Pendal Global Select Fund
Our approach
Watch: Pendal Global Emerging Markets Opportunities Fund senior fund manager James Syme explains the approach in this quick video.
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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.
experienced team of emerging market specialists.
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 28/02/23 |
1m | 3m | 1yr | 3yr (p.a) | 5yr (p.a) | % since inception 07/11/2012 |
|---|---|---|---|---|---|---|
| Total return (Before fees and tax) | -1.03 | -1.64 | -1.34 | 2.43 | 3.83 | 8.69 |
| Benchmark: MSCI Emerging Markets (Standard) Index (Net Dividends) in AUD | -2.28 | -1.20 | -8.84 | -0.53 | 1.01 | 6.34 |
| Total return After fees | -1.12 | -1.92 | -2.49 | 1.23 | 2.53 | 7.26 |
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 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 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).
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
Laurice Considine
Head of Independent Licensee Distribution
Lee Hopperton
Head of High Net Worth Distribution
Peter Lambos
Head of Institutional
Important Updates
12/01/2023
Pendal Group Limited – Change of ownership
31/05/2022
Standard Risk Measure Changes
06/02/2020
Changes to the Fund’s management costs
07/05/2018
Company and fund name changes
18/09/2017
New Fees and Costs Disclosure Requirements
Apply for the Pendal Global Emerging Markets Opportunities Fund
Apply online via Apex or download the form.
Fund information
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.
This webpage has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and the information contained within is current as at the date of its publication. It is not to be published, or otherwise made available to any person other than the party to whom it is provided. PFSL is the responsible entity of, and issuer of units in the Pendal Global Emerging Markets Opportunities Fund (Fund) ARSN: 159 605 811 (the “Fund”). PFSL has appointed J O Hambro Capital Management Limited to manage the assets of the Fund. A product disclosure statement (PDS) is available for each class in the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the relevant PDS and TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. This webpage is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. Past performance is not a reliable indicator of future performance.