Emerging Market Performance: EMLKX invests in emerging markets, so their overall economic health and growth significantly impact its returns.

Interest Rate Changes: Rising interest rates in developed nations can draw investment away from emerging markets, decreasing EMLKX's value.

Currency Fluctuations: The value of emerging market currencies against the US dollar influences EMLKX's returns when those assets are converted back.

Political Instability: Political risks and instability within emerging markets can negatively affect investor sentiment and EMLKX's performance.

Commodity Prices: Many emerging markets are commodity-dependent, so price fluctuations in resources like oil and metals can impact EMLKX.

Fund Management Strategy: The fund manager's investment choices and ability to select profitable investments play a role in EMLKX's price.

Global Economic Conditions: Global economic recessions or slowdowns can affect emerging markets, thus harming EMLKX's value.