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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

This fund invests in a diverse selection of large companies with stable cashflows and robust balance sheets. The manager focuses on long-term growth prospects and reasonable valuations. Historically, this investment style has tended to provide greater downside protection, although this can also result in the fund lagging in strongly rising markets. From September 2013 this fund is closed to new investors.

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

Fund summary

Sector Specialist
Structure OEIC
Launched December, 2003
Size £1,828m
Yield 0.8%
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

This fund benefits from an experienced manager with an absolute return mindset to investment. The fund offers a more cautious approach to investment in developing countries, with a focus on high quality, shareholder friendly companies. Stock research is conducted by a large and well resourced team based in Edinburgh, Hong Kong and Singapore that includes former manager Angus Tulloch. The manager is also open to accessing emerging markets via companies listed in developed markets, enabling him to take advantage of valuation anomalies.

Portfolio

Allocation Proportion(%)
Equity 87
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 13
Allocation Proportion(%)
UK 4
Europe 2
North America 1
Japan 0
Pacific 26
Emerging Markets 67
Allocation Proportion(%)
Large Caps 70
Mid Caps 23
Small Caps 7

View all performance data for this fund

Investment process

The manager's investment universe covers companies operating across the emerging markets, including Asia, Latin America, Eastern Europe, Africa and the Middle East. The manager relies heavily on qualitative analysis and his team's own research and contact network to generate ideas. Sustainability of earnings and earnings growth are key considerations for potential investee companies. The team carries out over 1000 company meetings each year, assessing the company based on Quality, Growth and Price in an effort to identify good companies with growth potential that are being mis-priced by the market. Qualitative analysis is supported by quantitative analysis of the financial strength of each company. This research gives rise to a watchlist of around 350 stocks. These stocks will have a clear statement on entry prices as well as review prices to enable the construction of a portfolio of stocks which are trading below their fair value.

Live feed

Bid price(inc) (172.47p) 582.85p
Accum units 582.85p
Fund commentary 09/03/11
Fund data updated on 19/07/19

Asset allocation

Allocation Proportion(%)
Equity 87
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 13

Equity Geographic

Allocation Proportion(%)
UK 4
Europe 2
North America 1
Japan 0
Pacific 26
Emerging Markets 67

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 70
Mid Caps 23
Small Caps 7

Top 10 holdings

As at: 31/05/2019
5% Tata Consultancy Services
4.4% Dr Reddys Laboratories
3.8% Tata Power Co
3.8% Cipla
3.5% Remgro
3.4% Newcrest Mining
3.4% Tiger Brands
3.3% Unilever
3.3% Uni President Enterprises Corp
3.1% Universal Robina Corp
Source: Trustnet

Sector breakdown

Consumer Staples 38%
Information Technology 11%
Health Care 11%
Financials 11%
Cash & Cash Equivalents 9%
Utilities 7%
Communications 5%
Materials 3%
Energy 3%
Consumer Discretionary 2%

Portfolio details

30-60 portfolio positions. Stock weights are a function of conviction. Cash levels should not normally exceed 5%.

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
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
-0.82% -0.04% -0.48%   -0.45% -0.45% 14.00% 14.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Ashish Swarup

Manager. Swarup joined the Stewart Investors team in June 2014 after a career of more than ten years in investment management and three years in information technology. Swarup has a Degree in Electronics Engineering from the Indian Institute of Technology, a Post Graduate Diploma in Management from the Indian Institute of Management and an MBA from INSEAD, France.

Track record

Ashish Swarup has 3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.45%. During the worst period of relative performance (from July 2016 - April 2019) there was a decline of 17% relative to the index. The worst absolute loss has been 9%.

Periods of worst performance
Absolute -9% (December 2017 - October 2018)
Relative -17% (July 2016 - April 2019)

Sector record since July 2016 (3 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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