Aubrey Global Emerging Markets Strategy
Total Net Assets
Growth in consumption in emerging markets is, in our view, the best long term, structural opportunity in what is an otherwise low growth world. The aspirations of the 5 billion or so potential consumers in the emerging world are much the same as those in the developing world: better food, housing, transport, healthcare, education and entertainment. Aubrey’s wealth progression philosophy attempts to identify those particular sectors of an economy which are at the sweet spot of growth.
The Aubrey Global Emerging Markets Opportunities Strategy focuses on these rapidly growing sectors in countries with political and economic backdrops conducive to income growth and consumer confidence. We search for companies with market dominance, preferring local leaders, with cashflow returns adequate to support growth, and with reasonable valuations.
The objective of the Strategy is to seek investment returns through long term capital appreciation by investing in Emerging Market companies which are benefiting from the progress of their economies. Our ‘Wealth Progression’ investment philosophy is to analyse the steps a country goes through as its economy matures. This is used to identify new opportunities across different sectors in a predictable and repeatable manner. The Strategy provides exposure to this philosophy through active stock picking, combining top-down and bottom-up approaches with fundamental and disciplined analysis within a rigorous macroeconomic and economic framework.
Years at Aubrey
Andrew is Founder, Director and CIO at Aubrey, as well as being Lead Investment Manager of the GEM and Global Equity strategies.
A graduate of Cambridge University, he began his career at Cazenove & Co then joined James Capel in 1987 and was transferred to James Capel (Far East) in Hong Kong in 1991. He continued in his role as an Asian specialist working with UBS Warburg from 1992-1998 in Hong Kong.
Andrew joined Stewart Ivory in 1998 and in 1999 he established the Global Opportunities Fund, now the First State Global Opportunities Fund, which remained his signature fund throughout his tenure at First State Investments. Since inception (August 1999) through June 2006 the fund rose 112.2% compared to a rise of 3.8% in the MSCI World Index. The Fund was top quartile over 1,2,3,4,5 years and since inception.
Years at Aubrey
Rob, who joined Aubrey in 2014, is a Director and Fund Manager of the GEMs strategy.
An engineering graduate from Cambridge University, Rob began his career in 1988 at Thornton Management in London. Then he spent ten years in Hong Kong as an Asian fund manager with Credit Lyonnais International Asset Management. This company was later bought by Nicholas Applegate and then Colonial First State, where Rob ran the North Asian investment team as well as managing the Asian Special Situations Fund and a number of single country funds investing in India, Pakistan, Indonesia and Thailand.
He then went on to co-found emerging markets investment boutique BDT Invest LLP in London in 2000. Whilst at BDT, Rob co-managed a number of emerging market portfolios as well as the BDT Asian and Oriental Focus Funds.
Years at Aubrey
John, who joined Aubrey in early 2012, is a Director and Fund Manager covering global markets. He is a graduate of the University of Strathclyde, with a BA in Economics and, additionally, is a member of the CFA Institute.
John has over 30 years’ investment industry experience across global equity markets. He joined Glasgow-based FS Assurance in 1988, and managed equity portfolios in the UK retail and pension fund market. He then moved to First State Investments in 2000 to manage retail and segregated European client portfolios. In 2004, he moved to Alliance Trust PLC and was a member of the Global Equity Team and subsequently responsible for the Global Emerging Markets portfolio.