MW Emerging Markets Fund
 
Fund launch date
 01/03/2007
Fund size
at 19/10/2017
£69m
Personal class
Unit class launch date
07/01/2013
Unit class size
£69m
Current price
per personal unit
at 12pm on
 19/10/2017
 
£21.888xd
Change in price (+/-)
 +£0.069
Dividend yield
 
1.7%
Calculate your fund holding value



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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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

Despite considerable political uncertainty in many developing markets, there are promising, if sluggish, signs of reform.  A long-term perspective is essential.  The IMF has raised growth forecasts for emerging economies as a group to almost 5% in 2018, a pace more than double that forecast for developed nations.  Given this fundamentally positive economic environment for companies to trade in, developing markets still offer excellent opportunities.

While exports remain important to China, it is encouraging that the economy is becoming more balanced.  Rising real wages should boost consumption.  However, little has been done to target the country’s opaque financial system, which has been destabilised by years of debt-fuelled stimulus.  Investors may have to live with piecemeal rather than fundamental reform in China, as the authorities appear more comfortable reacting to specific problems rather than addressing structural issues.

India’s economy is fairly well insulated from global changes, relying far more on internally generated growth.  It has therefore come to be regarded as something of a refuge for emerging market investors. The economy is growing by over 7% and, by some estimates, has exceeded even Chinese growth rates.  This provides a solid basis for further progress in modernising the country’s business and commercial infrastructure, and an encouraging environment for investors.

In Latin America, Brazil, too, is making some progress on domestic reform, although painful spending cuts are likely to be deeply unpopular. Mexico’s economy is also reviving after the jolt to confidence which it received from the election of Donald Trump.

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 economic gravity is to some extent 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

You must upgrade your browser in order to view this chart.

Total return (£)
Value of initial £1,000 investment
RPI inflation
Total returns
Total return (%)
to 30th September 2017
 
1 year
 
3 years
 
5 years
 
10 years
Since launch
 01/03/2007
Cumulative return
6.4
22.2
37.4
122.3
160.1
Annualised return
6.4
6.9
6.6
8.3
9.4
Discrete annual returns
Total return (%)
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
12 months to 30th September
  • 6.4
  • 35.8
  • -15.4
  • 9.7
  • 2.5
  • 18.0
  • -10.6
  • 34.7
  • 37.4
  • -17.1
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 19/10/2017)
£69m
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
£20,000 / £4,128 
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
22.411p
01.04.17
31.05.17
Unit class
Personal class
Launch date
 07/01/2013
Unit price
(at 19/10/2017)
 
£21.888xd
Dividend yield
 1.7%
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

By using our site you accept the terms of our cookie policy.