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Aberdeen’s Global Equities Team has a track record on the Aberdeen World Equity fund dating back to 2002, navigating the banking crisis when the fund was down approximately in line with the index, although offering more protection on the downside compared to the peer group. Aberdeen Asset Management is in a process of making a number of organisational changes which saw Devan Kaloo, a former head of emerging markets’ equities, promoted to global head of equities within the group, whilst Hugh Young, the pioneer of the investment process at Aberdeen, will pursue a broader role within the group. At present, the members of the Aberdeen Global Equities Team have a combined role of portfolio manager/sector analyst. Given the recent changes in the management structure, we are looking to understand whether the process is likely to change.
The performance of the fund suffered since 2010, which was partially due to cautious positioning and a large underweight to the US, whilst allocating more capital to Asia and emerging markets, where the fund has historically had a higher weighting relative to the benchmark index. The portfolio remains cautiously positioned whilst the team maintains its constructive view on Asia and emerging markets, although we are yet to see whether the fund can navigate its way in the current market environment. For these reasons, we are downgrading this fund from a four-star rating to two stars.
Bonds issued by major governments and companies will be more stable that those issued by emerging markets or smaller corporate issuers; in the event of an issuer experiencing financial difficulty, there may be a risk to some or all of the capital invested. Please note that historical or current yields should not be considered reliable indicator of future performance.
The value of investments, and the income derived from them, can go down as well as up and you may get back less than you originally invested.
This article is not a personal recommendation or advice to invest.
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