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Risk Considerations

  1. The Fund is actively managed and invests mainly in a diversified portfolio of shares of emerging market companies.
  2. Investment in the Fund involves risks, including general investment risk, equity market risk, risks associated with depositary receipts, exclusion criteria risk, emerging markets risk, risk associated with high volatility of equity markets in emerging countries, risk associated with regulatory/exchanges requirements of the equity markets in emerging countries, geographic concentration risk and currency risk which may result in loss of a part or the entire amount of your investment. 
  3. The Fund may use derivatives for hedging and efficient portfolio management and is subject to derivatives risk. Exposure to derivatives may lead to a risk of significant loss by the Fund.
  4. The value of the Fund can be volatile and could go down substantially.
  5. Investors should not invest in the Fund solely based on this website.


Investment involves risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Emerging Markets Equity Fund
An actively managed, diversified portfolio of approximately 90-120 emerging markets stocks, unconstrained by country, sector, or market cap. We aim to identify high quality companies with long-term sustainable above-market earnings growth, at prices that do not fully reflect that growth. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0133084623
30-Nov-2023 - Eric Moffett, Portfolio Manager,
Value as an investment style has significantly outperformed growth over the past three years which has been a challenge for our “growth at a reasonable price” framework. However, we remain confident in our process and its ability to find and invest in companies that can achieve sustained long-term growth, particularly as growth has become scarcer.

Fund Summary
We have a bottom-up, long-term approach, driven by fundamental research. Our company research focuses on franchise strength, management team quality, free cash flow, and financing structure. Corporate governance is strongly embedded within our investment process, as is the consideration of critical macroeconomic and political factors. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Nov-2023 - Eric Moffett, Portfolio Manager,
Emerging markets bounced back in US dollar terms in November on the belief that major central banks are winning their battle against inflation. In Asia, Chinese equities rose as speculation that US interest rates may be near their peak offset broader concerns about the country’s slowing growth. Meanwhile, all regional markets within Latin American were positive during the month, led by the robust performance in Mexico. Within the portfolio, security choices in consumer discretionary hindered relative returns, while our overweight position also hurt to a lesser degree. Shares of a Chinese restaurant operator plunged after it missed earnings estimates in the third quarter of the year amid soft demand. The company was also challenged by rising competitive pressures from its peers. Our underweight allocation to communication services also held back relative performance. In contrast, security picks in financials benefitted, while our holdings in information technology (IT) also contributed. In IT, our off-benchmark investment in Argentinian technology-services provider added value. The company’s shares were propped up by its earnings report which showed organic growth that was ahead of the industry average. Underweighting South Korea hurt the most at the country level. Conversely, our out-of-benchmark holdings in Argentina and the Netherlands helped.
30-Nov-2023 - Eric Moffett, Portfolio Manager,
We have identified several high-quality investment opportunities in sectors including consumer staples and consumer discretionary. We have a large allocation to the former where we believe our holdings are well placed to benefit from a growing middle class in the emerging world and have the potential to achieve relatively stable levels of earnings growth over the next few years. Conversely, we have a long-standing underweight position in materials where we have typically not found many companies with the durable, longer-term, earnings growth that we seek.
30-Nov-2023 - Eric Moffett, Portfolio Manager,
We have a relatively overweight position in Brazil where we have identified a broad range of investment opportunities that are trading at attractive valuations. In our view, the growth outlook for the country this year remains positive, and we continue to identify areas of the market that we believe will be beneficiaries of its robust macroeconomic backdrop. On the other hand, we are more cautious about Taiwan, which we believe could stay weak in the near term given that it is heavily exposed to global trade.