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As we approach the end of 2023, global financial markets are grappling with numerous headwinds.

Ongoing conflict in the Middle East, the prospect of higher interest rates for longer, and persistent concerns about the Chinese economy are among the key challenges for investors.

A pivotal question for the year remains – can China achieve its 5% growth target – it’s lowest in over 30 years.

Encouragingly, green shoots have started to emerge, with the economy growing by 4.9% year-on-year through September, surpassing market expectations.

President Xi's administration has employed various measures to spur on growth, particularly in the property sector, which forms a material part of the country’s GDP. This sector has plagued the Chinese economy since 2020, following a change in regulation to limit borrowing of real estate businesses.

Nevertheless, the issues persist. All-time high youth unemployment and record levels of savings, which aren’t being effectively channelled into consumption, need to be addressed soon.

Whether they do or don’t hit this target, all eyes will be on policymakers in 2024 to see how they try to tackle these problems.

Will the momentum continue in India?

In contrast, India’s economy marked an impressive 7.8% year-on-year GDP growth by the end of June. Looking ahead to 2024, there are no signs of a slowdown, with the International Monetary Fund (IMF) forecasting robust GDP growth of 6.3%.

India’s set to outpace other emerging economies, including China. And taking a longer-term view, it’s projected to surpass both Germany and Japan by 2028, which would make it the third-largest economy globally.

Is this growth sustainable?

If we look at India's demographics, nearly 70% of its 1.4bn population fall within the working-age bracket. This demographic advantage is expected to underpin India's ambitious growth trajectory.

The rise in consumption, especially among the middle class, is also going to be a significant theme for investors. By 2050, India is projected to contribute roughly 40% to global middle-class consumption, a substantial increase from the current 5%.

These positive trends have prompted questions about valuations, with some fund managers acknowledging the challenge of finding attractive opportunities.

However, it's worth noting that despite being relatively expensive compared to its regional counterparts, India offers numerous advantages. These include better corporate governance standards, favourable global sentiment, and growing foreign direct investment. Corporate balance sheets have also significantly strengthened over the past decade.

There will ups and downs along the way, but there’s no doubt that India will play a crucial role in global economic growth over the coming decades. And with that will come plenty of investment opportunities.

3 fund ideas to invest in India

How have stock markets performed?

It’s been a positive twelve months (to end of October) for emerging and Asian markets.

The FTSE Emerging and FTSE Asia Pacific ex Japan indices rose by 5.66%* and 6.28%, respectively. This is broadly in line with the global stock market with the FTSE World index rising by 5.68% over the same timeframe. Past performance isn’t a guide to the future.

China has driven both indices forward following a 13.05% increase in the FTSE China index. The majority of this performance was from the start of the period, but the trajectory has been downwards since the end of January.

Given China's large weighting in both Asian and emerging market indices, its performance can have a notable impact on the overall market return.

To put this into perspective, if we look back over the past three years, the FTSE China Index has declined by over 43% which has pushed Asian ex Japan markets into negative territory. Meanwhile, the emerging index only grew by 0.19%.

In contrast, India, the second largest country in both indices, has been the star of the show. The FTSE India’s 12 month return of 2.18% might look lacklustre. However, it’s grown by 63.83% over the past three years and outperformed throughout most of 2023 so far.

Strong economic data has helped drive stock market performance. Small and mid-caps performed especially well, alongside those leaning into the domestic economy like financial services and consumer-focused names.

Elsewhere in the region, Taiwan was a notable performer with the FTSE Taiwan index, soaring 21.04% over the past 12 months.

However, it’s important to bear in mind that one company – TSMC – makes up nearly half of this index, so therefore has a significant impact on performance.

In terms of valuations, companies in many Asian and emerging markets are trading at an attractive discount relative to their developed market peers, especially the US.

This varies from country to country, but China looks cheap relative to its history. In contrast, India is a tad expensive. Style wise, ‘value investing’ has outperformed ‘growth’ so far in 2023 but continues to trade at a large relative discount – around 50%.

Annual percentage growth (%)

	Oct 18 – Oct 19	Oct 19 – Oct 20	Oct 20 – Oct 21	Oct 21 – Oct 22	Oct 22 – Oct 23
FTSE Asia Pacific ex Japan	12.58	12.03	11.30	-16.23	6.28
FTSE China	10.99	42.33	-9.43	-44.55	13.05
FTSE Emerging	12.59	7.96	10.75	-14.38	5.66
FTSE India	15.18	-1.73	44.61	10.87	2.18
FTSE Taiwan	20.77	26.78	35.05	-20.29	21.04
FTSE World	11.73	4.34	32.29	-2.84	5.68

Past performance isn’t a guide to the future. Source: *Lipper IM to 31/10/2023.

If you’re looking to invest in emerging markets and are happy with the higher risk that comes with it, a broad global emerging markets or Asian fund is likely a good starting point.

Other funds could then be added to a portfolio for more exposure to a particular theme, area, or country.

It’s essential for investors to take a long-term view of at least five years though.

How have Wealth Shortlist funds performed?

Asian and emerging markets Wealth Shortlist funds have delivered mixed performance over the year. We usually expect this. A range of active and passive managers with different strengths, styles and areas of focus will perform differently in different economic conditions.

Remember, past performance isn’t a guide to the future, and this is performance over a short time. All investments fall as well as rise in value, so you could get back less than you invest.

Investing in funds isn't right for everyone. Investors should only invest if the fund's objectives are aligned with their own, and there's a specific need for the type of investment being made. Investors should understand the specific risks of a fund before they invest, and make sure any new investment forms part of a diversified portfolio.

For more details on each fund and its risks, please see the links to their factsheets and key investor information below. Investors should be aware that both the funds below invest in higher-risk emerging markets.

Jupiter India

The best performing Asian and emerging markets Wealth Shortlist fund over the past 12 months was Jupiter India.

The fund returned 18.98% vs 3.06% for the IA India/Indian Subcontinent sector average.

The funds’ bias towards higher-risk small and medium-sized companies was a tailwind for performance, alongside good stock selection, especially within financial services and consumer-focused companies.

The managers adopt a GARP (Growth at a Reasonable Price) approach. This means they look for companies that grow their earnings consistently, and whose shares can be bought at a price they don’t think reflects this earnings potential.

Abrdn Asia Pacific Equity

Over the past 12 months, the Abrdn Asia Pacific Equity fund was our weakest performing Wealth Shortlist fund within Asia and emerging markets.

The fund fell by 1.14% versus a 4.48% rise for the IA Asia Pacific ex Japan sector average.

Stock selection in China and South Korea held back performance, alongside an overweight position in Hong Kong.

Flavia Cheong and her team are hunting for 'long-term quality'. They believe most investors underestimate the sustainability of returns that many high-quality companies can make. They aim to find companies which can generate long-term growth, which have been overlooked by others and hold onto them for many years.

Annual percentage growth (%)

	Oct 18 – Oct 19	Oct 19 – Oct 20	Oct 20 – Oct 21	Oct 21 – Oct 22	Oct 22 – Oct 23
Jupiter India	9.07	-15.92	51.75	10.51	18.98
IA India/Indian Subcontinent	13.14	-4.83	43.12	6.18	3.06
FSSA Greater China Growth	23.28	22.27	9.63	-27.59	8.77
IA China/Greater China	18.59	29.81	-3.55	-33.69	5.26
abrdn Asia Pacific Equity	17.18	12.50	13.65	-20.12	-1.14
IA Asia Pacific excluding Japan	14.46	10.41	13.30	-15.80	4.48

Past performance isn’t a guide to the future. Source: Lipper IM, to 31/10/2023.

More about Jupiter India, including charges

Jupiter India Key Investor Information

More about FSSA Greater China Growth, including charges

FSSA Greater China Growth Key Investor Information

More about abrdn Asia Pacific Equity, including charges

abrdn Asia Pacific Equity Key Investor Information

1e:T27d2,

The strength of the Indian economy has taken centre stage for those investing in Asia and emerging markets.

Data from the end of June marked an impressive 7.8% year-on-year GDP growth figure, which has propelled relative stock market performance.

The FTSE India index has risen over 6.5%* year to date, in contrast with negative returns in both Asian and emerging indices, which has unsurprisingly garnered significant attention.

Small and mid-caps have done especially well, alongside those leaning into the domestic economy like financial services and consumer-focused names.

Naturally, the recent rally has raised questions about valuations and some fund managers admit it's become challenging to find appealing opportunities.

However, while pricier than its regional peers, India offers an array of advantages, including improved corporate governance standards, favourable global sentiment, and growing foreign direct investment. Company balance sheets have also strengthened significantly over the past decade.

Looking ahead to 2024, there are no indications of a slowdown, with the International Monetary Fund (IMF) forecasting 6.3% GDP growth, outpacing other developing economies, notably China.

Taking a longer-term view, by 2028, India's economy is expected to surpass both Germany and Japan, making it the third largest globally.

This growth is underpinned by favourable demographics, with nearly three quarters of its 1.4bn population in the working-age bracket. Consumption, particularly among the middle class, will be a significant theme for investors.

By 2050, India’s projected to contribute approximately 40% to global middle-class consumption, a substantial increase from the current 5%.

Have investors missed the gains?

Now might not be the best time to be overweighting India in your portfolio given how well it’s done, relative to other Asian and emerging market countries.

However, as a long-term investment, the demographic and economic factors mean it deserves a slot in many growth-focused portfolios.

Before you invest though, check your existing investments – do you already own an emerging markets fund? What about an Asian equity fund? If so, you already have investments in India and will likely have benefitted in the recent rally.

If you’re happy with how much you have invested in India is proportional to your long-term investment goals, you might not need anymore.

But, if you don’t have any emerging market or Asian shares, it could be worth taking a closer look at our three fund ideas below.

3 fund ideas to invest in India

One of the best ways to invest in the Indian stock market is through a broader Asian or emerging markets fund.

Although India has a big universe of companies for fund managers to choose from, investing in a single economy, especially one still in development comes with a lot of risk.

By diversifying across countries and sectors, you can help reduce these risks while still having skin in the game.

Here are three fund ideas to consider.

For more details on each fund and its risks, you can use the links to their factsheets and key investor information below.

FSSA Asia Focus

Martin Lau and his team look for quality companies they can invest in for the long term.

They like those with a competitive advantage that others struggle to replicate, like a well-known brand or the ability to raise prices for their products without affecting demand from customers. They should have the potential to grow earnings sustainably over the long run and be run by reputable management teams that don't take unnecessary risks in the pursuit of short-term gains.

As at the end of September, India made up 30% on the fund, versus 15.1% for the manager’s benchmark.

Please note charges can be taken from capital, which reduce the potential for capital growth.

Schroder Asian Alpha Plus

Richard Sennitt and Abbas Barkhordar hunt for companies they think can sustain returns over the long run.

They should have good cash flows, strong franchises, a quality management team, superior corporate governance standards and a strong business model that's able to defend against competition.

Around 18% of the fund is invested in India (as at end of September), with private banks HDFC and ICICI sitting within the top 10 largest holdings.

Please note the managers can use derivatives which, if used, adds risk. They mainly invest in larger companies, but they also have the ability to invest in higher-risk smaller companies.

Stewart Investors Indian Subcontinent Sustainability

For those who want direct exposure, for a small allocation in a portfolio alongside other investments, we like the Stewart Investors Indian Subcontinent Sustainability fund.

Their consistent philosophy, dating back to 1988, focuses on quality, which is centred around three key pillars – management, franchise, and financials.

The fund managers pay little attention to the benchmark and instead construct a concentrated portfolio through a 'bottom-up' approach. Large and medium-sized companies are the primary focus, but they also invest in some higher-risk smaller companies.

Annual percentage growth
	Oct 18 - Oct 19	Oct 19 - Oct 20	Oct 20 - Oct 21	Oct 21 - Oct 22	Oct 22 - Oct 23
FSSA Asia Focus	18.56%	7.83%	15.16%	-15.67%	1.78%
Schroder Asian Alpha Plus	12.69%	24.16%	10.50%	-18.78%	6.18%
Stewart Investors Indian Subcontinent Sustainability	7.52%	3.21%	42.29%	13.99%	1.42%
FTSE India	15.18%	-1.73%	44.61%	10.87%	2.18%

Past performance isn’t a guide to the future. Source: *Lipper IM, to 31/10/2023.

More about FSSA Asia Focus, including charges

FSSA Asia Focus Key Investor Information

More about Schroder Asian Alpha Plus, including charges

Schroder Asian Alpha Plus, Key Investor Information

More about Stewart Investors Indian Subcontinent Sustainability, including charges

Stewart Investors Indian Subcontinent Sustainability, Key Investor Information

1f:T30d5,

This trust invests in public and private Asian companies with ambitious growth potential
Investments in China have grown significantly over the past eighteen months
Roderick Snell has built a strong track record investing in Asian markets

How it fits in a portfolio

The Pacific Horizon Investment Trust seeks to invest in what the managers believe to be the fastest growing companies in Asia (excluding Japan). This includes developed Asian markets such as Hong Kong and Singapore, emerging markets like China and India, and frontier markets including Vietnam. Emerging and frontier markets are higher risk places to invest as they’re at an earlier stage of economic development, so a long-term outlook should be taken.

The trust could be a way to diversify a global investment portfolio focused on growth or, due to its growth investment style, it could sit alongside other Asian trusts that use a more value-focused approach.

Manager

Roderick Snell has been lead manager of this trust since July 2021 and has served as deputy since 2013. He joined Baillie Gifford as a graduate in 2006 and spent time with the UK and European equity teams before joining the Emerging Markets team in 2008. Snell is also responsible for managing several other funds and trusts with significant overlap in terms of process, team, and the underlying investments.

Ben Durrant was appointed deputy manager in January 2023 but has co-managed funds with Snell since 2021. He joined Baillie Gifford in 2017 and has experience across the UK, global smaller and private companies’ teams. Unlike most fund managers at the firm, Durrant didn’t join as a graduate and previously worked at RBS across a number of divisions.

Fund managers at Baillie Gifford work as part of close-knit teams, so they receive input, support and knowledge from a group of experienced individuals. The managers also benefit from the wider resource available at Baillie Gifford which consists of over 100 investment professionals.

Process

The managers invest in companies with high growth potential that they believe could be capable of delivering exceptional returns over the long run. They think that companies with sustainable, long-term growth prospects are often underappreciated by investors that take a shorter-term view. Instead, they are prepared to be patient, and wait for a company’s full growth potential to be reflected in a hopefully rising share price, even if that takes time.

The managers look for underappreciated growth in three forms:

Duration – these are world-class companies with a competitive advantage and great management. They are held for a long time because their growth is expected to endure.

Pace – these are rapidly growing companies that most other investors think will grow earnings at a slower pace.

Surprise – these are companies that may be out of favour or are growing earnings slowly, which later reach an ‘inflection point’ and perform strongly. They aim to invest in these businesses before other investors get excited and push up their share prices.

This whittles their universe down to a final portfolio of between 40-120 – currently they invest in around 70. Their ‘bottom-up’ approach means this trust can look quite different to its benchmark and the managers are not afraid to make significant changes when they see fit. For example, over the past five years (to end of July 2023) investments in India have grown from 8.4% to 23.9% of the portfolio, in contrast, technology investments have fallen from just under 50% to 22% of its assets.

Over the last financial year, the managers purchased six new companies and China was at the forefront of their investment activity. The managers believe recent economic and geopolitical headwinds have provided a good opportunity to invest at attractive valuations. For example, they’ve topped up existing holdings like Alibaba Group and JD.com and made a new investment in chip designer, Silergy to the portfolio. This takes their China weighing to 34% from 17% from 18 months ago.

Vietnam is another country where the managers see opportunity with two new investments being made in mobile world and informational technology firm, FPT.

To make way for these purchases they sold nineteen companies including two Indonesian nickel companies following growing concerns about the outlook for this market. In India, they sold Zomato, the food delivery company alongside Star Health & Allied Insurance Co. Several of their smaller investments in South Korea also exited the portfolio.

The trust can invest in companies of all sizes, including higher-risk smaller companies. It also invests in some companies that are yet to be listed on a stock market. These are often younger companies with exciting growth potential but are less liquid (more difficult to quickly buy and sell) and riskier than larger firms. At the end of the latest financial year, 5.1% of the trust was invested across five private companies. Up to 15% of the trust can be invested in unlisted companies.

While the trust doesn’t currently use gearing (borrowing to invest), it has the ability to do so and increases risk when used.

Culture

Baillie Gifford is an independent private partnership founded in 1908. It's owned by partners who work full time at the firm – including Roderick Snell. This ownership structure means senior managers have a vested interest in the company, and its funds, performing well. We think this has helped cultivate a culture with a long-term focus, where investors' interests are at the centre of decision making. We also like that fund managers are incentivised in a way that aligns their interests with those of long-term investors and should retain talented managers.

ESG Integration

All of Baillie Gifford’s funds are run with a long-term investment horizon in mind – they see themselves as long-term owners of a business, not short-term renters. So, assessing whether society will support, or at the very least, tolerate, the business model over the long-term, and whether management will act as good stewards of shareholders’ capital is an important part of the investment process.

Dedicated ESG (Environmental, social, and governance) analysts sit with and report into their respective investment teams, and the firm’s ESG efforts are supported by a dedicated Climate team, an ESG Services team (responsible for voting operations and ESG data) and an ESG Client team (responsible for ESG-related client communications). Individual investment teams are responsible for voting and engagement for the companies they invest in. Investment in controversial weapons is prohibited across the firm.

The firm reports all its voting decisions and provides rationale in situations where it voted against management or abstained, in a detailed quarterly voting report. There is also a quarterly engagement report which details the companies engaged with, and the topic discussed, and further engagement case studies are available on the website. All this information is brought together in the firm’s annual Stewardship Activities report.

Cost

The trust's ongoing annual charge in the year to July 2023 was 0.72%, down from 0.74% in 2022. Investors should refer to the latest annual reports and accounts and Key Information Document for details of the risks and charging structure.

If held in a SIPP or ISA, the HL platform fee of 0.45% (capped at £200 for a SIPP and £45 for an ISA) per annum also applies. Our platform fee doesn’t apply if held in a Fund and Share Account.

As investment trusts trade like shares, both a buy and sell instruction will be subject to the HL share dealing charges.

Performance

Since becoming manager of the trust in September 2013, Roderick Snell has delivered strong returns for shareholders. Over this period, the trust’s net asset value (NAV) has grown by 257.07%*. The share price has also risen by 268.40%, versus 139.16% for the AIC Asia Pacific sector average and 87.46% for their selected benchmark. As always, past performance is not a guide to future returns.

Over the trust’s latest financial year (to end of July 2023), the NAV fell by 3.49%, underperforming their benchmark and the AIC sector average return of -1.11%. The share price also fell by 8.91%. The trust’s underperformance was driven by several of their largest investments coming under pressure. For example, Singaporean oil and gas company, Jadestone Energy faced operational challenges from one of its major assets in Australia. Other material detractors from performance included Indian logistics company Delhivery and Chinese technology firm JD.com.

It wasn’t all bad news though with several holdings delivering significant returns such as Indian companies Ramkrishna Forgings and Skipper, the industrial firm, whose share prices grew 189% and 213% respectively over this period.

You should consider annual performance in the context of a longer time horizon and not in isolation. The manager’s long-term approach and growth style bias means performance can be volatile and look very different to the benchmark.

Remember all investments fall as well as rise in value, so investors could get back less than they invest. Investors in closed-ended funds should be aware the trust can trade at a discount or premium to the net asset value (NAV). The trust currently trades at a discount of 11.26%.

Annual percentage growth
	Sept 18 – Sept 19	Sept 19 – Sept 20	Sept 20 – Sept 21	Sept 21 – Sept 22	Sept 22 – Sept 23
Pacific Horizon Investment Trust	-4.14%	84.96%	51.27%	-32.84%	-6.80%
AIC Investment Trust Asia Pacific	7.40%	14.45%	28.89%	-16.54%	-1.77%

Past performance is not a guide to the future. Source: *Lipper IM to 30/09/2023

Find out more about Pacific Horizon Investment Trust, including charges

View Pacific Horizon Investment Trust Key Investor Information

20:T2be6,

Austin Forey is an emerging markets veteran with almost four decades experience
This is one of the longest running emerging market investment trusts
The long-term performance track record has been strong

How it fits in a portfolio

JPMorgan Emerging Markets Investment Trust aims to grow capital over the long term. It invests in growing businesses across a diverse range of emerging economies such as India, China, Taiwan, and Hong Kong. It’s important to note that whilst emerging markets offer lots of opportunity for investors, they're higher risk and typically more volatile than developed markets.

Given its focus on growth, the trust could complement more value orientated Asia and emerging market investments. It could also be blended with other trusts or funds that mainly invest in developed markets as part of a globally diversified portfolio.

Manager

Austin Forey is a seasoned emerging markets investor and has managed this trust since 1994. His career at JPMorgan began in 1988 during which he’s built up an extensive knowledge of global markets. His analyst career focussed on the engineering, financials, and property sectors. He served as deputy head of UK research before joining the emerging markets team.

Forey is supported by co-manager, John Citron who was appointed in March 2021. He joined JPMorgan in 2009 and has worked across both the European and Emerging Markets Asia Pacific Equities teams. The duo have worked closely for several years and also manage other funds focused on emerging markets, adopting the same core process throughout.

The managers benefit from a well-resourced team of around 140 individuals across nine countries. From Seoul to Mumbai, they have eyes in most corners of the market. We think this is invaluable given the vast range of countries, cultures and companies within their investable universe.

Process

Forey and Citron seek to invest in high-quality companies with sustainable growth prospects and hold them for the long term. They pay close attention to the financial strength of a business, the quality of the management team and the level of corporate governance. Other factors, such as the dividends a company pays and how changes in a country's currency might impact a business, are also considered.

To quantify these factors, the managers leverage off the extensive analyst resource available. Each analyst is required to complete a checklist of around 100 questions to build a deep understanding of the business and any associated risks. They also travel across the region to visit a vast number of companies annually to gain insight into what's happening on the ground.

Once they’ve established whether they want to own a company, they need to ensure they aren’t overpaying for it. They forecast the expected return over five years and try to identify what’s driving that growth. The team need the catalyst for growth to be delivered principally through earnings growth and dividends, rather than solely a change in its valuation.

The managers use this analysis to construct a portfolio of between 60-100 companies which means it can look quite different to the benchmark. They mainly invest in large, established firms, but also invest in some medium and higher-risk smaller companies. For example, they invest much more in companies based in India and Hong Kong than the benchmark. In contrast, China and South Korea are some of their biggest underweights. Sector wise, information technology, financials and consumer staples are where they find most opportunities.

Given their long-term focus, the managers don’t tend to make too many changes. Over their past financial year (to end of June 2023) they topped up several of their Chinese holdings whose share prices had declined and offered a good entry point. They also bought two new Indian companies, Kotak Mahindra Bank and IT services company, Cyient.

The trust also has the ability to borrow money to invest with the intention of increasing returns (known as gearing) which increases risk. Currently the managers don’t use this facility.

Culture

JPMorgan is one of the world's biggest asset managers. It has investment professionals based all over the world, and the team behind this fund can tap into this experience and local knowledge. The group is home to a strong emerging markets offering and the team is stable, with low turnover among senior members.

Forey has remained loyal to the group and spent his entire investment career at JPMorgan, and we think he is dedicated to the emerging markets group. We view it positively that the managers are incentivised to focus on long-term performance.

ESG integration

JPMorgan committed to integrate Environmental, Social and Governance (ESG) factors into their investment processes for active funds in 2016 and ESG is now a foundation for investment decisions across the firm. JPMorgan funds take a variety of different approaches, from quantitively scoring companies on a variety of ESG measures to help with portfolio construction, to more qualitative analysis achieved through fundamental research and company meetings. All fund managers have access to the central Sustainable Investing team, as well as thematic research and analytics, which focus on climate change and carbon transition.

Investment teams are required to demonstrate their progress on integrating ESG to a working group of senior managers from across the business and the Sustainable Investing team. Their progress is measured against a 10-point scoring system and must satisfy several conditions before it can achieve ‘ESG accredited’ status.

If the strategy does not meet this threshold, the investment team in question will need to incorporate the feedback from the working group and can reapply to restart the review process. Once approved, teams must seek recertification every three years, and are subject to ongoing monitoring. We like this objective approach to internal ESG accreditation.

The firm has detailed voting policies which are specific to each region they invest in and account for local customs. Investment teams and investment stewardship specialists in the relevant region are responsible for implementing those policies, based on their deep knowledge and experience of the country, sector and company. A detailed fund-by-fund and company-by-company voting record is available on the JPMorgan website, although voting rationale is not provided. Fund managers also regularly engage with the companies they invest in, and there are a number of case studies on their website and in their annual Investment Stewardship report.

Cost

The trust's ongoing annual charge in June 2023 was 0.85%. Investors should refer to the latest annual reports and accounts and Key Information Document for details of the risks and charging structure.

If held in a SIPP or ISA, the HL platform fee of 0.45% (capped at £200 for a SIPP and £45 for an ISA) per annum also applies. Our platform fee doesn’t apply if held in a Fund and Share Account.

As investment trusts trade like shares, both a buy and sell instruction will be subject to the HL share dealing charges.

Performance

The JPMorgan Emerging Markets trust has delivered strong returns versus the benchmark and the peer group under Austin Forey’s management. Over the past ten years, the trust’s net asset value (NAV) has risen by 105.22%* vs 57.58% for the AIC Global Emerging Markets sector average. The share price also rose by 109.14%. Past performance is not a guide to future returns.

Over the trust’s financial year to the end of June its share price rose 0.82% versus 6.64% for the AIC sector average. The trust’s NAV also increased marginally by 0.02% with the currency effect detracting from performance. Whilst it lagged the peer group, it did outperform its official benchmark which posted a negative absolute return over this period.

So far this year, some of the best performers have included TSMC – the world’s largest semiconductor firm – MercadoLibre, the Argentinian e-commerce business and Indian manufacturer, Supreme Industries. In contrast, Hong Kong Insurance company AIA, US software firm EPAM Systems and Budweiser Brewing were among the biggest detractors.

Annual percentage growth
	Sept 18- Sept 19	Sept 19- Sept 20	Sept 20- Sept 21	Sept 21- Sept 22	Sept 22- Sept 23
JPMorgan Emerging Markets Investment Trust	17.81%	11.22%	20.81%	-20.62%	3.20%
AIC Global Emerging Markets Sector Average	8.53%	-13.64%	30.64%	-8.05%	5.73%

Past performance is not a guide to the future. Source: *Lipper IM to 30/09/2023.

Find out more about JPMorgan Emerging Markets Investment Trust, including charges

JPMorgan Emerging Markets Investment Trust Key Investor Information

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veteran fund manager and has been investing in Asia for over three decades ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is a concentrated portfolio of financially robust, income-paying companies ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Performance over the long and short term has been strong, and the fund has tended to hold up well in falling markets","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/j/jupiter-asian-income-class-i-income"},"content":[{"nodeType":"text","value":"Jupiter Asian Income","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to deliver income and capital growth over the long term by investing in Asian companies. The fund mainly focuses on larger businesses in developed Asian countries, such as Australia and Singapore, except for Japan.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the fund could form part of an income investment portfolio or help to diversify the Asian portion of a broader global portfolio focused on growth. Unlike many Asia funds, this one doesn’t currently invest in China, so it could blend well with other funds that do.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jason Pidcock started running funds investing in Asian companies in 1996 and spent three years prior to this analysing and investing in the region. In 2005 he set up BNY Mellon Asian Income (previously Newton Asian Income) where he built a strong reputation before leaving in 2015 to set up Jupiter Asian Income. We hold Pidcock in high regard and view him as a meticulous investor with a focus on the finer details.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pidcock is supported by co-manager Sam Konrad who joined Jupiter in October 2022. Prior to this, he spent 17 years at UBS as an analyst and has experience across all major global markets. Konrad recently relocated to Singapore for two years, where he’ll be able to conduct on-the-ground research and meet companies within Asia. He will continue to communicate and work with Pidcock daily, so we don’t believe it’ll impact the day-to-day running of the fund. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’ve met Konrad several times now and continue to build our view on him as an investor. We believe Konrad’s philosophical views on investment align with Pidcock and offers a good source of challenge and debate. That said, our key conviction lays with Pidcock. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund's main aim is to provide greater capital growth and an income at least 20% higher than the fund's benchmark. The managers aim to do this by investing in companies that pay an attractive income and have the potential to grow dividends over time. They also invest in some companies that pay a lower income but have greater share price growth potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Their stock-picking process seeks ‘quality income’ stocks – these are companies that make plenty of cash, have low levels of debt and are in good financial health. These businesses are typically industry leaders with advantages that are hard to replicate. They should also be run by robust management teams and having regular contact with them is key to the managers’ process. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unlike many fund managers, Pidcock and Konrad pay close attention to the ‘top down’, which means they consider wider economic factors in their investment decisions. They pay close attention to the political landscape which they believe has a bearing on what occurs in different economies. For example, since 2022 the managers have had no direct investments in China due to concerns surrounding the health of the economy, government intervention and rising tensions with Taiwan. Instead, they prefer to gain exposure to China through companies that are based elsewhere and sell into the country.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This results in a portfolio of around 30 companies which means each one can have a significant impact on performance, though this increases risk. Larger businesses in developed Asian markets form the bedrock of the fund but it can also invest in higher-risk emerging markets. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Geographically, Australia, India and Taiwan account for 67% of the fund while financials, technology and telecommunications form the biggest sector investments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers prefer to keep things simple by adhering to a tried-and-tested process, avoiding frequent changes. Over the past 12 months, they sold two companies: Australia-based Mineral Resources, following events that altered their view of the company's financial strength, and Hong Kong conglomerate NWS Holdings, which was acquired by another business at a premium to its share price.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The only new addition to the fund during this period is Newmont, an Australian gold miner, which was added after it acquired Newcrest Mining, a company the managers already owned. Earlier this year, they also chose to increase their investments in all their technology holdings, a sector they remain optimistic about.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund managers at Jupiter are given autonomy to invest the way they see fit. They believe this will benefit investors over the long run, but the autonomy comes with an appropriate level of challenge from others in the business. This business setup allows Pidcock and Konrad to focus on fund management, their team, and maintain flexibility.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both managers invest their own money in this fund, and we think they’re incentivised in a way that could maximise long-term performance, meaning their interests should be aligned with those of investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jupiter’s approach to ESG (Environmental, Social and Governance issues) is fund manager led, so the fund managers themselves are responsible for implementing ESG in their investment decisions. They typically approach these issues with a materiality-based approach, which means they focus on ESG risks most material to each company.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm also subscribes to several third-party data providers which offer information that fund managers can use in their research. Where red flags are raised, the managers investigate. Fund managers work closely with central experts on ESG integration, engagement, and proxy voting and the fund managers’ commitment to these topics is a consideration in their annual appraisals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like that engagement is not delegated to a separate department. Instead, the fund manager who made the decision to invest in the company leads engagement activity directly, allowing meaningful and relevant engagement.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund has an ongoing annual charge of 1.01%, but we've secured HL clients an ongoing saving of 0.29%. This means you pay a net ongoing charge of 0.72%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. The HL platform fee of up to 0.45% per year also applies, except in the HL Junior ISA, where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pidcock has built up an impressive track record over the course of his career. Since this fund launched in March 2016, it’s returned 150.99%* compared with 99.82% for the IA Asia Pacific ex Japan sector average. This is ahead of the fund’s benchmark too. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers’ focus on larger, quality, dividend-paying companies means we expect the fund to hold up relatively well when markets are falling. This won't necessarily happen all the time though and as always past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past 12 months the fund has delivered impressive returns, growing by 20.34% versus 5.52% for the IA sector. The managers’ stock picking and exposure to Taiwan was one of the biggest drivers of performance, especially technology companies such as Hon Hai Precision Industry and MediaTek Inc. Their decision to not invest in China also benefitted performance as the Chinese stock market was weak. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should be aware that although short-term performance has benefited from the fund’s lack of investments in China, this may act as a headwind at times too. China makes up a large part of the broader Asian market, so when it’s weak the fund could benefit relative to other funds, but if it performs strongly this will hamper returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund currently yields 3.28%. Remember dividends are variable and yields are not guaranteed nor an indicator of what you might get paid in future. 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with strong growth potential ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Roderick Snell has plenty of experience investing in Asia and has built a strong track record","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have been reducing number of investments in the trust over the past year ","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/shares-search-results/p/pacific-horizon-investment-trust-ord-10p"},"content":[{"nodeType":"text","value":"Pacific Horizon Investment Trust","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to deliver long-term capital growth by investing in what the managers believe to be the fastest growing companies in Asia (excluding Japan). The trust has large allocations in countries such as China, India and Korea but also invests in off-benchmark regions such as Vietnam. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust could be a way to diversify a global investment portfolio focused on growth or, due to its growth investment style, it could sit alongside other Asian trusts that use a more value-focused approach. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Roderick Snell has been lead manager of this trust since July 2021 and has served as deputy since 2013. He joined Baillie Gifford as a graduate in 2006 and spent time with the UK and European equity teams before joining the Emerging Markets team in 2008. Snell is also responsible for managing several other funds and trusts with significant overlap in terms of process, team, and the underlying investments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ben Durrant was appointed deputy manager in January 2023 but has co-managed funds with Snell since 2021. He joined Baillie Gifford in 2017 and has experience across the UK, global smaller and private companies’ teams. Unlike most fund managers at the firm, Durrant didn’t join as a graduate and previously worked at RBS across a number of divisions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fund managers at Baillie Gifford work as part of close-knit teams, so they receive input, support and knowledge from a group of experienced individuals. The managers can also draw upon the vast resources at Baillie Gifford to help with additional research, challenge and analysis.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers invest in companies with high growth potential that they believe could be capable of delivering exceptional returns over the long run. They think that companies with sustainable, long-term growth prospects are often underappreciated by investors that take a shorter-term view. Instead, they are prepared to be patient, and wait for a company’s full growth potential to be reflected in a hopefully rising share price, even if that takes time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers look for underappreciated growth in three forms:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Duration","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" – these are world-class companies with a competitive advantage and great management. They are held for a long time because their growth is expected to endure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Pace","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" – these are rapidly growing companies that most other investors think will grow earnings at a slower pace.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Surprise","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" – these are companies that may be out of favour or are growing earnings slowly, which later reach an ‘inflection point’ and perform strongly. They aim to invest in these businesses before other investors get excited and push up their share prices. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This whittles their universe down to a final portfolio of between 40-120 companies. Between 2019- 2021, the managers took advantage of this flexibility to invest in a larger number of companies. However, over the past few years they have been reducing the number of holdings and to only focus on their highest conviction ideas. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Their ‘bottom-up’ approach means this trust can look quite different to its benchmark. India and China are a significant focus for the team alongside other large investments in Korea and Taiwan. The managers also invest in countries not in the benchmark such as Vietnam and Kazakhstan.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are also not afraid to make significant changes when they see fit. For example, the managers have reduced their investments in India from 35% in January to 23.2% at the end of June which is in-line with their weighting the previous year. Similarly, they’ve significantly increased their investment in TSMC from a 1.3% position in January to 7.2% at the end of June, now making it one of their largest investments. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other notable new investments over this period included the South Korean semiconductor manufacturer SK Hynix, the Chinese e-commerce business PDD Holdings and coffee company, Lukin Coffee. They also purchased two new Vietnamese companies: FPT, an IT service provider and Mobile World Investment, a grocery retailer. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust can invest in companies of all sizes, including higher-risk smaller companies. It also invests in some companies that are yet to be listed on a stock market. These are often younger companies with exciting growth potential but are less liquid (more difficult to quickly buy and sell) and riskier than larger firms. At the end of the June, 7.3% of the trust was invested across five private companies – the limit is 15%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the trust doesn’t currently use gearing (borrowing to invest), it has the ability to do so and increases risk when used.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford is an independent private partnership founded in 1908. It's owned by partners who work full time at the firm – including Roderick Snell. This ownership structure means senior managers have a vested interest in the company, and its funds, performing well. We think this has helped cultivate a culture with a long-term focus, where investors' interests are at the centre of decision making. We also like that fund managers are incentivised in a way that aligns their interests with those of long-term investors and should retain talented managers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All of Baillie Gifford’s funds are run with a long-term investment horizon in mind – they see themselves as long-term owners of a business, not short-term renters. So, assessing whether society will support, or at the very least, tolerate, the business model over the long-term, and whether management will act as good stewards of shareholders’ capital is an important part of the investment process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dedicated ESG analysts sit with and report into their respective investment teams, and the firm’s ESG efforts are supported by a dedicated Climate team, an ESG Services team (responsible for voting operations and ESG data) and an ESG Client team (responsible for ESG-related client communications). Individual investment teams are responsible for voting and engagement for the companies they invest in. Investment in controversial weapons is prohibited across the firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm reports all its voting decisions and provides rationale in situations where it voted against management or abstained, in a detailed quarterly voting report. There is also a quarterly engagement report which details the companies engaged with, and the topic discussed, and further engagement case studies are available on the website. All this information is brought together in the firm’s annual Stewardship Activities report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While Baillie Gifford have made good progress with respect to ESG, this trust is not managed to a responsible mandate. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust's most recently disclosed ongoing annual charge is 0.72%. Investors should refer to the latest annual report and accounts, and Key Investor Information for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If held in a SIPP or ISA the HL account charge of 0.45% (capped at £200 p.a. for a SIPP and £45 for an ISA) per annum also applies. Our account charge doesn't apply if held in a Fund and Share Account or a Junior ISA. As investment trusts trade like shares, both a buy and sell instruction will be subject to our share dealing charges within any HL account except online deals in a Junior ISA.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has delivered strong returns since Snell become deputy manager in September 2013. Over this period, the trust’s net asset value (NAV) increased by 290.62%*, versus 108.72% for the MSCI AC Asia Excluding Japan Index. The share price has also risen by 317.06%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Even though the trust has performed well over the long term, it has lagged the benchmark since Snell became lead manager in 2021. We think this is largely due to his style of investing being out of favour over this period as opposed to making lots of stock selection mistakes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager’s long-term approach and growth style bias means performance can be volatile and look very different to the benchmark. As always, past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past 12 months (to end of July 2024) the trust’s NAV rose by 5.35% versus 7.24% for the benchmark. It’s share price also rose by 5.10%. The managers overweight to India during this period helped performance as did their stock picking, especially within the real estate state. Holdings such as Prestige Estates Projects, Indiabulls Real Estate and Phoenix Mills were among their best performing investments. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite the company’s share price increasing significantly, having less invested in TSMC for most of this period was a headwind for relative performance. Other notable detractors included Li-Ning, the Chinese sportswear supplier and Ping An Insurance, the Chinese insurance company. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note the share price of investment trusts can trade at a premium or discount to their net asset value (NAV). At the time of writing the trust trades at a discount of 9.20%. 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Unlike their benchmark, the managers also invest in Japanese companies too.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the fund could be used for broad exposure to Asia or to diversify a global investment portfolio. Investments in emerging markets add risk and the associated volatility should be considered when constructing a long-term portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"David Gait is a seasoned investor and has been lead manager since 2016. He joined the company as a graduate in 1997 and has built up a wealth of experience and played a crucial role in developing their Asian investment strategies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sashi Reddy serves as deputy manager and joined Stewart Investors back in 2007, where he initially offered analysis and research support to portfolio managers, mainly concentrating on Indian companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reddy and Gait receive support from a close-knit team of other fund managers and analysts. Both managers sit on the Stewart Investors Board and manage other funds alongside this one. We believe they can comfortably handle these responsibilities given the overlap in approach and supportive team dynamic.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The investment approach at Stewart Investors has been grounded in the same philosophy since 1988. This philosophy is built on stewardship, where fund managers treat investors' capital as their own and strive to grow wealth over the long term while minimising losses during periods of uncertainty. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"‘Quality’ is a broad term in the investment world but for the managers at Stewart Investors it centres around three key pillars: management, franchise, and financials. They are hunting for companies with robust financial strength and sustainable growth prospects. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They put great emphasis on the people and culture within businesses, only choosing to invest in companies led by management teams they trust and deem to have integrity. Many of the companies they own also still have a degree of founding family ownership. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team pay little attention to the benchmark and construct the fund using a ‘bottom-up’ approach – this means they focus on the prospects for individual companies rather than making decisions based on wider economic events. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Currently they invest in 37 companies which means the portfolio is quite concentrated. That means each company can have a significant impact on performance, although it’s a higher-risk approach. Compared to its benchmark, the fund invests more in sectors like technology, healthcare, and consumer staples. In contrast, less is invested in financials, industrials, and communication services. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the word ‘leaders’ in the fund name suggests, large and medium-sized companies are the primary focus with companies typically requiring a market capitalisation of at least $1bn. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Geographically, the managers invest a lot more than their benchmark in India which currently accounts for around 39.0% of the fund. Moreover, China only accounts for around 8.6% of the fund which is a meaningful underweight. Whilst their benchmark has no exposure to Japan, the managers have found an increasing number of high-quality companies here that carry out most of their business within Asia. To invest more in Japan and provide additional flexibility, the fund is in the IA Specialist sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When making investments, the managers adopt a long-term perspective and are prepared to be patient. Over the past 12 months, they purchased three Samsung businesses: Samsung C&T, Samsung Biologics and Samsung Electronics. Previously, these investments were avoided due to governance concerns but ongoing improvements and a commitment to long-term business building has changed their opinion. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unusually for a Stewart Investors fund, the managers quickly bought and sold Chinese Healthcare company, WuXi Biologics due to increased regulatory risks that fundamentally altered their view of the business. Other notable sales included Australia technology company, Altium which was acquired at an attractive premium and Indian financial company, HDFC Life with the proceeds being invested in more attractive opportunities across the region. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the culture and philosophy that has evolved at the group over the years is attractive. The team doesn't put personal gain ahead of its investors and looks for companies that treat their customers in a similar way. It also places emphasis on recruiting and maintaining great people. Every manager and analyst advocates the team's overriding philosophy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stewart Investors forms part of First Sentier Investments, which was acquired by Mitsubishi UFJ, a Japanese bank, in 2019. Takeovers can sometimes lead to disruption and corporate change, though positively Stewart Investors remains an independent investment team.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For the team at Stewart Investors, Environmental Social and Governance (ESG) considerations are much more than a label or box to be ticked. Taking these factors into account is a natural extension of the same investment process they’ve used for decades. The team’s philosophy is founded on stewardship – when they make an investment, they see themselves as part-owners of the business and want to make sure it’s run in a way that’ll benefit all shareholders.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ESG issues form a core part of this. For example, they don’t like companies that make reckless decisions in the pursuit of short-term gains, rather than focusing on longer term, more sustainable growth. A business shouldn’t exploit its workforce, take advantage of tax loopholes, or skirt around industry legislation. Importantly, it should cause little, if any, harm to the environment around it. Stewart Investors has made a firm-wide commitment not to invest in companies whose primary business is to make cigarettes (or other tobacco products), or controversial weapons.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team also engages closely with company management. It helps them make sure management remain on track with sustainability initiatives and means they can encourage a change in behaviour if required. If they don’t think a business meets their standards, or is doing enough to address a problem, they won’t invest. They produce an annual Responsible Investment report, and a Stewardship report. These reports outline the firm’s voting record, provide engagement updates and case studies, and present other ESG-focused research.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund has an ongoing annual charge of 0.85%, but we've secured HL clients an ongoing saving of 0.05%. This means you pay a net ongoing charge of 0.80%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. The HL platform fee of up to 0.45% per year also applies, except in the HL Junior ISA, where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gait has built up an impressive track record over his career and significantly outperformed the broader Asia Pacific stock market. Since he was appointed lead manager of this fund in 2016, the fund has returned 84.72%* versus 77.07% for the MSCI AC Asia Pacific ex Japan index. As always, past performance isn't a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers’ focus on quality companies and a more conservative investment style means the fund has tended to hold up better when the Indian stock market has fallen but hasn’t quite kept up when it rises. This has led to an attractive performance profile over the long run. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past 12 months, the fund returned 10.39% versus 13.69% for the index. Investing more in India over the period was helpful for performance with their largest investment, Mahindra & Mahindra, the Indian conglomerate adding significantly to returns. The Taiwanese semiconductor giant, TSMC was also one of the top performers, however having less invested here than the benchmark hurt relative performance. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should be aware that this fund is invested quite differently from the broader market, largely due to its significant overweight to India and much lower exposure to China. 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","publishedDate":"2024-07-31","categories":["$6:props:data:authorArticles:1:fields:categories:0","$6:props:data:authorArticles:1:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"10atFCq6uasQ308IFGfQfW","type":"Entry","createdAt":"2024-07-31T16:13:36.919Z","updatedAt":"2024-07-31T16:13:36.919Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dale Nicholls is a veteran portfolio manager with over 27 years’ experience","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust fully utilises its ability to borrow and invest in private companies ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In March 2024, the trust merged with the abrdn China Investment Company ","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/shares-search-results/f/fidelity-china-special-situations-ord-0.01"},"content":[{"nodeType":"text","value":"Fidelity China Special Situations","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to grow capital over the long-term by investing in a diverse range of Chinese companies. The manager invests in companies of all sizes but tends to invest more in higher-risk smaller companies than the benchmark. This also includes private companies which aren't currently listed on a stock exchange.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A focus on a single emerging market, small and medium-sized companies, the use of derivatives, and a high level of gearing (borrowing to invest to try to boost returns) increases risk and means performance can be volatile. This makes the trust a more adventurous option and should only form a small part of a diversified portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust has been managed by veteran investor, Dale Nicholls since April 2014. Nicholls is a Fidelity ‘lifer’ having joined the company in 1996 and has spent most of his time focused on Asia. He took over management of the Fidelity Pacific Fund in 2003, which invests partly in China as well as other Pacific markets such as Australia and Japan. Nicholls also previously ran an Asian smaller companies fund, providing experience of investing in companies of all sizes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager has the support of a wide range of research resources at Fidelity, including 35 analysts based in the region. Nicholls draws on the research and insights from these analysts, including regular support and challenge. The team also has great access to company management to enhance their research.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In March 2024, Fidelity China Special Situations merged with the abrdn China Investment Company which saw the trust acquire around £127m in assets. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nicholls’ strategy focuses on identifying companies that the market undervalues and investing in them for the long term. The emphasis is on well-managed companies with strong growth potential. Nicholls dedicates a significant amount of time meeting with companies and their competitors to understand a thorough understanding of the industry dynamics. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He leverages Fidelity’s extensive team of analysts to generate investment ideas for the trust. Their bottom-up research involves detailed analysis to understand their financial health and what they are worth. Nicholls utilizes their research to piece together the portfolio, carefully considering the risk and reward offered by each company. Typically, he will initially only invest a small amount and build positions gradually as his understanding and confidence in the company grows. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This results in a portfolio that diverges significantly from the benchmark. For instance, the manager invests more in smaller, higher-risk companies. Companies of this size are often less researched, providing Nicholls and his team with opportunities to invest before their potential is realised by the wider market. Although the trust currently invests less in larger companies, it still holds substantial positions in leading Chinese firms such as Tencent, Ping An Insurance and Alibaba Group.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"China is the second largest economy globally and Nicholls believes the growth of China's middle class and an increasing focus towards domestic consumption will be key drivers of growth in the coming years. Sector wise, the manager invests much more in consumer-focused companies, he also finds plenty of opportunities in healthcare and industrials. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Closed-ended investments like this investment trust offer managers greater flexibility than open-ended funds. For instance, the trust makes full use of gearing (borrowing to invest to try to boost returns). At the end of March 2024, net gearing stood at 20.8%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust also has the flexibility to invest up to 15% of the trust’s assets in companies that aren't currently listed on a stock exchange (unquoted companies). This increases risk as these companies are less liquid (more difficult to buy and sell) than listed ones. At the end of the trust’s latest financial year (March 2024) 12.8% of the trust was invested across five unlisted companies. During the year, three of their unlisted companies listed on the public market – known as an IPO – these were Beisen, Cutia Therapeutics and Tuhu Car. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fidelity was founded in 1969 and is a global investment manager. The company remains privately owned, meaning its managers can focus on the long-term interests of investors rather than short-term shareholder demands. That's helped the firm develop an investment-focused culture, where investment ideas are openly discussed and debated, and information is shared amongst the firm's various teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company's scale means investment teams are well-resourced and fund managers are well-incentivised. We think it's positive that all Fidelity fund managers are incentivised based on the longer-term performance of their funds and investment trusts. We think this aligns their interests with those of investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fidelity has committed to improving its approach to ESG (Environmental, Social and Governance issues) in recent years. The firm developed a structured engagement program which allows them to be more systematic in their engagement on environmental and social issues, become involved in more collaborative engagement initiatives and introduced ESG data into fund managers’ quarterly reviews to raise awareness of ESG issues. The firm also bolstered its dedicated ESG team, which writes regular ESG reports on companies held by Fidelity fund managers. The firm votes where it is possible to do so and quarterly voting reports are posted online, complete with rationales for votes against management and abstentions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In June 2019, Fidelity launched its own proprietary ESG ratings tool. It scores thousands of companies based on their ESG credentials on a forward-looking basis, with investment analysts tasked with the job of ensuring the ratings are up to date. The ratings system has recently evolved to include an assessment of each company’s ability to manage negative externalities. Fidelity is also rolling out a climate rating which identifies companies they should engage with most as part of their aim to halve portfolio emissions by 2030 and reach net zero by 2050. While Fidelity has made strides forward at the firm level, we don’t think this has fully fed through to the fund level. While there is plenty of ESG information available to all Fidelity fund managers, we’re not yet convinced they all put it to full use.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ongoing annual charge over the trust’s financial year to 31 March 2024 was 1.13%, which includes the trust’s variable management fee. Investors should refer to the latest annual report and accounts, and Key Investor Information for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If held in a SIPP or ISA the HL account charge of 0.45% (capped at £200 p.a. for a SIPP and £45 for an ISA) per annum also applies. Our account charge doesn't apply if held in a Fund and Share Account or a Junior ISA. As investment trusts trade like shares, both a buy and sell instruction will be subject to our share dealing charges within any HL account except online deals in a Junior ISA.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Nicholls took over management of the trust in April 2014, he’s delivered strong returns to investors and comfortably outperformed his benchmark. Over this period the trust’s net asset value rose by 123.96%* versus 58.03% for the MSCI China Index. The share price also grew by 134.88%. Past performance is not a guide to the future. Remember, investments can go down as well as up in value and you could get back less than you invest.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Single country focused investments carry increased risks and given the trust's focus on smaller businesses and use of gearing performance can be volatile, and returns are likely to look different from the market at times. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the 12 months to the end of March 2024, the trust fell 16.45% in share price terms, and 16.48% in net asset value terms. The benchmark declined 18.81% over the same period. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Consumer focused companies were some of the top performers over this period such as Hisense Home Appliances Group. The company’s share price rose significantly as investors realised the potential in its low valuation and growing market share. Other notable performers included e-commerce platform PDD Holdings and BC Technology Group.Ca ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Detractors included holdings such as Hesai Group and Intron Technology Holdings. These companies feed into different stages of automobile production, a market which has come under pressure from competition and pricing pressures. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whilst the primary focus of the trust is on capital growth, it has grown the dividend every year since launch in 2010. The board has proposed a total dividend for the year to the end of March 2024 of 6.40p per share. This is a 2.4% increase on the previous year. At the time of writing the trust has a dividend yield of 3.30% (not a reliable indicator of future income). Please remember that dividends are variable and not guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note the share price of investment trusts can trade at a premium or discount to their net asset value (NAV). At the time of writing the trust trades at a discount of 8.98%. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"India has the largest population in the world and presents compelling growth potential as its economy evolves. We believe this fund could help diversify the Asian and emerging markets portion of a globally focused portfolio. Although, a fund focused on a single emerging country is a high-risk option, so investors should expect volatility and it should only make up a small part of an investment portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sashi Reddy has been lead manager of the fund since August 2012 but has been involved with the fund since 2009. Reddy joined Stewart Investors back in 2007, where he initially offered analysis and research support to portfolio managers, mainly concentrating on Indian companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"David Gait serves as deputy manager and has been involved with the fund since 2007. Gait is highly experienced and joined the company as a graduate in 1997. During his time at the company, he’s played a crucial role in developing their Asian investment strategies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reddy and Gait receive support from a close-knit team of other fund managers and analysts. Both managers sit on the Stewart Investors Board and manage other funds alongside this one. We believe they can comfortably handle these responsibilities given the overlap in approach and supportive team dynamic.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The investment approach at Stewart Investors has been grounded in the same philosophy since 1988. This philosophy is built on stewardship, where fund managers treat investors' capital as their own and strive to grow wealth over the long term while minimising losses during periods of uncertainty. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"‘Quality’ is a broad term in the investment world but for the managers at Stewart Investors it centres around three key pillars: management, franchise, and financials. They are hunting for companies with robust financial strength and sustainable growth prospects. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"They put great emphasis on the people and culture within businesses, only choosing to invest in companies led by management teams they trust and deem to have integrity. Many of the companies they own also still have a degree of founding family ownership. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team pay little attention to the benchmark and construct the fund using a ‘bottom-up’ approach – this means they focus on the prospects for individual companies rather than making decisions based on wider economic events. This is a concentrated portfolio of between 30-60 holdings, currently they invest in 36. That means each company can have a significant impact on performance, although it’s a higher-risk approach. Compared to its benchmark, the fund invests more in sectors like industrials and consumer focused businesses. In contrast, less is invested in financial and technology companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although they can invest across the subcontinent, the managers mainly concentrate on India, which makes up almost 98% of the fund. Large and medium-sized companies are the primary focus, but they also invest in some higher-risk smaller companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When making any investment, the managers take a long-term view and are prepared to be patient. This means that only a few changes are made to the fund every year. Over the past 12 months, the managers have bought five new companies and sold five companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Unusually for a Stewart Investors fund, the managers bought and sold Tata Technologies in a short space of time following its initial public offering (the first time a company is listed on the stock market). The company’s share price shot up and made the shares expensive quickly, so the managers decided to prudently sell. Other new investments included RBL Bank, a private Indian bank. The company is currently undergoing a turnaround and the managers are confident the new team in charge will improve the company’s prospects. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Long-term consumer staples company Dabur was also sold from the fund. Whilst the managers retain conviction in the business, the company’s share price valuation had become too high for the managers to tolerate. In turn, they’ve used the proceeds to top up more attractively valued companies they already own. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the culture and philosophy that has evolved at the group over the years is attractive. The team doesn't put personal gain ahead of its investors and looks for companies that treat their customers in a similar way. It also places emphasis on recruiting and maintaining great people. Every manager and analyst advocates the team's overriding philosophy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stewart Investors forms part of First Sentier Investments, which was acquired by Mitsubishi UFJ, a Japanese bank, in 2019. Takeovers can sometimes lead to disruption and corporate change, though positively Stewart Investors remains an independent investment team.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For the team at Stewart Investors, Environmental Social and Governance (ESG) considerations are much more than a label or box to be ticked. Taking these factors into account is a natural extension of the same investment process they’ve used for decades. The team’s philosophy is founded on stewardship – when they make an investment, they see themselves as part-owners of the business and want to make sure it’s run in a way that’ll benefit all shareholders.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ESG issues form a core part of this. For example, they don’t like companies that make reckless decisions in the pursuit of short-term gains, rather than focusing on longer term, more sustainable growth. A business shouldn’t exploit its workforce, take advantage of tax loopholes, or skirt around industry legislation. Importantly, it should cause little, if any, harm to the environment around it. Stewart Investors has made a firm-wide commitment not to invest in companies whose primary business is to make cigarettes (or other tobacco products), or controversial weapons.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team also engages closely with company management. It helps them make sure management remain on track with sustainability initiatives and means they can encourage a change in behaviour if required. If they don’t think a business meets their standards, or is doing enough to address a problem, they won’t invest. They produce an annual Responsible Investment report, and a Stewardship report. These reports outline the firm’s voting record, provide engagement updates and case studies, and present other ESG-focused research.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has an ongoing annual charge of 0.93%. Our platform charge of up to 0.45% per annum also applies, except in the HL Junior ISA, where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Reddy and Gait have delivered strong returns to investors during their time managing the fund. Over the past decade, the fund has returned 319.20%*, versus 244.73% for the IA India/Indian Subcontinent sector average. They’ve also outperformed the MSCI India index return of 233.75%. Our analysis puts this down to the managers’ ability to identify winning companies. As always though, past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers’ focus on quality companies and a more conservative investment style means the fund has tended to hold up better when the Indian stock market falls but doesn't quite keep up when it rises. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This has been the case over the past year (to end of June 2024) with the fund returning 15.87% versus 24.03% for the IA sector. Meanwhile the index returned 28.03%. Stock selection was a headwind for the fund, particularly within sectors like industrials and healthcare. Encouragingly some of the managers biggest investments such as manufacturing company Mahindra & Mahindra and engineering conglomerate CG Power & Industrial Solutions were among the fund’s top performers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We're positive about the fund's long-term prospects, but investors shouldn't underestimate the potential for volatility, especially as the fund mainly focuses on a single emerging country. 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The magnitude of this victory could allow the party to implement sweeping changes with little resistance, causing concern among many investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in Latin America has always carried higher risks, even compared to other emerging markets, known for their ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://www.hl.co.uk/learn/glossary#v"},"content":[{"nodeType":"text","value":"volatility","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. All investments, and any income from them, can fall as well as rise in value, so you could get back less than you invest. Past performance isn’t a guide to the future. If you're not sure if an investment is right for you, ask for ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/financial-advice"},"content":[{"nodeType":"text","value":"financial advice","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are you investing in? ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Compared to the wider world market, Latin American countries make up a small slice at less than 1% of the MSCI AC World Index. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, they’re a larger share of the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"http://www.hl.co.uk/learn/glossary#e"},"content":[{"nodeType":"text","value":"emerging markets","marks":[],"data":{}}]},{"nodeType":"text","value":" index, at around 8%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Within Latin America, Brazil’s the big fish, making up 57.41% of the MSCI Latin American Index’s value. Mexico follows with 30.91% of the index. The remaining countries, Chile, Peru, and Colombia are considerably smaller in size. ","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7oI9JxkfCPZH0tzHoj3wlq","type":"Entry","createdAt":"2024-07-08T13:41:29.906Z","updatedAt":"2024-07-08T13:41:29.906Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":8,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHighchart"}},"locale":"en-US"},"fields":{"chartId":"chart1","chartCode":"$17","disclaimer":"Past performance isn’t a guide to future returns.","source":"Source: MSCI, 31/05/24.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"tW25VP3497m5XOCItYSwQ","type":"Entry","createdAt":"2024-07-08T13:41:29.995Z","updatedAt":"2024-07-08T13:41:29.995Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the sector level, financial companies represent the largest group, around a quarter of the market's value. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other significant sectors include materials, consumer staples, and energy. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The technology sector is underrepresented in the Latin American index, at less than 1%, compared to 23% in the broader emerging markets index. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Latin American Index is very concentrated, with the top 10 companies making up for 42.38% of its value. By comparison, the top 10 companies in the US market account for 32.27%. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How has Latin America performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the long term, the combined Latin American stock markets have performed well. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the past two decades to the end of May 2024, the MSCI EM Latin America Index has returned 549.50% versus 466.19% for the MSCI Emerging Markets Index. Meanwhile, the MSCI AC World Index grew by 563.14%.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"wy8Vgiy0JReP7H5Q7HqFG","type":"Entry","createdAt":"2024-07-08T13:41:30.093Z","updatedAt":"2024-07-08T13:41:30.093Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":31,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHighchart"}},"locale":"en-US"},"fields":{"chartId":"chart2","chartCode":"$18","disclaimer":"Past performance isn’t a guide to future returns.","source":"Source: Lipper IM, 31/05/2024.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3YajXA08rxQALpGG4xAcwz","type":"Entry","createdAt":"2024-07-08T13:41:30.112Z","updatedAt":"2024-07-08T13:41:30.112Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, the past decade’s been underwhelming, returning 41.62% versus 71.35% for the MSCI Emerging Markets Index. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Economic growth in the region has been weak over this period, and the pandemic intensified the situation. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"From a valuation point of view, emerging markets are generally considered to be ‘cheap’ relative to both their history and to developed markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taking that one step further, within global emerging markets, Latin American markets are even cheaper. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s not just about capital growth in Latin America though. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Latin American Index offers substantial ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/dividends"},"content":[{"nodeType":"text","value":"dividend","marks":[],"data":{}}]},{"nodeType":"text","value":" income potential. While emerging markets have a dividend ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/yields"},"content":[{"nodeType":"text","value":"yield","marks":[],"data":{}}]},{"nodeType":"text","value":" of 2.75%, the Latin American index boasts a yield of 5.88%. For context, the MSCI AC World Index yields 1.96%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember though, yields are variable, not a reliable indicator of future income and no investment returns are ever guaranteed.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"fhj0GDlEbhVEbogxQHERo","type":"Entry","createdAt":"2024-07-08T13:41:30.181Z","updatedAt":"2024-07-09T12:32:38.006Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockInfoBox"}},"locale":"en-US"},"fields":{"title":"Sign up for Fund insight","infoSummary":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Receive expert fund insights direct to your inbox every week.","marks":[],"data":{}}]}]},"ctAs":[],"position":"Pull out right","style":"outline"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1KVjQY1riVyx6DYPxEby7d","type":"Entry","createdAt":"2024-07-08T13:41:30.222Z","updatedAt":"2024-07-08T13:41:30.222Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Where are the opportunities?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2rkXuxsGJbj5xsIuTKd23v","type":"Entry","createdAt":"2024-07-08T13:41:30.282Z","updatedAt":"2024-07-08T13:41:30.282Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHeading"}},"locale":"en-US"},"fields":{"headingTitle":"Brazil","headingNumber":1,"heading":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Brazil","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6TSi35rJZWVyMuvEcmZUjt","type":"Entry","createdAt":"2024-07-08T13:41:30.319Z","updatedAt":"2024-07-08T13:41:30.319Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The largest economy in Latin America, Brazil boasts a GDP of around $1.92tn. It’s the 11th biggest global economy, with projections indicating significant growth over the next 25 years. Home to over 200m million people, Brazil also has the biggest population in the region. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brazil enjoys a favourable balance of trade, exporting more than it imports. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s a global leader in agriculture, being the world's top producer of soybeans. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And, it’s also a leading exporter of other soft commodities like coffee, corn, and sugar. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The country is rich in minerals, with abundant resources of iron ore, gold, tin, and copper. It means the mining sector plays a crucial role in the Brazilian economy. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vale, one of Brazil’s largest companies, is the world's largest producer of iron ore and nickel. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Large oil reserves make the energy sector another vital area for its economy and stock market. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Petrobras, the country's largest company, is a significant player in the global oil and gas industry, positioning Brazil among the leading oil producers worldwide. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, Brazil’s not solely focused on fossil fuels. It’s also one of the world's leading producers of renewable energy, making this sector a promising investment area for the future.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2WE33j3dMbI9nLKlA1feWA","type":"Entry","createdAt":"2024-07-08T13:41:30.376Z","updatedAt":"2024-07-08T13:41:30.376Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHeading"}},"locale":"en-US"},"fields":{"headingTitle":"Mexico","headingNumber":2,"heading":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Mexico","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"9tF8B1WhOi8Fp3Xog6TH1","type":"Entry","createdAt":"2024-07-08T13:41:30.395Z","updatedAt":"2024-07-08T13:41:30.395Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mexico’s another major economy in the region, with a GDP of almost $1.5tn, making it the second largest in Latin America and the 14th globally. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of GDP per capita – a better indicator of economic prosperity – Mexico surpasses Brazil. Home to around 130m million people, Mexico has the second biggest population in Latin America. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like Brazil, Mexico enjoys a favourable balance of trade. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Its manufacturing industry is strong, particularly in the automotive sector, with car and truck exports comprising a significant portion of its trade. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mexico’s also the world's largest exporter of beer and a leading producer of exotic fruits and tomatoes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A significant benefit to Mexico is its trade relationships with the US and Canada, under the United States-Mexico-Canada Agreement (USMCA). ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s the largest trading partner of the US, with trade between the two countries reaching record highs in 2023 and showing potential for further growth. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This strategic partnership makes Mexico a key player in North American economic affairs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3QO9Gu1rAYG57WggqvFzyA","type":"Entry","createdAt":"2024-07-08T13:41:30.488Z","updatedAt":"2024-07-08T13:41:30.488Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":9,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockInfoBox"}},"locale":"en-US"},"fields":{"title":"Looking for emerging market investment ideas?","infoSummary":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"If you’re looking to invest in emerging markets, take a look at our Wealth Shortlist funds. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"These are funds picked by our investment analysts for their long-term performance potential.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"ctAs":[],"position":"Inline","style":"fill"}}],"authors":["$6:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$6:props:data:authorArticles:1:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3itsKhVwUTF1AgXmB1FimK","type":"Entry","createdAt":"2024-07-08T13:41:30.580Z","updatedAt":"2024-07-08T13:41:30.580Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Where are the investment opportunities in Latin America? | HL","seoMetaDescription":"We look at what Latin America offers investors, how to invest, and where the potential opportunities are.","seoIndexingRules":"index,follow","snippetSettings":true,"openGraphType":"website","twitterCardType":"summary_large_image"}},"showImageOnArticle":true,"featuredImage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"KQaL71wRDP9XYRkhpPYBq","type":"Asset","createdAt":"2024-07-05T12:59:54.909Z","updatedAt":"2024-07-05T12:59:54.909Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"en-US"},"fields":{"title":"Aerial view of Rio De Janeiro, Brazil- GettyImages","description":"Aerial view of Rio De Janeiro. 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[@ asia-and-emerging-markets-funds-review-green-shoots-for-chinas-stock-market]","articleType":"$6:props:data:authorArticles:2:fields:articleType","intro":"We look at what’s happened across Asian and emerging economies, how the stock markets have fared and how our Wealth Shortlist selections have performed in our latest sector review. ","publishedDate":"2024-05-21","categories":["$6:props:data:authorArticles:0:fields:authors:0:fields:categories:2","$6:props:data:authorArticles:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"40yLn3sJxgai5ZapryCK8u","type":"Entry","createdAt":"2024-05-21T15:03:55.131Z","updatedAt":"2024-05-21T15:03:55.131Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sentiment towards China, the world’s second-largest economy, has been notably pessimistic since our last Asia and emerging markets sector review. Nevertheless, there are signs that the situation is starting to improve. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"China's first-quarter gross domestic product (GDP) expanded by 5.3% year-on-year, surpassing market expectations. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Notably, industrial production, particularly in high-tech sectors like electric vehicles, has been a bright spot. Cost advantages appear to be giving China the edge over international competitors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Improved domestic and international demand has also contributed to Chinese trade growth in 2024, following a decline in 2023. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"China is trying to revitalise the economy with policy efforts like the recent announcement by The People’s Bank of China to sell approximately $140bn in long-term bonds. China’s 5% GDP target for 2024 remains a challenge, and confidence in the economy is a significant obstacle. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While further stimulus is anticipated, ongoing uncertainty suggests markets might need more substantial and credible interventions, particularly in the property sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you're not sure if an investment is right for you, ask for financial advice. All investments fall and rise in value, so you could get back less than you invest. Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The latest on Asian and emerging market elections ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"India is currently in the midst of its seven-phase election, which began on 19 April and is set to conclude on 1 June. The current Prime Minister, Narendra Modi, and his party, the Bharatiya Janata party are expected to win re-election for a third term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since assuming office in May 2014, Modi has implemented a series of reforms aimed at driving growth and consumption, particularly in infrastructure spending, digitisation of the economy and financial inclusion.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Elsewhere, South Korea recently held its 22nd general election, resulting in a victory for leading opposition party, the Democratic Party of Korea. Together with other opposition parties, they won 192 of the 300 seats in the National Assembly. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is a big setback for President Yoon Suk Yeol and his ruling People Power Party. That’s because a minority will make it tougher to implement policies with the three years in power he has left. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There’s also been a changing of the guard in Singapore, with Prime Minister Lee Hsien Loong stepping down after 20 years in power. This succession has been expected for some time and will see Deputy Prime Minister Lawrence Wong come into power. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Looking beyond Asia, Mexico is gearing up for its biggest-ever election. Around 98 million people have registered to vote for president, congress and other local positions. The winning presidential candidate will serve a single six-year term, leaving ample time for policy implementation. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The outgoing President Andrés Manuel López Obrador is likely to make way for Mexico’s first female president, a huge milestone for Latin America’s second-largest economy.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have stock markets performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, Asian and emerging markets have performed fairly well over the past 12 months (in sterling terms, to end of April 2024).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The broader Asian market, as measured by the MSCI AC Asia Pacific ex Japan Index, rose 8.29%* over this period. Meanwhile, the MSCI Emerging Markets index increased by 10.75%. In contrast, the MSCI AC World index grew by 18.47%. As always though, past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The USA accounts for a material amount of the MSCI AC World Index and has performed very well over this period, largely down to fast growing technology companies. This is highlighted by the MSCI AC World ex USA Index only rising by 10.30%. With this in mind, Asian and emerging markets have performed relatively well. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"China, which accounts for a large amount of Asia and emerging markets, has continued to hold back returns with the MSCI China index, falling by 6.24% over the past 12 months. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In fact, it’s been the worst-performing major ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock market","marks":[],"data":{}}]},{"nodeType":"text","value":" for some time now. Uncertainty has dampened investor sentiment with ongoing concerns surrounding the country’s property sector, lower growth, and regulatory risks to name just a few. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, we think Chinese companies overall are lowly valued compared with other global markets, which could serve as a good entry point for long-term investors. As always with investing, nothing is guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the other end of the spectrum, we have India which rose by 35.40%, as measured by the MSCI India index. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Strong growth and economic data have continued to propel the stock market forward, which has attracted plenty of attention from both domestic and international investors. However, India is now one of the most expensive markets in the world which is a possible risk for those looking to make new investments. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The majority of emerging markets indices are made up of emerging Asian countries, in particular China, India, and Taiwan. However, it also considers emerging economies outside of Asia like Latin America and Europe. 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","publishedDate":"2024-05-10","categories":["$6:props:data:authorArticles:0:fields:categories:0","$6:props:data:authorArticles:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"xJ7w1RrmecPaZDDpQa1MU","type":"Entry","createdAt":"2024-05-10T15:07:17.695Z","updatedAt":"2024-05-10T15:07:17.695Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":13,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FSSA has established a strong China franchise and built a talented team","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like the culture and philosophy at FSSA – the managers view themselves as stewards of investors' capital, looking after it as though it's their own","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Martin Lau has been investing in China since 2003 and built up a strong track record","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund features on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FSSA Greater China Growth aims to deliver long-term capital growth by investing in companies based in, or conducting most of their business in, China, Hong Kong or Taiwan. Their conservative investment approach means we would typically expect more stability in returns compared with their benchmark and peers in the IA China/Greater China sector. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the fund could form part of a broader global investment portfolio or diversify other investments in Asian and emerging markets. China has long-term growth potential, but a fund focused on a single emerging country is a high-risk option so investors should expect volatility and it should only make up a small part of an investment portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Martin Lau joined FSSA in 2002 and has been lead manager of this fund since launch in December 2003. He’s a highly regarded Asian fund manager and has invested in the region for more than two decades. In that time, he's managed several funds that invest broadly across Asia, as well as those that focus specifically on China, an area he specialises in. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lau is a humble fund manager and open about both what has worked well and what hasn't in his funds. These are qualities we like. While we rate him highly, he isn't a one-man band. Helen Chen was appointed co-manager of this fund in 2019 – she joined First Sentier in 2012 and is responsible for research into Greater China companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are supported by a diverse team, all of whom follow the same investment philosophy. They all contribute investment ideas and provide important challenge before any investment is made. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FSSA’s philosophy centres around ‘quality’. The definition of quality is subjective but to Martin Lau and his team, they believe that the management team in charge is the most important aspect. That’s why they try to find companies run by reputable management teams that don't take unnecessary risks in the pursuit of short-term gains.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Their process hunts for companies that have the potential to grow earnings sustainably over the long run. This means they should have a competitive advantage that others struggle to replicate, such as a well-known brand or the ability to raise prices for their products without affecting demand from customers. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers take a bottom-up approach and are not afraid to express their conviction. As a result, the portfolio can look very different to their benchmark. For example, they currently invest more (known as being ‘overweight’) in consumer-focused companies and industrials. In contrast, they invest less (‘underweight’) in financial and technology companies. In terms of countries, the bulk is invested across China and Taiwan with 55% and 32% invested in each, respectively. While the fund mainly invests in larger companies, it can also invest in some higher risk smaller companies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When making any investment, the managers take a long-term view. Therefore, they don’t tend to make too many changes from year to year. They often sell shares in companies that have performed well and could have less room to grow in future and buy more shares in companies that have been weaker, but still have growth potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past 12 months the FSSA conducted a review of their investments in China to ensure they still meet their requirements. This exercise led to the sale of several holdings including healthcare company, Autobio Diagnostics and consumer focused companies, Laobaixing Pharmacy Chain and Minth Group. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The proceeds were invested into other investments where they have more conviction such as consumer staples businesses Yifeng Pharmacy Chain and China Mengniu Diary. Outside of China, the managers added significantly to their investment into MediaTek, the Taiwanese technology company as well as a new investment into Parade Technologies, another Taiwanese technology company which is focused on high-speed interface and display systems. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like the culture and philosophy that's been cultivated at First State Stewart Asia (FSSA, part of the broader First Sentier Investments group). The team is made up of investors dedicated to looking after clients' money as if it's their own.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FSSA places emphasis on recruiting and maintaining great people. Every manager and analyst advocates the team's overriding philosophy. At the same time, their individual personalities are allowed to shine, and they're encouraged to bring their own ideas to the table.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lau is a Managing Partner of FSSA, so we think he's incentivised to ensure the business, including its funds and people, are successful. He looks after its team of analysts and fund managers, which means he can pass on his knowledge and experience. It also means he has additional responsibilities, but we're confident he spends most of his time focused on looking after his clients' money.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First Sentier Investments was acquired by Mitsubishi UFJ, a Japanese bank, in 2019. Takeovers can sometimes lead to disruption and corporate change, though positively FSSA remains an independent investment team.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For the team at First Sentier, ESG considerations are much more than a label or box to be ticked. Taking these factors into account is a natural extension of the same investment process they’ve used for decades. The team’s philosophy is founded on stewardship – when they make an investment, they see themselves as part-owners of the business and want to make sure it’s run in a way that’ll benefit all shareholders. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ESG issues form a core part of this. For example, they don’t like companies that make reckless decisions in the pursuit of short-term gains, rather than focusing on longer term, more sustainable growth. A business shouldn’t exploit its workforce, take advantage of tax loopholes, or skirt around industry legislation. Importantly, it should cause little, if any, harm to the environment around it. First Sentier has made a firm-wide commitment not to invest in companies whose primary business is to make cigarettes (or other tobacco products), or controversial weapons. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team also engages closely with company management. It helps them make sure management remain on track with sustainability issues, and means they can encourage a change in behaviour if required. If they don’t think a business meets their standards, or is doing enough to address a problem, they won’t invest. They produce an annual Responsible Investment report, and a Stewardship report. These reports outline the firm’s voting record, provide engagement updates and case studies, and present other ESG-focused research.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has a standard annual ongoing charge of 1.09%, but we’ve secured a 0.05% saving for HL clients. That means a net ongoing charge of 1.04%. The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. Our platform charge of up to 0.45% per annum also applies, except in the HL Junior ISA, where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Martin Lau has built up an enviable track record since he started managing the fund in 2003. During this time the fund returned 1,037.07%* versus 412.71% for the MSCI Golden Dragon Index and 384.40% for the IA China/Greater China sector average. Past performance isn't a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As with any investment in emerging markets, investing in China can be more volatile than developed market investing. Lau and his team are conservative in the way they manage money, they aim to limit losses in a falling market. They do this by investing in companies they think will see consistent demand for their products or services and prosper over the long term. This means the fund has tended to hold up relatively well when markets have been weaker, but lag when markets have risen strongly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past 12 months the fund fell by 5.95% versus a 2.44% increase for the MSCI Golden Dragon index. Whilst disappointing, the fund performed relatively well versus peers with the IA sector falling by 10.34%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"TSMC, the Taiwanese semiconductor company is the fund’s largest investment with a 10% position (the maximum amount allowed). The company has performed very well over this period following the recent surge in artificial intelligence. However, since TSMC accounts for around 18% of the benchmark, the lower amount invested hurt relative performance for the fund. Other notable detractors included the Chinese dairy focused company, China Mengniu Diary, and Chinese insurer, Ping An Insurance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It wasn’t all bad news though over this period. The fund’s investments in consumer communication services and consumer discretionary companies performed relatively well such as Midea Group, the Chinese appliances manufacturer. 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","publishedDate":"2024-05-01","categories":["$6:props:data:authorArticles:0:fields:categories:0","$6:props:data:authorArticles:0:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3F1xpJZShCKcxqNB0ys6KZ","type":"Entry","createdAt":"2024-05-02T14:54:35.128Z","updatedAt":"2024-05-02T14:54:35.128Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund provides exposure to Latin American markets, specifically Brazil and Mexico","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Abrdn have a well-resourced team with a dedicated team based in Sao Paulo ","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has underperformed its benchmark over the past decade and near-term performance has also been relatively weak","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is not on the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The abrdn Latin American Equity fund is a specialist fund which aims to grow capital over the long-term by investing in Latin American stock markets. Brazil and Mexico are the primary focus for the managers with much smaller investments across Peru and Chile. This means it could sit alongside other emerging market funds, who tend to focus more on emerging Asian stock markets. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Higher volatility and risk should be expected from a fund like this, given it focuses on a small group of emerging economies. It should therefore only be considered to form a small part of a wider investment portfolio, focused on long-term growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"abrdn’s Global Emerging Markets Equity team is responsible for managing this fund. The team have been investing across the region for decades and is currently headed by Devan Kaloo, who joined the group in 2000. They are well resourced with over 50 investment professionals and managers based across seven global locations, including London, Singapore, and Sao Paulo. This global footprint provides great access to companies and a holistic view of developing themes and market dynamics. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team is divided into ‘pods’ to help streamline their focus. The Latin American pod consists of six individuals, including a dedicated ESG analyst and is led by Eduardo Figueiredo, Head of Brazilian Equities. Most members of the pod are based in Sao Paulo, Brazil. In addition to carrying out research, they’re responsible for ensuring the wider team’s best ideas make it into this fund. It’s very much a team-based approach. Each team member has been working closely together for many years, highlighting the strong team dynamic.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Latin American ‘pod’ adopt the same investment philosophy as the broader global emerging markets team which is based on 'long-term quality'. They believe most investors underestimate the sustainability of returns that many high-quality companies can make. They aim to find companies which can generate long-term growth, that have been overlooked by others, and hold onto them for many years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies in good financial health, run by robust and trustworthy management teams are favoured by the team. They often look for a change that could help boost profits in the future, such as a new product or change in the use of technology. They sometimes invest in out-of-favour companies that can be bought at a more attractive share price.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meeting company management is important, and the team can do this regularly as they’re based throughout the emerging markets, including Latin America. They also like to engage with companies on environmental, social and governance (ESG) issues, which could lead to better outcomes for both investors and society over the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This result is a concentrated portfolio of around 30-35 companies, which means each investment could have a big impact on performance, which increases risk. The fund tends to invest heavily in the top two Latin American Stock Markets, Brazil, and Mexico which respectively account for 59% and 33% of the fund. Sector wise, the fund has more in sectors like industrials and real estate than the broader Latin American market. In contrast, they invest less in financials and materials. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team made several changes over the past 12 months including the purchase of Rede D’Or, a Brazilian healthcare company and CCR, Brazil’s largest toll road operator. They also sold several companies over the year with fading conviction leading to the sale of companies such as Geopark, the oil and gas company and Walmex, the Mexican supermarket operator. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Aberdeen Asset Management was one of the UK's first asset managers to build a range of Asian and emerging markets funds. The group has remained committed to investing in these markets, including Latin America, ever since and we think this dedication is admirable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Aberdeen Asset Management merged with Standard Life in 2017 to become Standard Life Aberdeen plc. This later became Aberdeen Standard Investments and in July 2021, the company changed name once again to abrdn to simplify and unite under one single brand. The Global Emerging Markets Equity team subsequently made some incremental changes to their investment process, though the core of their philosophy remains intact. We're pleased to see the team has settled since the merger and encouraged they're willing to learn and keep improving what they do.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The broader team is responsible for a range of Asian and emerging markets funds. Each member provides input to the wider franchise, and they share their knowledge and experience to ensure their best ideas make it into the portfolios.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"abrdn is a firm well known for its commitment to ESG. Responsible investing has been part of the business since it set up its Corporate Governance team in 1992 and launched its first ethical fund in 1994. We like that the firm’s policy positions on a range of divisive issues, from plastics and tobacco to palm oil and biodiversity, are easily available on their website. The firm also produces frequent ESG-related thought leadership articles, a podcast series and an annual Stewardship report. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’re pleased to see that the firm’s commitment to ESG has filtered down to the fund level. abrdn fund managers generally see themselves as owners of businesses, not investors, and stewardship is an important part of their investment processes. The firm exercises all voting rights and engages with management to encourage best practice. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ESG and stewardship factors are included in every stock research note and each firm receives an ESG score, based on its ESG credentials and its ability to manage ESG risks. In fixed income, ESG risks are assessed and priced alongside other credit risks, and the managers encourage action that will reduce these risks. As with equities, each issuer receives an ESG risk rating. abrdn fixed income managers can invest in bonds issued by companies with a poor ESG risk rating, but they will require greater compensation via the credit spread, and usually take a smaller position size. All managers have access to a central ESG team, as well as specialist on-desk analysts. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company runs several exclusions-based, sustainability focus and sustainability impact funds, which take its commitment to society, the environment, and other thematic investment goals a step further.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has a standard annual ongoing charge of 1.13%, but we’ve secured a 0.54% saving for HL clients. That means a net ongoing charge of 0.59%. Our platform charge of up to 0.45% per annum also applies, except in the HL Junior ISA, where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund returned 42.01%* versus 58.20% for the MSCI EM Latin America 10/40 index over the ten years to end of March 2024. Whilst the fund’s relative performance is disappointing, the fund marginally outperformed peers with the IA Latin sector average returning 41.25%. Remember past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past 12 months the fund and the index rose by 13.57% and 20.96%, respectively. Meanwhile, the IA sector returned 18.83%. The team’s selection within Mexico was strong, but the funds relative underperformance was largely down to the weaker stock selection within Brazil, a region which accounts for around 59% of the fund. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Energy has been one of the best performing sectors in Latin America, however, the fund has less invested here compared to the index. This was a headwind for relative performance, especially having less invested in Brazilian petroleum company, Petrobras. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It wasn’t all bad news though with the team’s investment in America Movil, the Mexican telecommunications company and Wilson Sons, the Brazilian logistics business, among the biggest contributors to performance. 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From soaring ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" and higher interest rates to geopolitical tensions in Europe and the Middle East.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Looking to the rest of 2024, there’s optimism on the horizon. Inflationary pressures look like they’re easing, interest rate cuts seem likely, and valuations look mostly attractive for Asia and emerging markets. This could be a better backdrop for investors in the months to come.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. All investments can fall and rise in value, which means you could get back less than you invest. 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Tensions with China are ongoing, so Lai Ching-te will be kept busy trying to keep the peace in the Indo-Pacific region.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Indonesia and Pakistan are going to the polls later this month. And between April and May, India’s Prime Minister Narendra Modi is looking for re-election, followed by Mexico and South Africa in June.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But the most impactful election for Asian and emerging economies is coming in November – the United States.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A lot of nations, especially smaller ones, tie their currencies – known as ‘pegging their currency’ – to the US dollar. 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The question, whether the economy would meet its 5% target – the lowest in decades – sparked debate among analysts and economists throughout the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The economy did crawl over the line to record full-year gross domestic product (GDP) growth of 5.2%. But meeting this target doesn’t hide the ongoing challenges facing policymakers. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/deflation"},"content":[{"nodeType":"text","value":"Deflation","marks":[],"data":{}}]},{"nodeType":"text","value":", debt, record youth unemployment and a declining population are just a few.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we approach the Year of the Dragon, the world’s second biggest economy looks like it’s on a tough path. Even with recent setbacks, the symbolism of the Dragon – success, strength, and power – looks like the Chinese markets we’ve seen over its multi-decade climb. But remember, past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While economic growth has slowed, it’s still expected to outpace the developed world. In 2024, the IMF is forecasting 4.2% GDP growth versus 1.4% for advanced economies and 2.9% globally. However, achieving the impressive double-digit growth rates witnessed in the past will require significant adjustments and strategic initiatives.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Monetary policymakers have taken broad, gradual measures to support the economy, but the market is calling for more significant action to help restore investor confidence.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Interestingly, the Chinese regulator recently stepped in to limit ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/short-selling"},"content":[{"nodeType":"text","value":"short selling","marks":[],"data":{}}]},{"nodeType":"text","value":". This strategy can help investors profit from a falling ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock market","marks":[],"data":{}}]},{"nodeType":"text","value":" and banning it, at least temporarily, has happened before.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have stock markets performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The past 12 months (to end of January 2024) presented challenges. The MSCI AC Asia Pacific ex Japan and MSCI Emerging Markets indices fell 8.75%* and 5.79% respectively. This was a stark contrast to the broader global stock market with the MSCI AC World index rising by 11.43% over the same time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stylistically, emerging and Asian ‘value’ stocks generally outperformed their ‘growth’ counterparts. Growth companies are expected to deliver above-average growth, measured by factors like earnings or revenues.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In contrast, value companies are cheaper or at a discount to what the true share price should be, maybe because they’ve been going through a tough time. Smaller companies also performed better than larger ones.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"China, which makes up a big part of both the Asian and emerging markets, weighed down overall performance. The MSCI China index fell 31.22% over the past 12 months, with negative investor sentiment casting a shadow over the world's second-largest economy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"India's stock market grew 23.76%. India is one of the fastest-growing economies globally, boasting 7.6% year-on-year GDP growth to the end of September 2023.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Emerging European markets also looked resilient, with the MSCI Hungary Index surging by 38.94%, while the MSCI Greece and MSCI Poland indices went up 36.42% and 31.38% respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of valuations, emerging and Asian markets overall look attractively priced.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Uncertainty in China means share price valuations are below their 30-year average. Other places in Asia, like Indonesia and the Philippines offer appealing valuations compared to historical levels. 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To meet their criteria, each business should generate good cash flow, be financially strong and valued at a share price that doesn’t reflect their earnings potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can read more in our latest ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/research-and-news/fund-news--and--alerts/jupiter-india-february-2024-fund-update"},"content":[{"nodeType":"text","value":"fund update","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3Za7AB4u9YlY3J950GwLSs","type":"Entry","createdAt":"2024-02-16T16:07:25.100Z","updatedAt":"2024-02-16T16:07:25.100Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you’re looking to invest in emerging markets and are happy with the higher risk associated with it, we think a broad global emerging markets or Asian fund is probably a good starting point. Other funds could be added to a portfolio for more exposure to a particular theme, area, or country. When investing it’s essential that investors take a long-term view of at least five years.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have Wealth Shortlist funds performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Asian and emerging markets ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" funds have delivered mixed performance over the year. We typically expect this. 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India","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests a significant amount in higher-risk small and medium-sized companies","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Long and short-term performance has been strong but can be volatile","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund features on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/j/jupiter-india-class-x-accumulation"},"content":[{"nodeType":"text","value":"Jupiter India","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to grow over the long term by investing in companies that are primarily based in India. The managers invest in companies of all sizes, but invest much more in higher-risk small and medium-sized businesses than some other India funds and the broader Indian stock market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s focus on a single emerging country makes it a higher-risk option so it should only make up a small portion of an investment portfolio. We think it could work well alongside other emerging market funds with a focus on larger companies or as part of a broader globally diversified portfolio focused on long-term growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Avinash Vazirani has plenty of experience of investing in Indian companies. He started his investment career in 1994 and joined Jupiter in 2007, launching the Jupiter India fund soon after. Having spent such a long period of time focusing on India, Vazirani has unrivalled knowledge of Indian companies, the economy, and the themes set to develop over the coming years. We view this as one of his greatest strengths and admire his commitment to this area.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since January 2022, Vazirani has been supported by assistant manager, Colin Croft. Croft joined Jupiter in 2006 as an equity analyst and has gone on to manage funds focused on Asia and Emerging Europe. We have spent time getting to know Croft as an investor and are impressed so far. That said, our conviction in this fund currently lies with Vazirani given his length of experience.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Vazirani and Croft believe India is one of the most exciting regions within emerging markets. As India’s economy and population continues to expand, there are plenty of investment opportunities available for active fund managers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To help whittle down an investable universe of over 6,000 companies, the managers’ ‘GARP’ (Growth at a Reasonable Price) investment philosophy helps focus their efforts. Companies should generate strong cash flow, be financially robust and valued at a share price that doesn’t reflect their earnings potential. As a result, the fund tends to look ‘cheaper’ than the Indian market across several valuation metrics.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers spend a lot of time understanding a company’s management team to ensure they’re run prudently. They also analyse long-term trends that companies could benefit from such as financial inclusion, government reform and demographics.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To help generate new ideas, the managers use a wide range of sources. Quantitative screens provide a daily feed of company information and performance. They also use external analysts and have regular conversations with members of Jupiter’s global emerging markets and Asia team. Initial public offerings (companies that sell their shares to investors for the first time) have been popular in India in recent years and provide a good pipeline of potential opportunities for the managers to analyse.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This results in a final portfolio of around 60-80 companies with the managers finding most opportunities in financials, industrials, and healthcare. The fund can invest in companies of any size, but invests more in higher-risk small and medium-sized companies than the broader Indian stock market. As at the end of December 2023, 48.2% of the fund was invested in companies of this size.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past year the managers have found plenty of new investment ideas. They added Indian Oil Corporation and Axis Bank, both companies they believe are trading on relatively low valuations. Other new investments include Tata Motors and Embassy Office Parks REIT (Real Estate Investment Trust).","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In contrast, recent market euphoria has seen the share prices of many companies rise which has provided a chance to sell shares at a good price and take profits. Recent examples include Force Motors, Texmaco Rail and BSE, the Indian stock exchange. Some companies were sold as they didn’t live up to the managers’ expectations such as IT services business, Tech Mahindra, clothing company Lux Industries and Star Health Insurance.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jupiter is a well-known asset manager and part of the UK’s FTSE 250 index of medium-sized companies. Fund managers are given autonomy to invest the way they see fit, but with an appropriate level of challenge from others in the business. The business setup allows Vazirani and Croft to focus purely on fund management and take a long-term view.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fund managers at Jupiter are incentivised in line with the performance of their funds over various timeframes. We think this aligns their interests with those of investors and helps the managers to focus on delivering strong performance for clients.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We continue to monitor the culture at Jupiter after a number of senior management changes following the acquisition of Merian Global Investors in 2020.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jupiter’s approach to Environmental, Social and Governance (ESG) is fund manager led, so the fund managers are responsible for implementing ESG in their investment decisions. They typically approach ESG issues with a materiality-based approach, which means they focus on ESG risks most material to each company. The firm also subscribes to several third-party data providers (including Sustainalytics, RepRisk, ISS and MSCI) which offer information that fund managers can use in their research. Where red flags are raised, the managers investigate. The firm offers a small number of exclusions and sustainability-focused funds, including the longstanding Jupiter Ecology fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Managers are held to account for their ESG decision making and are frequently challenged on their ESG analysis by the in-house Governance and Sustainability team. The team is also available to provide specialist ESG knowledge.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like that company engagement is not delegated to a separate department. Instead, the fund manager who made the decision to invest in the company leads engagement activity directly, which allows more meaningful and relevant engagement. Jupiter also votes at all shareholder meetings and provides a monthly voting record, available via its website, including rationale where it votes against company management. More information about the firm’s ESG policies, voting record and engagement case studies can be found in its annual Stewardship report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While ESG considerations are integrated into the idea generation process, this fund is not an ESG focused fund. This means it might invest in companies that could be considered ESG sinners.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has an annual ongoing charge of 0.99%, but we’ve secured HL clients an ongoing saving of 0.30%. This means you’ll pay a net ongoing charge of 0.69%. We think this offers good value for access to the managers’ best ideas. HL platform fee of up to 0.45% per year also applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Avinash Vazirani has invested in India for decades and built a strong track record over this time. Since he launched this fund in February 2008, it’s returned 343.63*, outperforming the IA India/Indian Subcontinent sector average return of 247.05%. He’s also outperformed the MSCI India index return of 225.00%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests this performance is down to talented stock picking and being exposed to the right sectors. Remember past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given the fund’s bias towards small and medium-sized companies, the fund can be more volatile than its peers and the benchmark. We typically expect the fund to perform better than the market when it’s rising, but investments in smaller businesses can impact performance, both good and bad. For example, during 2018-20 the share prices of smaller businesses were much weaker than larger ones which held back performance. Investors should be aware the fund is likely to be more sensitive, and could underperform, during periods of market stress or when larger companies outperform.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"India’s economy has flourished in recent years and market excitement has seen the share prices of many Indian companies rise considerably, especially smaller companies. This was helpful for performance over the past year with the fund returning 48.49%, versus 22.36% for the IA sector average and 23.29% for the index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sectors like financials, industrials and energy were some of best contributors to performance. At a stock level, BSE, electric bus manufacturer Olectra Greentech and Hindustan Petroleum Corporation Ltd were some of the strongest performers. In contrast, Godfrey Philips, which is the largest investment, and State Bank of India were weaker.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like the fact Jupiter India invests differently. This gives it the potential to perform better than the Indian market, though the reverse is also true. Whilst recent performance has been exceptionally strong, investors shouldn’t expect further periods of such strong performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We continue to believe a well-diversified portfolio should have exposure to different asset classes, investment styles and geographies. 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*Lipper IM to 31/01/2024","caption":"Past performance isn't a guide to future returns."}}],"authors":["$6:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$6:props:data:authorArticles:1:fields:newsLetterSignUp","finpromMessage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7gNj8lJcKjbs6BldUjJ9X4","type":"Entry","createdAt":"2023-10-17T10:30:56.272Z","updatedAt":"2023-10-17T10:30:56.272Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockFinancialPromotionsMessage"}},"locale":"en-US"},"fields":{"title":"No recommendation","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"No recommendation","nodeType":"text"},{"data":{},"marks":[],"value":" - No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}}},"metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1DLrd1ukFXagvmM9Rdg6Hz","type":"Entry","createdAt":"2024-02-14T16:56:20.994Z","updatedAt":"2024-02-14T16:56:20.994Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Jupiter India: February 2024 fund update","seoMetaDescription":"In this update, Investment Analyst Henry Ince shares our analysis on the manager, process, culture, ESG integration, cost, and performance of the Jupiter India fund.","seoIndexingRules":"index,follow","snippetSettings":true,"openGraphType":"website","twitterCardType":"summary_large_image"}},"sedolsOld":"BD08NQ1","sedols":["BD08NQ1"],"showImageOnArticle":false,"featuredImage":"$6:props:data:authorArticles:0:fields:featuredImage"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1pDHnySdhBrgDBnjTv9EKk","type":"Entry","createdAt":"2024-02-12T15:44:46.099Z","updatedAt":"2024-02-14T15:51:11.536Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"College Red","titleAndPath":"Is it time to invest in China? – 2 fund ideas [@ is-it-time-to-invest-in-china-2-fund-ideas]","articleType":"$6:props:data:authorArticles:2:fields:articleType","intro":"Symbolic of success, strength, and power, can China make the most of the Year of the Dragon? We take a closer look and share 2 fund ideas.","publishedDate":"2024-02-09","categories":["$6:props:data:authorArticles:0:fields:authors:0:fields:categories:1","$6:props:data:authorArticles:0:fields:authors:0:fields:categories:1:fields:parentCategory"],"featureArticle":true,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3uaaPqeXyj66M7CobZf1oC","type":"Entry","createdAt":"2024-02-12T15:44:46.203Z","updatedAt":"2024-02-14T15:51:11.658Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Last year was the Year of the Rabbit, usually linked to gentleness and serenity, but for Chinese investors, 2023 was far from peaceful. The question, whether the economy would meet its 5% target – the lowest in decades – sparked debate among analysts and economists throughout the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the economy did crawl over the line with record full-year gross domestic product (GDP) growth of 5.2%, meeting this target doesn’t hide the ongoing challenges facing policymakers. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/deflation"},"content":[{"nodeType":"text","value":"Deflation","marks":[],"data":{}}]},{"nodeType":"text","value":", debt, record youth unemployment and a declining population are just a few.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/monetary-policy"},"content":[{"nodeType":"text","value":"Monetary policymakers","marks":[],"data":{}}]},{"nodeType":"text","value":" have taken broad, gradual measures to support the economy. However, we haven’t seen a ‘bazooka’ or game changing policy to reassure the market which is calling for decisive action.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Any major developments here could help boost confidence and offer some short-term market support. But if this is fuelled by more borrowing, it could do more harm than good in the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"China’s ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock market","marks":[],"data":{}}]},{"nodeType":"text","value":" performance in 2023 was bleak. Over the year, the FTSE China index fell 16.63%, mainly because of challenges in real estate. And given the weighting of China in Asian and Emerging Market indices, its impact at a regional level was significant.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sentiment isn’t positive to say the least and it looks like investors are starting to run out of patience. Foreign direct investment (FDI) into China turned negative for the first time since the late 90s and data from the Investment Association (IA) is showing sustained outflows from China/Greater China Funds over the 12 months to November 2023.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our most recent survey highlights that investor confidence towards broader Global Emerging Markets has been increasing since November. But, over the same time, flows on our platform into IA China/Greater China funds are negative.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you're not sure if an investment is right for you, ask for ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/financial-advice"},"content":[{"nodeType":"text","value":"financial advice","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Strap in for further volatility","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we approach the Year of the Dragon, the world’s second biggest economy looks like it’s on a tough path. Even with recent setbacks, the symbolism of the Dragon – success, strength, and power – looks like the Chinese markets we’ve seen over its multi-decade climb. But remember, past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The dragon’s also associated with being brave and courageous, two things that look crucial for investing in China right now. But there still might be reasons to be optimistic.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While economic growth has slowed, it’s still expected to outpace the developed world. In 2024, the IMF is forecasting 4.2% GDP growth versus 1.4% for advanced economies and 2.9% globally.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With all this uncertainty, Chinese shares are trading at very depressed valuations and below their average over the past 30 years. We think investors have readjusted their expectations and low valuations are usually associated with higher future returns, although there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Valuations tend to be good indicators of where sentiment is today. This suggests there are opportunities for investors willing to look past the noise.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our conversations with fund managers have painted a mixed picture. While some are staying cautious on the outlook, others believe some companies are offering compelling value at current market prices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There’s no hiding that China has seen a structural slowdown in growth, but with the valuation picture right now and looking at the next five to ten years, this could prove an attractive entry point. But still, investors should be prepared to ride out the ups and downs.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"2 fund ideas to consider for China","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in funds isn't right for everyone. Investors should only invest if the fund's objectives are aligned with their own, and there's a specific need for the type of investment being made. Investors should understand the specific risks of a fund before they invest, and make sure any new investment forms part of a long-term ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversified","marks":[],"data":{}}]},{"nodeType":"text","value":" portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, all investments can fall as well as rise in value, so you could get back less than you invest. For more details on each fund and its risks, please see the links to their factsheets and key investor information below.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7jrjkfZMVwzT78bmsfZtH9","type":"Entry","createdAt":"2024-02-14T15:51:11.875Z","updatedAt":"2024-02-14T15:51:11.875Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"3387432","investmentType":"fund","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"FSSA Greater China Growth","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/f/fssa-greater-china-growth-class-b-accumulation"},"content":[{"data":{},"marks":[],"value":"FSSA Greater China Growth","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" is managed by Martin Lau. Martin and his team look for high-quality companies primarily operating in China, Hong Kong, and Taiwan.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"They prefer companies with a competitive advantage that others struggle to replicate, like a well-known brand or the ability to raise prices without affecting demand from customers.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Companies should also have the potential to grow earnings sustainably over the long term and be run by reputable management teams that avoid taking unnecessary risks in pursuit of short-term gains.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fund invests in emerging markets and smaller companies which both add risk.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"uAH2WRJyE8fLyUvot5Vh3","type":"Entry","createdAt":"2024-02-14T15:51:11.982Z","updatedAt":"2024-02-14T15:51:11.982Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"3088177","investmentType":"fund","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"JPM Emerging Markets","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"For the ","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/j/jpm-emerging-markets-class-c-accumulation"},"content":[{"data":{},"marks":[],"value":"JPM Emerging Markets","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" fund, Leon Eidelman and Austin Forey hunt for businesses that can sustain earnings growth over the long term. They believe most investors underestimate the potential for share price growth in companies that can do this.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"They pay close attention to the financial strength of a business, the quality of the management team and the decisions it takes, and the level of corporate governance.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"They’re supported by a wider team of analysts who do extensive research and provide new ideas. They typically travel across the region to visit companies and get insight into what’s happening in different economies. 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Investments in emerging markets add risk and the associated volatility should be considered when constructing a long-term portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors in closed-ended funds should be aware the trust can trade at a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/help#funds-shares-and-other-investments/investment-trusts/introduction/what-are-premiums-and-discounts"},"content":[{"nodeType":"text","value":"discount or premium","marks":[],"data":{}}]},{"nodeType":"text","value":" to the net asset value (NAV).","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Richard Sennitt has been lead manager of the trust since March 2021 following the retirement of veteran investor and long-term colleague, Matthew Dobbs. Sennit joined Schroders in 1993 and has a wealth of experience investing in Asian markets having managed the Schroder Asian Income Fund since 2001, as well as a few other Asian income portfolios that are run similarly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Abbas Barkhordar also became co-manager in 2021 when Dobbs retired. He joined Schroders in 2007, initially as an analyst on the Emerging Markets Equities team. While he has applicable analyst experience, this is one of Barkhordar's first trust manager roles.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both managers are also responsible for the open-ended Schroder Asian Alpha Plus fund which invests in a near identical way. Given the overlap in process and investable universe, we think they can comfortably handle their workload.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are thousands of companies in this part of the market, so the managers have the help of a team of around 40 analysts based across Asia. They help sift through the market and uncover what they believe to be the most promising opportunities.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sennitt and Barkhordar believe that Asian markets are a stock pickers paradise. Since they tend to be less researched than developed markets there is plenty of opportunity to uncover hidden gems. They tend to be volatile though and that’s why the managers believe the best way to navigate these risks is by investing in high-quality businesses – but without paying too much for them.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To whittle down a universe of over 5,000 companies the managers work closely with Schroders’ Asian equities team to help generate research and ideas for the fund. They look for companies they think can sustain returns over the long run. They should have good cash flows, strong franchises, a quality management team, superior corporate governance standards and a strong business model that's able to defend against competition. Next, they aim to forecast the earnings of each business, which could ultimately influence the direction of the share price.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the managers mainly focus on individual company analysis, they also consider economic factors to provide broader context to their research. This may involve looking at inflationary trends and monetary policy, amongst other factors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This results in a portfolio of around 60 companies. Over half of the portfolio is invested in financials and technology stocks with significant investments in TSMC and Samsung Electronics.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Geographically, at the end of 2023, the managers invested 16.6% in China, which is a lot less than the benchmark (30.8%). In contrast, they invest more in Hong Kong where they have found good quality ideas at more sensible valuations. India and Taiwan also form a meaningful part of the trust’s regional spread.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust’s latest financial year (end of September 2023) the managers used share price weakness to top up investments in China and Hong Kong at more attractive prices. This included sporting apparel manufacturer Shenzhou and internet platform Tencent. They also added manufacturer Shenzhen Inovance and Wuxi Biologics to the portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In contrast, they sold Taiwanese chip designer, Novatek Microelectronics and reduced investments in other technology companies that had performed well such as Samsung Electronics, TSMC and Delta Electronics. India’s stock market has been a strong performer recently which has seen certain parts of the market becoming expensive. As a result, the managers used this as an opportunity to take profits from several holdings such as automaker Maruti Suzuki and logistics firm Container Corporation of India.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust uses gearing (borrowing to invest), which can improve gains but also magnify losses in a falling market and therefore increases risk. At the end of the trust's last financial year in September 2023, gearing stood at 2.1%, up from 0.2% the year before. They also have the flexibility to use derivatives, which if used, adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Schroders is a well-established asset manager with offices all over the world. It believes the importance of Asian and emerging markets in the global economy has increased significantly over the years and expects this to continue. We think Schroders is dedicated to investing in this part of the world and supporting the teams that invest there.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We believe incentivisation for Schroders fund managers and analysts is focused on longer-term performance potential and is therefore aligned with their investors. The Asian equities team is based across the UK and Asia, and this remains an important resource for the group’s range of Asian funds.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Schroders has invested significantly in environmental, social and governance resources (ESG) and tools in recent years. Each investment desk has access to a variety of data sources that have been brought together into a proprietary platform called SustainEx, which allows investment teams to quantify a company’s positive and negative contributions to society. The ESG agenda at Schroders has significant support from senior management, and in 2019, the firm completed its acquisition of impact investment specialist Blue Orchard.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All Schroders funds were required to pass the firm’s inhouse ESG accreditation process by the end of 2020. All new funds must also be ESG accredited, and investment teams must reapply for accreditation on an ongoing basis. The ESG accreditation process is managed by the Sustainability team. They sit on the investment desk and are objective in their approach. There is a set list of criteria that funds must meet to become accredited, and the process is substantial – no fund has ever gained accreditation on the first attempt. Fund managers are also expected to demonstrate improved levels of ESG integration over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Schroders Sustainability team acts as a focal point for ESG, proxy voting, and engagement. When it comes to proxy voting, Schroders has structured policies in place and is transparent on the reasons proposals have been voted against. On the ESG engagement side, the firm’s activities and outcomes are monitored, tracked and reported in their quarterly Sustainable Investment reports and annual Sustainability reports. There are also a range of ESG-related insight and thought leadership articles available on the firm’s website.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s annual ongoing charge to the end of September 2023 was 0.86%. Investors should refer to the latest ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx/?type=sl.ra.full&id=75cfdc53-78b7-4f96-90fe-ade47dc1f469&user=MrWQDqIKnd%2bKJLnutyDDSD9aJ14N%2buOb3jCB6NxlnfJ6StNZOiVXgDCXU0tTc9X3&r=1"},"content":[{"nodeType":"text","value":"annual reports","marks":[],"data":{}}]},{"nodeType":"text","value":" and accounts and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_unit_doc_priip_kid&docid=fd262b83-7187-45c4-abe6-19869f45e17d&user=zRKPQy1EgcxqUZMQ4jGh%2btX8E0z88Pb7t5jOPTX%2foIY%3d"},"content":[{"nodeType":"text","value":"Key Information Document","marks":[],"data":{}}]},{"nodeType":"text","value":" for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If held in a SIPP or ISA, the HL platform fee of 0.45% (capped at £200 for a SIPP and £45 for an ISA) per annum also applies. Our platform fee doesn’t apply if held in a Fund and Share Account or Junior ISA. As investment trusts trade like shares, both a buy and sell instruction will be subject to the HL share dealing charges.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Richard Sennitt has an extensive track record investing in Asia. He has managed the Schroder Asian Income Fund since 2001 – which is different from this trust as it aims for income and growth. A similar process is used to find investment opportunities though and the universe of companies being researched is similar. As always, past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the long-term investors have seen strong relative returns. However, most of this performance can’t be attributed to the current management duo. Following their appointment in March 2021, the trust’s share price has returned -17.06%*, underperforming the MSCI AC Asia ex Japan index return of -14.52%. The trust’s net asset value (NAV) fell by -13.69% which is a fairer reflection of investment performance.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust’s latest financial year (to end of September 2023), the share price rose 2.28% versus 1.41% for the benchmark, respectively. It’s NAV increased by 2.87% over the same period.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Chinese stock market continued to face ongoing pressure due to weakness in the wider economy clouding investor sentiment. Having less invested here over the year helped relative performance alongside some good stock picking with holdings such as Ping An Insurance and fast-food operator Yum China benefiting from reduced COVID-19 restrictions. Developments in artificial intelligence (AI) over the year was also supportive for several of their Taiwanese technology investments.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In contrast, the trust’s investments in financials – a sector they have more exposure to than the benchmark – was a drag on performance. Some of the largest detractors included Hong Kong Insurance companies AIA and Prudential, and private Indian Banks ICICI and HDFC.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing, the trust trades at a discount of 10.70% which compares to an average discount of 11.14% over the last 12 months. 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region","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"abrdn have a well-resourced team and benefit from on the ground expertise","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the long term, the fund has outperformed but recent returns have been lacklustre","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have recently removed this fund from the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/a/abrdn-asia-pacific-equity-class-i-accumulation"},"content":[{"nodeType":"text","value":"abrdn Asia Pacific Equity","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims for long-term growth by investing in a range of Asian markets, including both established and less-developed economies such as China, India and Australia. It could therefore provide broad exposure to the Asia Pacific region and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversify","marks":[],"data":{}}]},{"nodeType":"text","value":" a global portfolio with a long-term view. Funds that focus on other regions, or specific countries, could be added alongside this one as part of a broader investment portfolio. The fund includes some investments in emerging markets, which adds risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has been a long-term constituent of the Wealth Shortlist (previously the Wealth 50 and Wealth 150). Our conviction in the fund has been based on its strong team, ample resources, and long-term investment approach. We now find that these elements no longer set it apart in the competitive Asia Pacific sector. As a result, we’ve decided to remove the fund from the Wealth Shortlist.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Flavia Cheong has co-managed this fund since 1996 and is Head of Asia Pacific Equities at abrdn. Cheong is an experienced investor and leads the team of four directly looking after the fund, with key input into its final construction.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the leading members within the team is Pruska Iamthongthong. She has been co-manager since August 2007 and is a senior investment director within the Asian equities team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A broader team of analysts and portfolio managers has been built over time, providing vital support on this fund and other Asian and emerging markets funds. They are based across the globe, from Singapore and Bangkok to Hong Kong and Kuala Lumpur. This provides good access to companies, and insight into what's going on across the region.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hugh Young, the funds former longstanding co-manager and Chairman of Asia Pacific at abrdn retired at the end of 2023. Young was instrumental in setting up the group's Asian equities strategy in the late 1980s and although it’s a shame to see him leave the team, it’s only natural after such a successful career for him to call it time.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team's investment philosophy is based on 'long-term quality'. They believe most investors underestimate the sustainability of returns that many high-quality companies can make. They aim to find companies which can generate long-term growth, that have been overlooked by others, and hold onto them for many years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies in good financial health, run by robust and trustworthy management teams are favoured by the team. They often look for a change that could help boost profits in the future, such as a new product or change in the use of technology. They sometimes invest in out-of-favour companies that can be bought at a more attractive share price.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Meeting company management is important to the team. While the world is currently a little different, they can typically do this regularly as team members are based throughout Asia. They also like to engage with companies on environmental, social and governance (ESG) issues that could lead to better outcomes for both investors and society over the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team typically favours businesses that rely on growing consumer wealth, though the fund has at least some exposure to most major sectors to keep it diversified. Importantly though, each company should be a leader within its market – for example, the business might offer a specialist product that isn't available elsewhere.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During 2023, the team made several new investments including Korea Shipbuilding & Offshore Engineering, which is one of the world’s largest shipbuilding companies. Resmed, the medical equipment company was also added to the portfolio. Following a lacklustre set of results the share price fell significantly and presented what the team believe to be an attractive price for the company’s growth prospects.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"To make way for new additions, several companies were sold. China was a key focus for the team and resulted in the sale of China Merchants Bank, Yonyou Network and JD.com. Other sales included OZ Minerals, the Australian mining company was also sold after a successful takeover offer earlier in 2023.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Aberdeen merged with Standard Life in 2017 to become Aberdeen Standard Investments, and subsequently renamed as abrdn. The Asian Equities team subsequently made some small changes to their investment process, though the core of their philosophy remains intact. We're pleased to see the team has settled and encouraged that they're willing to learn and keep improving what they do. The group has remained committed to investing in Asia ever since and we think this dedication is admirable.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The broader team is responsible for a range of Asian and emerging markets funds and investment trusts. Each member provides input to the wider franchise, and they're willing to share their knowledge and experience to ensure their best ideas make it into the portfolios.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"abrdn is a firm well known for its commitment to Environmental, Social and Governance (ESG) investing. Responsible investing has been part of the business since it set up its Corporate Governance team in 1992 and launched its first ethical fund in 1994. We like that the firm’s policy positions on a range of divisive issues, from plastics and tobacco to palm oil and biodiversity, are easily available on their website. The firm also produces frequent ESG-related thought leadership articles, a podcast series and an annual Stewardship report.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’re pleased to see that the firm’s commitment to ESG has filtered down to the fund level. abrdn fund managers generally see themselves as owners of businesses, not investors, and stewardship is an important part of their investment processes. The firm exercises all voting rights and engages with management to encourage best practice.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ESG and stewardship factors are included in every stock research note and each firm receives an ESG score, based on its ESG credentials and its ability to manage ESG risks. In fixed income, ESG risks are assessed and priced alongside other credit risks, and the managers encourage action that will reduce these risks. As with equities, each issuer receives an ESG risk rating. abrdn fixed income managers can invest in bonds issued by companies with a poor ESG risk rating but require greater compensation via the credit spread. All managers have access to a central ESG team, as well as specialist on-desk analysts.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company runs several exclusions-based and impact funds, which take their commitment to society, the environment, and other thematic investment goals a step further.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund usually has an ongoing annual charge of 0.85%, but we've secured HL clients an ongoing saving of 0.30%. This means you pay a net ongoing charge of 0.55%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. The HL platform fee of up to 0.45% per year also applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since August 1996, when Flavia Cheong started managing this fund, it’s returned 557.92%*, outperforming the IA Asia Pacific Excluding Japan sector average return of 450.17%. It has also outperformed the regional benchmark.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, the fund’s performance has struggled more recently. Over the past five years, it’s failed to outperform its benchmark and the IA sector average. Our analysis suggests that, for several years, the manager hasn’t consistently added value through stock selection. This is a key factor we analyse when assessing a fund manager, and represents their ability to pick strong performing companies regardless of what size or sector they’re in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The past 12 months have been especially tough, with the fund declining by 7.68% versus -0.15% for the IA sector average. It also lagged its benchmark which delivered a positive return over the period. The fund’s investments in China have hurt recent performance where stock selection has detracted.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s style, particularly its focus on quality has also been a headwind with the Chinese market mainly being driven by more value-oriented companies. Given their focus on ‘quality’ companies, we would typically have expected the fund to hold up better when markets fall, but the fund hasn’t met these expectations in recent years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It's been a difficult period of performance for the fund, and during periods where a manager's style is out of favour, we like them to stick to their investment process and focus on the long term. While we acknowledge the team's commitment to their established process, our confidence in the fund's ability to outperform over the long term has diminished. 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this update, Investment Analyst Henry Ince shares our analysis on the manager, process, culture, ESG integration, cost, and performance of the FSSA Asia Focus 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team","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like the culture and philosophy at FSSA – the managers view themselves as stewards of investors' capital, looking after it as though it's their own","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Martin Lau is a highly experienced investor and has a strong track record","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund features on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits into a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/f/fssa-asia-focus-accumulation"},"content":[{"nodeType":"text","value":"FSSA Asia Focus","marks":[],"data":{}}]},{"nodeType":"text","value":" seeks long-term capital growth by investing in high-quality companies from across the Asia Pacific region. This includes both higher-risk emerging markets like China and India and developed economies like Hong Kong and Singapore.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Their conservative investment approach means we would typically expect more stability in returns compared with some peers in the Asia Pacific sector. This means the fund could complement more adventurous Asian funds or form part of a globally diversified portfolio with a long-term outlook.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Martin Lau joined FSSA in 2002 and has been lead manager of this fund since launch in 2015. He’s a highly regarded Asian fund manager and has invested in the region for more than two decades. In that time, he's managed several funds that invest broadly across Asia, as well as those that focus specifically on China, an area he specialises in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lau is a humble fund manager and open about both, what has worked well and what hasn't in his funds. These are qualities we like. While we rate him highly, he isn't a one-man band.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"He works closely alongside co-manager, Richard Jones who joined FSSA in 2010. He has over three decades of investment experience and has a strong track record investing in Asia. Both Lau and Jones manage other funds alongside this one, but given the overlap in approach and investable universe, we believe they can comfortably handle these responsibilities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers are supported by a diverse team, all of whom follow the same investment philosophy. They all contribute investment ideas and provide important challenge before any investment is made.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Asia is a hub of innovation and home to some of the most exciting companies in the world. From consumer brands and banks to healthcare and automation, Martin Lau and his team believe there’s a treasure trove of opportunities for stock pickers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FSSA’s philosophy centres around quality. The definition of quality is subjective but to Martin Lau and his team, they believe that the management team in charge is the most important aspect. That’s why they try to find companies run by reputable management teams that don't take unnecessary risks in the pursuit of short-term gains.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Their process hunts for companies that have the potential to grow earnings sustainably over the long run. This means they should have a competitive advantage that others struggle to replicate, such as a well-known brand or the ability to raise prices for their products without affecting demand from customers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers take a bottom-up approach and are not afraid to express their conviction. As a result, the portfolio can look very different to their benchmark. For example, they invest more (known as being ‘overweight’) in India, Singapore, and Indonesia and less (‘underweight’) in Australia, South Korea, and Taiwan. The country they invest most in is China which accounts for 29% of the fund, marginally ahead of the benchmark weighting.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of sectors, the fund maintains a meaningful position in the financial sector which currently makes up around 26% of its assets. Elsewhere the next largest sectors are technology and consumer discretionary at around 22% and 12% respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When making any investment, the managers take a long-term view. Therefore, they don’t tend to make too many changes from year to year. They often sell shares in companies that have performed well and could have less room to grow in future and buy more shares in companies that have been weaker, but still have growth potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past 12 months, the managers invested in Kasikornbank, a leading Thai bank at what they believe to be an attractive valuation. Tech Mahindra, the Indian technology company was also added to the portfolio. The managers believe the company is set to benefit from increased spending on digitisation. In contrast, they sold consumer staples business Vietnam Dairy Products which has struggled to keep pace with its competitors. Other sales included Taiwanese company, Realtek Semiconductor and Chinese shopping platform, Meituan Dianping.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We like the culture and philosophy that's been cultivated at First State Stewart Asia (FSSA, part of the broader First Sentier Investments group). The team is made up of investors dedicated to looking after clients' money as if it's their own.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"FSSA places emphasis on recruiting and maintaining great people. Every manager and analyst advocates the team's overriding philosophy. At the same time, their individual personalities are allowed to shine, and they're encouraged to bring their own ideas to the table.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lau is a Managing Partner of FSSA, so we think he's incentivised to ensure the business, including its funds and people, are successful. He looks after its team of analysts and fund managers, which means he can pass on his knowledge and experience. It also means he has additional responsibilities, but we're confident he spends most of his time focused on looking after his clients' money.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First Sentier Investments was acquired by Mitsubishi UFJ, a Japanese bank, in 2019. Takeovers can sometimes lead to disruption and corporate change, though positively FSSA remains an independent investment team.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Environmental, social and governance (ESG) integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For the team at First Sentier, ESG considerations are much more than a label or box to be ticked. Taking these factors into account is a natural extension of the same investment process they’ve used for decades. The team’s philosophy is founded on stewardship – when they make an investment, they see themselves as part-owners of the business and want to make sure it’s run in a way that’ll benefit all shareholders.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ESG issues form a core part of this. For example, they don’t like companies that make reckless decisions in the pursuit of short-term gains, rather than focusing on longer term, more sustainable growth. A business shouldn’t exploit its workforce, take advantage of tax loopholes, or skirt around industry legislation. Importantly, it should cause little, if any, harm to the environment around it. First Sentier has made a firm-wide commitment not to invest in companies whose primary business is to make cigarettes (or other tobacco products), or controversial weapons.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team also engages closely with company management. It helps them make sure management remain on track with sustainability issues and means they can encourage a change in behaviour if required. If they don’t think a business meets their standards, or is doing enough to address a problem, they won’t invest. They produce an annual Responsible Investment report, and a Stewardship report. These reports outline the firm’s voting record, provide engagement updates and case studies, and present other ESG-focused research.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund usually has an ongoing annual charge of 0.90%, but we've secured HL clients an ongoing saving of 0.15%. This means you pay a net ongoing charge of 0.75%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. The HL platform fee of up to 0.45% per year also applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Martin Lau has built up a strong track record investing in Asia, especially within China where he’s been investing since 2002. Since this fund launched in August 2015, it’s returned 116.93%* versus 115.92% for the IA Asia excluding Japan fund. It’s also outperformed the regional benchmark. Past performance is not a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Lau and his team are conservative in the way they manage money and aim to limit losses in a falling market. Their patient investment approach and focus on quality companies has meant they’ve tended to hold up relatively well when markets have been rocky but have lagged when they’ve risen strongly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, this isn’t guaranteed, as the fund has experienced over the past year. During this period, the fund fell by 6.09%, versus a -0.14% return for the IA sector average. Both were behind the benchmark though which was marginally positive. Stock selection was a headwind for performance, particularly within China where China Mengniu Diary and e-commerce company JD.com were the biggest detractors. South Korean consumer goods business LG H&H was another notable underperformer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have recently met with the team and continue to believe they are sticking to their established process. 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There are no guarantees and all investments will fall as well as rise in value, so you could get back less than you invest.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2yK2JK5dvs3IR4miIyFhwI","type":"Entry","createdAt":"2024-02-15T11:08:28.363Z","updatedAt":"2024-02-15T11:08:28.363Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":17,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage 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*Lipper IM to 31/12/2023","caption":"Past performance isn't a guide to future returns."}}],"authors":["$6:props:data:authorArticles:0:fields:authors:0"],"newsLetterSignUp":"$6:props:data:authorArticles:1:fields:newsLetterSignUp","finpromMessage":"$6:props:data:authorArticles:12:fields:finpromMessage","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6ZCLJUDxiDg2hATjJpYPBX","type":"Entry","createdAt":"2024-02-15T11:08:28.390Z","updatedAt":"2024-02-15T13:18:26.882Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"FSSA Asia Focus: January 2024 fund update | HL","seoMetaDescription":"In this update, Investment Analyst Henry Ince shares our analysis on the manager, process, culture, ESG integration, cost, and performance of 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remove the abrdn Asia Pacific Equity fund from the Wealth Shortlist.","publishedDate":"2024-01-09","categories":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3yM1m70JxvDKou7kZek7Tv","type":"Entry","createdAt":"2025-12-17T11:03:32.735Z","updatedAt":"2026-01-16T14:44:04.532Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":15,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Wealth Shortlist notifications [@ 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Cheong works closely with Pruska Iamthongthong who has been co-manager since August 2007.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over this timeframe, the fund has outperformed the regional benchmark and IA Asia Pacific excluding Japan sector average. However, more recently our conviction in the fund has been tested.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last decade, the fund has failed to outperform the benchmark and the IA sector average. Our analysis suggests that, for several years, the manager hasn’t consistently added value through stock selection. This is a key factor we analyse when assessing a fund manager, and represents their ability to pick strongly performing companies regardless of what size or sector they’re in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given the managers focus on ‘quality’ companies, we would typically have expected the fund to hold up a better when markets fall, but the fund hasn’t met these expectations in recent years.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Our View","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As part of our review of this fund, we recently met with the team to address our concerns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It's been a difficult period of performance for the fund, and during periods where a manager's style is out of favour, we like them to stick to their investment process and focus on the long term. While we acknowledge the team's commitment to their established process, our confidence in the fund's ability to outperform over the long term has diminished.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has been a long-term constituent of the Wealth Shortlist and previously the Wealth 50 and Wealth 150. Our conviction in the fund has been based on its strong team, ample resources, and long-term investment approach. We now find that these elements no longer set it apart in the competitive Asia Pacific sector. As a result, we’ve decided to remove the fund from the Wealth Shortlist.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many competitors have significantly bolstered their capabilities in recent years, and despite the team's substantial resources, the fund's performance profile suggests these aren't fully leveraged. Additionally, the recent announcement of Hugh Young's retirement further reduces our conviction. Young, Chairman of Asia Pacific at abrdn and former co-manager of this fund, played a key role in establishing the group's Asian equities strategy in the late 1980s. While his departure is unfortunate, it’s a natural conclusion to an illustrious career.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although we're removing the abrdn Asia Pacific Equity fund from the Wealth Shortlist, this isn't a recommendation to make any changes to a portfolio. Investors should make sure any investments match their investment goals and attitude to risk and are held as part of a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversified","marks":[],"data":{}}]},{"nodeType":"text","value":" portfolio. 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markets","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"JPMorgan have invested in a highly resourced team to support the managers","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Long-term performance has been strong, but it has struggled more recently","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/j/jpm-emerging-markets-class-c-accumulation"},"content":[{"nodeType":"text","value":"JPMorgan Emerging Markets","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to deliver capital growth over the long term. It invests in growing businesses across a diverse range of emerging economies such as China, India, Taiwan, and Korea. It’s important to note that whilst emerging markets offer lots of opportunity for investors, they're higher risk and typically more volatile than developed markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given its focus on growth, the fund could work well alongside more value orientated Asia and emerging market funds. It could also be blended with other funds that focus on developed markets as part of a globally diversified portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Leon Eidelman first joined JPMorgan in 2002 and became co-manager of this fund in 2013. He was appointed lead manager in 2016 and has final responsibility over which companies make it in and out of the fund. He also makes use of the input and challenge provided by his co-manager, Austin Forey.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Austin Forey is a seasoned emerging markets investor and has managed money in emerging markets since 1994. His career at JPMorgan began in 1988 during which he’s built up an extensive knowledge of global markets. His analyst career focussed on the engineering, financials, and property sectors. He served as deputy head of UK research before joining the emerging markets team in 1994.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both managers also run or contribute to other emerging markets portfolios at JPMorgan, using the same core process throughout. Given the large degree overlap across these strategies, we think they have plenty of time to comfortably manage these responsibilities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers benefit from a well-resourced team of around 140 individuals across nine countries. From Seoul to Mumbai, they have eyes in most corners of the market. We think this is invaluable given the vast range of countries, cultures, and companies within their investable universe.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers aim for the fund to perform better than the broader emerging stock market by investing in high-quality companies that can sustain earnings growth over the long term. They believe most investors underestimate the potential for share price growth in companies that can grow their earnings at a sustainable pace over a long period of time. This could help them buy company shares at a reasonable price and hold on to them as they grow their profits, and hopefully their share prices, over the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As lead manager, Eidelman oversees how the fund is constructed. He also leans on the wider team of analysts who carry out extensive research and provide new ideas. They typically travel across the region to visit companies and gain insight into what's happening in different economies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team looks for quality companies with the aim of calculating how much a company will grow its earnings over the next five years. They consider the financial strength of a business, the quality of the management team and the decisions it takes, and the level of corporate governance. Other factors, such as the dividends a company pays and how changes in a country's currency might impact a business, are also considered.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This whittles a large universe down to a final portfolio of around 60-100 companies. Geographically, the managers find most opportunities in China, India, and Taiwan, that said they do invest less than the benchmark here. In contrast, they invest more in countries like Mexico and Brazil.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers mainly invest in large, established firms, but also invest in some medium-sized companies with greater growth prospects. They also have the flexibility to invest in higher-risk smaller companies, though they have tended not to venture in this area of the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When making any investment, they do so with the long term in mind. As a result, they don’t tend to make changes very often. However, they have found plenty of interesting opportunities over the past year. For example, they invested in WEG, a Brazilian electrical engineering company after being attracted to its growth potential and competitive positioning. Other new purchases included Shoprite, the South African food retailer and SK Hynix, the South Korean semiconductor company.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In contrast, they sold several companies including Meituan, the Chinese shopping platform, Brazilian investment manager XP Inc and B3 S.A., in the Brazilian stock exchange. Taiwan Semiconductor Manufacturing Company (TSMC), their largest holding was also trimmed following a strong period of performance.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"JPMorgan is one of the world's biggest asset managers. It has investment professionals based all over the world, and the team behind this fund can tap into this experience and local knowledge. The group is home to strong emerging markets offering and the team is stable, with low turnover among senior members.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Eidelman and Forey have remained loyal to the group and spent their entire careers at JPMorgan, and we think they are dedicated to the emerging markets group. We view it positively that the managers are incentivised to focus on long-term performance.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"JPMorgan committed to integrate Environmental, Social and Governance (ESG) factors into their investment processes for active funds in 2016 and ESG is now a foundation for investment decisions across the firm. JPMorgan funds take a variety of different approaches, from quantitively scoring companies on a variety of ESG measures to help with portfolio construction, to more qualitative analysis achieved through fundamental research and company meetings. All fund managers have access to the central Sustainable Investing team, as well as thematic research and analytics, which focus on climate change and carbon transition.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams are required to demonstrate their progress on integrating ESG to a working group of senior managers from across the business and the Sustainable Investing team. Their progress is measured against a 10-point scoring system and must satisfy several conditions before it can achieve ‘ESG accredited’ status.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If the strategy does not meet this threshold, the investment team in question will need to incorporate the feedback from the working group and reapply to restart the review process. Once approved, teams must seek recertification every three years, and are subject to ongoing monitoring. We like this objective approach to internal ESG accreditation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm has detailed voting policies which are specific to each region they invest in and account for local customs. Investment teams and investment stewardship specialists in the relevant region are responsible for implementing those policies, based on their deep knowledge and experience of the country, sector and company. A detailed fund-by-fund and company-by-company voting record is available on the JPMorgan website, although voting rationale is not provided. Fund managers also regularly engage with the companies they invest in, and there are a number of case studies on their website and in their annual Investment Stewardship report.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund usually has an ongoing annual charge of 0.83%, but we've secured HL clients an ongoing saving of 0.25%. This means you pay a net ongoing charge of 0.58%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. The HL platform fee of up to 0.45% per year also applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Austin Forey and Leon Eidelman have delivered strong returns to long-term investors. Over the past decade, the fund has returned 78.12%* versus 62.11% for the IA Global Emerging Markets sector average. They are also ahead of their benchmark over this period.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s performance has struggled more recently though. Over the past 12 months (to end of November), the fund has fallen by 2.34% versus a 0.28% increase for the IA sector average. Stock selection has been a headwind for returns, particularly within China and India which account for a significant amount of their portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some of the key detractors included EPAM Systems, the Belarus IT company and JD.com, the Chinese e-commerce business. HDFC, India’s largest private bank which is one of their largest investments was also a source of pain, but the managers remain confident in its long-term prospects.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It wasn’t all bad news though. Their investments in companies such as NU Holdings, the Brazilian bank, TSMC and MercadoLibre, the Argentine online marketplace all delivered strong returns over the period.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the long term, we remain confident in the managers ability to outperform. 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potential for some capital growth. The managers look to achieve this by blending higher yielding companies alongside those with the potential for dividend growth. It offers broad exposure to markets in the Asia Pacific region such as Australia, South Korea, China and Hong Kong.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given the trust's focus on income, it could be used as part of a more adventurous income portfolio, as it invests in some higher-risk emerging markets. Style-wise, the managers are more value oriented which means it could also sit alongside more growth tilting Asian funds as part of a long-term globally diversified portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When investing in closed-ended funds you should be aware the trust can trade at a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/help#funds-shares-and-other-investments/investment-trusts/introduction/what-are-premiums-and-discounts"},"content":[{"nodeType":"text","value":"discount or premium","marks":[],"data":{}}]},{"nodeType":"text","value":" to net asset value (NAV).","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Kerley has managed this trust since the start of 2007. He joined Henderson (now Janus Henderson) in 2004 and has managed Asian equities ever since. However, it was announced in the latest annual results that he will be retiring in June 2024. Until then, he will continue to support the current co-manager, Sat Duhra.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The board have passed the baton over to Duhra, who will become sole manager of the trust. He has been co-manager since 2019 and has worked alongside Kerley for several years. He joined Henderson (now Janus Henderson) in 2011 and co-manages their Asian Dividend Income strategy. Prior to this he held analyst positions at Nomura Asset Management and Credit Suisse with experience across European and emerging market equities.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dividends can contribute significantly to the total return of an investment, especially in Asia. The managers believe that the region is a fertile hunting ground for companies offering income, capital growth or a combination of the two.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team uses a value-driven approach, looking for companies that have been overlooked by other investors and can be bought at a share price that's lower than their future potential means it could be. Robust cash flows are essential, as this is ultimately what should help support dividends over the long run. Low levels of debt play an important part in this too.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to generating new ideas, they use a combination of quantitative and qualitative analysis. This means they spend lots of time crunching the numbers alongside meeting companies face-to-face in the region. This helps them understand both the drivers and risks that these businesses face.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This whittles down their investable universe to a portfolio of 40-60 companies. This is broadly an even split between high yielding companies and those with the potential for dividend growth over time. A large proportion of the income comes from their investments in sectors such as financials, telecommunications, and energy. Geographically, China is the largest income contributor followed by Australia, South Korea, and Taiwan.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust's latest financial year (to end of August 2023) share price weakness across Asian markets provided an attractive entry point for the managers to top-up existing holdings and purchase new ones. For example, Samsonite, the Hong-Kong luggage company was purchased. The managers are confident about its growth prospects coupled with its income potential in the years to come. HDFC, the Indian bank was also added to the trust.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the end of the financial year, it's worth pointing out that the manager has reduced the trust's weighting to China with growing concerns around the world's second largest economy. This has largely been reinvested into India where they see macroeconomic tailwinds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should be aware that the managers use gearing (borrowing to invest), which can improve gains but also increases losses, which makes it a higher-risk approach. They also use derivatives to help enhance the income which adds risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Janus Henderson is a large investment firm with offices all over the world. It was formed in 2017 from the merger of two long-established groups – US-based Janus Capital Group and Henderson Global Investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It values experience and sharing knowledge and ideas between investment teams is an important part of the culture. Managers have the flexibility to tap into the wider group's resources for ideas and insights, but also have the freedom to do their own research and form their own views without having a ‘house view' placed on them.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Janus Henderson aims to be a responsible steward of investors' money, and ESG is an important part of this. All fund managers have access to ESG scoring models and customised ESG research, but the firm believes ESG considerations should go beyond examining numbers. Company site visits, speaking to workers and questioning company management are just some of the ways fund managers are expected to actively assess a company's ESG credentials.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams across Janus Henderson actively engage with the companies they invest in, and the firm's longstanding Governance & Stewardship team provides centralised support on voting and engagement. The ESG Investment Research team carries out ESG analysis with a consistent methodology across markets with a focus on financial materiality.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes to voting, Janus Henderson has a Proxy Voting Committee, which is responsible for establishing the firm's position on major voting issues and creating guidelines overseeing the voting process. The Committee is comprised of representatives from various business areas, including portfolio management, corporate governance, accounting, and compliance. The firm's full proxy voting history is published annually, although no rationale is provided. There is more detail on voting and engagement, including case studies, in the firm's annual ESG Company Engagement & Voting Review report and the ESG Quarterly Review – a summary of the firm's ESG related activities.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust's ongoing annual charge in the year to August 2023 was 0.97%. Investors should refer to the latest annual reports and accounts and Key Information Document for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If held in a SIPP or ISA, the HL platform fee of 0.45% (capped at £200 for a SIPP and £45 for an ISA) per annum also applies. Our platform fee doesn't apply if held in a Fund and Share Account.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As investment trusts trade like shares, both a buy and sell instruction will be subject to the HL share dealing charges.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Mike Kerley has managed Henderson Far East Income since 2007. Over his tenure the share price has risen by 162.01%* versus 245.11% for the AIC Asia Pacific Equity Income sector average. Whilst the trust doesn't have a specific benchmark, it has underperformed the broader Asian market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust's latest financial year (end of August 2023) the trust's share price fell by 14.84% versus a 5.55% decline for the AIC sector average. The net asset value also fell by 12.80% over the year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"China was one of the largest detractors for performance over the year. As we entered 2023, the managers had expected the relaxation of Covid-19 restrictions to spur on the economic recovery. However, this was not the case and their overweight position coupled with weak stock selection held back returns. Some of the key detractors included e-commerce business JD.com and Li Ning, the sports manufacturer.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A lower weighting in some of the stronger performing markets like India, Japan and Taiwan also held back performance. It wasn't all bad news though. Indonesia-based Bank Mandiri, Chinese technology company Lenovo and Samsonite were among the top contributors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While overall performance has been weak, the trust stands out in terms of income. The total dividend for the financial year was 24.20p, 1.7% higher than the year before and marks the 16th consecutive year of dividend growth. 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