- Issuer
- Nomura
- Inception Date
- Jun 10, 1996
- Category
- Emerging Markets Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
DEMAX Performance Chart
Nomura Emerging Markets Fund Class A (DEMAX) is up 128.0% since the beginning of the year. DEMAX is currently trading at $71 per share. Investors who bought $1,000 worth of DEMAX shares 5 years ago would now be looking at an investment worth $3,416.
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Returns By Period
Nomura Emerging Markets Fund Class A (DEMAX) has returned 128.00% so far this year and 224.89% over the past 12 months. Looking at the last ten years, DEMAX has achieved an annualized return of 22.51%, outperforming the S&P 500 Index benchmark, which averaged 13.91% per year.
Nomura Emerging Markets Fund Class A
- 1D
- 1.01%
- 1M
- 17.89%
- YTD
- 128.00%
- 6M
- 140.65%
- 1Y
- 224.89%
- 3Y*
- 70.29%
- 5Y*
- 27.85%
- 10Y*
- 22.51%
Benchmark (S&P 500 Index)
- 1D
- -0.01%
- 1M
- -2.15%
- YTD
- 7.48%
- 6M
- 6.14%
- 1Y
- 20.77%
- 3Y*
- 19.34%
- 5Y*
- 11.44%
- 10Y*
- 13.91%
DEMAX Monthly Returns History
Based on dividend-adjusted daily data since Jun 10, 1996, DEMAX's average daily return is +0.05%, while the average monthly return is +1.18%. At this rate, an investment would double in approximately 4.9 years.
Historically, 58% of months were positive and 42% were negative. The best month was Apr 2026 with a return of +36.7%, while the worst month was Aug 1998 at -29.5%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 6 months.
On a daily basis, DEMAX closed higher 53% of trading days. The best single day was Oct 13, 2008 with a return of +13.6%, while the worst single day was Jun 5, 2026 at -13.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 25.28% | 10.61% | -17.66% | 36.68% | 29.94% | 12.52% | 128.00% | ||||||
| 2025 | 5.39% | -1.45% | -0.48% | -0.10% | 8.14% | 17.01% | -2.16% | 0.19% | 15.02% | 15.78% | -1.04% | 10.39% | 86.33% |
| 2024 | -3.36% | 7.70% | 5.11% | -2.36% | 3.34% | 8.01% | -3.47% | -1.39% | 2.91% | -4.51% | -3.66% | -1.11% | 6.25% |
| 2023 | 10.91% | -7.23% | 4.18% | -4.02% | 1.09% | 3.51% | 5.75% | -5.75% | -2.91% | -2.04% | 10.17% | 4.36% | 17.34% |
| 2022 | -1.82% | -7.49% | -5.18% | -6.14% | 1.79% | -8.43% | -0.71% | -0.61% | -12.10% | -4.04% | 17.05% | -3.09% | -28.85% |
| 2021 | 3.13% | 2.58% | -2.88% | 2.78% | 1.44% | 0.22% | -9.57% | -0.16% | -1.29% | 0.61% | -1.99% | 3.55% | -2.32% |
Benchmark Metrics
Nomura Emerging Markets Fund Class A has an annualized alpha of 6.09%, beta of 0.78, and R2 of 0.45 versus S&P 500 Index. Calculated based on daily prices since June 10, 1996.
- This fund captured 113.27% of S&P 500 Index gains but only 98.27% of its losses - a favorable profile for investors.
- R2 of 0.45 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 6.09%
- Beta
- 0.78
- R²
- 0.45
- Upside Capture
- 113.27%
- Downside Capture
- 98.27%
Expense Ratio
DEMAX has a high expense ratio of 1.42%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
DEMAX ranks 97 for risk / return — in the top 97% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Nomura Emerging Markets Fund Class A (DEMAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DEMAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 1.30 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 11.03 | 2.29 | +8.73 |
| Martin ratioReturn relative to average drawdown | 39.98 | 10.09 | +29.89 |
Dividends
Dividend History
Nomura Emerging Markets Fund Class A provided a 8.34% dividend yield over the last twelve months, with an annual payout of $5.94 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $5.94 | $5.94 | $0.35 | $0.54 | $0.27 | $0.77 | $0.14 | $0.12 | $0.06 | $0.32 | $0.10 | $0.00 |
Dividend yield | 8.34% | 19.03% | 1.74% | 2.76% | 1.60% | 3.16% | 0.56% | 0.57% | 0.34% | 1.59% | 0.70% | 0.03% |
Monthly Dividends
The table displays the monthly dividend distributions for Nomura Emerging Markets Fund Class A. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.94 | $5.94 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.35 | $0.35 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.54 | $0.54 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.27 | $0.27 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.77 | $0.77 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Nomura Emerging Markets Fund Class A. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Nomura Emerging Markets Fund Class A was 63.23%, occurring on Nov 20, 2008. Recovery took 542 trading sessions.
The current Nomura Emerging Markets Fund Class A drawdown is 6.88%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -63.23%Nov 2008 | 1y 20d | 2y 1mo | 3y 2moNov 2007 - Jan 2011 |
1998 bear market1998 | -57.20%Sep 1998 | 1y 2mo | 5y 3mo | 6y 5moJul 1997 - Dec 2003 |
Bear market2022 | -46.51%Oct 2022 | 1y 8mo | 2y 10mo | 4y 6moFeb 2021 - Sep 2025 |
2016 bear market2016 | -40.46%Feb 2016 | 1y 5mo | 1y 3mo | 2y 8moSep 2014 - May 2017 |
COVID crash2020 | -38.66%Mar 2020 | 2y 1mo | 4mo 15d | 2y 6moJan 2018 - Aug 2020 |
Drawdown Indicators
| DEMAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.23% | -56.78% | -6.45% |
Max Drawdown (1Y)Largest decline over 1 year | -21.03% | -9.10% | -11.93% |
Max Drawdown (3Y)Largest decline over 3 years | -22.75% | -18.90% | -3.85% |
Max Drawdown (5Y)Largest decline over 5 years | -43.16% | -25.43% | -17.73% |
Max Drawdown (10Y)Largest decline over 10 years | -46.51% | -33.92% | -12.59% |
Current DrawdownCurrent decline from peak | -6.88% | -3.32% | -3.56% |
Average DrawdownAverage peak-to-trough decline | -18.72% | -10.71% | -8.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.78% | 2.06% | +3.72% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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