Aubrey Global Emerging Markets Strategy
Aubrey Global Emerging Markets Fund - Luxembourg
Available as:
Total Net Assets
Overview
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 Fund 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.
Investment Objective
The objective of the Fund 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 Fund 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. The Fund focuses on companies with a market capitalisation of USD1-10 billion that are domiciled, or carrying out the main part of their economic activity, in an emerging market country. The Fund is suitable for investors seeking long term capital appreciation and with a 7 year investment horizon. Please refer to the prospectus for full details of the investment objective.
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Inception Date | 2nd March 2015 |
Benchmark | MSCI TR Net Emerging Markets USD |
IA Sector | Global Emerging Markets |
Fund Name | Aubrey Global Emerging Markets Opportunities Fund |
Domicile | Luxembourg |
Fund Type | Open-ended UCITS Fund |
Legal Form | SICAV |
Management Co/ACD | Edmond de Rothschild |
Custodian | Edmond de Rothschild |
Administrator | Edmond de Rothschild |
Auditor | PWC |
Pricing Frequency | Daily |
SFDR Classification | Article 8 |
Platform Availability | Aegon, AJ Bell, Attrax, Aviva, Banco Inversis, Cofunds, Comdirect, DWP, Embark. Fidelity, FNZ, Hargreaves Lansdown, Interactive Investor, James Hay, M&G, Novia, Nucleus, Pershing Nexus, Quilter, Standard Life, Transact & 7IM |
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Source: Aubrey Capital Management & MSCI
All figures are presented net of fees in USD and calculated using the IC1 share class. MSCI Emerging Markets Index is used for comparative purposes only. Investment returns may increase or decrease as a result of currency fluctuations. Past performance is no guarantee of future results.
Top 10 Positions
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Fund Sector Breakdown
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Geographic Allocation
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As at
The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable.
Key Investor Information Documents
PRIIPS KIDS
Monthly Factsheets
- Aubrey GEM Fund Factsheet - October 23
- Aubrey GEM Fund Factsheet - September 23
- Aubrey GEM Fund Factsheet - August 23
- Aubrey GEM Fund Factsheet - July 23
- Aubrey GEM Fund Factsheet - June 23
- Aubrey GEM Fund Factsheet - May 23
- Aubrey GEM Fund Factsheet - April 23
- Aubrey GEM Fund Factsheet - March 23
- Aubrey GEM Fund Factsheet - February 23
- Aubrey GEM Fund Factsheet - January 23
- Aubrey GEM Fund Factsheet - December 22
- Aubrey GEM Fund Factsheet - November 22
Sustainability-Related Disclosures
Interim and Annual Reports
- Aubrey Access Fund Interim Report 30 June 2023
- AGEM HMRC Report to Investors 31 Dec 2022
- Aubrey Access Fund Annual Report 31 Dec 2022
- Annual German investor tax report 2022
- Aubrey Access Fund Interim Report 30 Jun 2022
- Aubrey Access Fund HMRC Report to Investors 31 Dec 2021
- Aubrey Access Fund Annual Report 31 Dec 2021
Prospectus & Articles of Association
Dealing Information - Institutional Investors
- 01 - AGEM IVF Corporate and Institutional
- 01 -AGEM - Fund introduction and sub form
- 02 - AGEM - Fund introduction form
- 02a - AGEM - Master Application Form - Fund introduction
- 03 - AGEM - Subscription form
- 04 - AGEM - Change_of_bank_details form
- 05 - AGEM - Conversion form
- 06 - AGEM - Redemption form
- 07 - AGEM - Transfer form
- 08 - AGEM - Fund Confirmation Form - Periodic Review only
- 09 - AGEM - MAF - Fund confirmation Form - Periodic Review only
Available share classes prices
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As at
Ongoing charges figure (OCF) is based upon the expenses incurred but does not include transaction costs (see KIID for details).
Fund Managers

Andrew Dalrymple
Investment Manager
Years at Aubrey
17
Industry experience
39
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.

Rob Brewis
Investment Manager
Years at Aubrey
9
Industry experience
35
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.

John Ewart
Investment Manager
Years at Aubrey
11
Industry experience
35
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.
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