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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.
The strategy was launched in April 2020. It invests in the shares of between 25-60 companies in emerging markets.
A Leaders strategy generally invests in market leading companies which means, for this strategy, that they are valued at over US$1 billion.
You can see all of the companies that this strategy invests in by filtering on our Portfolio Explorer tool.
- We define investment risk as losing clients’ money – this means we focus on looking after your money as well as growing it
- Companies must contribute to sustainable development and make a positive impact towards a more sustainable future. 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 >
Quarterly updates
Strategy update: Q4 2024
Global Emerging Markets Leaders strategy update: 1 October - 31 December 2024
Through the last quarter of 2024, stock markets had to deal with the re-election of Donald Trump in the United States and all the expected world and political noise that will come over the next four years. At the same time the US dollar currency continued to strengthen. We remain focused on our investment process and investing in high-quality companies. We will continue to seek out long-term growth opportunities regardless of who is the President in the White House.
During the quarter, we bought Naver (South Korea: Communication Services), the leading internet search engine in South Korea. It was originally part of Samsung SDS before it became a separate company in 1999. It is still managed by the founder, Lee Hae-jin who has recently brought in a new management team which is aiming to return the company to a path of steady and profitable growth. One key aim for them is to use their large and stable search engine client base to drive growth in their e-commerce business. Their e-commerce business, which includes advertising, sales and memberships, is the second largest in South Korea2. We believe that Naver should achieve strong growth in the future and its attractive valuation gave us a good opportunity to invest at this time.
We did not fully exit any positions during the quarter but trimmed back several of our Chinese holdings. These included Inovance (China: Industrials) which was becoming expensive, and Ping An Insurance (China: Financials) and Hong Kong Exchanges and Clearing (Hong Kong: Financials) which were trimmed to control larger position sizes. We build our portfolios by investing in individual companies and any views at a country level are reflected through the position size which is weighted according to our confidence and risk appetite in each country. China has a large and deep stock market but we fully recognise that companies both in mainland China and Hong Kong are required to operate within very strict regulations set by the government. As a result, we typically have lower position sizes in our Chinese holdings to reflect our more cautious approach. Some of the proceeds raised from these trims was used to add to Samsung Electronics (South Korea: Information Technology), which we continue to believe is a company we can own for the next decade.