Emerging Markets Portfolio
PACIFIC SELECT FUND
Expense ratio
Net assets1
$822.24M
Holdings1
242
Category
International Equity
Return

Investment objective & strategy

As of April 29, 2025 · prospectus

Objective. This Fund seeks long-term growth of capital.

Strategy. Under normal circumstances, this Fund invests at least 80% of its assets in securities (including American Depositary Receipts (ADRs)) of companies whose principal activities are conducted in countries that are generally regarded as emerging market countries. Companies whose principal activities are conducted in emerging market countries include issuers deemed to be economically tied to an emerging market country. The term emerging markets in the Funds name refers to those countries that are included in the MSCI Emerging Markets Index, an index that is designed to measure equity market performance of securities in emerging markets, and countries that are classified as an emerging market by MSCI, the World Bank, the International Finance Corporation or the United Nations and its agencies. Emerging … Under normal circumstances, this Fund invests at least 80% of its assets in securities (including American Depositary Receipts (ADRs)) of companies whose principal activities are conducted in countries that are generally regarded as emerging market countries. Companies whose principal activities are conducted in emerging market countries include issuers deemed to be economically tied to an emerging market country. The term emerging markets in the Funds name refers to those countries that are included in the MSCI Emerging Markets Index, an index that is designed to measure equity market performance of securities in emerging markets, and countries that are classified as an emerging market by MSCI, the World Bank, the International Finance Corporation or the United Nations and its agencies. Emerging market countries are typically less developed economically than industrialized countries and may offer high growth potential as well as considerable investment risk. The Fund principally invests in common stock and other equity securities. The Fund may invest in companies of all market capitalization sizes as well as both growth and value stocks. The Fund may invest a relatively high percentage of its assets in securities of issuers in a single country, such as China, a small number of countries, or a particular geographic region. However, under normal market conditions, the Fund generally expects to maintain investments in at least six emerging market countries. The sub-adviser normally invests the Funds assets across different groups of industries/sectors, but may invest a significant percentage of the Funds assets in issuers in a single sector at its investment discretion in seeking the investment goal of the Fund. As of December 31, 2024, a significant portion of the Fund is represented by securities of companies in the Technology sector. The sub-adviser uses both a bottom-up stock selection strategy and a top-down country selection strategy to manage the investments of the Fund. The sub-adviser uses a quantitative style of management which utilizes proprietary models and market data and research, in combination with a qualitative overlay which incorporates the sub-advisers judgment and other non-quantifiable information into the investment process. The sub-advisers style of management overall emphasizes fundamentally-based stock and country selection, portfolio construction and implementation. The Funds investments are selected by the sub-adviser using fundamental research and a variety of quantitative techniques based on certain investment themes, including Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends, as follows: Fundamental Mispricings seeks to identify high-quality businesses trading at a fair price, which the sub-adviser believes leads to strong performance over the long run. ? High Quality Business Models seeks to identify companies that are generating high-quality revenues with sustainable business models and aligned management incentives. ? Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. ? Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. ? As part of the sub-advisers investment selection process, the sub-adviser utilizes proprietary models that assess a wide range of indicators. No one indicator, risk or consideration is determinative in the investment selection process. The sub-adviser may make investment decisions that deviate from those generated by the sub-advisers proprietary models, at the discretion of the sub-adviser. In addition, the sub-adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques based on the sub-advisers proprietary research. The Fund may lend its portfolio holdings to certain financial institutions.

Top holdings

As of March 31, 2026 · N-PORT
SecurityTickerValue% of fund
TSMC $126.37M 15.37%
SAMSUNG ELECTRONICS CO LTD $49.81M 6.06%
TENCENT HOLDINGS LTD $32.61M 3.97%
SK HYNIX INC $28.60M 3.48%
BABA-W $16.95M 2.06%
Vale S.A. SPONS ADS REPR 1 COM NPV VALE US $15.49M 1.88%
HDFC BANK LTD $12.72M 1.55%
BHARTI AIRTEL LIMITED $11.67M 1.42%
GRUPO F BANORT-O $11.52M 1.40%
PETROBRAS-PREF $10.62M 1.29%
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Allocation by sector

As of March 31, 2026 · N-PORT
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Portfolio moves

Dec 31, 2025 → Mar 31, 2026
Opened
78
Exited
98
Increased
56
Decreased
73
Unchanged
35

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

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Advisers

As of December 31, 2025 · N-CEN
FirmRole
Invesco Advisers, Inc. Sub-adviser
Goldman Sachs Asset Management, L.P. Sub-adviser
Pacific Life Fund Advisors LLC Adviser

Footnotes

  1. Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.

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