Emerging Market Performance: PQEMX invests in emerging markets. Economic growth, political stability, and currency fluctuations in these markets significantly impact its NAV. Global Economic Conditions: Worldwide economic trends, including global growth rates, inflation, and interest rate policies of major central banks, affect investor sentiment and capital flows to emerging markets. Interest Rate Changes: Interest rate hikes in developed countries can make emerging market investments less attractive, potentially lowering demand for PQEMX. Geopolitical Events: Political instability, trade wars, or other geopolitical events in regions where PQEMX invests can lead to market volatility and price declines. Currency Fluctuations: Changes in currency exchange rates between the US dollar and the currencies of emerging market countries can impact the fund's returns. Fund Manager Decisions: The fund manager's investment strategy, stock selection, and asset allocation decisions directly affect the fund's performance.