Morningstar Fund Report  | 05/04/2025Print

MI Polen Capital Emerging Markets Dividend Growth A Accumulation shares

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
MI Polen Capital Emerging Markets Dividend Growth A Accumulation shares
Fund6.6-22.08.7-1.4-1.6
+/-Cat8.1-10.04.6-9.5-0.9
+/-B’mrk7.5-14.24.7-10.4-0.8
 
Category: Global Emerging Markets Equity
Category Benchmark: Morningstar EM TME NR USD
Key Stats
NAV
04/04/2025		 GBX 156.80
Day Change -1.30%
Morningstar Category™ Global Emerging Markets Equity
IA (formerly IMA) Sector Global Emerging Markets
ISIN GB00B4Q07115
Fund Size (Mil)
31/10/2022		 GBP 83.14
Share Class Size (Mil)
09/12/2022		 GBP 58.96
Max Initial Charge 5.00%
Ongoing Charge
13/06/2024		  1.48%
Investment Objective: MI Polen Capital Emerging Markets Dividend Growth A Accumulation shares
The Fund seeks to achieve capital appreciation and income growth by mainly investing in an actively managed portfolio of dividend-paying emerging market securities. The portfolio will consist principally of quoted equity securities, issued by companies established or operating in emerging market countries, principally in Asia, Eastern Europe, the Middle East, Africa and Latin America.
Returns
Trailing Returns (GBP)04/04/2025
YTD-4.42
3 Years Annualised-3.37
5 Years Annualised3.26
10 Years Annualised0.99
12 Month Yield 1.26
Management
Manager Name
Start Date
Dafydd Lewis
26/11/2024
Damian Bird
26/11/2024
Click here to see others
Inception Date
30/03/2010

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI EM NR GBPMorningstar EM TME NR USD
Portfolio Profile for  MI Polen Capital Emerging Markets Dividend Growth A Accumulation shares28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock99.180.0099.18
Bond0.000.000.00
Property0.000.000.00
Cash0.820.000.82
Other0.000.000.00
Top 5 Regions%
Asia - Emerging48.90
Asia - Developed18.19
Latin America12.78
Europe - Emerging7.23
Eurozone5.05
Top 5 Sectors%
Technology25.52
Consumer Cyclical23.91
Financial Services16.10
Communication Services14.90
Industrials10.42
Top 5 HoldingsSector%
Taiwan Semiconductor Manufacturi... TechnologyTechnology7.29
Tencent Music Entertainment Grou... Communication ServicesCommunication Services5.82
Prosus NV Ordinary Shares - Class NCommunication ServicesCommunication Services5.01
Dino Polska SAConsumer DefensiveConsumer Defensive4.35
HDFC Bank LtdFinancial ServicesFinancial Services4.23
Increase Decrease New since last portfolio
MI Polen Capital Emerging Markets Dividend Growth A Accumulation shares
Growth Of 1000 (GBP) 31/03/2025
Fund:  MI Polen Capital Emerging Markets Dividend Growth A Accumulation shares
Category:  Global Emerging Markets Equity
Category Index:  Morningstar EM TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-15.4617.230.016.61-22.028.68-1.40-1.63
+/- Category-4.192.97-14.058.06-9.964.57-9.52-0.95
+/- Category Index-8.002.87-13.887.47-14.184.70-10.42-0.75
% Rank in Category8825931095149771
Trailing Returns (GBP)04/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-1.30   1.130.90
1 Week-5.25   -1.12-1.48
1 Month-5.38   -2.04-2.61
3 Months-4.93   -1.23-1.57
6 Months-10.21   -4.02-3.81
YTD-4.42   -1.62-1.79
1 Year-6.23   -6.98-8.77
3 Years Annualised-3.37   -4.05-4.75
5 Years Annualised3.26   -3.45-4.27
10 Years Annualised0.99   -3.23-4.25
 
Category: Global Emerging Markets Equity
Category Index: Morningstar EM TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-1.63---
2024-1.793.85-1.11-2.25
20235.482.58-1.592.06
2022-13.12-11.34-0.511.74
20211.658.60-0.56-2.89
2020-25.4815.40-4.9722.39
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageAbove Average2 star
5-YearBelow AverageAbove Average1 star
10-YearLowAverage1 star
OverallBelow AverageAbove Average1 star
 
Category :  Global Emerging Markets EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev14.23 %
3-Yr Mean Return-0.86 %
 
3-Yr Sharpe Ratio-0.34
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar EM TME NR USD  Cat 50%JPM EMBI Plus TR&50%MSCI EM NR
3-Yr Beta1.001.20
3-Yr Alpha-3.74-3.80
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 26201-
Market Capitalisation% of Equity
Giant60.93
Large13.31
Medium20.77
Small5.00
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings17.241.45
Price/Book3.402.06
Price/Sales2.571.72
Price/Cash Flow11.861.85
Dividend-Yield Factor1.820.57
 
Long-Term Projected Earnings Growth12.111.15
Historical Earnings Growth14.932.69
Sales Growth14.433.15
Cash-Flow Growth18.483.95
Book-Value Growth13.461.55
 
Category: Global Emerging Markets Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock99.180.0099.18
Bond0.000.000.00
Property0.000.000.00
Cash0.820.000.82
Other0.000.000.00
World Regions28/02/2025
 % of EquityRelative to Category
United States4.465.32
Canada0.000.00
Latin America12.781.40
United Kingdom3.3811.13
Eurozone5.053.93
Europe - ex Euro0.000.00
Europe - Emerging7.233.27
Africa0.000.00
Middle East0.000.00
Japan0.000.00
Australasia0.00-
Asia - Developed18.190.63
Asia - Emerging48.901.00
 
Category: Global Emerging Markets Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Consumer CyclicalConsumer Cyclical23.911.63
Financial ServicesFinancial Services16.100.67
Consumer DefensiveConsumer Defensive5.811.22
HealthcareHealthcare2.080.59
Communication ServicesCommunication Services14.901.44
EnergyEnergy1.250.40
IndustrialsIndustrials10.421.60
TechnologyTechnology25.521.03
 
Category: Global Emerging Markets Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings33
Total Number of Bond Holdings0
Assets in Top 10 Holdings45.61
NameSectorCountry% of Assets
Taiwan Semiconductor Manufacturing Co... 311Taiwan7.29
Tencent Music Entertainment Group ADR308China5.82
Prosus NV Ordinary Shares - Class N308Netherlands5.01
Dino Polska SA205Poland4.35
HDFC Bank Ltd103India4.23
Yum China Holdings Inc102China3.99
NetEase Inc Ordinary Shares308China3.94
DLocal Ltd Class A311Brazil3.85
PDD Holdings Inc ADR102China3.64
E Ink Holdings Inc311Taiwan3.48
 
Increase Decrease New since last portfolio
Category: Global Emerging Markets Equity
 
Management
Name of CompanyPolen Capital UK LLP
Phone-
Website -
AddressFirst Floor Offices, 15 Austin Friars
 London   EC2N 2HE
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date30/03/2010
Fund Advisor(s)
Polen Capital UK LLP
Fund ManagerDafydd Lewis
Manager Start Date26/11/2024
Career Start Year2005
Education
University of Bath, BSc (Hons)
 
Biography
Mr. Lewis joined Polen Capital in 2021. He is co-portfolio manager of the firm’s Global Emerging Markets Growth strategy. Prior to joining Polen Capital, Mr. Lewis was an Emerging Market Portfolio Manager at LGM Investments, overseeing the firm’s Frontier Markets strategy and being a member of the Investment Leadership team. Mr. Lewis began his career at HSBC in 2003 and has been involved in Emerging Markets investing since 2005. He earned his BSc (Hons) in Economics from the University of Bath. Mr. Lewis is a CFA® charterholder.
Fund ManagerDamian Bird
Manager Start Date26/11/2024
Education
University of Oxford, B.A.
 
Biography
Mr. Bird joined Polen Capital Management in 2019. Prior to joining Polen Capital, Mr. Bird was an Emerging Market Portfolio Manager at LGM Investments. Mr. Bird began his career at Arisaig Partners as an Investment Analyst, primarily focusing on consumer companies in the developing world. Mr. Bird received his B.A. in History & Economics from the University of Oxford and has lived and worked in Singapore, Dubai and South Africa. Mr. Bird is a CFA® charterholder.
Fund ManagerKumar Pandit
Manager Start Date01/11/2020
 
Biography
Kumar Pandit is lead Portfolio Manager on Polen Capital’s India Growth strategy and co-Portfolio Manager on Emerging Markets Dividend Growth. Kumar originally joined Somerset Capital in 2011, which subsequently completed a transaction with Polen Capital in 2024 that appointed Polen as the investment manager of four strategies from Somerset. Kumar held various roles at Somerset including Portfolio Manager, Head of Research, and a member of the partnership management Executive Committee. Kumar received a B.Sc. in Computer Science and Business Studies from Kingston University and is a CFA charterholder.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.00%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.90%
Ongoing Charge1.48%
Purchase Details
Minimum Investments
Initial2000  GBP
Additional1000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes