MW Emerging Markets Fund
Fund launch date
Fund size
at 24/02/2021
Personal class
Unit class launch date
Unit class size
Current price
per personal unit
at 12 noon on
Change in price (+/-)
Historic dividend yield 1
1 Historic dividend yield reflects distributions declared over the past 12 months as a percentage of the unit price. You should remember that the price of units and the income from them may go down as well as up. Past performance should not be used as a guide to future performance.
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 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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.

Asset allocation
  • 1%
  • 99%

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Geographic allocation
  • 70%
    Asia ex. Japan
  • 14%
    Latin America
  • 6%
  • 7%
    Emerging Europe
  • 3%

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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.

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
Retail Price Index (RPI)
Total returns
Total return (%)
to 31st January 2021
1 year
3 years
5 years
10 years
Since launch
Cumulative return
Cumulative Retail Price Index (RPI)
Annualised return
Annualised Retail Price Index (RPI)
Discrete annual returns
Total return (%)
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
12 months to 31st January
  • 9.5
  • 2.6
  • -3.3
  • 13.0
  • 30.8
  • -15.0
  • 21.8
  • -14.9
  • 20.3
  • -2.7
Historic prices and dividends
Personal class
Legacy class (closed 21/12/2016)
Launch date
McInroy & Wood Portfolios Ltd 
Investment adviser
McInroy & Wood Ltd 
Custodian & Trustee
Bank of New York Mellon (International) Limited 
Fund size (at 24/02/2021)
Independent auditor
PricewaterhouseCoopers LLP 
Fund status
Authorised unit trust 
Reference currency
IA sector
Valuation and dealing
12 noon on each UK business day 
Valuation basis
Forward, single-price basis 
Unit type
Income (reinvestment facility available) 
Min. initial and subsequent investment
Regular savings facility
£100 monthly minimum investment 
Reporting periods
28th February and 31st August 
Current tax year ISA/JISA limits
£20,000 / £9,000 
Dividend information
Ex-dividend dates
1st March and 1st September 
Payment dates
On or before 30th April and 31st October 
Most recent dividends:
Personal class
Unit class
Personal class 1
Launch date
Unit price
(at 24/02/2021)
Historic dividend yield 2
1 A Legacy Class Unit (SEDOL B1RWXF1 & ISIN GB00B1RWXF12) existed until the legacy class was closed on 21st December 2016. The Legacy Class Unit was the only class of unit until 1st January 2013 when it was replaced as the principal unit class by the Personal Class Unit. The Personal Class Unit is the only class of unit now available.

2 Historic dividend yield reflects distributions declared over the past 12 months as a percentage of the unit price. You should remember that the price of units and the income from them may go down as well as up. Past performance should not be used as a guide to future performance.
Fees and charges
Personal class
Initial charge
Ongoing charges figure
(including 1.00% annual management charge)
Exit charge
Performance fee

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.


+44 (0)1620 825 867

Postal address for mailing of all forms

McInroy & Wood Portfolios Limited
Investor Administration
64 St James's Street

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