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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: Q2 2025
Global Emerging Markets Leaders strategy update: 1 April - 30 June 2025
The announcement of President Trump’s ‘Liberation Day’ tariffs on 2 April and the short, sharp trade war with China that followed drove share prices sharply lower. Nerves were soon calmed, however, by the announcement of a 90-day pause on the tariffs’ introduction.
That calm endured even when Israel took direct military action against Iran, with the oil price spiking higher only briefly. Perhaps the most interesting development from our perspective, however, was that the US dollar had its weakest start to the year since 19731. We think the pressure on the dollar could persist and may, in time, encourage asset owners to reduce the proportion of their wealth held in US and to look to emerging markets instead.
We added four new holdings over the quarter: two in China and two in India. Trip.com (China: Consumer Discretionary) is the country’s largest online travel-booking platform. It survived the dead stop in tourism in the covid pandemic and now seems primed to take advantage of a shift to booking travel online. While only about 10% of the Chinese population currently has a passport that proportion is expected to increase2. We took advantage of market weakness at the start of the quarter to build a new position in Tencent (China: Communication Services). The reach of WeChat, a ‘super app’ that allows its users to do almost everything online, is unparalleled in China. Tencent is aligned with the state’s desire to work in partnership with private companies to reinvigorate the economy. It is also enabling China to shift computing tasks to the cloud, which is more energy-efficient than on-premises IT infrastructure.
Cholamandalam Financial Holdings (India: Financials) is an Indian financial services business rolling out general insurance across India. It is associated with the Muragappa family, who we believe to be good stewards. ICICI Lombard (India: Financials) is also an insurer. Prime Minister Modi is committed to a programme of delivering ‘insurance for all’ by 2047; we believe both companies will benefit from this drive.