MW Emerging Markets Fund
Fund launch date
Fund size
at 13/07/2020
Personal class
Unit class launch date
Unit class size
Current price
per personal unit
at 12 noon on
Change in price (+/-)
Dividend yield
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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holdings and individuals benefit from the deferral of tax on capital gains (if any) until the point at which capital is withdrawn.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
  • 70%
    Asia ex. Japan
  • 13%
    Latin America
  • 5%
  • 9%
    Emerging Europe
  • 3%

If you cannot see this chart, please download the Quarterly Fact sheet

Prospects for world economic growth have been overwhelmed by massive and unprecedented disruption occasioned by the coronavirus pandemic. Global recession now looks imminent. Saudi Arabia's shock decision to increase its output of oil, following a disagreement with Russia, triggered the largest single-day decline in the price of crude since the start of the Gulf War in 1991. It will continue to have a negative impact on share prices until such time as production targets are agreed. Equity markets have come under considerable pressure, pulling company valuations down to more attractive levels.

As to the future, much will depend on the success of COVID-19 containment. It is hard to see any sustained recovery until this has been achieved. In the meantime, governments have set out massive spending packages to support economic activity and central banks have cut interest rates sharply. A low oil price will also assist disposable incomes. Eventually, these factors should support a resumption of economic growth and stock markets should strengthen accordingly, once health concerns subside.

Demographics favour emerging economies. The virus appears to be more dangerous to those who either have existing health conditions or are older. 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 than ageing western populations.

Growth in China can be expected to rebound in the short-term if reports that the virus has been brought under control are to be believed. Once factories have rebuilt their inventory levels, they too will be dependent upon the restoration of global demand before further progress might be expected. The economy contracted sharply during the year, causing widespread ramifications elsewhere and exposing the vulnerability to sudden interruptions of lean global supply chains. The Chinese central bank responded accordingly by considerably loosening monetary policy to stave off both the ongoing effects of US trade sanctions as well as the impact of the virus. At the same time, the tensions in Hong Kong remain unresolved. While protests have virtually stopped in the face of the viral infection, a fresh wave of grievances is possible once the health picture improves.

The outlook for the Indian economy was also deteriorating before the spread of the virus gained momentum. The country faced violent protests triggered by President Modi's proposed citizenship legislation, which incorporates religious criteria into its refugee policies for the first time. Meanwhile, the government's progress on structural reform has been disappointing. The failure of a large private lender, Yes Bank, has also sparked wider concerns over the country's financial system.

Forecasts for Latin America have also been overtaken by the health crisis. Prospects were already looking difficult with social unrest in Chile and weak investment in Mexico, but there had been some signs of progress in Brazil. Household consumption has been rising, as loose central bank policy and sweeping deregulation appear to be bearing fruit. President Bolsonaro is poised to make the central bank independent and he has pushed through pension reform in the face of considerable opposition.

Despite the immediate crisis, emerging markets continue to offer long-term potential for higher growth rates than their developed peers. 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 containment strategies being implemented. The economic health of countries in emerging markets has always varied widely, and the portfolio aims to invest in 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 30th June 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 30th June
  • -5.0
  • 12.8
  • -0.8
  • 14.2
  • 11.3
  • 0.3
  • 4.0
  • 10.8
  • -4.9
  • 14.4
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 13/07/2020)
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
Launch date
Unit price
(at 13/07/2020)
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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