), Kishore Rao (2023), Hrishikesh Gupta (2023), Barbara Reinhard (2023), Lanyon Blair (2023), Mark Buccigross (2025), Liu-Er Chen (2011), Kai Wong (2019). 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%. Voya Multi-Manager Emerging Markets Eq C has 344 securities in its portfolio. The top 10 holdings constitute 56.4% 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.

Voya Multi-Manager Emerging Markets Eq C is part of the Equity global asset class and is within the International Equity fund group. Voya Multi-Manager Emerging Markets Eq C has 98.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.0%. There is 98.9% 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). Voya Multi-Manager Emerging Markets Eq C has 0.1% of the portfolio in cash.

Assets Under Management

The fund has $189 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.

IEMJX 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 Voya Multi-Manager Emerging Markets Eq C expense ratio is high compared to funds in the Diversified Emerging Mkts category. Voya Multi-Manager Emerging Markets Eq C has an expense ratio of 2.22%, which is 92% higher than its category average, making the fund expense ratio grade a F. 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. Voya Multi-Manager Emerging Markets Eq C has a portfolio turnover rate of 51%, 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, Voya Multi-Manager Emerging Markets Eq C returned -8.7%, 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.

Voya Multi-Manager Emerging Markets Eq C has a trailing yield of 3.96%, 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.

Voya Multi-Manager Emerging Markets Eq C Grades

Year to date, the fund has returned 24.9%, 5.8 percentage points better than the category, which translates into a grade of A. The fund has returned 52.1% over the past year (grade of A), 21.9% over the past three years (grade of A) and 8.1% per year over the past five years (grade of B) and 9.0% per year over the past 10 years (grade of C).

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