UBS Global Emerging Markets Equity Fund Class C Accumulation Shares (Net)
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
|Taiwan Semiconductor Manufacturing Co Ltd||7.52 %|
|Tencent Holdings Ltd||6.43 %|
|Alibaba Group Holding Ltd ADR||6.21 %|
|Naspers Ltd Class N||4.02 %|
|Ping An Insurance (Group) Co. of China Ltd Class H||3.92 %|
|CNOOC Ltd||3.58 %|
|China Construction Bank Corp Class H||3.56 %|
|PJSC Lukoil ADR||3.01 %|
|Sberbank of Russia PJSC||2.93 %|
|Mahindra & Mahindra Ltd||2.90 %|
|Asia - Emerging||57.60 %|
|Latin America||13.44 %|
|Europe - Emerging||11.28 %|
|Asia - Developed||9.59 %|
|Financial Services||33.08 %|
|Consumer Defensive||9.67 %|
|Consumer Cyclical||9.22 %|
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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