For financial professionals in Luxembourg

Emerging Markets Fund

A disciplined, risk-aware approach to accessing the long-term growth potential of high-quality companies operating in emerging markets


USD 10.61
As of 29/09/2020

1-Day Change
USD 0.05 (0.45%)
As of 29/09/2020

Morningstar ratings are based on the representative share class of this fund and are dated to the last month-end upon availability from Morningstar.


Quarterly video update

Daniel Graña, Emerging Market Equity Portfolio Manager, provides a Q2 2020 video update, examining the investment implications from COVID-19 on emerging markets and the portfolio he manages.


Daniel believes there are certain key factors that emerging markets need for future success – a large domestic market given deglobalisation, the creation of intellectual property (technology patents and brands) and a reformist or innovative government – and the most compelling opportunities on a longer-term view are likely to come from emerging Asia.



The Fund aims to provide a return, from a combination of capital growth and income over the long term.
Performance target: To outperform the MSCI Emerging Markets Index by 2% per annum, before the deduction of charges, over any 5 year period.


The Fund invests at least two-thirds of its assets in shares (equities) and equity-related securities of companies, of any size, in any industry, in emerging markets. Companies will have their registered office in or do most of their business (directly or through subsidiaries) in emerging markets. 'Emerging markets' may be countries in the MSCI Emerging Markets Index, those included in the World Bank definition of developing (low and lower middle income) economies, or which are, in the investment manager’s opinion, developing.
The Fund may also invest in other assets including companies outside emerging markets, cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the MSCI Emerging Markets Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund’s performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.


The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is for promotional purposes and does not qualify as an investment recommendation.


  • All-capitalisation core strategy pursues results from the lower end of the spectrum, managed by an experienced investment manager over many investment cycles.
  • By identifying mispriced securities across the market capitalization spectrum, we seek to deliver consistent risk-adjusted returns throughout market cycles.
  • Seeks multiple sources of return by looking to identifying the best opportunities within emerging markets.
Past performance is not a guide to future performance. 


Daniel J. Graña, CFA

Portfolio Manager, Emerging Market Equity

Industry since 1995. Joined Firm in 2019.


Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 30/09/2020
B$ Acc (Net)
Quarter End
As of 30/09/2020
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
B$ Acc (Net) - - - - -
B$ Acc (Net)
2015 2016 2017 2018 2019
B$ Acc (Net) - - - -17.76 6.89
Initial Charge 5.00%
Annual Charge 1.50%
Ongoing Charge
(As of 31/03/2020)


Top Holdings (As of 31/12/2020)
% of Fund
Taiwan Semiconductor Manufacturing 7.93
Samsung Electronics 7.10
Tencent 7.08
Ping An Insurance Group Co of China 4.17
Naspers 3.69
Alibaba Group 3.69
Housing Development Finance 3.23
Ivanhoe Mines 2.56
AIA Group 2.28
SK Hynix 2.13


  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance is not a guide to future performance.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.
  • Emerging markets expose the Fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share class of a different currency to the Fund (unless 'hedged'), the value of your investment may be impacted by changes in exchange rates.
  • The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.