This section shows the percentage of a portfolio's common stocks that are domiciled in developed and emerging markets. The sum of the individual market maturity percentages for each holding multiplied by the weight (%) each holding takes up in the portfolio equals the total percentage of stocks in the portfolio for each market maturity sector.
Developed Markets
Includes Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, the United Kingdom, The United States, and a handful of smaller countries and territories (such as Gibraltar). All other countries are considered emerging markets.
Emerging Markets
Includes all countries not listed under developed markets. Normally carry greater political and economic risk than developed countries, and stocks located in them are normally less liquid and more volatile.
Not Available
When Morningstar cannot determine the country in which a stock issuer is domiciled, it is categorized as "Not Available" for any fund or VA that holds it.