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Global Emerging Markets Leaders
The strategy invests in 25-60 high-quality emerging markets companies that we consider to be well positioned to contribute to, and benefit from, sustainable development.
Download overviewThe Global Emerging Markets Leaders strategy launched in April 2020. It invests in 25-60 high-quality emerging market companies that we consider to be particularly well positioned to contribute to, and benefit from, sustainable development.
Leaders simply means that the strategy is focused on companies with a market cap value of at least USD1 billion.
Strategy highlights: a focus on quality and sustainability
- Companies must contribute to sustainable development. Portfolio Explorer >
- We invest in high-quality companies with exceptional cultures, strong franchises and resilient financials. How we pick companies >
- We avoid companies linked to harmful activities and engage and vote for positive change. Our position on harmful products >
- Our approach is long-term, bottom-up, high conviction and benchmark agnostic
- We focus on capital preservation as well as capital growth – we define risk as the permanent loss of client capital
Latest insights
Quarterly updates
Strategy update: Q1 2025
Global Emerging Markets Leaders strategy update: 1 January - 31 March 2025
The volatility seen across emerging markets in the final quarter of 2024 carried over into 2025. Share prices in India fell sharply due to concerns about a cyclical slowdown. China, by contrast, performed well as investors anticipated a reacceleration in economic growth and began to identify value in many parts of the market. Sentiment was also supported by President Xi, who met executives from a number of private-sector companies.
We added 10 new holdings to the portfolio over the quarter and sold seven. Although it is unusual to see so many names exiting and entering the portfolio, turnover as a percentage of assets under management remained low at around 12%1. We were, in essence, simply tidying up a number of our smaller positions – the ‘tail’ of the portfolio.
In China, we sold out of Glodon (China: Information Technology), Hangzhou Robam (China: Consumer Discretionary), WuXi Biologics (China: Health Care), Ping An Insurance (China: Financials) and Hong Kong Exchanges and Clearing (Hong Kong: Financials). The first two sales were informed by our view of China’s property market, where we don’t see the issue of oversupply being resolved any time soon. Glodon provides software for construction and development companies. The majority of Hangzhou Robam’s appliances, meanwhile, are sold to housing developers. WuXi Biologics was a small position and we couldn’t see any immediate prospect that the ongoing challenges posed by US government trade policy would be resolved. Although Ping An Insurance and Hong Kong Exchanges and Clearing had both performed well, we sold them to reallocate the capital into new investment ideas such as Alibaba (China: Consumer Discretionary), S.F. Holding (China: Industrials) and Mindray (China: Health Care).
Alibaba is one of China’s leading e-commerce platforms. It is using the strength of its balance sheet to invest in its AI capabilities. S.F. Holding has grown into one of China’s leading logistics businesses since its foundation in 1992. Its founder is still involved in the company’s day-to-day management. Mindray is a leading medical company. As trade barriers are thrown up around the world, it has the potential to benefit should there be a shift in China towards buying domestically sourced products.