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Historically, I have really been impressed with the Wasatch management team. WAEMX was introduced at the peak of the emerging market's performance back in Sept of 2007. It has handly outperformed the index since inception. Here's a long term chart of the two funds:
Since the 2009 low, VEIEX / VWO has doubled in value while WAEMX has almost quadrupled.
Reply to @bee: The fund has definitely done better, but should also be aware that this is Small Cap Emerging markets and it is being compared to regular (larger cap) emerging markets. Just listened to Ben Inker from GMO on a conference call today and he was actually talking about the huge difference in valuations between Large and Small Cap emerging markets. They think Small cap is very extended and like the larger names. Looking at the Wasatch fund this seems to show in their names as well.....Price-to-Book is 3.07 for the Wasatch fund....basically double that of the regular MSCI emerging market index which is larger cap.
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Since the 2009 low, VEIEX / VWO has doubled in value while WAEMX has almost quadrupled.