Schroder Global Emerging Markets A

Aims to achieve long term capital growth by investing in emerging markets.

  • 206.30p
    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.

  • 228.50p
    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).

  • 1.72%
    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.

  • 0.70%
    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 September 2020, fund data last updated 20 August 2008

The fund's philosophy is based on the belief in inefficiency of emerging markets and, as a consequence, the ability of an active manager to add value through country and stock selection. The Emerging Markets team of 29 is headquartered in London with team members spread amongst 10 other emerging market based offices. The portfolio has a mid cap bias.

Fund summary

Sector Global Emerging Markets
Structure UNIT TRUST
Launched October, 1993
Size £770m
Yield 0.70%
Charging basis Income
Dividends paid 31 May

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 1.72%

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Investment process

The investment objective is to achieve long term capital growth by investing in emerging markets as defined by the MSCI EM Index. The fund invests in equity or equity-related (including warrants and convertibles) securities. The targeted value added is split 50/50 between stock and country selection. Country selection is performed using a quantitative model and stocks are chosen using fundamental analysis. An actively managed portfolio considers the full spectrum of company profiles. Forward currency transactions and other efficient portfolio management techniques may be used to reduce currency risk.

Manager research

Average monthly relative returns

  • 15/16 -0.03%
  • 16/17 0.17%
  • 17/18 0.05%
  • 18/19 0.28%
  • 19/20 0.09%

Bestinvest MRI

  • 3 years 0.14%
  • 5 years 0.11%
  • Career 0.00%
  • 3 years 91.30%
  • 5 years 93.70%
  • Career 94.20%

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

Robert Davy

Born in 1961 he has an MA in History and qualified as a Chartered Accountant with Peat Marwick in 1986. He joined Schroders in the same year Initially as a UK research analyst, he moved to the North American desk in London in 1998 as a fund manager with responsibility for Latin American portfolios. He was seconded to the New York office in 1992 before returning to London in 1994 and is currently an Emerging Markets Portfolio Manager

Track record

Robert Davy has 17.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +00%. During the worst period of relative performance (from December 2003 - September 2010) there was a decline of 13% relative to the index. The worst absolute loss has been 43%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is

Periods of worst performance

Absolute -43.00% (October 2007 - November 2008)
Relative -13.00% (December 2003 - September 2010)

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 31 July 2020

9.03% Alibaba Group Hldg Ltd
8.56% Tencent Hldgs Ltd
7.28% Taiwan Semiconductor Co
7.08% Samsung Electronics Co
2.54% Ping An Insurance(Gr)Co Of China
1.89% Sberbank Of Russia
1.88% Media Corp Plc
1.82% Naspers
1.73% China Mengniu Dairy Co
1.62% Itochu Corp
Source: Trustnet

Sector breakdown

Information Technology 23.00%
Consumer Discretionary 22.00%
Financials 16.00%
Communications 14.00%
Consumer Staples 7.00%
Materials 6.00%
Energy 5.00%
Industrials 2.00%
Health Care 2.00%
Utilities 1.00%

Portfolio

Portfolio of 90-130 stocks.

Constraints

Tracking error is approximately 7.0% (range 2%-10%).

Key Investor Information - Income

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Key Investor Information - Accumulation

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