fund

Rated

This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!

Aubrey Global Emerging Markets Opportunities RC1 GBP

  • 25868.00p
    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?

  • 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!

  • 0.75%
    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).

  • 1.09%
    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.

  • 0.00%
    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 27 October 2021, fund data last updated 04 October 2021

The fund aims to achieve long-term capital growth by investing in emerging market companies benefitting from increased consumer wealth and stronger economies. Lead manager Andrew Dalrymple invests in consumer-related large and mega-cap companies, mainly in China and India, which are growing as a result of people spending more money on food, healthcare, retail, travel and wealth management services. The portfolio’s holdings include Chinese e-commerce group Alibaba and Polish grocery chain Dino Polska. Dalrymple takes a top-down approach that limits its exposure to emerging markets with low wealth growth, and a bottom-up strategy looking at a stock’s individual strengths such as earnings per share. The fund has no benchmark, sector or country constraints, with stock weightings between 1.5% and 7%.

Fund summary

Sector Global Emerging Markets
Structure OFFSHORE FUND
Launched
Size £257m
Yield 0.00%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Annual management charge 0.75%
Ongoing charges figure 1.09%

Allocation

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Investment process

The fund’s investment process is based around the manager’s ‘Wealth Cycle/Progression’ philosophy. This includes a top-down approach looking at the rate of a country’s economic and consumer wealth development. This provides a road map of countries and industries to focus on over a long-term horizon of 5 to 15 years and can lead to him deciding that certain emerging markets are uninvestable because of a lack of wealth growth. He identifies new opportunities in his chosen markets by following what he believes are predictable and repeatable consumer behaviours as people get wealthier and become more middle class. This means spending more on basics such as better food and housing and then progressing to ecommerce, travel, healthcare and wealth management services. He also takes a bottom-up approach, identifying high quality companies with positive future growth prospects, robust balance sheets, strong and recurrent cash flow generation, profit growth and little to no debt. This is achieved through screening and overseas investment visits. He typically meets over 200 companies in emerging markets every year. The portfolio includes between 30 and 45 stocks- and currently has a bias to China, which the manager believes has the greatest consumer investment opportunity in the world.

Lead manager Andrew Dalrymple is highly experienced, having worked at the likes of SG Warburg, James Capel and First State before founding Edinburgh-based boutique Aubrey in 2006. He has expert knowledge of the Emerging Markets and their risks and opportunities. His focus on consumer sectors offers growth as emerging nations become wealthier but also gives the fund defensive characteristics given its investment in food and health stocks. Historically the fund has produced compelling long-term returns despite not having large positions in powerhouses such as Samsung Electronics, instead favouring ‘local champions’ benefiting from regional growth opportunities

Manager research

Average monthly relative returns

  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%
  • 20/21 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

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

Track record

Periods of worst performance

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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.

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Portfolio

30 to 45 holdings. The portfolio has a bias to consumer staples, such as food and beverages, and consumer discretionary including luxury goods.

Key Investor Information

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