The iShares Core MSCI Emerging Markets ETF returned 50.4% over the past year, but the median holding among its largest positions gained just 2.7%, revealing that performance was driven by a narrow group of winners. Southern Copper, despite making up only 0.1% of the fund, was the single biggest contributor, while PDD, at 0.5% of the fund, was the largest drag. Among the fund’s 14 largest holdings, exactly half rose and half fell, and the five biggest contributors produced about 96% of the combined gains from those positions. The fund’s five largest holdings already account for 28.8% of assets, with Taiwan Semiconductor Manufacturing at 12.7% being the largest single position, underscoring that return concentration was even tighter than weight concentration.
Southern Copper CorporationSouthern Copper was the single biggest contributor to the fund's gain, implying strong demand for copper.
PDD Holdings Inc.