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The investment objective of the Emerging Markets Fund is to grow the real value of investors’ capital and income. Investments will be in companies operating or incorporated in emerging markets. 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.
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.
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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.
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If you cannot see this chart, please download the Quarterly Fact Sheet
A complete listing of all stocks held by the fund at its most recent reporting date can be found here.
Prospects for world economic growth have been overwhelmed by the massive and unprecedented disruption caused by the coronavirus pandemic. Nevertheless much has changed since the original devastation caused by Covid in the first half of the year. Medical management of the illness is more effective, and economies have made considerable strides in adapting to the new environment. Global supply chains have been preserved and industrial production has recovered. Moreover, widespread vaccination programmes should reinforce confidence and provide hope of a more positive 2021.
China’s relative success in suppressing the impact of the virus has resulted in a sustained recovery with growth of 2% forecast for the past year, boosted by both domestic and global demand. India, by contrast, has fallen into recession after three consecutive quarters of GDP contractions, but there are signs of a tentative recovery following some easing of restrictions and a good monsoon. Brazil, too, may be past the worst of its economic pain, so long as the spread of the disease can begin to be contained.
In the long term, emerging markets still have the potential to grow much faster than their developed peers. They may also be favoured by demographics as their younger populations should be better placed to withstand the pandemic, even where social security systems and access to quality healthcare are relatively weak. At the time of writing, there is still considerable uncertainty about the extent of lasting disruption from the virus and the effectiveness of the different health responses being implemented. However, local economic cycles in individual countries have always varied widely, and the portfolio continues to focus on sound businesses with strong market positions, particularly those that will benefit from increased wealth in the middle classes.
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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.
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+44 (0)1620 825 867
McInroy & Wood Portfolios Limited
Investor Administration
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