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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 £1,868m
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

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 90
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 10
Allocation Proportion(%)
UK 4
Europe 2
North America 1
Japan 0
Pacific 21
Emerging Markets 72
Allocation Proportion(%)
Large Caps 70
Mid Caps 24
Small Caps 6

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) (149.13p) 559.51p
Accum units 559.51p
Fund commentary 13/09/19
Fund data updated on 17/09/19

Asset allocation

Allocation Proportion(%)
Equity 90
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 10

Equity Geographic

Allocation Proportion(%)
UK 4
Europe 2
North America 1
Japan 0
Pacific 21
Emerging Markets 72

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 70
Mid Caps 24
Small Caps 6

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.

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
-0.75% 0.01% -0.38%   -0.37% -0.44% 18.90% 13.10%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Ashish Swarup

Manager. Swarup joined Stewart Investors in June 2014 and has over a decade’s experience in managing equity investments. Prior to joining Stewart Investors, he was Portfolio Manager (Global Emerging Markets) at Fidelity Management & Research and Fidelity Investments. Swarup has a Degree in Electronics and Communication Engineering from the Indian Institute of Technology, a Post Graduate Diploma in Management from the Indian Institute of Management, and holds a MBA from INSEAD in France.

Track record

Ashish Swarup has 3.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.44%. 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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