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STEWART INVESTORS GLOBAL EMERGING MARKETS LEADERS A

STEWART INVESTORS GLOBAL EMERGING MARKETS LEADERS A - Overview

Overview of STEWART INVESTORS GLOBAL EMERGING MARKETS LEADERS A

The objective of the fund is to produce defensible capital growth through investing in a large and mid-cap portfolio of companies in emerging markets. The manager Ashish Swarup employs a fundamental bottom-up approach to stockpicking, targeting companies that offer sustainable and predictable growth with an emphasis on quality management. The fund is run with an absolute return mindset and a focus on both business and valuation risk as the manager defines risk as the permanent loss of capital.

  • Standard Initial Charge 4.00%
  • Initial charge via Bestinvest 3.85%

Fund summary

Sector Specialist
Structure OEIC
Launched December, 2003
Size £976m
Yield 0.9%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 4.00%
Initial charge via Bestinvest 3.85%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.60%

Closed.

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

Ashish Swarup has been at Stewart Investors for over five years and has proven his stock selection matches the defensive characteristics targeted by the firm. This fund aims to achieve capital growth over the long-term with capital preservation characteristics, which make it likely to lag strongly rising markets but protect when it matters. Whilst we like the disciplined approach this fund is closed to new investors and takes an identical approach to investing as close peers such as Stewart Investors Global Emerging Markets Sustainability.

Portfolio

Allocation Proportion(%)
Equity 92
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 8
Allocation Proportion(%)
UK 5
Europe 4
North America 1
Japan 0
Pacific 23
Emerging Markets 67
Allocation Proportion(%)
Large Caps 73
Mid Caps 22
Small Caps 5

View all performance data for this fund

Investment process

The manager employs a fundamental, bottom-up investment approach, targeting companies deemed to have quality in either financials, management and/or franchise. Stock research is conducted by a well-resourced team based in London and Edinburgh. Investment ideas are primarily sourced from company visits, research trips, industry contacts and third party research and typically the team conduct over 1300 company meetings per year. Portfolio holdings typically have strong balance sheets, are cash generative, shareholder friendly and are able to grow their revenues and profits sustainably and predictably. The investment horizon is generally medium to long term and the manager avoids 'momentum' type stocks. The team uses its own proprietary research tools and prefers to meet management of businesses before and when it invests. Decision-making takes into account factors such as quality of research, team decisions and views, and the manager's own knowledge of the companies. Final stock decisions and portfolio construction are the responsibility of the portfolio manager.

Live feed

Bid price(inc) (45.11p) 455.49p
Accum units 455.49p
Fund commentary 13/09/19
Fund data updated on 29/05/20

Asset allocation

Allocation Proportion(%)
Equity 92
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 8

Equity Geographic

Allocation Proportion(%)
UK 5
Europe 4
North America 1
Japan 0
Pacific 23
Emerging Markets 67

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 73
Mid Caps 22
Small Caps 5

Top 10 holdings

As at: 29/02/2020
7% Tata Consultancy Services
4.4% Unilever
4.2% Uni President Enterprises Corp
3.9% Remgro
3.2% President Chain Store Corp
2.9% Koc Hldg A.s.
2.8% Fomento Economico Mexcano Sab De Cv
2.7% Banco Bilbao Vizcaya Argentaria Sa
2.6% Tata Consumer Products Ltd
2.6% Tata Power Co
Source: Trustnet

Sector breakdown

Consumer Staples 40%
Financials 15%
Information Technology 13%
Cash & Cash Equivalents 7%
Materials 5%
Health Care 5%
Industrials 4%
Utilities 4%
Consumer Discretionary 3%
Energy 2%

Portfolio details

30-60 portfolio positions. Stock weights are a function of conviction.

Constraints

Maximum of 30% in each of the larger markets of China, Korea, Taiwan, Mexico, Brazil, Israel and South Africa; other countries tiered for 20% and 10% maxima depending on size
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
15/16 16/17 17/18 18/19 19/20   3 years 5 years Career 3 years 5 years Career
1.05% -0.35% -0.51% -0.24% -1.15%   -0.63% -0.24% -0.20% 6.60% 30.20% 34.10%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Tom Prew

Manager. Prew is an Analyst and Portfolio Manager at First State Stewart (FSS). He joined the firm as a graduate in 2006 and currently manages First State’s Emerging Market and Latin American funds. In addition to this he conducts analysis in support of the Asia Pacific ex-Japan and Worldwide funds. Prew has a Bachelor of Arts (Hons) in Jurisprudence from Lincoln College, Oxford.

Track record

Tom Prew has 6.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.2%. During the worst period of relative performance (from May 2016 - March 2020) there was a decline of 28% relative to the index. The worst absolute loss has been 32%.

Periods of worst performance
Absolute -32% (July 2019 - March 2020)
Relative -28% (May 2016 - March 2020)

Sector record since November 2013 (6 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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