City of London Emerging World GBP Retail A

Fund of emerging markets funds.

  • 7358.00p
    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!

  • 1.50%
    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).

  • 1.78%
    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 25 November 2020, fund data last updated 26 April 2004

This fund invests into Emerging Markets by purchasing closed end specialist trusts, usually at a discount to their net asset value. As this asset class covers a large number of countries, asset allocation is important to the management team, therefore input from the group's economist is vital. The managers follow a "value" approach and have demonstrated a skill at spotting discount and arbitrage opportunities.

Fund summary

Sector
Structure OFFSHORE FUND
Launched September, 1998
Size £0m
Yield 0.00%
Charging basis
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 1.50%
Ongoing charges figure 1.78%

Allocation

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Investment process

City of London are emerging market specialists, however they set themselves apart from the majority of their peers by investing not in direct equities but rather through closed ended trusts. The advantages of this approach are a much greater level of diversification, plus in addition to standard capital outperformance the fund also benefits from narrowing discounts in the underlying trusts to add extra performance. The process relies heavily upon asset allocation, which is determined by the group's economist. Once this view is taken, the fund managers (based in London, Singapore and Philadelphia) then choose those trusts that offer the best value and discounts. Management and boards are met before investing, with the group having the added advantage of being able to estimate NAVs for the trusts they follow. This also allows for "see through" analysis to take place.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.09%
  • 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.

Barry Olliff / Chris Weaver / Martin Garazon

Olliff is the CIO and a Managing Director at City of London Investment Management Company Ltd (COL), which was founded in 1991 under his guidance. Prior to forming COL, Olliff was a managing director of Olliff and Partners he founded in 1997. Prior to this he spent 8 years as a Director of Laing & Cruickshank and 15 years as a market maker for Denny Brothers. Weaver is a Portfolio Manager in Dubai Office. He joined COL in 1998. Prior to this he spent two and a half years at Daishin Securities in Seoul. Weaver has a diploma in Korean from Yonsei University, BA in Economics From the University of Portsmouth and is a CFA charterholder. Garazon joined COL in 1999 and is a portfolio manager in the US office. Prior to joining COL he worked for Banco Privado de Inversiones, an Argentinean investment bank for 7 years, analysing Latin American equities. He holds a BA in Business Studies from Universidad Catolica Argentina.

Track record

The track record of Barry Olliff / Chris Weaver / Martin Garazon in managing mutual funds in this sector is still too short for us to draw any meaningful conclusions and so our assessment is based largely on qualitative aspects.

Periods of worst performance

Absolute -3.00% (May 2009 - June 2009)
Relative -2.00% (June 2009 - July 2009)

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

Proportion (%)

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Allocation

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Portfolio

The fund usually holds around 80 trusts, with this equating to around 4,000 individual holdings, although there will be a degree of double counting.

Constraints

There are no formal constraints placed on the management of the trust, however currency hedging does not take place.

Key Investor Information

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