Aubrey Global Emerging Markets Strategy

Aubrey GEMs Partners LP

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 customers in the emerging world are much the same as those in the developing world: better food, housing, transport, healthcare, education and entertainment. Aubrey’s philosophy attempts to identify those particular sectors of an economy which are at the sweet spot of growth.

The Fund focuses on these rapidly growing sectors in countries with political and economic backdrops conducive to income growth. 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 benefitting from the progress of their economies. Our ‘Wealth Cycle’ 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.

Inception Date 1st April 2021
Benchmark MSCI TR Net Emerging Markets USD
Fund Name Aubrey GEMs Partners LP
Domicile Delaware, USA
Fund Type Commingled Fund
Legal Form Limited Partnership
Custodian The Bank of New York Mellon
Administrator The Bank of New York Mellon
Auditor Grant Thornton
Pricing Frequency Monthly
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Source: Aubrey Capital Management & MSCI

Past performance is not a reliable indicator of future results and you may not get back what you originally invested and investment returns may increase or decrease as a result of currency fluctuations.

Top 10 Positions
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Fund Sector Breakdown
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Geographic Allocation
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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.

Investment Managers

Years at Aubrey

17

Industry experience

40

Andrew is Founder, Director and CIO at Aubrey, as well as being lead Investment Manager of the Global Emerging Markets 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, 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

10

Industry experience

36

Rob is a Director of Aubrey, and Investment Manager of the Global Emerging Markets Strategy. He joined the firm in 2014.

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

12

Industry experience

36

John is a Director of Aubrey, and Investment Manager of the Global Emerging Markets Strategy. He joined the firm in 2012.

John 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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