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Aubrey Global Emerging Markets Opportunities RC1 GBP

Bestinvest LogoConcentrated emerging markets strategy with a consumer focus

PRICE (INC)

19878p

PRICE (ACC)

19878p

INITIAL CHARGE

0%

ANNUAL MANAGEMENT CHARGE

0.75%

ONGOING CHARGE

1.09%

YIELD

0%

1 YEAR
-17.52%

Prices as at 24 Jun 2022.

Fund commentary last updated 04 Oct 2021.

Past performance is not an indication of future performance.

Capital at risk.

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

SectorGlobal Emerging Markets
StructureOFFSHORE FUND
LaunchedMay 2016
Size£214m
Yield0%
Charging BasisIncome
Dividends paidAcc units only

Charges

Standard Initial Charge0%
Initial Charge Via BestInvest0%
Additional Bid/Offer Spread0%
Annual Management Charge0.75%
Ongoing Charges Figure1.09%
Equity
Equity
100%
100%
High Yield Bonds
High Yield Bonds
0%
0%
Quality Bonds
Quality Bonds
0%
0%
Property
Property
0%
0%
Commodities
Commodities
0%
0%
Hedge
Hedge
0%
0%
Fund Cash
Fund Cash
0%
0%

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.

The information on this website is not intended to be advice or a recommendation to buy, sell or hold any investment mentioned. The value of investments and the income from them can go down as well as up and you may not get back the amount invested.

Past performance is not a guide to future performance. View full risk warning