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STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY B

STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY B - Overview

Overview of STEWART INVESTORS GLOBAL EMERGING MARKETS SUSTAINABILITY B

The Fund aims to generate attractive long-term, risk-adjusted returns by investing in the shares of those companies which are positioned to benefit from, and contribute to, the sustainable development of the countries in which they operate. Investment decisions around sustainability are based on three key points: Identifying companies who manage sustainability risks and opportunities and those with a positive sustainability impact; Inclusion of environmental, social and corporate governance matters in investment research; Engaging directly with companies on identified sustainability issues.

  • Standard Initial Charge 4.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Specialist
Structure OEIC
Launched April, 2009
Size £508m
Yield 0.5%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.90%
Ongoing charges figure 0.94%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

Stewart are experienced investors in Asia and Emerging Markets companies. Lead manager Jack Nelson works closely with the more experienced David Gait, who now has wider team responsibilities. The positive engagement tilt in the investment process results in it being classified as mid-green. Due to the cautious nature of the investment process this fund does tend to underperform in rising markets, but the fund has displayed downside protection characteristics in recent years. The fund was soft closed from 2012-18, but following its re-opening we added it to our buylist.

Portfolio

Allocation Proportion(%)
Equity 91
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 9
Allocation Proportion(%)
UK 8
Europe 2
North America 3
Japan 7
Pacific 14
Emerging Markets 66
Allocation Proportion(%)
Large Caps 66
Mid Caps 26
Small Caps 8

View all performance data for this fund

Investment process

The fund's investment universe is companies operating in the emerging markets or whose business is predominately based in the emerging markets. The investment process will take account of sustainability themes and issues and requires positive engagement with companies in respect of these. A fundamental bottom up approach is used to selecting stocks, targeting companies that offer sustainable and predictable growth with an emphasis on company cash flow and balance sheet strength. The investment outlook is generally medium to long term and avoids 'momentum' type stocks. The fund's mandate means that it will be restricted from investment in some companies, which could impact performance when these areas are driving the market.

Live feed

Bid price(inc) 451.28p
Accum units 451.28p
Fund commentary
Fund data updated on 21/09/21

Asset allocation

Allocation Proportion(%)
Equity 91
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 9

Equity Geographic

Allocation Proportion(%)
UK 8
Europe 2
North America 3
Japan 7
Pacific 14
Emerging Markets 66

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 66
Mid Caps 26
Small Caps 8

Top 10 holdings

As at: 31/07/2020
6% Unilever
5.8% Tata Consultancy Services
4.4% Taiwan Semiconductor Manufacturing
4.1% Unicharm Corp
3.9% Vitasoy International Holdings
3.5% Tech Mahindra
3.4% Marico
3.4% Housing Development Finance Corporation Limited
2.4% Pigeon Corp
2.3% Mahindra & Mahindra
Source: Trustnet

Sector breakdown

Consumer Staples 36%
Information Technology 27%
Financials 9%
Cash & Cash Equivalents 9%
Health Care 7%
Consumer Discretionary 6%
Industrials 3%
Communications 3%

Portfolio details

The fund holds approximately 40-60 stocks. They cannot hold less than 30 stocks.

Constraints

Portfolio is relatively unconstrained with CIO limits of a max. 30% in any country and max. 40% in any GICS sector. Max 20% cash. Max 10% in single stock.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
16/17 17/18 18/19 19/20 20/21   3 years 5 years Career 3 years 5 years Career
-0.74% 0.51% 0.52% -0.48% 0.56%   0.20% 0.07% 0.16% 72.20% 69.20% 84.10%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Jack Nelson

Manager. Jack Nelson is an Analyst and Portfolio Manager at Stewart Investors. He joined the team in September 2011 and Nelson has co-managed the GEM Sustainability fund since 2014. Nelson holds a first class BA (Hons) in Politics, Philosophy and Economics from Queen’s College, Oxford.

Track record

Jack Nelson has 7.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.16%. During the worst period of relative performance (from May 2016 - October 2017) there was a decline of 14% relative to the index. The worst absolute loss has been 18%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 84%.

Periods of worst performance
Absolute -18% (July 2019 - March 2020)
Relative -14% (May 2016 - October 2017)

Other funds managed

Sector record since January 2014 (8 yrs)




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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