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Touchstone Sands Capital Emerging Markets Growth Fund

Touchstone Sands Capital Emerging Markets Growth Fund

Daily NAV
$
as of
Overall Morningstar Rating™
Diversified Emerging Mkts
as of 03/31/2019

Morningstar

Overall Morningstar Rating™ is calculated against 707 funds in the Diversified Emerging Mkts category.

The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a 3-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating™ does not include any adjustment for sales load. The top 10% of products in each product category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods.
©2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Class A Shares star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms.

Active Share
84 %
as of 03/31/2019

Active Share

Active Share measures the percentage of the Fund’s holdings that differ from those of the benchmark. It is calculated by taking the sum of the absolute difference between all of the holdings and weights in the portfolio and those of the benchmark holdings and weights and dividing the results by two.

Active
Closet Index
Passive
 100%-80%  80%-60%  60%-40% 40%-20%   20%-0%
Generally, a Fund with an active share of more than 60% is considered actively managed. Active Share is not a performance measurement. A high degree of Active Share does not assure outperformance of a fund relative to its benchmark index. 
 
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Summary Prospectus (A, C)
Summary Prospectus (Y, INST)

Overview

Overview

Actively Managed and Sub-Advised by Sands Capital Management, LLC

Objective

The fund seeks long-term capital appreciation by investing primarily in companies located in emerging market countries and opportunistically, in frontier market countries.

Sands Capital Emerging Markets Growth Fund Commentary

Investment Style

  • Seeks to identify leading growth businesses that meet the following criteria:
    - Sustainable, above-average earnings growth
    - Leadership position in a promising business space
    - Significant competitive advantages / distinctive business franchise
    - Clear mission and value-added focus
    - Financial strength
    - Rational valuation relative to the market and business prospects
  • Concentrated, conviction-weighted portfolio typically holds 30-50 companies within global emerging markets
  • Country and sector exposures are primarily a by-product of individual stock selection
A WORD ABOUT RISK

The Fund invests in equities which are subject to market volatility and loss. The Fund invests in foreign, emerging and frontier market securities, depositary receipts, such as American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts, which carry the associated risks of economic and political instability, market liquidity, currency volatility and differences in accounting standards. The risks associated with investing in foreign markets are magnified in emerging markets and further magnified in frontier markets due to their smaller economies. The Fund invests in stocks of large-cap companies which may be unable to respond quickly to new competitive challenges. The Fund invests in stocks of small- and mid-cap companies, which may be subject to more erratic market movements than stocks of larger, more established companies. The Fund invests in growth stocks which may be more volatile than investing in other stocks and may underperform when value investing is in favor. The Fund invests in preferred stocks which are relegated below bonds for payment should the issuer be liquidated. The fixed dividend may be less attractive in a rising interest rate market. The Fund invests in derivatives including options and equity-related securities such as in low-exercise-price options (“LEPOs”), low exercise price warrants (“LEPWs”) and participatory notes (“P-notes”) which are offshore derivative instruments used to gain exposure to issuers in certain emerging and frontier market countries. The risks of investing in LEPOs, LEPWs and P-notes are similar to the risks of investing in foreign securities and depositary receipts. These securities may lack a liquid market, are subject to correlation, liquidity, counterparty and leverage risks which could result in increased volatility of returns as well as losses. The Fund invests in options which can be highly volatile, may lack liquidity and may result in losses. The Fund is non-diversified, which means that it may invest a greater percentage of its assets in the securities of a limited number of issuers and may be subject to greater risks. Current and future portfolio holdings are subject to risk. The Advisor engages a sub-advisor to make investment decisions for the Fund’s portfolio; it may be unable to identify and retain a sub-advisor who achieves superior investment returns relative to other similar sub-advisors.

Fund Facts

Symbol
CUSIP
Share Class Inception Date
Total Share Class Net Assets as of 03/31/2019
Total Fund Net Assets as of 03/31/2019 $844,012,322
Asset Class International / Global Equity
Morningstar Category Diversified Emerging Mkts
Benchmark MSCI Emerging Markets Index
Distribution Frequency Annually
Portfolio Turnover Rate
Fiscal Year End
Prospectus Date 11/16/2018
The prospectus date for Class A Shares and Class C Shares is 11/16/2018.  The prospectus date for Class Y Shares and Class INST Shares is 07/30/2018.

Performance

Daily Returns as of
NAV NAV $ Change
Touchstone Sands Capital Emerging Markets Growth Fund -
HISTORICAL DAILY NAV
as of 03/31/2019 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Sands Capital Emerging Markets Growth Fund -
Including Sales Charge
Touchstone Sands Capital Emerging Markets Growth Fund -
Excluding Sales Charge
MSCI Emerging Markets Index 0.84% 9.92% 9.92% -7.41% 10.68% 3.68% 8.94% --
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. The maximum front-end sales charge for Class A Shares of Touchstone U.S. Equity, International/Global Equity and Multi-Asset/Alternative Investment Funds excluding Touchstone Flexible Income Fund is 5.00%.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Performance for Class C Shares is adjusted for the contingent deferred sales charges (CDSC) in effect at the end of the specified period. The CDSC for Class C Shares is 1.00% the first year you hold the shares and declines to 0% after the first year.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class Y Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class INST Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.
as of 03/31/2019 1 Year 3 Year 5 Year 10 Year Since Inception
Touchstone Sands Capital Emerging Markets Growth Fund -
Including Sales Charge
Touchstone Sands Capital Emerging Markets Growth Fund -
Excluding Sales Charge
MSCI Emerging Markets Index -7.41% 10.68% 3.68% 8.94% --
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. The maximum front-end sales charge for Class A Shares of Touchstone U.S. Equity, International/Global Equity and Multi-Asset/Alternative Investment Funds excluding Touchstone Flexible Income Fund is 5.00%.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class Y Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Class INST Shares are sold at net asset value (NAV), without an initial sales charge and are not subject to a 12b-1 fee or contingent deferred sales charges.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, will lower performance. Returns are not annualized for periods of less than one year. Assumes reinvestment of all dividends and capital gains. Performance for Class C Shares is adjusted for the contingent deferred sales charges (CDSC) in effect at the end of the specified period. The CDSC for Class C Shares is 1.00% the first year you hold the shares and declines to 0% after the first year.

Consider Touchstone Sands Capital Emerging Markets Growth Fund for Your Portfolio

Touchstone Sands Capital Emerging Markets Growth Fund primarily invests in what are believed to be leading growth businesses in emerging market countries, and opportunistically, in frontier market countries. The fund seeks long-term capital appreciation through a concentrated, conviction-weighted portfolio. 
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Morningstar Rating™

Portfolio

as of 03/31/2019
Number of Holdings
46
Benchmark Holdings 1136
Active Share
84%

Active Share

Active Share measures the percentage of the Fund’s holdings that differ from those of the benchmark. It is calculated by taking the sum of the absolute difference between all of the holdings and weights in the portfolio and those of the benchmark holdings and weights and dividing the results by two.

Active
Closet Index
Passive
 100%-80%  80%-60%  60%-40% 40%-20%   20%-0%
Generally, a Fund with an active share of more than 60% is considered actively managed. Active Share is not a performance measurement. A high degree of Active Share does not assure outperformance of a fund relative to its benchmark index. 
 
Weighted Average Market Capitalization
$102.9 B
Median Market Capitalization
$16.9 B
Price To Earnings Ratio
(Weighted Harmonic Average)
27.4x
Price to Book Ratio
(Weighted Harmonic Average)
5.1x
as of 03/31/2019
Composition % of Portfolio
Equity 96.4
Cash Equivalents 3.6
Data may not total due to rounding.
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 03/31/2019
Country % of Portfolio
China 32.6
India 28.6
Russia 5.7
Argentina 4.1
South Africa 3.6
Hong Kong 3.3
Indonesia 2.5
Thailand 2.5
Taiwan 2.4
Cambodia 2.4
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 03/31/2019
Sector % of Portfolio
Consumer Discretionary 38.9
Communication Services 19.1
Financials 16.7
Health Care 8.0
Consumer Staples 5.5
Industrials 4.7
Information Technology 4.3
Materials 1.4
Real Estate 1.4
Utilities 0.0
Energy 0.0
There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding. 
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 03/31/2019
Security Description % of Portfolio
Alibaba Group Holding Ltd. 9.3
Tencent Holdings Ltd. 7.0
Yandex NV 4.5
Mercadolibre Inc. 4.3
ANTA Sports Products Ltd. 4.1
There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding. 
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.
as of 12/31/2018
Security Description
Country
Shares Par Value
Current Price ($)
Market Value ($)
% of Portfolio
ALIBABA GROUP HOLDING-SP ADR CN 367,340 137.07 50,351,294 7.96
BAIDU INC - SPON ADR CN 95,295 158.60 15,113,787 2.39
BEIGENE LTD-ADR CN 47,406 140.26 6,649,166 1.05
CTRIP.COM INTERNATIONAL-ADR CN 641,500 27.06 17,358,990 2.75
DREYFUS-GOV C-IN US 19,898,666 1.00 19,898,666 3.15
GRUPO AEROPORTUARIO SUR-ADR MX 71,286 150.60 10,735,672 1.70
HUTCHISON CHINA MEDITECH-ADR HK 160,620 23.09 3,708,716 0.59
MAIL.RU GROUP-GDR REGS RU 384,500 23.46 9,020,370 1.43
MERCADOLIBRE INC AR 60,275 292.85 17,651,534 2.79
EICHER MOTORS LTD IN 29,849 331.46 9,893,818 1.56
INDUSIND BANK LTD IN 678,066 22.90 15,526,170 2.46
HOUSING DEVELOPMENT FINANCE IN 892,303 28.17 25,140,004 3.98
ZEE ENTERTAINMENT ENTERPRISE IN 1,944,250 6.82 13,262,192 2.10
APOLLO HOSPITALS ENTERPRISE IN 1,203,021 18.00 21,651,650 3.42
NEW ORIENTAL EDUCATIO-SP ADR CN 76,145 54.81 4,173,507 0.66
NASPERS LTD-N SHS ZA 117,800 200.22 23,585,498 3.73
MARUTI SUZUKI INDIA LTD IN 79,533 106.85 8,498,320 1.34
SM PRIME HOLDINGS INC PH 13,547,700 0.68 9,213,500 1.46
SEA LTD-ADR SG 612,000 11.32 6,927,840 1.10
TAIWAN SEMICONDUCTOR-SP ADR TW 441,540 36.91 16,297,241 2.58
LARSEN & TOUBRO LTD IN 672,974 20.58 13,848,673 2.19
BANK CENTRAL ASIA TBK PT ID 6,937,300 1.81 12,545,756 1.98
CP ALL PCL TH 7,799,700 2.11 16,469,985 2.61
ITC LTD IN 1,833,691 4.03 7,393,573 1.17
NAGACORP LTD KH 12,867,000 1.07 13,824,346 2.19
SUNNY OPTICAL TECH CN 1,077,200 8.89 9,580,657 1.52
ANTA SPORTS PRODUCTS LTD CN 4,315,500 4.79 20,659,852 3.27
ADANI PORTS AND SPECIAL ECON IN 3,520,138 5.55 19,535,176 3.09
MEDY-TOX INC KR 41,600 519.67 21,617,899 3.42
JUBILANT FOODWORKS LTD IN 1,275,494 17.92 22,853,609 3.61
AIA GROUP LTD HK 958,600 8.31 7,962,912 1.26
SANDS CHINA LTD MO 3,413,800 4.36 14,887,626 2.35
HDFC BANK LIMITED IN 805,450 30.42 24,501,666 3.88
RAIA DROGASIL SA BR 324,700 14.75 4,787,875 0.76
ASIAN PAINTS LTD IN 481,905 19.65 9,468,498 1.50
BAJAJ FINANCE LTD IN 391,161 37.85 14,805,169 2.34
BRITANNIA INDUSTRIES LTD IN 179,624 44.59 8,008,607 1.27
TENCENT HOLDINGS LTD CN 1,100,000 40.08 44,088,386 6.97
BRAZIL REAL BR 0 0.26 0 0.00
EUROPEAN CURRENCY EU 0 1.15 0 0.00
UNITED KINGDOM PO GB 4 1.27 5 0.00
HONG KONG DOLLAR HK 1,071 0.13 137 0.00
INDIA RUPEE IN 237,946,107 0.01 3,408,238 0.54
SOUTH AFRICA RAND ZA 7,369 0.07 512 0.00
YANDEX NV-A NL 899,600 27.35 24,604,060 3.89
MAKEMYTRIP LTD IN 522,600 24.33 12,714,858 2.01
There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Calculations for sectors and top holdings exclude cash equivalents. Data may not total due to rounding. 
For the data illustrated for Touchstone Domestic Equity Funds, Morningstar is the source. For the data illustrated for Touchstone Fixed Income Funds,  International/Global Equity Funds and Multi-Asset & Alternative Funds, the fund’s sub-advisor is the source. All holdings data is sourced from BNY Mellon Asset Servicing.

Management

Management

Actively Managed and Sub-Advised by Sands Capital Management, LLC
Brian A Christiansen

Brian A. Christiansen, CFA

Investment Experience since 2006

Career Summary 
Sands Capital Management, LLC 

Education 
MBA - Yale School of Management
BA - Yale University
Ashraf A. Haque

Ashraf A. Haque

Investment Experience since 2007

Career Summary 
Chesapeake Partners
McKinsey & Company
GH Smart & Company 

Education 
MBA - Harvard Business School
BA - Northwestern University 
 
Neil Kansari

Neil Kansari

Investment Experience since 2008 

Career Summary 
PRTM, part of PricewaterhouseCoopers LLP
University of Virginia Department of Electrical Engineering
Millennium Solutions; Universal Impex
Mahajan & Aibara: Shah Gupta & Co.

Education 
MBA - University of Virginia, Darden School of Business
MS - University of Virginia
BE - University of Mumbai

Fees

Total Annual Fund Operating Expense Ratio
Net Annual Fund Operating Expense Ratio
Touchstone Advisors has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses in order to limit certain annual fund operating expenses (excluding Acquired Fund Fees and Expenses “AFFE,” and other expenses, if any) to 1.60% for Class A Shares, 2.35% for Class C Shares, 1.35% for Class Y Shares and 1.25% for Class INST Shares. These expense limitations will remain in effect until at least 11/16/2019 for Class A Shares and Class C Shares and in effect until at least 7/29/2019 for Class Y Shares and Class INST Shares.

Resources

Annual Report
Commentary
Fact Sheet
Semi-Annual Report
Statement of Additional Information (SAI - A, C)
Statement of Additional Information (SAI - Y, INST)
Statutory Prospectus (A, C)
Statutory Prospectus (Y, INST)
Summary Prospectus (A, C)
Summary Prospectus (Y, INST)

Consider Touchstone Sands Capital Emerging Markets Growth Fund for Your Portfolio

Touchstone Sands Capital Emerging Markets Growth Fund primarily invests in what are believed to be leading growth businesses in emerging market countries, and opportunistically, in frontier market countries. The fund seeks long-term capital appreciation through a concentrated, conviction-weighted portfolio. 
Contact Us Now

Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and the summary prospectus contain this and other information about the fund. To obtain a prospectus or a summary prospectus, contact your financial advisor or download and/or request one at Resources & Tools. Please read the prospectus and/or summary prospectus carefully before investing.

Investment return and principal value of an investment in a Fund will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. All investing involves risk.

Touchstone Funds are distributed by Touchstone Securities, Inc., a registered broker-dealer and member FINRA/SIPC


Investment products offered are not FDIC insured, may lose value and have no bank guarantee.

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