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Name

As of 02/27/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.15

$157 M

3.88%

$0.28

1.15%

Vitals

YTD Return

1.0%

1 yr return

-12.8%

3 Yr Avg Return

-10.2%

5 Yr Avg Return

-5.8%

Net Assets

$157 M

Holdings in Top 10

31.9%

52 WEEK LOW AND HIGH

$7.1
$6.69
$8.40

Expenses

OPERATING FEES

Expense Ratio 1.15%

SALES FEES

Front Load 2.50%

Deferred Load N/A

TRADING FEES

Turnover 24.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 02/27/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.15

$157 M

3.88%

$0.28

1.15%

VMHAX - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return -10.2%
  • 5 Yr Annualized Total Return -5.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.83%
DIVIDENDS
  • Dividend Yield 3.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Voya Emerging Markets Hard Currency Debt Fund
  • Fund Family Name
    Voya
  • Inception Date
    Aug 01, 2017
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Anthony Routh

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in fixed-income and floating rate debt instruments of governments (“Sovereigns”) and governmental entities, agencies, and other issuers the obligations of which are guaranteed by Sovereigns (“Quasi-Sovereigns”) of emerging market countries which are denominated in U.S. dollars and foreign hard currencies. The Fund will provide shareholders with at least 60 days' prior written notice of any changes in this investment policy.Effective August 8, 2022Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in fixed-income and floating rate debt instruments of governments (“Sovereigns”) and governmental entities, agencies, and other issuers that are directly or indirectly wholly-owned by, or whose obligations are guaranteed by Sovereigns (“Quasi-Sovereigns”) of emerging market countries which are denominated in U.S. dollars and foreign hard currencies. The Fund will provide shareholders with at least 60 days' prior written notice of any changes in this investment policy.Hard currencies are currencies in which investors have confidence and are typically currencies of economically and politically stable industrialized nations. The Fund's investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the 80% policy. The Fund may also invest up to 20% of its assets in fixed-income and floating rate debt instruments of emerging market companies denominated in U.S. dollars and foreign hard currencies.Fixed-income and floating rate debt instruments include bonds, debt securities, and other similar instruments issued by Sovereigns, Quasi-Sovereigns, and companies denominated in hard currency. Debt securities may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, corporate debt, asset-backed securities, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments including money market funds denominated in U.S. dollars or other currencies.Emerging market countries include all countries in the world except Australia, Austria, Belgium, Canada, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Japan, Malta, The Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, and the United States. An emerging market issuer is one: (i) that is organized under the laws of, or has a principal place of business in an emerging market country; (ii) where the principal securities market is in an emerging market country; (iii) that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in emerging market countries; or (iv) at least 50% of the assets of which are located in emerging market countries. The Fund may invest in companies of any market capitalization.The Fund may engage in leveraging by borrowing money and investing the proceeds of such loans in portfolio securities to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (“1940 Act”).The Fund may invest in obligations of any credit quality and may invest without limit in debt securities that are below investment-grade (commonly referred to as “junk bonds”), that at the time of purchase are rated below BBB- by S&P Global Ratings or Baa3 by Moody’s Investors Service, Inc., or are comparably rated by another Nationally Recognized Statistical Rating Organization (“NRSRO”) or, if unrated, determined by the Fund’s sub-adviser (“Sub-Adviser”) to be of comparable quality. The Fund expects to maintain a weighted average portfolio duration of between 0 and 10 years. Duration is the most commonly used measure of risk in a fixed-income investment as it incorporates multiple features of the fixed-income instrument (i.e., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a fixed-income instrument to a change in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are received. The weights are the amounts of the payments discounted by the yield-to-maturity of the fixed-income instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the fixed-income instrument prices. For example, the price of a bond fund with an average duration of five years would be expected to fall approximately 5% if interest rates rose by 1%. Conversely, the price of a bond fund with an average duration of five years would be expected to rise approximately 5% if interest rates drop by 1%.The Fund may utilize various derivative instruments and related strategies for various purposes, including, to increase or decrease exposure to a particular market, segment of the market, or security; to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, and swap agreements (including total return, interest rate, and credit default swaps); credit linked notes, structured notes, and other related instruments with respect to individual bonds and other securities; indices and baskets of securities; interest rates; and currencies as part of its principal investment strategies.The Fund may invest up to 20% of its net assets in fixed-income and floating rate debt instruments denominated in U.S. dollars and foreign currencies that do not meet the criteria of hard currencies, including currencies issued by emerging market countries.The Fund is non-diversified, which means it may invest a significant portion of its assets in a single issuer. The Fund may also invest a large percentage of its assets in a small number of countries or in a particular region. The Fund will not invest more than 25% of its net assets in any one emerging market country as measured at the time of purchase.The Fund may invest in securities of other investment companies, including exchange-traded funds, to the extent permitted under the 1940 Act.In making investments, the Sub-Adviser focuses on countries that historically have displayed high levels of economic growth and low inflation rates, and in the Sub-Adviser's opinion, follow economic policies favorable to achieve high growth and low inflation rates, reduce indebtedness levels, and lower external vulnerabilities.In managing the Fund, the Sub-Adviser employs a largely top-down, active, and value-driven investment approach in analyzing emerging markets and currencies. The Sub-Adviser allocates the Fund's assets across countries and selects investments primarily based on fundamental economic and financial analysis. The Fund's investment approach includes an emphasis on the influence of politics (both local and international). The Sub-Adviser seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows, economic growth, and investor confidence. The Sub-Adviser's process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. This approach utilizes the Sub-Adviser's broad and current knowledge of important investment areas in various emerging market countries.In evaluating investments for the Fund, the Sub-Adviser normally expects to take into account environmental, social, or governance (“ESG”) factors, to determine whether any or all of those factors might have a significant effect on the performance, risks, or prospects of a company or issuer. The Sub-Adviser intends to rely primarily on third-party evaluations of a company’s ESG standing and/or on factors identified through its proprietary research as material to a particular company or the industry in which it operates. The Sub-Adviser may give ESG factors equal consideration or may focus on one or more of those factors as it considers appropriate. The Sub-Adviser may consider specific ESG metrics or a company’s progress or lack of progress toward meeting ESG targets. ESG factors will be only one consideration in the Sub-Adviser’s evaluation of any potential investment, and the effect, if any, of ESG factors on the Sub-Adviser’s decision whether to invest in any case will vary depending on the judgment of the Sub-Adviser.The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 13% of its total assets.
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VMHAX - Performance

Return Ranking - Trailing

Period VMHAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -23.5% 4.2% 32.02%
1 Yr -12.8% -24.3% 3.2% 84.15%
3 Yr -10.2%* -18.9% 13.5% 80.00%
5 Yr -5.8%* -21.5% 6.3% 47.67%
10 Yr N/A* -15.8% 5.4% N/A

* Annualized

Return Ranking - Calendar

Period VMHAX Return Category Return Low Category Return High Rank in Category (%)
2023 -24.6% -58.7% 15.1% 90.62%
2022 -3.5% -12.8% 25.4% 50.00%
2021 0.9% -12.0% 25.9% 30.15%
2020 2.2% -19.2% 4.2% 31.03%
2019 -2.0% -7.2% 9.9% 33.22%

Total Return Ranking - Trailing

Period VMHAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -23.5% 4.2% 32.02%
1 Yr -12.8% -24.3% 3.2% 83.86%
3 Yr -10.2%* -18.9% 13.5% 80.00%
5 Yr -5.8%* -21.5% 6.3% 52.00%
10 Yr N/A* -15.8% 9.4% N/A

* Annualized

Total Return Ranking - Calendar

Period VMHAX Return Category Return Low Category Return High Rank in Category (%)
2023 -24.6% -58.7% 15.1% 90.62%
2022 -3.5% -12.8% 25.4% 50.00%
2021 0.9% -7.1% 25.9% 30.15%
2020 2.2% -19.2% 10.9% 36.99%
2019 -2.0% -7.2% 9.9% 53.02%

NAV & Total Return History


VMHAX - Holdings

Concentration Analysis

VMHAX Category Low Category High VMHAX % Rank
Net Assets 157 M 49.1 K 15.5 B 53.07%
Number of Holdings 220 4 2121 49.15%
Net Assets in Top 10 12.1 M -134 M 1.25 B 67.90%
Weighting of Top 10 31.92% 2.2% 95.0% 29.97%

Top 10 Holdings

  1. Ultra 10 Year US Treasury Note Future Dec 20 9.01%
  2. Ultra 10 Year US Treasury Note Future Dec 20 9.01%
  3. Ultra 10 Year US Treasury Note Future Dec 20 9.01%
  4. Ultra 10 Year US Treasury Note Future Dec 20 9.01%
  5. Ultra 10 Year US Treasury Note Future Dec 20 9.01%
  6. Ultra 10 Year US Treasury Note Future Dec 20 9.01%
  7. Ultra 10 Year US Treasury Note Future Dec 20 9.01%
  8. Ultra 10 Year US Treasury Note Future Dec 20 9.01%
  9. Ultra 10 Year US Treasury Note Future Dec 20 9.01%
  10. Ultra 10 Year US Treasury Note Future Dec 20 9.01%

Asset Allocation

Weighting Return Low Return High VMHAX % Rank
Bonds
96.98% -0.02% 116.66% 18.18%
Cash
2.71% -16.66% 101.67% 78.13%
Convertible Bonds
0.31% 0.00% 26.58% 44.03%
Stocks
0.00% -0.47% 2.07% 72.44%
Preferred Stocks
0.00% 0.00% 0.00% 61.93%
Other
0.00% -3.28% 3.53% 59.94%

VMHAX - Expenses

Operational Fees

VMHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.15% 0.01% 2.87% 31.25%
Management Fee 0.75% 0.00% 1.10% 69.64%
12b-1 Fee 0.25% 0.00% 1.00% 45.78%
Administrative Fee N/A 0.02% 0.65% N/A

Sales Fees

VMHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 2.50% 0.75% 5.75% 87.27%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

VMHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

VMHAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 24.00% 0.00% 302.00% 8.41%

VMHAX - Distributions

Dividend Yield Analysis

VMHAX Category Low Category High VMHAX % Rank
Dividend Yield 3.88% 0.00% 30.54% 67.41%

Dividend Distribution Analysis

VMHAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

VMHAX Category Low Category High VMHAX % Rank
Net Income Ratio 3.83% -2.28% 9.04% 63.58%

Capital Gain Distribution Analysis

VMHAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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VMHAX - Fund Manager Analysis

Managers

Anthony Routh


Start Date

Tenure

Tenure Rank

Jul 31, 2021

0.83

0.8%

Anthony A. Routh, Portfolio Manager, Emerging Markets Debt, joined Voya Investment Management Co., LLC in 2006 and is responsible for managing EM Hard Currency assets. Prior to that, Mr. Routh was a portfolio manager for the structured finance team, covering non-agency mortgages and asset-backed securities.

Anil Katarya


Start Date

Tenure

Tenure Rank

May 03, 2022

0.08

0.1%

Anil Katarya, CFA Co-Head of Investment Grade Credit Anil Katarya is co-head of investment grade credit and senior portfolio manager at Voya Investment Management. Previously, Anil was the head of credit portfolio management and also served as a portfolio manager and credit analyst on the investment grade team since joining Voya in 2000. Prior to joining the firm, Anil was a financial analyst for Mirant Inc. He received a BS in mechanical engineering from Kurukshetra University, India, and an MBA from Georgia State University. Anil holds the Chartered Financial Analyst® designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 23.87 6.33 6.11