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

  • 22712.00p
    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).

  • 1.36%
    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 29 September 2020

The fund aims to achieve capital appreciation by investing in large and mid-cap companies focused on the growth in consumption and services within the Emerging Markets. The manager, John Dalrymple, invests with an absolute return mindset and is unconstrained by any index. He identifies secular growth trends and invests from the bottom-up in quality companies with strong growth potential. The portfolio is concentrated to 30-45 holdings and turnover can be high as there is high competition for capital within the fund. The fund is a best ideas portfolio at any given time.

Fund summary

Sector Global Emerging Markets
Structure OFFSHORE FUND
Launched March, 2015
Size £127m
Yield 0.00%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 1.36%

Allocation

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Investment process

Aubrey is an boutique based in Edinburgh. Their investment style is focused on the absolute returns of their strategies, which is highly aligned with what we look for in our managers. The philosophy and process of this fund makes it highly differentiated from it peers within the emerging markets space and we believe this fund is a strong holding for investors looking for growth from the emerging markets. In addition the fund is complimentary for existing emerging market and Asian funds on our list.

Manager research

Average monthly relative returns

  • 15/16 1.43%
  • 16/17 -0.21%
  • 17/18 0.36%
  • 18/19 1.76%
  • 19/20 0.39%

Bestinvest MRI

  • 3 years 0.84%
  • 5 years 0.75%
  • Career 0.93%
  • 3 years 50.00%
  • 5 years 50.00%
  • Career 95.10%

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

Andrew Dalrymple

Dalrymple founded Aubrey in 2006, as Director and CIO, as well as Lead Global and GEM Investment Manager. Prior to this he joined Stewart Ivory from 1998 and become part of First State Investments global team in 2001. He previously spent six years working at SG Warburg covering Asian markets and at James Capel in the UK, followed by a move to Hong Kong with James Capel (Asia) Ltd in 1991. He started his investment management career at Cazenove in 1984, where he specialised in Asian equities. Dalrymple holds a Bachelor of Arts with honours in Economics from Cambridge University and joined the British Army in 1981.

Track record

Andrew Dalrymple has 7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.93%. During the worst period of relative performance (from February 2000 - July 2001) there was a decline of 34% relative to the index. The worst absolute loss has been 57%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 95%.

Periods of worst performance

Absolute -57.00% (February 2000 - January 2003)
Relative -34.00% (February 2000 - July 2001)

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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Top 10 holdings

Data accurate as at 30 June 2020

5.7% Sea Ltd
5.4% Meituan Dianping
4.9% Proya Cosmetics
4.4% Tencent
3.6% Alibaba Group
3.5% Yihai International
3.2% Yifeng Pharmacy
3.1% Dino Polska
3.1% Alibaba Health
2.9% Wuliangye Yibin
Source: Aubrey

Portfolio

- 30 to 45 holdings

Constraints

- no sector or country limits - position sizes between 1.5% and 7%

Key Investor Information

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