Fund
GEMF is a Guernsey based Authorised Closed-Ended Investment Scheme with the ability to issue additional shares. The Fund’s shares are listed on the premium segment of the Official List of the UK Listing Authority, traded on the London Stock Exchange and are included in the FTSE 250. The number of Participating Preference Shares in issue is 121,466,754 as at 30 June 2020 (30 June 2019: 121,466,754).
Portfolio Characteristics
The Fund is diversified across countries and industries and is comprised of approximately 100 holdings. The Manager concentrates on a limited number of ideas so that research can go deeper and insights can be more valuable. The average holding period of current investments in the Fund has been over five years and the Manager expects this characteristic to persist. The top 20 investments represent about half of the Fund.
Investment Universe
The Fund’s emerging markets opportunity set consists of countries defined as low- and middle-income economies by the World Bank as well as high-income economies (such as South Korea and Taiwan) included in the major emerging markets benchmarks. In addition, the Fund may also invest in companies which are listed on the stock markets of high-income countries but that generate a significant proportion of their revenues, profits or cashflow from, or whose assets or intellectual property are mostly located in, emerging markets.
Note: Daily data shown for periods up to one year. For periods beyond one year weekly data is shown. Fund Performance shown is exclusive of dividends.
Data as at 31 January 2021
Top 10 Holdings
Taiwan Semiconductor
CountryTaiwan
SectorIT
Tencent
CountryChina
SectorCommunication Services
Alibaba
CountryChina
SectorConsumer Discretionary
Samsung Electronics
CountrySouth Korea
SectorIT
Sberbank
CountryRussia
SectorFinancials
Wuliangye Yibin
CountryChina
SectorConsumer Staples
Naspers
CountrySouth Africa
SectorConsumer Discretionary
AIA Group
CountryChina
SectorFinancials
Heineken
CountryNetherlands
SectorConsumer Staples
Richemont
CountrySwitzerland
SectorConsumer Discretionary
Source: Genesis Investment Management, LLP
Portfolio Characteristics
Diversified portfolio of attractively-priced, high quality businesses.
Portfolio overlap with the MSCI EM Index is less than 30%.
| Portfolio | Benchmark | |
|---|---|---|
| Top 20 Stocks Represent | 48.4% | 38.1% |
| Number of Stocks | 102 | 1,380 |
| Countries Represented | 28 | 27 |
| Average Holding Period | 5 years | n/a |
| Valuation (Current Year) | ||
| RoE | 16.7% | 14.1% |
| P/Book | 3.2x | 2.1x |
| P/E | 24.4x | 17.8x |
Based on GEMF and MSCI EM Index. Valuation ratios are weighted average
Sources: GEMF and MSCI EM valuation ratios data from FactSet
Sector Exposure
| Consumer Discretionary | 20.0% |
| Consumer Staples | 19.9% |
| Financials | 19.2% |
| Communication Services | 14.6% |
| IT | 14.1% |
| Health Care | 5.3% |
| Industrials | 3.2% |
| Materials | 1.9% |
| Investment Companies | 0.6% |
| Cash | 1.2% |
| Total Portfolio | 100.0% |
Geographical Exposure
| Asia | |
|---|---|
| China | 31.4% |
| India | 10.2% |
| South Korea | 8.9% |
| Taiwan | 6.3% |
| Thailand | 2.6% |
| Indonesia | 2.6% |
| Vietnam | 1.8% |
| Philippines | 1.5% |
| Malaysia | 0.3% |
| Total Asia | 65.7% |
| Europe | |
|---|---|
| Russia | 6.1% |
| Netherlands | 2.0% |
| Switzerland | 1.9% |
| Hungary | 1.6% |
| Germany | 1.2% |
| Greece | 1.1% |
| Romania | 1.0% |
| Turkey | 0.7% |
| Total Europe | 15.5% |
| Middle East Africa | |
|---|---|
| South Africa | 5.3% |
| Nigeria | 1.4% |
| Jordan | 1.0% |
| Kenya | 0.4% |
| Saudi Arabia | 0.2% |
| Mauritius | 0.2% |
| Total MEA | 8.5% |
| Latin America | |
|---|---|
| Mexico | 3.9% |
| Brazil | 2.9% |
| Peru | 1.0% |
| Colombia | 0.5% |
| Other† | 0.8% |
| Total LatAm | 9.1% |
| Cash | 1.2% |
Data correct as at last close
