Morningstar Fund Report  | 17/04/2025Print

Comgest Growth Emerging Markets EUR Z Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Comgest Growth Emerging Markets EUR Z Acc
Fund-19.7-11.51.80.1-3.3
+/-Cat-18.20.5-2.3-8.0-2.5
+/-B’mrk-18.8-3.7-2.2-8.9-2.4
 
Category: Global Emerging Markets Equity
Category Benchmark: Morningstar EM TME NR USD
Key Stats
NAV
15/04/2025		 EUR 26.89
Day Change 0.48%
Morningstar Category™ Global Emerging Markets Equity
ISIN IE00BD5HXC97
Fund Size (Mil)
15/04/2025		 USD 404.15
Share Class Size (Mil)
15/04/2025		 EUR 5.62
Max Initial Charge 2.00%
Ongoing Charge
21/03/2025		  1.21%
Morningstar Research
Analyst Report17/09/2024
Mathieu Caquineau, Director
Morningstar, Inc

The strategy has been going through a stretch of severe underperformance. A renewed team took over in October 2021 to try to restore the fund’s past luster. Their rebuilding efforts rest on solid foundations, such as the consistency and...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent24
Process24
Performance
Price
Investment Objective: Comgest Growth Emerging Markets EUR Z Acc
The investment objective of the Fund is to achieve capital appreciation by creating a professionally managed portfolio consisting of what, in the opinion of the Investment Manager, are high quality long-term growth companies based or operating in Emerging Markets. In pursuit of the Investment Objective, the Investment Manager intends investing in shares or equity linked securities including depositary receipts, preferred stock, convertible bonds and debentures which are convertible into equity securities, predominantly issued by companies having their headquarters or carrying out their predominant activities in Emerging Markets and quoted or traded on Regulated Markets.
Returns
Trailing Returns (GBP)15/04/2025
YTD-7.26
3 Years Annualised-2.78
5 Years Annualised-2.01
10 Years Annualised-0.35
12 Month Yield 0.00
Management
Manager Name
Start Date
David Raper
01/02/2016
Slabbert van Zyl
30/09/2021
Click here to see others
Inception Date
18/11/2013

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI EM NR USDMorningstar EM TME NR USD
Portfolio Profile for  Comgest Growth Emerging Markets EUR Z Acc31/03/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock99.110.0099.11
Bond0.000.000.00
Property0.000.000.00
Cash0.890.000.89
Other0.000.000.00
Top 5 Regions%
Asia - Emerging45.61
Latin America21.22
Asia - Developed19.91
Africa5.70
Europe - Emerging3.33
Top 5 Sectors%
Technology23.42
Financial Services21.30
Consumer Cyclical17.37
Consumer Defensive14.37
Communication Services10.85
Top 5 HoldingsSector%
Taiwan Semiconductor Manufacturi... TechnologyTechnology8.77
Tencent Holdings LtdCommunication ServicesCommunication Services6.88
MercadoLibre IncConsumer CyclicalConsumer Cyclical4.82
Comgest Growth China EUR SI Acc3.67
Discovery LtdFinancial ServicesFinancial Services3.65
Increase Decrease New since last portfolio
Comgest Growth Emerging Markets EUR Z Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Comgest Growth Emerging Markets EUR Z Acc
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-14.4812.0012.58-19.66-11.551.800.09-3.27
+/- Category-3.21-2.27-1.47-18.200.51-2.31-8.02-2.46
+/- Category Index-7.02-2.37-1.31-18.79-3.71-2.18-8.93-2.39
% Rank in Category83735910050659586
Trailing Returns (GBP)15/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.48   -0.01-0.06
1 Week2.94   0.220.29
1 Month-6.12   0.340.17
3 Months-8.33   -1.64-2.21
6 Months-9.40   -1.57-1.57
YTD-7.26   -1.23-1.30
1 Year-5.92   -3.58-4.73
3 Years Annualised-2.78   -3.15-3.68
5 Years Annualised-2.01   -6.99-7.74
10 Years Annualised-0.35   -3.93-4.74
 
Category: Global Emerging Markets Equity
Category Index: Morningstar EM TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-3.27---
20240.592.20-0.10-2.54
20233.48-2.44-1.672.55
2022-6.78-6.72-2.974.84
2021-3.69-0.45-11.16-5.69
2020-19.0117.484.5513.18
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearLowAverage1 star
5-YearLowAverage1 star
10-YearLowAverage1 star
Overall*LowAverage1 star
 
Category :  Global Emerging Markets EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev13.17 %
3-Yr Mean Return-1.40 %
 
3-Yr Sharpe Ratio-0.41
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar EM TME NR USD  MSCI AC Asia Pacific NR USD
3-Yr Beta1.031.04
3-Yr Alpha-4.21-5.39
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 49735-
Market Capitalisation% of Equity
Giant67.30
Large18.33
Medium12.89
Small1.48
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings15.491.30
Price/Book3.141.92
Price/Sales2.311.55
Price/Cash Flow7.891.23
Dividend-Yield Factor2.470.82
 
Long-Term Projected Earnings Growth11.801.06
Historical Earnings Growth14.701.65
Sales Growth32.596.31
Cash-Flow Growth34.006.95
Book-Value Growth13.161.54
 
Category: Global Emerging Markets Equity
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock99.110.0099.11
Bond0.000.000.00
Property0.000.000.00
Cash0.890.000.89
Other0.000.000.00
World Regions31/03/2025
 % of EquityRelative to Category
United States1.521.56
Canada0.000.00
Latin America21.222.30
United Kingdom0.000.00
Eurozone1.791.34
Europe - ex Euro0.000.00
Europe - Emerging3.331.50
Africa5.701.64
Middle East0.000.00
Japan0.9171.66
Australasia0.000.00
Asia - Developed19.910.73
Asia - Emerging45.610.91
 
Category: Global Emerging Markets Equity
Sector Weightings31/03/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials0.110.03
Consumer CyclicalConsumer Cyclical17.371.14
Financial ServicesFinancial Services21.300.87
Real EstateReal Estate0.130.07
Consumer DefensiveConsumer Defensive14.373.01
HealthcareHealthcare4.801.34
UtilitiesUtilities1.780.95
Communication ServicesCommunication Services10.851.01
EnergyEnergy0.130.04
IndustrialsIndustrials5.740.90
TechnologyTechnology23.421.00
 
Category: Global Emerging Markets Equity
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings40
Total Number of Bond Holdings0
Assets in Top 10 Holdings44.09
NameSectorCountry% of Assets
Taiwan Semiconductor Manufacturing Co... 311Taiwan8.77
Tencent Holdings Ltd308China6.88
MercadoLibre Inc102Brazil4.82
Comgest Growth China EUR SI AccIreland3.67
Discovery Ltd103South Africa3.65
Delta Electronics Inc311Taiwan3.48
Wal - Mart de Mexico SAB de CV205Mexico3.39
Midea Group Co Ltd Class A102China3.21
Fomento Economico Mexicano SAB de CV ADR205Mexico3.18
Weg SA310Brazil3.05
 
Increase Decrease New since last portfolio
Category: Global Emerging Markets Equity
 
Management
Name of CompanyComgest Asset Management Intl Ltd
Phone-
Website -
Address6th Floor, 2 Grand Canal Square
 Dublin   -
 Ireland
DomicileIreland
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date18/11/2013
Fund Advisor(s)
Comgest Asset Management Intl Ltd
Fund ManagerDavid Raper
Manager Start Date01/02/2016
Career Start Year1999
Education
University of Canterbury, B.E.
 
Biography
David Raper joined Comgest in 2002 and is an Analyst and Portfolio Manager specialising in Asia Pacific ex Japan equities as well as a member of the Comgest Group's Executive and Investment Committees. David leads the firm’s Asian research efforts and co-leads Comgest’s Asia Pacific ex Japan and Asia ex Japan strategies. He is a key contributor to the Emerging Markets strategy. Prior to joining Comgest, he worked in Hong Kong for ING Barings covering Asian equities from 1999-2001.
Fund ManagerSlabbert van Zyl
Manager Start Date30/09/2021
Career Start Year2008
Education
University of Pretoria, B.S.
University of Johannesburg, M.S.
 
Biography
Slabbert van Zyl joined Comgest in 2014 and is an Analyst and Portfolio Manager specialising in Global Emerging Markets equities. He co-leads the GEM, GEM ex-China and GEM Plus strategies. Slabbert contributes to the investment team's research coverage by selecting diverse quality growth GEM companies. Prior to joining Comgest, Slabbert qualified as a chartered accountant with PricewaterhouseCoopers and gained six years’ experience as a South African Investment Analyst in Cape Town. Slabbert graduated from the University of Pretoria with a Bachelor’s degree in Accounting before gaining a post-graduate qualification in the same field from the University of Johannesburg. He is a CFA® charterholder.
Fund ManagerNicholas Morse
Manager Start Date01/01/2023
Career Start Year1987
 
Biography
Nicholas Morse joined Comgest in 2016 and is an Analyst and Portfolio Manager specialising in Global Emerging Markets equities. Nicholas co-leads the GEM and GEM Plus strategies. With 30 years of investment experience, principally in Global Emerging Markets, Nicholas contributes widely to the team’s research coverage for a diverse selection of quality growth stocks across multiple sectors. Nicholas began his career in London where he held investment positions at Foreign & Colonial Management and Singer & Friedlander Investment Management Ltd before joining Grupo Financiero Banamex Accival (BANACCI) where he managed the firm’s Latin American Research Division in both Mexico City and New York. In 1994 he returned to the UK, joining Martin Currie where he was Head of Latin American Equities and co- Head of Global Emerging Markets. After spending over six years managing Mercury Asset Management / Merrill Lynch’s Latin American equity investments and as joint head of Emerging Markets, Nicholas spent ten years at Schroders Investment Management where he was Head of Latin America Equities. A British national, Nicholas graduated from the University of Exeter with a Bachelor’s degree (Honours) in Economic and Social History. He is a member of the Gainsborough House Finance Committee.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge2.00%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.05%
Ongoing Charge1.21%
Purchase Details
Minimum Investments
Initial10  EUR
Additional-
Savings-
Tax Free Savings Schemes
ISAsYes