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.
Sector | Global Emerging Markets |
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Structure | OFFSHORE FUND |
Launched | May 2016 |
Size | £214m |
Yield | 0% |
Charging Basis | Income |
Dividends paid | Acc units only |
Standard Initial Charge | 0% |
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Initial Charge Via BestInvest | 0% |
Additional Bid/Offer Spread | 0% |
Annual Management Charge | 0.75% |
Ongoing Charges Figure | 1.09% |
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.
Past performance is not a guide to future performance. View full risk warning