MW Emerging Markets Fund
Fund launch date
Fund size
at 30/03/2020
Personal class
Unit class launch date
Unit class size
Current price
per personal unit
at 12 noon on
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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. 


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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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
  • 67%
    Asia ex. Japan
  • 16%
    Latin America
  • 7%
  • 7%
    Emerging Europe
  • 3%

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Although the long-term prospects for emerging markets remain promising, the immediate outlook appears more difficult, and the explosive growth of previous decades may be hard to recapture. This partly reflects a general slowdown in mature economies which has hurt commodity prices. However, structural shifts may have more lasting effects. The trend towards the globalisation of production may be reversing in the face of political hostility in developed countries.

China faces some significant issues, not least in Hong Kong. Record government subsidies to the corporate sector may hurt competitiveness if sustained, but for now they appear to have stabilised the economy. The Sino-American trade dispute continues to fester. While the White House noisily insists that it can win any trade war, the US itself has been more impacted so far. Chinese tariffs on agricultural goods have begun to hit American farmers, an important base of support for President Trump, and they may increase pressure to find some compromise. Although the slowdown has also hurt less mature markets, such as Vietnam, they are receiving some compensation from international firms shifting production to avoid the impact of trade restrictions.

Immediate prospects in India have become more testing. GDP growth and private consumption are decelerating, while industrial investment and manufacturing also look weak. Against this background, banks have become more cautious and lending has slumped. The re-elected Modi government has relaxed its budget deficit target, but there are significant shortfalls in the collection of tax receipts, and its room for manoeuvre may be limited.

Political turbulence has been an enduring feature of investment in emerging markets. President Bolsonaro's agenda in Brazil could founder on reforming the pension burden that consumes over half of the country's budget, while his Argentinian counterpart Macri looks set to lose power to a resurgent Peronist opposition. In Mexico, President Obrador's brand of left-wing populism is beginning to destabilise the economy, with confidence sharply eroded by the resignation of his finance minister. Elsewhere, discontent in South Africa has been fuelled by high unemployment. Strident demands for land reform, the hostility of former supporters of President Zuma, and the difficulties with the Eskom electrical utility are all testing the Ramaphosa government. In Turkey, President Erdogan's party has become increasingly divided in the wake of its defeat in Istanbul, and economic policy is increasingly driven by ephemeral political considerations.

There are attractive long-term secular growth opportunities in so-called 'frontier markets'. Egypt and Kenya have seen violent political disturbances in recent years, but are now benefiting from a degree of stability, and economic growth is running at over 5% in both countries, even if much depends on prospects in their agricultural sectors.

Stock selection in the portfolio emphasises businesses that can deliver profitable growth over many years. Many of the holdings in the portfolio are family-controlled enterprises. Managers in these companies can take advantage of a stable shareholding base to develop strategy over extended time horizons. Although growth may struggle to regain previous heights, emerging economies are still likely to expand more rapidly than their more mature counterparts. In more difficult times, a selective approach to both markets and companies is essential for investors, and the portfolio seeks to identify specific opportunities with outstanding longer-term prospects.

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 29th February 2020
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 (%)
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
12 months to 29th February
  • -1.3
  • -1.3
  • 6.9
  • 29.6
  • -9.7
  • 17.6
  • -17.4
  • 20.6
  • 5.5
  • 17.6
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 30/03/2020)
Independent auditor
PricewaterhouseCoopers LLP 
Fund status
Authorised unit trust 
Reference currency
IA sector
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
Regular savings facility
£100 monthly minimum investment 
Reporting periods
28th February and 31st August 
Current tax year ISA/JISA limits
£20,000 / £4,368 
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
Launch date
Unit price
(at 30/03/2020)
Dividend yield
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
PO Box 12177
CM99 2EA

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