BlackRock Emerging Markets is led by a talented manager who employs a nimble, differentiated investment approach. Nevertheless, we are concerned by the significant increase in assets under management and in the number of holdings in recent months. The associated dilution of active bets may hamper this fund’s ability to generate alpha going forward. As such, while we reiterate the People rating of Above Average, we have downgraded the Process rating of this US-domiciled vehicle to Average from Above Average. The Morningstar Analyst Rating for the cheapest share classes of this US vehicle, including the institutional K share class, has been downgraded to Bronze from Silver. The A share class was downgraded to Neutral from Bronze, while the most expensive C share class remained at Neutral.
Will MADCX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable MADCX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the MADCX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of MADCX’s parent organization’s priorities and whether they’re in line with investors’ interests.