ASI Emerging Markets Equity A

Invests across global emerging markets with a focus on high quality companies.

  • 715.27p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 2.00% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.45%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.69%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.30%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 11 December 2019, fund data last updated 08 August 2011

Aberdeen's Global Emerging Markets team headed by Devan Kaloo invests in quality companies, whilst adopting a conservative approach to valuing them. Such companies are able to perform well over the long term and over full market cycles, although the fund may lag when markets are being driven by momentum. The flip side of this is that, by avoiding these more economically sensitive stocks, the fund is likely to exhibit a level of protection against falling markets.

Fund summary

Sector Global Emerging Markets
Structure OEIC
Launched July, 2003
Size £1,024m
Yield 0.30%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 2.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.45%
Ongoing charges figure 1.69%

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Investment process

The invest process follows a team-based approach that looks for 'high quality' companies which have durable business models, strong corporate governance and solid balance sheets. Once invested, the fund tends to hold stocks for a number of years. The team have now met a large number of companies within the global emerging markets universe and they are also able to draw on the in depth company research that Aberdeen has carried out on companies in Asia since 1985. After an initial screen for quality criteria, the whole team follow the same approach to analysing companies. This focus on the quality of a business means that team discussion usually focuses on valuation of a business if it is considered good enough to invest in. The team set buy-price targets and maintain a watch list of stocks which includes businesses that meet their quality criteria but are considered too expensive to invest in.

Manager research

Average monthly relative returns

  • 14/15 -0.06%
  • 15/16 0.22%
  • 16/17 -0.48%
  • 17/18 -0.69%
  • 18/19 0.53%

Bestinvest MRI

  • 3 years -0.21%
  • 5 years -0.10%
  • Career 0.15%
  • 3 years 21.80%
  • 5 years 44.40%
  • Career 97.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Aberdeen Emerging Markets Team

Devan Kaloo is head of global emerging markets and responsible for the London based GEM team. The team manages Latin America and EMEA equities and Kaloo also has oversight of GEM input from the Asia team based in Singapore. He joined Aberdeen in 2000 on the Asian portfolio team before becoming responsible for the Asia ex Japan region as well as regional portfolios within emerging market mandates and technology stocks. He previously worked for Martin Currie on the North American desk before transferring to the global asset allocation team and then Asian portfolios. He has an MA in Management and International Relations from the University of St Andrews and a MSc in Investment Analysis from the University of Stirling. Key members of the team involved in portfolio construction process include Kaloo, Hugh Young, Peter Hames and Joanne Irvine.

Track record

Aberdeen Emerging Markets Team has 14.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.15%. During the worst period of relative performance (from April 2013 - June 2018) there was a decline of 18% relative to the index. The worst absolute loss has been 33%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 97%.

Periods of worst performance

Absolute -33.00% (May 2008 - November 2008)
Relative -18.00% (April 2013 - June 2018)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 August 2019

7.3% Aberdeen Standard Sicav I -China A Share Equity Fund
5.9% Tencent Hldgs Ltd
5.7% Samsung Electronics Co
5.6% Taiwan Semiconductor Co
4.3% Housing Development Finance Corp
4% Ping An Insurance(Gr)Co Of China
3.4% Banco Bradesco Sa
3% Aia Group Ltd
2.9% Naspers
2.1% Bank Central Asia
Source: Trustnet

Sector breakdown

Financials 28.00%
Information Technology 15.00%
Communications 11.00%
Consumer Discretionary 10.00%
Consumer Staples 9.00%
Materials 8.00%
Others 7.00%
Real Estate 6.00%
Energy 4.00%
Industrials 1.00%

Portfolio

Portfolio has around 50-60 stocks

Constraints

Stock weightings are likely to be between 1% and 4% depending on conviction levels.

Key Investor Information

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