Equity

MADCX

Emerging Markets Fund

  • NAV as of Feb 05, 2026 $31.39
    52 WK: 20.94 - 32.69
  • 1 Day NAV Change as of Feb 05, 2026 $-0.61 (-1.91%)
  • NAV Total Return as of Feb 05, 2026 YTD: 6.62%

Overview

About this Fund

  • A high conviction emerging markets solution
  • Hong Kong based team using local expertise to drive stock selection
  • Seeks outperformance while employing a risk aware approach

Investment Approach

Invests in emerging market equities aiming to outperform the MSCI Emerging Markets Index. By combining top down macro views with in-depth fundamental research, the fund seeks to deliver consistent, long-term capital appreciation to investors.
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Performance

Performance

Distributions

This fund does not have any distributions.
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Past distributions are not indicative of future distributions.

Certain Funds record and have an ex-dividend date daily on undistributed net investment income, with distributions paid monthly.

Click here for historical distribution data and here for upcoming distribution estimates

  1y 3y 5y 10y
Total Return (%) 30.46 12.66 1.41 8.81
Benchmark (%) 33.57 16.40 4.20 8.42
Morningstar Category Avg. (%) 30.55 15.87 4.29 7.93
Morningstar Ranking 441/751 602/704 451/620 133/460
Morningstar Quartile 3 4 4 2
Lipper Category Avg. (%) 31.33 16.01 3.66 7.94
Lipper Ranking 442/732 587/688 438/604 126/443
Lipper Quartile 3 4 3 2
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 30.46 2.86 5.59 30.46 42.99 7.26 132.74
Benchmark (%) 33.57 2.99 4.73 33.57 57.70 22.81 124.38
Morningstar Category Avg. (%) 30.55 2.57 4.73 30.55 55.56 23.35 114.54
Lipper Category Avg. (%) 31.33 2.60 4.74 31.33 56.84 21.20 117.53
  2021 2022 2023 2024 2025
Total Return (%) -1.16 -24.11 10.77 -1.06 30.46
Benchmark (%) -2.54 -20.09 9.83 7.50 33.57
Morningstar Category Avg. (%) 0.38 -20.86 12.32 6.04 30.55

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of Feb 05, 2026
$2,019.4 M
Share Class launch date
Sep 01, 1989
Benchmark Index
MSCI Emerging Markets Index (Net)
Lipper Classification
Emerging Markets Funds
Max Offer Price
as of Feb 05, 2026
$31.39
Turnover Percent in the Annual Report
as of Apr 30, 2025
141%
Size of Class (Millions)
as of Feb 05, 2026
$1,553.0 M
Asset Class
Equity
Morningstar Category
Diversified Emerging Mkts
CUSIP
09251J402
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Jan 30, 2026
86
P/E Ratio - Forward
as of Jan 30, 2026
16.25
Average Market Cap (Millions)
as of -
-
Fund Standard Deviation (3y)
as of Dec 31, 2025
13.69
Best 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2025
15.15%
Active Share
as of Jan 30, 2026
50.00%
P/B Ratio
as of Jan 30, 2026
3.65
Alpha (3y)
as of Dec 31, 2025
-0.21
R-Squared (3y)
as of Dec 31, 2025
88.83
Beta (3y)
as of Dec 31, 2025
0.95
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-12.30%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.02%
Net Expense Ratio 0.87%

Net Expense Ratio excluding Investment Related Expenses is 0.86%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.00%

Ratings

Ratings

Lipper Leader

 
 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Dec 31, 2025 out of 688, 11,998, 688, 377 and 688 Funds, respectively in Lipper's Emerging Markets Funds classification.

Holdings

Holdings

as of Jan 30, 2026
Name Weight (%)
HONG KONG EXCHANGES AND CLEARING LTD 636.43
ZIJIN MINING GROUP CO LTD 561.25
HONGFA TECHNOLOGY CO LTD 423.36
FPT CORP 250.52
Name Weight (%)
SANY HEAVY INDUSTRY CO LTD 240.82
AXIS BANK LTD 218.23
NAURA TECHNOLOGY GROUP CO LTD 212.32
CONTEMPORARY AMPEREX TECHNOLOGY CO LTD 144.14
Name Market Value Weight (%) Shares
Detailed Holdings and Analytics
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Jan 30, 2026

% of Market Value

Type Fund Benchmark Net
as of Jan 30, 2026

% of Market Value

Type Fund Benchmark Net
as of Jan 30, 2026

% of Market Value

Type Fund Benchmark Net
as of Jan 30, 2026

% of Market Value

Type Fund Benchmark Net
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Egon Vavrek
Egon Vavrek
Emily Fletcher
Emily Fletcher
Gordon Fraser
Gordon Fraser
Co-Head of Fundamental Equities’ Emerging Markets & Frontiers Team, Portfolio Manager, Managing Director

  

Read More

Gordon Fraser, CFA, Managing Director, is Co-Head of the Emerging Markets & Frontiers team as a part of BlackRock's Fundamental Equity Global Emerging Markets Platform.

 

Mr. Fraser is a named portfolio manager on the Emerging Frontiers Hedge Fund and is also the co-portfolio manager on the long-biased Emerging Markets Equity Strategies Fund and long-only Latin America strategies. Mr. Fraser's research coverage is across Asian markets, and he is the platform lead for macroeconomic analysis. He joined BlackRock as an Analyst in 2006.

 

Mr. Fraser earned a BA (1st class) and an MPhil (distinction) in Economics from Cambridge University in 2006. He is also a CFA Charterholder.

Kevin Jia
Kevin Jia
Portfolio Manager

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature

 

Funds related to MADCX

Funds related to MADCX

IEMG
iShares Core MSCI Emerging Markets ETF
Learn more about IEMG
EEMV
iShares MSCI Emerging Markets Min Vol Factor ETF
Learn more about EEMV

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