Investment Objective
Long-term capital growth, consistent with Islamic principles.
Investment Approach
- Characteristics of financial sustainability include management strength, low debt, and strong balance sheets
- Investments are made in accordance with Islamic principles
- Diversified across countries of the developing world, currencies, and industries
- Targeted to investors seeking value and diversification beyond developed markets
- Global scope, with focus on 34 emerging markets
Under normal circumstances, the Developing World Fund invests at least 80% of total net assets in common stocks of companies with significant exposure (50% or more of production assets, or revenues) to countries with developing economies and/or markets. Investment decisions are made in accordance with Islamic principles. Generally, Islamic principles require that investors share in profit and loss, that they receive no usury or interest, and that they do not invest in a business that is prohibited by Islamic principles. Some of the businesses not permitted are alcohol, pornography, insurance, gambling, pork processing, and interest-based banks or finance associations.
The Developing World Fund does not make any investments that pay interest. Islamic principles discourage speculation, and the Funds tend to hold investments for several years.
In determining whether a country is part of the developing world, the Fund's adviser (Saturna Capital Corporation) will consider such factors as the country's per capita gross domestic product, the percentage of the country's economy that is industrialized, market capitalization as a percentage of gross domestic product, the overall regulatory environment, and limits on foreign ownership and restrictions on repatriation of initial capital or income.
Through reference to data provided by various globally recognized organizations such as the International Monetary Fund, The World Bank, and the Organization for Economic Cooperation and Development, the adviser maintains a list of countries it considers to have developing economies and/or markets. The list, which changes over time, currently includes: Argentina, Bahrain, Brazil, Chile, China, Colombia, Croatia, Czech Republic, Egypt, Ecuador, Hungary, India, Indonesia, Jordan, Kuwait, Malaysia, Malta, Mexico, Oman, Panama, Peru, Philippines, Poland, Qatar, Saudi Arabia, Slovenia, South Africa, South Korea, Taiwan, Thailand, Turkey, Vietnam, and United Arab Emirates.
By allowing investments in companies headquartered in more advanced economies yet having the majority of production assets or revenues in the developing world, the Developing World Fund seeks to reduce its foreign investing risk.
|
Ticker | 3 Month | 6 Month | YTD |
|---|---|---|---|---|
| Amana Developing World Investor | AMDWX | -4.44% | -11.04% | -4.44% |
| Amana Developing World Institutional | AMIDX | -4.35% | -10.94% | -4.35% |
| MSCI Emerging Markets Index | GDUEEGF | 3.01% | -5.07% | 3.01% |
|
Ticker | 1 Year | 3 Year | 5 Year | 10 Year | Expense Ratio2 | 30-Day Yield1 |
|---|---|---|---|---|---|---|---|
| Amana Developing World Investor | AMDWX | -2.78% | 1.44% | 8.51% | 2.76% | 1.20% | 1.09% |
| Amana Developing World Institutional | AMIDX | -2.57% | 1.66% | 8.75% | 2.96% | 0.98% | 1.32% |
| MSCI Emerging Markets Index | GDUEEGF | 8.65% | 1.91% | 8.38% | 4.11% | n/a | n/a |
|
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. Standardized returns current to the most recent month-end can be obtained by visiting our Month-End Returns Page or by calling toll free 1-800-728-8762. The Fund cannot guarantee that its investment objective will be met. Securities of the Fund are offered and sold only through the prospectus or summary prospectus. ¹ A Fund's 30-Day Yield, sometimes referred to as "standardized yield" or "SEC yield,” is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). The 30-Day Yield provides an estimate of a Fund's investment income rate, but may not equal the actual income distribution rate. ² Expense ratios shown are as stated in the Fund's most recent prospectus or summary prospectus dated September 27, 2024. | |||||||
|
Ticker | 1 Year | 3 Year | 5 Year | 10 Year | Expense Ratio2 | 30-Day Yield1 |
|---|---|---|---|---|---|---|---|
| Amana Developing World Investor | AMDWX | -2.78% | 1.44% | 8.51% | 2.76% | 1.20% | 1.09% |
| Amana Developing World Institutional | AMIDX | -2.57% | 1.66% | 8.75% | 2.96% | 0.98% | 1.32% |
| MSCI Emerging Markets Index | GDUEEGF | 8.65% | 1.91% | 8.38% | 4.11% | n/a | n/a |
|
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. Standardized returns current to the most recent month-end can be obtained by visiting our Month-End Returns Page or by calling toll free 1-800-728-8762. The Fund cannot guarantee that its investment objective will be met. Securities of the Fund are offered and sold only through the prospectus or summary prospectus. ¹ A Fund's 30-Day Yield, sometimes referred to as "standardized yield" or "SEC yield,” is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). The 30-Day Yield provides an estimate of a Fund's investment income rate, but may not equal the actual income distribution rate. ² Expense ratios shown are as stated in the Fund's most recent prospectus or summary prospectus dated September 27, 2024. | |||||||
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 invested at the beginning of the period and redeemed at the end of the period, and assumes reinvestment of all dividends and capital gains.
The MSCI Emerging Markets Index, produced by Morgan Stanley Capital International, measures equity market performance in over 20 emerging market countries.
Holdings
as of 03/31/2025
Top Ten Holdings
| Holding | % of Net Assets |
|---|---|
| Cash & Equivalents | 11.1% |
| NVIDIA | 8% |
| Taiwan Semiconductor ADS | 3.5% |
| Manila Electric | 3.2% |
| UltraTech Cement Ltd. | 3.1% |
| Holding | % of Net Assets |
|---|---|
| Jabil Inc | 3.1% |
| Unilever ADS | 3% |
| Qualcomm | 3% |
| Colgate-Palmolive | 2.9% |
| Southern Copper | 2.9% |
*Current portfolio holdings may not be indicative of future portfolio holdings.
1 Percentage of total investments includes all stocks, plus cash minus all short positions.
2 Total represents the difference between the long exposure and the short exposure, which produces the net exposure.
| Holding | Market Value | Quantity |
|---|---|---|
| Cash & Equivalents | $14,173,027 | 0 |
| NVIDIA | $10,241,910 | 94,500 |
| Taiwan Semiconductor ADS | $4,515,200 | 27,200 |
| Manila Electric | $4,119,273 | 428,500 |
| UltraTech Cement Ltd. | $3,903,217 | 29,100 |
| Jabil Inc | $3,891,602 | 28,600 |
| Unilever ADS | $3,870,750 | 65,000 |
| Qualcomm | $3,763,445 | 24,500 |
| Colgate-Palmolive | $3,748,000 | 40,000 |
| Southern Copper | $3,655,688 | 39,115 |
| Saudi Telecom | $3,625,544 | 300,000 |
| Weg S/A | $3,570,696 | 450,000 |
| Clicks Group | $3,545,221 | 192,000 |
| Delta Electronics | $3,401,030 | 307,500 |
| Hikma Pharmaceuticals | $3,215,912 | 127,400 |
| BIM Birlesik Magazalar A.S. | $3,199,095 | 265,000 |
| Barrick Gold | $3,188,160 | 164,000 |
| Advantech | $3,095,732 | 270,931 |
| Ford Otomotiv Sanayi | $3,057,201 | 109,600 |
| ASML Holding NY | $3,014,967 | 4,550 |
| Infosys ADS | $2,978,400 | 163,200 |
| Holding | Market Value | Quantity |
|---|---|---|
| KPJ Healthcare | $2,903,230 | 4,825,992 |
| IHH Healthcare | $2,751,875 | 1,764,000 |
| Rio Tinto ADS | $2,709,608 | 45,100 |
| Dabur India Ltd. | $2,625,610 | 444,000 |
| Kimberly-Clark de Mexico, Class A | $2,621,515 | 1,600,000 |
| Samsung Electronics | $2,485,771 | 62,700 |
| Sercomm | $2,385,752 | 669,000 |
| Bangkok Dusit Medical Services NVDR | $2,329,988 | 3,623,000 |
| Unicharm | $2,295,967 | 287,400 |
| Quimica y Minera Chile ADS | $1,946,770 | 49,000 |
| Indofood CBP Sukses Makmur | $1,531,368 | 2,500,000 |
| LG Household & Health Care | $1,288,858 | 6,050 |
| Telekomunikasi Indonesia ADS | $1,225,910 | 83,000 |
| SM Prime Holdings | $1,176,644 | 2,800,000 |
| Hartalega Holdings | $1,176,181 | 2,750,000 |
| Syarikat Takaful Malaysia Keluarga | $1,137,103 | 1,391,300 |
| Samsung SDI Co. | $1,020,941 | 7,900 |
| Bank Islam Malaysia Bhd | $852,663 | 1,476,100 |
| Wilcon Depot | $680,580 | 5,550,000 |
| KCE Electronics NVDR | $472,198 | 1,010,000 |
Sector Allocation
| Sector | % of Net Assets |
|---|---|
| Technology | 31.6% |
| Consumer Staples | 19.4% |
| Materials | 12.1% |
| Other | 11.1% |
| Health Care | 8.8% |
| Communications | 3.8% |
| Sector | % of Net Assets |
|---|---|
| Consumer Discretionary | 3.7% |
| Industrials | 3.7% |
| Utilities | 3.2% |
| Financials | 1.6% |
| Real Estate | 0.9% |
*Current portfolio holdings may not be indicative of future portfolio holdings.
1 Percentage of total investments includes all stocks, plus cash minus all short positions.
2 Total represents the difference between the long exposure and the short exposure, which produces the net exposure.
Security and sector weightings are shown as a percentage of total net assets.
Distributions
| Record Date | Ex, Pay and Reinvest Date | Ordinary Income | Qualified Income | Short-Term Capital Gains | Long-Term Capital Gains | Total Distributions (per share) |
|---|---|---|---|---|---|---|
| 12/18/2024 | 12/19/2024 | $0.009 | $0.068 | $0.00 | $0.00 | $0.077 |
| 12/20/2023 | 12/21/2023 | $0.07 | $0.04 | $0.00 | $0.0043 | $0.1143 |
| 12/14/2022 | 12/15/2022 | $0.084 | $0.00 | $0.00 | $0.0309 | $0.1149 |
| 12/15/2021 | 12/16/2021 | $0.094 | $0.065 | $0.00 | $0.00 | $0.159 |
| Record Date | Ex, Pay and Reinvest Date | Ordinary Income | Qualified Income | Short-Term Capital Gains | Long-Term Capital Gains | Total Distributions (per share) |
|---|---|---|---|---|---|---|
| 12/18/2024 | 12/19/2024 | $0.013 | $0.092 | $0.00 | $0.00 | $0.105 |
| 12/20/2023 | 12/21/2023 | $0.08 | $0.05 | $0.00 | $0.0043 | $0.1343 |
| 12/14/2022 | 12/15/2022 | $0.108 | $0.00 | $0.00 | $0.0309 | $0.1389 |
| 12/15/2021 | 12/16/2021 | $0.123 | $0.085 | $0.00 | $0.00 | $0.208 |
The Amana Developing World Fund intends to distribute its net investment income and net realized capital gains, if any, to its shareowners. Distributions from net capital gains are paid at the end of December and May; income dividends are paid at the end of December — as a result of its investment strategy, the Developing World Fund may not pay income dividends.
Dividends paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time.
Both dividends and capital gain distributions are paid in additional full and fractional shares of the share class owned. At your option, you may receive dividends and/or capital gain distributions in cash. You are notified of each dividend and capital gain distribution when paid. Returned dividend payments will be automatically reinvested into your account and invested in additional shares of the Fund; future dividends in such accounts will continue to be reinvested until the shareowner is located or the account is closed.
The Amana Developing World Fund Investor Shares (AMDWX) began operations September 28, 2009 and Institutional Shares began operations September 25, 2013. The Fund's entire distribution history is listed above.
Regulations regarding distributions can be complex, and there are several methods for managing your tax liability. Please consult a tax advisor about your particular circumstances. You also may obtain helpful information by calling the Internal Revenue Service at 1-800-829-1040 or visiting www.irs.gov.
If applicable, distribution information will appear on Form 1099-DIV, typically sent in late January. For more information on tax documentation, please visit our Tax Documentation page.
The Fund pays per-share distributions to shareowners invested on the Record Date. On the Payable Date, the fund's share price is reduced by the amount of its distribution.
The following tables describe the fees and expenses mutual fund shareowners may pay. There are no shareowner fees (fees paid directly from an investment). The Fund imposes no sales charge (load) on purchases or reinvested dividends, or any deferred sales charge (load) upon redemption. There are no exchange fees or account fees. Investments in mutual funds are subject to ongoing expenses. Saturna endeavors to keep these fees low. We encourage you to compare the following fees with similar fees of other no-load mutual funds:
Shareowner Fees
(fees paid directly from your investment)
| None |
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Investor Shares (AMDWX) | Institutional Shares (AMIDX) | |
| Management Fees | 0.80% | 0.80% |
| Distribution (12b-1) Fees | 0.25% | None |
| Other Expenses | 0.15% | 0.18% |
| Total Annual Fund Operating Expenses | 1.20% | 0.98% |
As stated in the Fund's most recent Prospectus dated September 27, 2024.
Investment Minimum
| The minimum initial investment for Investor Shares is $100 (for tax-sheltered accounts, there is no minimum). Institutional Shares are available with a minimum investment of $100,000. |