Morningstar Fund Report  | 13/04/2025Print

Cullen Emerging Markets High Dividend Fund Class A2 USD Retail Accumulating

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Cullen Emerging Markets High Dividend Fund Class A2 USD Retail Accumulating
Fund7.3-3.019.29.2-1.8
+/-Cat8.79.115.11.1-1.0
+/-B’mrk8.14.815.20.2-1.0
 
Category: Global Emerging Markets Equity
Category Benchmark: Morningstar EM TME NR USD
Key Stats
NAV
10/04/2025		 USD 15.38
Day Change -0.15%
Morningstar Category™ Global Emerging Markets Equity
ISIN IE00BXNT0B58
Fund Size (Mil)
10/04/2025		 USD 76.87
Share Class Size (Mil)
10/04/2025		 USD 8.16
Max Initial Charge 5.00%
Ongoing Charge
29/11/2024		  1.80%
Investment Objective: Cullen Emerging Markets High Dividend Fund Class A2 USD Retail Accumulating
The investment objective of the Fund is to seek long-term capital appreciation and current income.
Returns
Trailing Returns (GBP)10/04/2025
YTD-9.16
3 Years Annualised5.04
5 Years Annualised9.36
10 Years Annualised*4.30
12 Month Yield 0.00
Management
Manager Name
Start Date
Rahul Sharma
05/08/2015
James Cullen
05/08/2015
Inception Date
13/08/2015

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI EM NR EURMorningstar EM TME NR USD
Portfolio Profile for  Cullen Emerging Markets High Dividend Fund Class A2 USD Retail Accumulating31/03/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock91.920.0091.92
Bond2.330.002.33
Property0.000.000.00
Cash5.440.005.44
Other0.300.000.30
Top 5 Regions%
Asia - Emerging47.11
Asia - Developed14.66
Latin America10.49
Middle East10.07
Eurozone9.47
Top 5 Sectors%
Financial Services25.50
Consumer Cyclical16.81
Real Estate11.23
Technology10.04
Consumer Defensive7.19
Top 5 HoldingsSector%
China Construction Bank Corp Cla... Financial ServicesFinancial Services4.61
Tencent Holdings LtdCommunication ServicesCommunication Services4.57
Alibaba Group Holding Ltd Ordina... Consumer CyclicalConsumer Cyclical4.53
Zijin Mining Group Co Ltd Class HBasic MaterialsBasic Materials4.05
PKO Bank Polski SAFinancial ServicesFinancial Services3.50
Increase Decrease New since last portfolio
Cullen Emerging Markets High Dividend Fund Class A2 USD Retail Accumulating
Growth Of 1000 (GBP) 31/03/2025
Fund:  Cullen Emerging Markets High Dividend Fund Class A2 USD Retail Accumulating
Category:  Global Emerging Markets Equity
Category Index:  Morningstar EM TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-12.4814.282.937.28-2.9919.229.20-1.85
+/- Category-1.200.01-11.138.739.0715.111.08-1.04
+/- Category Index-5.02-0.08-10.978.144.8515.240.18-0.97
% Rank in Category6746898824072
Trailing Returns (GBP)10/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.15   -0.28-0.97
1 Week-5.13   -1.58-0.31
1 Month-5.89   0.430.33
3 Months-10.09   -2.08-2.68
6 Months-8.20   1.551.42
YTD-9.16   -1.92-2.34
1 Year-10.18   -5.14-6.40
3 Years Annualised5.04   5.104.40
5 Years Annualised9.36   4.673.88
10 Years Annualised*4.30   0.950.05
 
Category: Global Emerging Markets Equity
Category Index: Morningstar EM TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-1.85---
20248.921.45-4.413.37
20235.112.104.696.11
2022-2.64-4.341.732.39
20213.594.44-2.381.58
2020-22.0013.201.7514.57
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearHighLow5 star
5-YearHighLow5 star
10-Year*Above AverageBelow Average5 star
Overall*HighBelow Average5 star
 
Category :  Global Emerging Markets EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev10.91 %
3-Yr Mean Return9.00 %
 
3-Yr Sharpe Ratio0.43
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar EM TME NR USD  Morningstar EM SMID TME NR USD
3-Yr Beta0.810.92
3-Yr Alpha5.325.66
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 40201-
Market Capitalisation% of Equity
Giant54.32
Large28.19
Medium14.34
Small3.15
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings10.350.87
Price/Book1.530.93
Price/Sales1.621.08
Price/Cash Flow6.891.08
Dividend-Yield Factor4.371.37
 
Long-Term Projected Earnings Growth9.780.93
Historical Earnings Growth15.172.73
Sales Growth7.651.67
Cash-Flow Growth-2.93-0.63
Book-Value Growth9.501.09
 
Category: Global Emerging Markets Equity
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock91.920.0091.92
Bond2.330.002.33
Property0.000.000.00
Cash5.440.005.44
Other0.300.000.30
World Regions31/03/2025
 % of EquityRelative to Category
United States1.682.00
Canada0.928.32
Latin America10.491.15
United Kingdom1.083.56
Eurozone9.477.37
Europe - ex Euro0.000.00
Europe - Emerging4.522.05
Africa0.000.00
Middle East10.072.09
Japan0.000.00
Australasia0.00-
Asia - Developed14.660.50
Asia - Emerging47.110.97
 
Category: Global Emerging Markets Equity
Sector Weightings31/03/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials6.371.48
Consumer CyclicalConsumer Cyclical16.811.14
Financial ServicesFinancial Services25.501.05
Real EstateReal Estate11.235.78
Consumer DefensiveConsumer Defensive7.191.51
UtilitiesUtilities7.083.91
Communication ServicesCommunication Services5.090.49
EnergyEnergy5.681.81
IndustrialsIndustrials5.010.77
TechnologyTechnology10.040.40
 
Category: Global Emerging Markets Equity
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings63
Total Number of Bond Holdings1
Assets in Top 10 Holdings37.43
NameSectorCountry% of Assets
China Construction Bank Corp Class H103China4.61
Tencent Holdings Ltd308China4.57
Alibaba Group Holding Ltd Ordinary Sh... 102China4.53
Zijin Mining Group Co Ltd Class H101China4.05
PKO Bank Polski SA103Poland3.50
Aldar Properties PJSC104United Arab Emirates3.41
ICICI Bank Ltd ADR103India3.38
Eurobank Ergasias Services And Holdin... 103Greece3.13
BYD Co Ltd Class H102China3.12
Midea Group Co Ltd Ordinary Shares - ... 102China3.12
 
Increase Decrease New since last portfolio
Category: Global Emerging Markets Equity
 
Management
Name of CompanyCullen Capital Management, LLC
Phone+1 212 6441800
Websitewww.cullenfunds.eu
AddressCullen Capital Management, LLC
 New York   10022
 United States
DomicileIreland
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date13/08/2015
Fund Advisor(s)
Cullen Capital Management, LLC
Fund ManagerRahul Sharma
Manager Start Date05/08/2015
Education
1994, College of William and Mary, B.S.
 
Biography
Rahul Sharma currently serves as portfolio manager and executive director at Cullen Capital Management, LLC and has worked there since May 2000. Rahul Sharma servesd as a Co - Portfolio Manager on the Global High Dividend ADR strategy and all the firm's other Global and International strategies. Mr. Sharma has been in the investment business for over 15 years. He joined Schafer Cullen in 1999 as a research analyst and moved into portfolio management for the International, Emerging, and Global Equity strategies in 2001. Prior to joining Schafer Cullen, he worked in small business management. Mr. Sharma received his B.A. in Mathematics from the College of William and Mary in 1994.
Fund ManagerJames Cullen
Manager Start Date05/08/2015
Career Start Year1965
Education
Seton Hall University, B.A.
 
Biography
Jim Cullen founded Schafer Cullen Capital Management in 1983 and has served as the CEO and Portfolio Manager since its formation in 1983. His experience in the investment business spans over 50 years. Prior to founding the Firm, Mr. Cullen was a Vice President at Donaldson, Lufkin & Jenrette. Previously to Donaldson, Mr. Cullen co-managed the New York Research, which specialized in low P/E research. He began his career at Merrill Lynch in 1965 and later worked for the research firm Spencer Trask & Company. Mr. Cullen spent four years as a Navy Officer on the aircraft carrier USS Essex after receiving a B.S. in finance from Seton Hall University.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.00%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.50%
Ongoing Charge1.80%
Purchase Details
Minimum Investments
Initial1000  USD
Additional-
Savings-
Tax Free Savings Schemes
ISAsYes