Fund Evaluator:
TSW Emerging Markets Institutional (TSWMX)
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Best Performing in Diversified Emerging Mkts Over the Last Year
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| 47.2% | Matthews Emerging Markets Sust Fut Inv (MASGX) |
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| 46.5% | LSV Emerging Markets Equity Inv (LVAZX) |
Fund Details
TSW Emerging Markets Institutional Overview
TSW Emerging Markets Institutional (TSWMX) is an actively managed International Equity Diversified Emerging Mkts fund. TSW launched the fund in 2021.
The investment seeks to maximize long-term capital appreciation. The fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that are located in emerging market countries, including frontier markets. The fund may invest in unaffiliated investment companies, including exchange-traded funds, and may also invest a portion of its assets in real estate investment trusts (“REITs”). It may invest a significant portion of its assets in investments located in one country or a small number of countries.
About TSW Emerging Markets Institutional (TSWMX)
There are 1 members of the management team with an average tenure of 4.77 years: Elliott Jones (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI EM NR USD index with a weighting of 100%. TSW Emerging Markets Institutional has 80 securities in its portfolio. The top 10 holdings constitute 42.3% 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.
TSW Emerging Markets Institutional is part of the Equity global asset class and is within the International Equity fund group. TSW Emerging Markets Institutional has 94.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 4.4%. There is 94.0% 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). TSW Emerging Markets Institutional has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $6 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.
TSWMX 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 TSW Emerging Markets Institutional expense ratio is high compared to funds in the Diversified Emerging Mkts category. TSW Emerging Markets Institutional has an expense ratio of 0.99%, which is 14% lower than its category average, making the fund expense ratio grade a B. 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. TSW Emerging Markets Institutional has a portfolio turnover rate of 39%, 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, TSW Emerging Markets Institutional returned -2.0%, 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.
TSW Emerging Markets Institutional has a trailing yield of 4.13%, which is above the 1.72% category average. The fund normally distributes its income 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.
TSW Emerging Markets Institutional Grades
Year to date, the fund has returned 19.3%, 0.3 percentage points better than the category, which translates into a grade of C. The fund has returned 35.9% over the past year (grade of C) and 17.0% over the past three years (grade of D).
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TSWMX 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 |
|
| TSWMX Return (NAV) | -2.0% | 4.7% | 35.9% | 17.0% | na | na |
| TSWMX Grade | B | A | C | D | na | na |
| +/- Category | 2.9% | 2.2% | -0.0% | -0.9% | na | na |
| Diversified Emerging Mkts Avg | -4.9% | 2.4% | 35.9% | 17.9% | 6.5% | 8.7% |
| TSWMX Tax Cost Ratio | na | na | 1.9% | 1.5% | na | na |
TSWMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TSWMX Return (NAV) | 19.3% | 34.6% | 2.3% | 11.8% | -16.8% | na | na | na | na | na | na |
| TSWMX Grade | C | B | F | C | A | na | na | na | na | na | na |
| +/- Category | 0.3% | 3.2% | -3.9% | -0.3% | 5.8% | na | na | na | na | na | na |
| 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: | 14.7% |
| Total Risk Index: | 1.19 - Above Average |
| Category Risk Index: | 0.88 - Low |
| Category Risk Grade: | A (20% Rank) |
| Beta: | 0.95 |
| R-Squared: | 80% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 4.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $6 Mil |
| Fund Total Assets: | $ 7 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 40% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 4.8 years | |||
| Average Tenure: 4.8 years | |||
| Managers (Year): Jones Elliott (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 80 |
| % in Top 10 Holdings: | 42.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 94.0% |
Portfolio Allocation |
|
| Domestic Stock: | 4.4% |
| Foreign Stock: | 94.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Fund Family: | TSW |
| Phone Number: | 866-260-9549 |
| Website: |
| Status: | Open |
| Inception Date: | December 21, 2021 |
| Min. Initial Purchase: | $100,000 |
| 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 (%): | 0.99% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.16% |
| Share Class: | TSW Emerging Markets Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
