Voya Russia Fund
Tap into the growth and income potential of the Russian equity market.
About this Product
- 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.
Performance
Average Annual Total Returns %
As of August 31, 2020
As of June 30, 2020
| Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Expense Ratios | |
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| Net Asset Value | -10.91 | +1.47 | +10.22 | +12.06 | +2.69 | 2.03% | 2.01% |
| With Sales Charge | -16.04 | -4.36 | +8.07 | +10.74 | +2.08 | ||
| Net Asset Value | -18.30 | -8.39 | +11.08 | +8.58 | +2.52 | 2.03% | 2.01% |
| With Sales Charge | -23.01 | -13.67 | +8.90 | +7.30 | +1.92 | ||
| MSCI Russia 10-40 Index GR | -11.28 | +4.52 | +10.04 | +13.70 | +3.23 | — | — |
| MSCI Russia 10-40 Index GR | -16.17 | -5.15 | +12.07 | +10.15 | +3.41 | — | — |
| Russia Trading System Index | -20.53 | -5.52 | +13.44 | +10.82 | +3.11 | — | — |
Inception Date - Class A:July 3, 1996
Current Maximum Sales Charge: 5.75%
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.
The 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. The expense limits will continue through at least 2021-03-01. Expenses are being waived to the contractual cap.
The MSCI Russia 10-40 Index GR is designed to measure the performance of the large and mid cap segments of the Russian market. The MSCI 10/40 equity indexes are designed and maintained on a daily basis to take into consideration the 10% and 40%concentration constraints on funds subject to the UCITS III Directive. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. Investors cannot directly invest in an index.
Effective February 28, 2019, the Fund changed its benchmark from the Russia Trading System Index to MSCI Russia 10-40 Index GR.
Returns-Based Characteristics
As of August 31, 2020
| 3 Year | 5 Year | 10 Year | |
|---|---|---|---|
| Standard Deviation Standard Deviation: A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk. | 25.55 | 22.30 | 25.55 |
| Beta Beta: The sensitivity of a portfolio's returns to changes in the return of the market as measured by the index or benchmark that represents the market. A portfolio with a beta of 1.0 behaves exactly like the index. A beta less than 1.0 suggests lower risk than the index, while a beta greater than 1.0 indicates a risk level higher than the index. | 1.09 | 1.00 | 0.93 |
| R2 R2: The proportion of the variation in a portfolio's returns that can be explained by the variability of the returns of an index. High R-squared (close to 1.0) is usually consistent with broad diversification. | 90.72 | 89.60 | 93.51 |
| Alpha Alpha: A measure of risk-adjusted performance; alpha reflects the difference between a portfolio's actual return and the return that could be expected give its risk as measured by beta. | 0.18 | -1.12 | -0.26 |
| Sharpe Ratio Sharpe Ratio: 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 portfolio's historical risk-adjusted performance. | 0.45 | 0.58 | 0.21 |
| Information Ratio Information Ratio: The ratio of portfolio returns in excess of a market index to the variability of those excess returns; in effect, information ratio describes the value added by active management in relation to the risk taken to achieve those returns. | 0.02 | -0.23 | -0.08 |
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.
Growth of a $10,000 Investment
For the period 09/30/2010 through 08/31/2020
Ending Value: $13,033.00
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.
Investment Team
Portfolio Management Team
Voya Investments, LLC
Investment Adviser
NNIP Advisors B.V.
Investment Sub-Adviser
Renat Nadyukov
Disclosures
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.
On March 23, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued an order providing registered funds with temporary flexibility with respect to borrowing. In connection with this order, on March 30, 2020, the Fund’s Board of Trustees (the “Board”) approved a policy permitting the Fund to deviate from its fundamental policy with respect to borrowing (as set forth in the Fund’s Statement of Additional Information under the section titled “Fundamental and Non‐Fundamental Investment Restrictions”) for the period from March 30, 2020 until June 30, 2020 (unless extended by the Board upon any extension of the order by the SEC).
During this time, the Fund may borrow money in an amount of up to 33 1/3% of the Fund’s total assets to meet short‐term needs, such as in connection with redemptions. The Fund incurs interest and other expenses when it borrows money. Borrowing creates leverage, which may increase expenses and increase the impact of the Fund’s other risks. The use of leverage may exaggerate any increase or decrease in the Fund’s net asset value causing the Fund to be more volatile than a fund that does not borrow.