MW Emerging Markets Fund
Fund launch date
Fund size
at 13/09/2019
Personal class
Unit class launch date
Unit class size
Current price
per personal unit
at 12pm on
Change in price (+/-)
Dividend yield
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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. 


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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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
  • 64%
    Asia ex. Japan
  • 20%
    Latin America
  • 7%
  • 6%
    Emerging Europe
  • 3%

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Perhaps the most promising trend favouring investment in developing economies has been the widespread implementation of reform programmes to boost growth and productivity. In the short term entrenched local interests may resist individual measures, but there is a broad political impetus in this direction across many different countries. This is a key factor in ensuring that economic growth remains superior to that elsewhere.

However, the immediate outlook for emerging markets is more difficult. Rising interest rates across the globe look set to impact investment spending and consumption. A higher oil price is hurting large net importers, including China and India. In the past developing markets have proved vulnerable to rises in the US dollar, and the recent strength of the currency has contributed to the negative sentiment evident this year.

Political factors have compounded these economic headwinds. President Trump's 'America First' policy is likely to prove very damaging to global commerce, and prospect of a trade war between China and the USA is an alarming one for investors, particularly as the Chinese economy is already slowing. Turkey is facing a full-blown political crisis as the re-elected President Erdogan battles US trade sanctions and attempts to face down international markets by refusing to raise interest rates to defend a plummeting currency. The election of a populist president in Mexico may lead to a testing period for the country which has to accommodate high expectations for change at the same time as stabilising the NAFTA agreement with the USA. All of these issues have the potential to ripple beyond local borders and provoke international selling of investments in developing markets.

Nevertheless, global growth is still strong, offsetting these short-term difficulties, and emerging economies should continue to benefit from this positive background. Looking beyond the present volatility, developing markets have better growth prospects than their developed counterparts. Long-term investors should be well rewarded with a selective approach.

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 August 2019
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 (%)
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
12 months to 31st August
  • 13.3
  • -5.5
  • 14.7
  • 30.9
  • -16.0
  • 13.7
  • 3.4
  • 6.9
  • 2.2
  • 38.2
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 13/09/2019)
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 13/09/2019)
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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