MW Emerging Markets Fund
 
Fund launch date
 01/03/2007
Fund size
at 24/03/2017
£62m
Personal class
Unit class launch date
07/01/2013
Unit class size
£62m
Current price
per personal unit
at 12pm on
 24/03/2017
 
£21.198xd
Change in price (+/-)
 +£0.073
Dividend yield
 
1.6%
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Your fund holding value based on above price: £

Objectives and policy

The investment objective of the Emerging Markets Fund is to grow the real value of investors’ capital and income. Investments will primarily be in companies operating or incorporated in developing countries. An equal emphasis will be placed on the generation of income and on capital growth. 

The fund may invest in any geographical area and any economic sector. In accordance with the firm’s ethical principles, the fund has no investments in tobacco companies or companies directly involved in the development of arms. 

Composition

The fund holds a portfolio of direct investments in a diversified range of emerging market equities. Individual investments and geographic allocations are continually evaluated and adjustments are made according to the relative merits of each holding and the opportunities offered by different international markets.

Structure

The fund is structured as an authorised unit trust. Its structure provides investors with certain institutional safeguards and simplicity of administration. Investors will gain access, through the fund, to a portfolio that may be impractical to assemble themselves. Furthermore, as no tax is suffered on capital gains realised within the fund, there are no tax constraints on active management of fund holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.

Asset allocation
  • 2%
    Cash
  • 98%
    Equities

If you cannot see this chart, please download the Quarterly Fact Sheet

Geographic allocation
  • 71%
    Asia ex. Japan
  • 18%
    Latin America
  • 4%
    Africa
  • 5%
    Emerging Europe
  • 2%
    UK (incl. cash)

If you cannot see this chart, please download the Quarterly Fact Sheet

In Asia, the outlook has improved.  There has been progress in much-anticipated tax reform in India, while the controversial president of the Philippines has indicated his desire to boost foreign investment and improve infrastructure.  In China, too, the picture appears to be brightening.

In Latin America, conditions are more uncertain.  Brazil has a new government after the impeachment of Dilma Rousseff, but the economy remains in recession and promised structural reforms may prove unpopular and difficult to implement.  Mexico would be particularly vulnerable to any protectionist measures that President-Elect Donald Trump might implement, so investment is likely to continue to slow. Elsewhere in the region, there are early signs of improvement in Argentina.  After painful but necessary reform, inflation is flowing and the IMF is forecasting a return to growth next year.

After a difficult period following the collapse of commodity prices, relative growth trends now favour emerging markets over their developed peers.  Global economic recovery remains fragile and the political atmosphere in many countries appears to be turning towards protectionism and populism, which could threaten growth.  Nonetheless, many developing markets retain key defences against recession, including the ability to cut interest rates and favourable demographic forces.

In the long term, McInroy & Wood believes that there are particularly attractive investment opportunities to be found in the emerging markets. This reflects our view that the centre of economic gravity is shifting away from the developed economies of the world towards the developing ones. The latter are benefiting from favourable trends in demographics, liberalisation, and capital and technology flows. The result has been a superior rate of economic growth in much of the developing world, and we expect this to result in rising profit growth and good stock market returns in the future.

Total return on investment
net of charges and assuming re-investment of dividends

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Total return (£)
Value of initial £1,000 investment
RPI inflation
Total returns
Total return (%)
to 28th February 2017
 
1 year
 
3 years
 
5 years
 
10 years
Since launch
 01/03/2007
Cumulative return
30.0
38.0
37.5
N/A
153.5
Annualised return
30.0
11.3
6.6
N/A
9.8
Discrete annual returns
Total return (%)
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
12 months to 28th February
  • 30.0
  • -9.7
  • 17.6
  • -17.4
  • 20.6
  • 5.5
  • 17.6
  • 78.0
  • -31.2
Historic prices and dividends
Personal class
Legacy class (closed 21/12/2016)
General
Launch date
01/03/2007 
Manager
McInroy & Wood Portfolios Ltd 
Investment adviser
McInroy & Wood Ltd 
Custodian & Trustee
BNY Mellon Trust & Depositary (UK) Ltd 
Fund size (at 24/03/2017)
£62m
Independent auditor
PricewaterhouseCoopers LLP 
Fund status
Authorised unit trust 
Reference currency
GBP 
IA sector
Specialist 
Valuation and dealing
12pm on each UK business day 
Valuation basis
Forward, single-price basis 
Unit type
Income (reinvestment facility available) 
Min. initial and subsequent investment
£1,000 
Regular savings facility
£100 monthly minimum investment 
Reporting periods
31st March and 30th September 
Current tax year ISA/JISA limits
£15,240 / £4,080 
Dividend information
Ex-dividend dates
1st April and 1st October 
Payment dates
On or before 31st May and 30th November for each reporting period 
Most recent dividends:
Personal class
 
 
Dividend
rate
Ex-dividend
date
Payment
date
Interim
14.000p
01.10.16
30.11.16
Final
19.949p
01.04.16
31.05.16
Unit class
Personal class
Launch date
 07/01/2013
Unit price
(at 24/03/2017)
 
£21.198xd
Dividend yield
 1.6%
SEDOL
 B7SKS40
ISIN
 GB00B7SKS407
Fees and charges
Personal class
Initial charge
 Nil
Ongoing charges figure
 1.33%
(including 1.00% annual management charge)
Exit charge
 Nil
Performance fee
 Nil

If you are considering investing in the fund or wish to manage existing investments all the information and forms you need can be downloaded using the links below. All investments require the completion of the appropriate form which should then be sent to the postal address below.

Our funds are also available from various platforms. These are categorised as either Retail (for anyone investing directly in their own right) or Advisor (for investments made via a professional intermediary).

Please do not hesitate to contact our Unit Trust Team should you have any questions.

Fund documentation
Contact us
If you require further information or clarification, or would simply like to discuss any aspect of the services we provide, please call us on the number below and we will make sure the right person speaks to you.

Telephone

+44 (0)1620 825 867

Postal address for mailing of all forms

McInroy & Wood Portfolios Limited
PO Box 12177
Chelmsford
CM99 2EA

Forms
Application – for initial investments and regular savings plans
Transfer – to move existing ISA/JISA investments
Top up – to add to existing investments
Switch – to move investments between funds
Other

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