UBS Global Emerging Markets Equity Fund Class C Accumulation Shares (Net)

Emerging Markets

Rated Fund 2018-19. Aims to profit from the internet industry

A three-man investment team runs this fund, which has outperformed the sector and its benchmark over the long term.

Geoffrey Wong, head of global emerging markets and Asia Pacific equities at UBS Asset Management, is the man on the ground in Singapore, while portfolio manager Urs Antonioli and equity specialist Alexis Freyeisen are based in Zurich.

They favour businesses with solid long-term growth prospects trading at attractive valuations and run a relatively concentrated portfolio of 40 to 50 holdings.

With more than 30 years’ investment industry experience, Wong has overall responsibility for the bank’s emerging markets and Asian, Japanese and Australian equity teams, strategies and research.

His positive stance on emerging markets since 2016 was predicated on the growing economic growth gap between emerging and developed markets, accompanied by improving fundamentals at both country and company level.

Despite last year’s volatility, Wong believes the structural growth story of emerging markets remains. While recognising the difficulty in timing a market bottom, he says he is a buyer of emerging markets on a horizon of 18 to 24 months or more.

His analysis shows that decent opportunities exist in a number of sectors, including consumer, internet/e-commerce and financials.

At the end of 2018, a third of the fund was in financials and a fifth in information technology. His team likes banks and insurers, such as China Construction Bank and Ping An Insurance, and the prospects of the internet industry across the emerging world due to rising internet penetration, e-commerce and the increasing adoption and monetisation potential of internet services.

The fund’s largest geographical allocation is China at 38%, followed by India at 12% and Brazil at 10%.

Narrative and ratings content all as of January 2019.

See all Money Observer rated funds
Name
UBS Global Emerging Markets Equity Fund Class C Accumulation Shares (Net)
Manager
UBS Asset Management Funds Ltd
Type
Open Ended Investment Company
ISIN
GB00B7L34154
Sector
Global Emerging Markets
Launched
15/08/2012
OCF
0.97 %
Risk Rating
4
3 Year Sharpe
1.14
3 Year Alpha
3.03
Yield
1.4 %
Benchmark
FTSE AW Emerging
To achieve long term capital growth through active management of a diversified portfolio invested primarily in global emerging security markets. The Fund may also invest in other transferable securities (including warrants), money market instruments, deposits, cash and near cash and units in collective investments schemes.
Holding %
Taiwan Semiconductor Manufacturing Co Ltd 7.07 %
Tencent Holdings Ltd 5.83 %
Alibaba Group Holding Ltd ADR 4.80 %
China Construction Bank Corp H 4.78 %
PJSC Lukoil ADR 3.73 %
CNOOC Ltd 3.58 %
Naspers Ltd Class N 3.57 %
China Mobile Ltd 3.21 %
Mahindra & Mahindra Ltd 3.05 %
Ping An Insurance (Group) Co. of China Ltd H 3.02 %
Region %
Asia - Emerging 57.31 %
Latin America 15.07 %
Europe - Emerging 10.30 %
Asia - Developed 8.21 %
Africa 8.13 %
Sector %
Financial Services 35.54 %
Technology 20.13 %
Energy 11.70 %
Consumer Defensive 10.70 %
Consumer Cyclical 8.02 %
Name
UBS Asset Management Funds Ltd
Address
EC2M 2QS, London, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Urs Antonioli
Joined 12/01/2008

Urs Antonioli heads investment management and research for Emerging Europe, the Middle East and Latin America at UBS Asset Management. He manages a team of analysts researching companies, industries and countries in the above region. Urs is a member of the UBS Asset Management Emerging Markets Strategy Committee. Urs began his financial career by joining the UBS Zurich graduate training programme in 1994. In 1995 he moved to UBS Asset Management to launch and manage the first UBS emerging market fund investing in Eastern European countries. From 1996 to 2000, his responsibilities comprised management of all Eastern European portfolios managed at UBS. He has spent more than eight years in research activities, specializing in energy, telecommunications, basic materials and the technology sector. He took up his present position in August 2001.

Data provided by Morningstar.

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