Global economic conditions: Economic growth or slowdown in major economies impacts investor sentiment and capital flows into emerging markets, affecting EMQAX.

Emerging market performance: The overall health and growth prospects of emerging economies directly influence the fund's performance.

Currency fluctuations: Changes in the value of emerging market currencies relative to the US dollar affect the returns of EMQAX.

Interest rate policies: Interest rate decisions by central banks in emerging markets impact bond yields and economic activity.

Political and geopolitical risks: Political instability, policy changes, and geopolitical events can create uncertainty and affect investor confidence.

Commodity prices: Many emerging economies are commodity exporters, so fluctuations in commodity prices influence their economic health.

Investor sentiment: General market sentiment and risk appetite affect investor demand for emerging market assets.

Fund management strategy: The fund manager's investment decisions and stock selection skills play a role in performance.