Bestinvest says
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This fund acts as a one stop shop for investors seeking to achieve exposure to the three major emerging markets: India (IT outsourcing and pharma), China (manufacturing) and Russia (resources). The fund is split equally between the 3 regions. Where practical, each region within the fund will be diversified by manager and investment style; this may include some exposure to hedge funds investing in the region. FMG generally invest in small boutique long only managers due to a lack of identifiable quality amongst the recognised institutional names. Exposure to hedge funds currently varies across each region, according to the perceived risk of the market and the availability of these vehicles. FMG argue that the inefficient and volatile nature of these markets make them potentially ideal candidates for relatively nimble long only managers and hedge fund operators.