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  • Home
  • About us
    • History
    • Principles
    • Statement on responsible investing
    • Ownership and structure
    • Our clients
    • Our people
    • Organisation chart
    • Board membership
    • Supporting the community
    • Working for McInroy & Wood
  • Our service
    • Investment management
    • Investing for charities
    • Ancillary services
    • Young investors
    • Costs and charges – discretionary service
    • Custodian interest rates
  • Investment approach
    • Insights
  • Our funds
    • MW Balanced Fund
    • MW Income Fund
    • MW Smaller Companies Fund
    • MW Emerging Markets Fund
    • Documents and forms
    • Proportional valuations
    • Platforms
    • Total return on investment
  • Occasional articles
  • Contact us
  • Login
    • Discretionary client login
    • Fund investor login
OUR FUNDS
Balanced Fund Income Fund Smaller Companies Fund Emerging Markets Fund
DOCUMENTS AND DOWNLOADS
Fund Fact Sheet Key Investor Information Document Supplementary Information Document Fund Prospectus Assessment of Value Interim and Annual Reports Historic dividends and prices Statement on responsible investing
Arrow Invest Arrow Contact us
EXPLORE THIS FUND
OUR FUNDS
Balanced Fund Income Fund Smaller Companies Fund Emerging Markets Fund
DOCUMENTS AND DOWNLOADS
Fund Fact Sheet Key Investor Information Document Supplementary Information Document Fund Prospectus Assessment of Value Interim and Annual Reports Historic dividends and prices Statement on Responsible Investing
Arrow Invest Arrow Contact us

Emerging Markets Fund

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. More information is available in the fund's Key Investor Information Document.

Why invest in the Emerging Markets Fund?

The Emerging Markets Fund aims to identify companies with the potential to grow faster than their developed market peers over the long term.  It offers exposure to investments that otherwise would be difficult and expensive for an individual to construct, particularly those with smaller sums to invest.

The fund has a long, public track record and – like all our investments – is managed according to our ethical principles.

Insights

The market this year? It’s different, it’s risky, it’s brilliant, it’s the world. A New Investment Horizon // February 2006
Read article
No business can long survive the backlash that inevitably follows the alienation of vast numbers of customers. Customers treated as categories – the consequences // May 2011
Read article
1/1

Our approach

Experience suggests that better investment results arise from a long-term investment approach with a focus on quality. We seek companies with sustainable growth prospects, strong business models, sound balance sheets, and often a growing stream of dividends.

We take a collegiate approach to stock selection and monitoring and our investment staff draw on a deep well of experience in the analysis of emerging markets. We have chosen as a matter of principle to invest directly, keeping full control over every investment.

Portfolio commentary

The fund’s portfolio strategy is based on the selection of individual stocks in geographically diversified developing markets. The fund focuses on consumer businesses with secure competitive positions that are able to benefit from the growing wealth of middle classes in emerging markets.

In recent months, global economic growth has been generally better than expected, although progress in China has been disappointing. A prolonged period of tight financial conditions still seems likely, and corporate earnings growth looks set to slow as a result. Nevertheless, many companies have taken steps to address any loss of momentum, and market valuations already appear to reflect such uncertainties. Careful stock selection of companies with pricing power and healthy balance sheets should provide a good platform for longer-term investors.

Commentary updated on 31st August 2023.

Whose needs is this fund designed to meet?

Whilst the fund is suitable for most retail investors, it is not suitable for investors who require full capital protection. Investors should have a medium to long-term investment horizon (3-5 years) and accept that the value of their investment will fluctuate. The fund will however allow ready access to the investment.

How is the fund structured?

The fund is a UK UCITS authorised unit trust. This means that the manager must follow minimum standards, including holding a diversified portfolio, publishing clear guidance on charges and taking steps to safeguard investors' money. Its structure provides investors with certain institutional safeguards and simplicity of administration.

There are also tax considerations: individuals can defer incurring capital gains tax until units in the fund are sold, and the portfolio of underlying investments are managed without tax constraints.

Composition

The fund holds a portfolio of direct investments in a diversified range of emerging market equities, as shown on the chart below. Individual investments and geographic allocations are continually reviewed and adjusted, according to their relative risks and opportunities.

Asset allocation

Equities (99%)
Cash (1%)

Geographic allocation

Asia ex. Japan (75%)
Latin America (17%)
Emerging Europe (3%)
Africa (3%)
UK* (2%)

Target portfolio allocations as at 30th September 2023. Actual allocations may vary. *Incl. cash and UK companies whose main operations are in emerging economies.

Total return on investment to 31st October
net of charges and assuming re-investment of dividends

View Full Chart
ANNUALISED RETURN - 1 year
-6.6%
ANNUALISED RPI - 1 year
8.9%
ANNUALISED RETURN - 3 years
0.3%
ANNUALISED RPI - 3 years
8.7%
ANNUALISED RETURN - 5 years
2.4%
ANNUALISED RPI - 5 years
5.9%
ANNUALISED RETURN - 10 years
3.2%
ANNUALISED RPI - 10 years
4.2%

 

Source: McInroy & Wood other than the UK RPI (Office of National Statistics).

The graph shows the growth in an initial investment of £1,000 over the time period selected assuming reinvestment of income on the xd date. The table shows total return as a percentage in UK sterling including the reinvestment of income on the xd date.

The Annualised Return represents the average annual return of the fund over a set number of years.  It is calculated using a geometric average which means that it captures the effects of compounding over the years.

You can assess how well the fund has performed against its objective to grow the real value of investors' capital and income by referring to the change in the UK Retail Price Index (RPI) over the same period.

Please note that the returns shown are historic and should not be taken as a guide to or guarantee of likely future returns. Please be aware that the value of investments and the income they generate may go down as well as up.

 

Fund Facts

Size 1
£66m
Current price per personal unit 1
£20.558
Change in price (+/-)
-£0.038
Historic dividend yield 2
2.2%
Minimum initial investment
£1,000
Regular saving facility
£100 minimum monthly investment
Additional investment availability
ISA, JISA, SIPP
Ongoing charges figure
1.28%
Fund launch date
1 March 2007
Structure
UK UCITS authorised unit trust

1 at 12 noon on 29/11/2023

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

Initial charge
Nil
Ongoing charges figure
1.28%
Exit charge
Nil
Performance fee
Nil

Calculate your fund holding value

Number of units held


Run valuation

Your fund holding value based on the current price1 is:

£658.14

1 at 12 noon on 29/11/2023

Investors may also obtain valuations from our online service.     Register / Login

Proportional valuation calculator
European MiFID II Template (EMT)

Historic dividends and prices

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
12.000p
01.09.23
31.10.23
Final
33.222p
01.03.23
28.04.23

Download historic dividends

Personal class (xls) Legacy class - closed 21/12/2016 (xls)1

Download historic prices

Personal class (xls) Legacy class – closed 21/12/2016 (xls) 1

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.

Interim and Annual Reports

Most recent fund report

Documents Interim Report 2023 External Link

2023

Documents Final Report 2023 External Link

2022

Documents Interim Report 2022 External Link Documents Final Report 2022 External Link

2021

Documents Interim Report 2021 External Link Documents Final Report 2021 External Link

2020

Documents Interim Report 2020 External Link

To invest in the MW Funds

Choose from the following four options:

Options at a glance

Online Online Joint Holdings By post By telephone
Dealing point12 noon valuation following: Your automated order confirmation that you have placed a deal Your automated order confirmation that you have placed a deal Receipt of your application and cleared funds Receipt of electronic payment
Lump sum For individual
portfolios only
Regular savings For individual
portfolios only
Top-up Following initial investment /
registration of
existing joint
holdings
Following initial investment /
registration of
existing joint
holdings
ISA
JISA

Our funds are available through third party platforms, however each company varies in what is offered.

N/A: Not Available

Option 1

Invest online

Individuals aged 18 or over who are investing in their own name may purchase units in non-ISA and ISA accounts. If your portfolio is to be held in joint names, the initial investment cannot be made online.

Login Register
Option 2

Invest by telephone

Existing investors may make further investments by telephone. Receipt of cleared funds by bank transfer is required before the order is accepted. Please note we cannot accept ISA investments by telephone. To invest, please call us on 01620 825 867. When placing your order the call will be recorded.

Option 3

Invest by post

Print the required form then complete and post your application.

Apply
To make initial lump sum investments or set up regular savings

Individual (Non ISA Investments)
ISA 2023-24
JISA 2023-24
Bare Trust (for a minor)
Corporate Entity
Nominee Firm
Partnership or Unincorporated Entity
Pension Scheme
Trust

Transfer
To move existing ISA/JISA/CTF investments to us

ISA Transfer 2023-24
JISA Transfer 2023-24
CTF to JISA 2023-24


For all other forms see our Documents and forms page.

McInroy & Wood Portfolios Limited
Investor Administration
64 St James’s Street
Nottingham
NG1 6FJ

Option 4

Invest through a third party platform

Our funds are also available from various platforms.

Retail
For private investors

AJ Bell
Aviva 
Embark
Hargreaves Lansdown
Interactive Investor
Standard Life

Advisor
For professional advisors

Aegon
AJ Bell Investcentre
Ascentric
Aviva
Embark
Fidelity
M&G
Novia
Nucleus
Quilter
7iM
Standard Life
Transact
Winterflood

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