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Mainstream Online Web Portal

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A differentiated, country-driven strategy, delivered by a highly
experienced team of emerging market specialists.
A differentiated, country-level approach Emerging Markets go right or wrong at the country level. So our fund managers James Syme, Paul Wimborne and Ada Chan start their analysis at a national level. Read more Read less
Deep experience and specialisation Our process is grounded in deep experience and specialisation in emerging markets. Senior fund managers James Syme and Paul Wimborne have 27 years and 23 years of experience respectively. Fund manager Ada Chan has 23 years. The team focuses only on Emerging Markets and only on this strategy. Read more Read less
High conviction This is a high-conviction, index-agnostic, core-style portfolio that typically owns 40 to 60 stocks from fewer than half the countries in the index. The fund is capacity-limited to $US3 billion to preserve agility. Read more Read less

Our approach

Watch: Pendal Global Emerging Markets Opportunities Fund senior fund manager James Syme explains the approach in this quick video.

Watch video

Our performance

Pendal Global Emerging Markets Opportunities Fund has a track record of almost 10 years.

The fund aims to provide a return (before fees, costs and taxes) that exceeds the MSCI Emerging Markets (Standard) Index (Net Dividends) in AUD over the long term. The suggested investment time frame is seven years or more.

At June 30, 2022 the fund had returned 7.33% (post-fee) since inception in November 2012, compared to 6.81% for the benchmark.

Over two years to June 2022 the fund had returned 3.36% (post fees) compared to 1.25% for the benchmark.

View the full performance table below.

Fund performance

As at
31/10/22
1m 3m 1yr 3yr (p.a) 5yr (p.a) % since inception 07/11/2012
Total return (Before fees and tax) 0.82 0.78 -7.00 2.11 2.89 8.57
Benchmark: MSCI Emerging Markets (Standard) Index (Net Dividends) in AUD -2.57 -6.27 -18.98 -2.01 0.49 5.70
Total return After fees 0.72 0.49 -8.08 0.89 1.58 7.13

Source of fund performance data: Pendal. Past performance is not a reliable indicator of future performance. This information is for general information and is not to be regarded as a securities recommendation. Where performance returns are quoted “After fees” then this assumes reinvestment of distributions and is calculated using exit prices which take into account management costs but not tax you may pay as an investor. Where “Growth” returns are shown, these represent the percentage change in the value of units in the fund excluding any distributions paid. “Distribution” returns equal the difference between the “Total return (After fees)”, and the Growth return. Where performance returns are quoted “After fees and tax”, they are calculated using exit prices which take into account management costs and taxes paid within the trust up to a maximum of 15%. Where performance returns are quoted “Before fees and tax”, they exclude the effects of management costs and any taxes. You can view our Unit Pricing Discretions Policy here.

Why allocate to emerging markets?

Emerging Market equities are a good strategic allocation to which Australian investors are typically under-exposed.

Emerging market economies are about 44% of global GDP but only 12% of global stock markets.

A typical Australian investor has an even smaller allocation to EM equities.

Emerging markets can often behave differently to developed markets, offering the benefits of portfolio diversification.

Stronger economic growth can drive higher long-term equity market returns in this asset class, as these graphs show:

 

What makes Pendal Global Emerging Markets Opportunities Fund stand out?

A country-driven approach is our key advantage and point of difference.

Top-down factors (for example growth, interest rates, currencies, political risk) are common drivers of companies and stocks.

Bottom-up consensus alternatively ignores and then over-reacts to top-down developments.

This can create opportunities for country-driven EM investors.

Our allocation process is based on analysis of a country’s economic growth, monetary policy, market liquidity, currency, governance, politics and equity market valuation.

Emerging markets are not homogenous and are far more diverse than developed markets.

In emerging markets, the country effect accounts for 60% to 85% of systematic risk versus 20% to 40% in developed markets.

Then our stock selection process focuses on buying quality growth stocks at attractive valuations.

 

 

How the process works

The process starts at country-level, as outlined above.

We start with a universe of about 4000 listed EM companies. 

We identify countries that are attractive in the current environment – and then the specific parts of that market which offer the best opportunity.

We then look at individual companies. We only include stocks with sufficient liquidity to allow us to shift the portfolio relatively quickly.

We do not buy global stocks (such as Google, Apple, Porsche, Unilever) as EM proxies.

We also do not have significant exposure to frontier markets.

The process is outlined in this diagram below:

 

Our team

James Syme, CFA

Senior Fund Manager

James has nearly three decades of experience leading emerging markets funds. Throughout his career he has been responsible for more than 14 mandates with peak FUM of $4 billion. He previously headed the EM investment team at Baring Asset Management, where he managed numerous strategies with his colleague Paul Wimborne. James holds a Bachelor of Arts (Geography).

Paul Wimborne

Senior Fund Manager

Paul has more than two decades of experience in EM strategies and funds management. He previously worked with James Syme at Baring Asset Management. Paul is an affiliate member of the CFA and holds a Bachelor of Science (Management and Chemical Sciences).

Ada Chan

Fund Manager

Before joining Pendal Group, Ada spent three years at GMO as an investment Analyst for the UK. She previously worked at Baring Asset Management as an equity research analyst in London and in Boston. Ada holds a MSc in Computer Information Systems and BA in Business Administration.


Sales

Tim North Ash - Head of Distribution, Pendal Group

Tim North Ash

Head of Distribution

Laurice Considine - Head of Independent Licensee Distribution

Laurice Considine

Head of Independent Licensee Distribution

Lee Hopperton - Head of High Net Worth Distribution, Pendal Group

Lee Hopperton

Head of High Net Worth Distribution

Peter Lambos - Head of Institutional, Pendal Group

Peter Lambos

Head of Institutional

Apply for the Pendal Global Emerging Markets Opportunities Fund
Apply online via Apex or download the form.

Fund information

Entry price

$1.2228 (07/12/2022)

Exit price

$1.2154 (07/12/2022)

History View history
Significant features

The Pendal Global Emerging Markets Opportunities Fund is an actively managed portfolio of global emerging market shares. The portfolio is managed by J O Hambro Capital Management Limited.

Fund objective

The Fund aims to provide a return (before fees, costs and taxes) that exceeds the MSCI Emerging Markets (Standard) Index (Net Dividends) in AUD over the long term.