MW Emerging Markets Fund
 
Fund launch date
 01/03/2007
Fund size
at 18/09/2020
£81m
Personal class
Unit class launch date
01/01/2013
Unit class size
£81m
Current price
per personal unit
at 12 noon on
 18/09/2020
 
£21.440xd
Change in price (+/-)
 +£0.065
Historic dividend yield 1
 
1.7%
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.
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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 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. 

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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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
  • 1%
    Cash
  • 99%
    Equities

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Geographic allocation
  • 70%
    Asia ex. Japan
  • 13%
    Latin America
  • 5%
    Africa
  • 9%
    Emerging Europe
  • 3%
    UK*

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Prospects for world economic growth have been overwhelmed by the massive and unprecedented disruption caused by the coronavirus pandemic.  However, business activity has now started to pick up as lockdown measures have been relaxed in many countries.  The extent of this recovery has varied widely, depending on the severity of outbreaks of the virus and the capacity of governments to subsidise employment and wages. 

Public sector borrowing is rising dramatically almost everywhere as a result of irresistible political pressure to ‘do what it takes’ to maintain living standards.  At this stage, there is no evidence of any inflationary pressures arising from the resulting looseness of monetary and fiscal policies, but any sustained economic revival may well be accompanied by sharp rises in consumer prices.

Governments have directly intervened in an unprecedented way into a wide range of commercial activities. Financial and regulatory support for ‘national champions’ is likely to undermine competition at a time when international trading relationships are already under threat.

China was initially hit hard by the pandemic, yet its economy is now expected to grow by 3% over the full year.  At the same time, the political situation in Hong Kong remains unstable and is starting to impact China’s relationships with the rest of the world. It seems likely that trade disputes between the US and China will continue to fester, but US policy may shift if there is a change of President later in the year.  

The outlook for the Indian economy was deteriorating before the spread of the virus gained momentum.  Serious flooding and travel restrictions have also left large numbers unable to work. Meanwhile, the government's progress on structural reform has been disappointing, and the country’s financial system is looking increasingly fragile. Much will clearly depend on the extent to which the pandemic can be contained.

Forecasts for Latin America have also been impacted by the health crisis. There had been some signs of progress in Brazil, as loose central bank policy and sweeping deregulation appeared to be stimulating household consumption.  However, President Bolonsaro’s persistent denial of the severity of the disease and his resultant decision to stop publishing alarming infection data make it difficult to assess the current state of the economy.

In the long term, emerging markets continue to offer potential for higher growth rates than their developed peers. They may also be favoured by demographics. While many developing markets lack social security systems and widespread access to quality healthcare, their populations tend to be younger and may be better placed to withstand the pandemic.

At the time of writing, there is still considerable uncertainty about the scale of lasting disruption from COVID-19 and the effectiveness of the different health responses being implemented. Local economic cycles in individual countries have always varied widely, and the portfolio has focused 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 August 2020
 
1 year
 
3 years
 
5 years
 
10 years
Since launch
 01/03/2007
Cumulative return
-7.7
-1.2
48.3
60.0
172.1
Cumulative Retail Price Index (RPI)
1.6
7.8
13.8
31.6
44.9
Annualised return
-7.7
-0.4
8.2
4.8
7.7
Annualised Retail Price Index (RPI)
1.6
2.5
2.6
2.8
2.8
Discrete annual returns
Total return (%)
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
12 months to 31st August
  • -7.7
  • 13.3
  • -5.5
  • 14.7
  • 30.9
  • -16.0
  • 13.7
  • 3.4
  • 6.9
  • 2.2
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
Bank of New York Mellon (International) Limited 
Fund size (at 18/09/2020)
£81m
Independent auditor
PricewaterhouseCoopers LLP 
Fund status
Authorised unit trust 
Reference currency
GBP 
IA sector
Specialist 
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
£1,000 
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
 
 
Dividend
rate
Ex-dividend
date
Payment
date
Interim
14.000p
02.09.19
31.10.19
Final
25.662p
02.03.20
30.04.20
Unit class
Personal class 1
Launch date
 01/01/2013
Unit price
(at 18/09/2020)
 
£21.440xd
Historic dividend yield 2
 
1.7%
SEDOL
 B7SKS40
ISIN
 GB00B7SKS407
1 A Legacy Class Unit (SEDOL 0554325 & ISIN GB0005543250) 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
 Nil
Ongoing charges figure
 1.26%
(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

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