Investment Management

Voya Russia Fund - Class A

Fund Description

Overview

  • Normally invests at least 80% of its assets in equity securities of Russian companies
  • Not constrained by investment style or market capitalization
  • Seeks companies undervalued by the market because their pace of development or earnings growth have been underestimated

Investment Objective

The Fund seeks long-term capital appreciation through investment primarily in equity securities of Russian companies.

Daily Prices as of 11/21/2017

Net Asset Value (NAV) $30.62
% Change +1.69
$ Change +0.51
Public Offering Price (POP) $32.49
YTD Return +11.79%

Fund Facts

Ticker Symbol LETRX
CUSIP 92913X886
Inception Date Jul 03, 1996
Dividends Paid Annually
Min. Initial Investment $1,000.00

Management Team

Renat Nadyukov

Portfolio Manager

Managed Fund since 2013

Ivo Luiten

Portfolio Manager

Managed Fund since 2017

 

Portfolio Statistics as of 10/31/2017

Net Assets millions $86.9
Number of Holdings 33
nModifiedDurationToWorst Modified Duration to Worst - is a mathematically adjusted form of Macaulay Duration measuring the sensitivity of a bond's price to small, instantaneous changes in yield. This calculates the rate sensitivity of a security assuming that cash flows do not change as interest rates change.
nWtdAvgMarketCapWilshire Weighted Average Market Capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock.
nEndingActiveShare Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index.
nPriceToCashFlow The ratio of a stock’s price to its cash flow per share. The price-to-cash flow ratio is an indicator of a stock’s valuation
nROA ROA is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings.
nPEG PEG Ratio
nPriceToEarningsWilshire P/E (next 12 months) calculates the price of a stock divided by its earnings per share.
nEPSGrowth The portion of a company's profit allocated to each outstanding share of common stock. EPS growth serves as an indicator of a company's profitability.
nDividendYield A financial ratio that shows how much a company pays out in dividends relative to its share price
nPriceToBookWilshire Price to book ratio (trailing 12 month) calculates the ratio of a stock’s price to its book value.
nHoldings Number of Holdings in the investment
nNetAssets The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding.
nAlpha Measures the difference between a fund's actual return and its level of risk as measured by beta. An alpha of 0.5 implies the fund performed 0.5% better than the market would predict. The figure is calculated on a three-year basis relative to the benchmark.
nR2 The way in which a percentage of a portfolio's total returns represents the portfolio's beta measure.
nBeta3Year Measures the Fund's volatility relative to the overall market. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile.
nSharpeRatio A risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance.
nStandardDeviation3Year A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk.
nMedianMktCap Market Cap is the value of a corporation as determined by the market price of its issued and outstanding common stock.
nWeightedAvgMaturityDays The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes.
nWeightedAvgMaturityYears The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes.
nWeightedAvgLife The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes.
nPriceToEarnings P/E is the price of a stock divided by its earnings per share.
nPriceToBook P/BV is the ratio of a stock's price to its Book Value.
nExpenseRatio Operating costs, including management fees, expressed as a percentage of the fund's average net assets for a given time period.
nMktWeightedAvgCoupon The interest rate on a fixed income security, determined upon issuance, and expressed as a percentage of par.
nPriceToFFORealEstate Price to Funds From Operations (P/FFO), the REIT equivalent of a security’s Price to Earnings ratio (P/E), is used to measure operating performance which encompasses a REIT’s net income, excluding gains or losses from sales of property, and adding back real estate depreciation.
nWeightedAvgResetDays Reset is the number of days that the current interest rate contract is in effect.

Portfolio Composition as of 10/31/2017

Stocks 99.90
Short Terms 0.10
Total: 100.00%

Top Holdings % of Total Investments as of 10/31/2017

Sberbank PAO 12.68
Lukoil PJSC 10.35
Novatek PJSC 5.28
MMC Norilsk Nickel PJSC 4.66
Tatneft PJSC 4.65
X5 Retail Group N.V. 3.87
RusHydro PJSC 3.54
Sberbank of Russia PJSC 3.35
Magnit OJSC 3.25
Alrosa AO 2.95
Total: 54.59%

Sector Weightings % of Total Investments as of 10/31/2017

Energy 39.35
Financials 23.69
Materials 8.62
Consumer Staples 8.42
Telecommunication Services 5.74
Utilities 4.53
Information Technology 3.29
Industrials 2.60
Real Estate 1.96
Consumer Discretionary 1.79
Total: 100.00%

Top Country Weightings % of Total Investments as of 10/31/2017

Russia 90.08
Kazakhstan 4.81
Georgia 2.09
United States 1.93
Canada 1.00
Total: 99.90%
Sources Include: Voya Investment Management, Wilshire, Morningstar
Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to change daily.

Growth of a $10,000 Investment

For the period 10/31/2007 through 10/31/2017

Ending Value: $6,993.00

The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.

Growth of a $10k Investment (Print Version Only)

Calendar Year Returns %

Past performance is no guarantee of future results. Returns are shown in %. These figures are for the year ended December 31 of each year. They do not reflect sales charges and would be lower if they did. The bar chart above shows the Fund's annual returns and long-term performance, and illustrates the variability of the Fund’s returns.

Calendar Year Returns % (Print Version Only)

Average Annual Total Returns %

  As of Oct 31, 2017 As of Sep 30, 2017 Expense Ratios
  YTD 1 YR 3 YR 5 YR 10 YR Gross Net 1, 2
Net Asset Value +6.97 +22.29 +5.06 +0.71 -3.51 2.09% 2.01%
With Sales Charge +0.83 +15.24 +3.00 -0.48 -4.08
Russia Trading System Index +0.84 +16.97 +5.14 -0.83 -3.93
Net Asset Value +8.21 +22.85 +5.32 +0.52 -2.47 2.09% 2.01%
With Sales Charge +2.00 +15.76 +3.27 -0.66 -3.04
Russia Trading System Index +2.79 +19.10 +4.79 -1.02 -3.06

Inception Date - Class A: 07/03/96

Current Maximum Sales Charge: 5.75%

1The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses and may be subject to possible recoupment. Please see the Fund's prospectus for more information.

2The expense limits will continue through at least March 1, 2018. Expenses are being waived to the contractual cap.

The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above “Average Annual Total Returns %” for performance information current to the most recent month-end. Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.

Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.

Benchmark Disclosures

Russia Trading System Index

The Russia Trading System (RTS) Index is a capitalization weighted index that is calculated in U.S. dollars. The index tracks the performance of Russia's most active stocks traded on the Russian Trading System. The index is operated by the National Association of Participants in the Securities Markets, a non-profit body. the Index does not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an index.

Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Foreign Investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Emerging Market stocks may be especially volatile. Prices of Value-Oriented Securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions. Prices of Growth Stocks may be more volatile than value stocks due to their relatively high valuations, and growth investing may fall out of favor with investors. High-yield, lower grade debt securities and junk bonds are highly speculative and more volatile than with higher-grade Debt Securities. There is risk due to the extremely volatile and often illiquid nature of the Russian Securities Markets, and price volatility due to non-diversification of investments and geographic concentration. There is the Non-Diversification Risk that the Fund may invest a relatively high percentage of its assets in a limited number of issuers. The Fund Concentrates in a single region of the world, the Fund's performance may be more volatile and may be affected unfavorably by political developments, social instability, changes in government polices and other political and economic developments. Russian securities markets are substantially smaller, less liquid and more volatile than securities markets in the U.S. There may be a Lack of Reliable Financial Information and there is less transparency with Russian investments. Potential for Expropriation, Dilution, Devaluation, Default or Excessive Taxation by the Russian government. Other risks of the Fund include but are not limited to: Convertible and Debt Securities Risks; Market Trends Risks; Price Volatility Risks; Other Investment Companies' Risks; Political Risks; Settlement and Custody Risks; Inability to Sell Securities Risks; and Securities Lending Risks. Investors should consult the Fund's Prospectus and Statement of Additional Information for a more detailed discussion of the Fund's risks.

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