• Strong start to 2024 as majority outperform: Average returns of 2.8% beat the iShares MSCI EM ETF by 0.66%, with 63% of funds outperforming.

• Value/Yield beats Growth: Yield funds the star performers with 4.5% returns on average. Aggressive Growth the only Style to underperform on the quarter.

• Technology Sector Drives Returns: Technology sector the key contributor to returns, with TSMC accounting for just over half of total fund returns on the quarter.

• HDFC Bank and AIA Group costly: Both stocks are among the top overweights among GEM investors. Poor performance this quarter dragged on outperformance.

• Active vs Passive: Q1 performance adds to GEM active fund’s impressive record of outperformance. 5-year average GEM fund returns are +7.4% ahead of the benchmark iShares MSCI EM ETF.