Morningstar Fund Report | 23/04/2025

Aubrey Global Emerging Markets Opportunities Fund IC2 USD

Performance History	31/03/2025

Growth of 1,000 (GBP)	Advanced Graph

	Fund	-4.0	-16.5	2.8	13.5	-5.9
	+/-Cat	-2.5	-4.4	-1.3	5.4	-5.1
	+/-B’mrk	-3.1	-8.7	-1.2	4.5	-5.0


Category: Global Emerging Markets Equity
Category Benchmark: Morningstar EM TME NR USD

Key Stats
NAV 17/04/2025		USD 162.10
Day Change		1.69%
Morningstar Category™		Global Emerging Markets Equity
ISIN		LU1177491690
Fund Size (Mil) 17/04/2025		USD 254.91
Share Class Size (Mil) 17/04/2025		USD 0.25
Max Initial Charge		-
Ongoing Charge 19/02/2024		0.89%

Investment Objective: Aubrey Global Emerging Markets Opportunities Fund IC2 USD

The Fund’s investment objective is to seek investment returns through long term capital appreciation, by investing primarily in Emerging Market companies. These companies are analysed and monitored based on the Investment Manager’s ESG Methodology. In doing so, the Fund promotes environmental and social characteristics in accordance with Article 8 of the SFDR. The Fund is actively managed on a discretionary basis. The MSCI Daily TR Net Emerging Markets USD index has been selected as a comparator benchmark as this is a widely-used indicator of the performance of emerging markets stockmarkets, in which the Fund invests.

Returns

Trailing Returns (GBP)	17/04/2025
YTD	-10.10
3 Years Annualised	0.34
5 Years Annualised	5.27
10 Years Annualised	5.98

12 Month Yield

0.00

Management

Manager Name Start Date
John Ewart 02/03/2015
Rob Brewis 02/03/2015
Click here to see others
Inception Date 02/03/2015

Category Benchmark

Fund Benchmark	Morningstar Benchmark
MSCI EM NR USD	Morningstar EM TME NR USD

Portfolio Profile for Aubrey Global Emerging Markets Opportunities Fund IC2 USD	31/03/2025

Morningstar Style Box®

Equity Style

Asset Allocation

	% Long	% Short	% Net Assets
Stock	100.79	0.00	100.79
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	0.00	0.79	-0.79
Other	0.00	0.00	0.00

Top 5 Regions	%
Asia - Emerging	69.81
Asia - Developed	22.40
Latin America	7.79
United States	0.00
Canada	0.00

Top 5 Sectors		%
	Consumer Cyclical	35.95
	Technology	21.37
	Financial Services	14.51
	Communication Services	8.89
	Industrials	5.91

Top 5 Holdings	Sector	%
Taiwan Semiconductor Manufacturi...	Technology	4.85
MercadoLibre Inc	Consumer Cyclical	4.85
Tencent Holdings Ltd	Communication Services	4.78
Sea Ltd ADR	Consumer Cyclical	4.56
Xiaomi Corp Class B	Technology	4.25

Increase Decrease New since last portfolio
Aubrey Global Emerging Markets Opportunities Fund IC2 USD

Growth Of 1000 (GBP)

31/03/2025

	Fund: Aubrey Global Emerging Markets Opportunities Fund IC2 USD
	Category: Global Emerging Markets Equity
	Category Index: Morningstar EM TME NR USD

Annual Returns (GBP)						31/03/2025
	2018	2019	2020	2021	2022	2023	2024	31/03
Price Return	-12.88	22.83	47.18	-3.98	-16.51	2.77	13.54	-5.88
+/- Category	-1.60	8.56	33.12	-2.52	-4.45	-1.34	5.43	-5.07
+/- Category Index	-5.42	8.47	33.28	-3.11	-8.67	-1.21	4.52	-5.00
% Rank in Category	72	7	2	71	80	55	12	96

Trailing Returns (GBP)			17/04/2025
	Total Returns	+/- Category	+/- Category Index
1 Day	1.69	1.55	1.49
1 Week	3.19	3.69	3.84
1 Month	-5.22	2.85	2.94
3 Months	-8.97	-0.13	-0.51
6 Months	-6.01	2.53	2.58
YTD	-10.10	-3.60	-3.54
1 Year	-1.09	0.50	-0.11
3 Years Annualised	0.34	-0.51	-0.83
5 Years Annualised	5.27	0.74	-0.03
10 Years Annualised	5.98	2.34	1.56

Category: Global Emerging Markets Equity
Category Index: Morningstar EM TME NR USD

Quarterly Returns (GBP)				31/03/2025
	Quarter 1	Quarter 2	Quarter 3	Quarter 4
2025	-5.88	-	-	-
2024	5.58	3.68	-2.16	6.01
2023	-2.71	-2.88	3.49	5.09
2022	-12.50	-2.21	2.42	-4.73
2021	-5.25	9.78	-0.47	-7.25
2020	-11.13	31.88	12.53	11.59

Morningstar Rating™(Relative to Category)

31/03/2025

	Morningstar Return	Morningstar Risk	Morningstar Rating™
3-Year	Average	Low
5-Year	Above Average	Above Average
10-Year	High	Above Average
Overall	Above Average	Average

Click here to see our Methodology

Volatility Measurements

31/03/2025


3-Yr Std Dev	11.79 %
3-Yr Mean Return	2.25 %


3-Yr Sharpe Ratio	-0.15

Modern Portfolio Statistics	31/03/2025	31/03/2025
	Standard Index	Best Fit Index
	Morningstar EM TME NR USD	Morningstar Asia TME GR USD
3-Yr Beta	0.74	0.77
3-Yr Alpha	-1.41	-2.75

Investment Style Details

31/03/2025

Morningstar Style Box®

Equity Style

Size		Rel to Cat
Average Mkt Cap (Mil)	USD 58384	-


Market Capitalisation	% of Equity
Giant	71.16
Large	28.84
Medium	0.00
Small	0.00
Micro	0.00

Valuations and Growth Rates	Equity Portfolio	Relative to Category
Price/Prospective Earnings	19.09	1.60
Price/Book	3.20	1.96
Price/Sales	3.10	2.08
Price/Cash Flow	7.18	1.12
Dividend-Yield Factor	1.31	0.44

Long-Term Projected Earnings Growth	13.00	1.17
Historical Earnings Growth	16.65	1.87
Sales Growth	-20.00	-3.87
Cash-Flow Growth	9.62	1.97
Book-Value Growth	10.22	1.19

Asset Allocation

31/03/2025

	% Long	% Short	% Net Assets
Stock	100.79	0.00	100.79
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	0.00	0.79	-0.79
Other	0.00	0.00	0.00

World Regions

31/03/2025

	% of Equity	Relative to Category
United States	0.00	0.00
Canada	0.00	0.00
Latin America	7.79	0.85
United Kingdom	0.00	0.00
Eurozone	0.00	0.00
Europe - ex Euro	0.00	0.00
Europe - Emerging	0.00	0.00
Africa	0.00	0.00
Middle East	0.00	0.00
Japan	0.00	0.00
Australasia	0.00	0.00
Asia - Developed	22.40	0.82
Asia - Emerging	69.81	1.39

Sector Weightings

31/03/2025

	% of Equity	Relative to Category
Consumer Cyclical	35.95	2.37
Financial Services	14.51	0.59
Real Estate	3.42	1.77
Consumer Defensive	5.83	1.22
Healthcare	4.13	1.16
Communication Services	8.89	0.83
Industrials	5.91	0.92
Technology	21.37	0.91

Top 10 Holdings

31/03/2025

	Portfolio NEW
Total Number of Equity Holdings	31
Total Number of Bond Holdings	0
Assets in Top 10 Holdings	43.77

Name	Sector	Country	% of Assets
Taiwan Semiconductor Manufacturing Co...		Taiwan	4.85
MercadoLibre Inc		Brazil	4.85
Tencent Holdings Ltd		China	4.78
Sea Ltd ADR		Singapore	4.56
Xiaomi Corp Class B		China	4.25
Bharti Airtel Ltd		India	4.17
Max Healthcare Institute Ltd Ordinary...		India	4.16
BYD Co Ltd Class H		China	4.09
MediaTek Inc		Taiwan	4.06
Trip.com Group Ltd ADR		China	4.01

Increase Decrease New since last portfolio
Category: Global Emerging Markets Equity

Management

Name of Company	Aubrey Capital Management Ltd
Phone	+441312262083
Website	aubreycm.co.uk
Address	10 Coates Crescent
	Edinburgh EH3 7AL
	United Kingdom

Domicile	Luxembourg
Legal Structure	SICAV
UCITS	Yes
Inception Date	02/03/2015

Fund Advisor(s)
Aubrey Capital Management Ltd

Fund Manager	John Ewart
Manager Start Date	02/03/2015



Biography
"John, who joined Aubrey in early 2012, is a Director and Fund Manager covering global markets. He is a graduate of the University of Strathclyde, with a BA in Economics and, additionally, is a member of the CFA Institute. John has over 30 years’ investment industry experience across global equity markets. He joined Glasgow-based FS Assurance in 1988, and managed equity portfolios in the UK retail and pension fund market. He then moved to First State Investments in 2000 to manage retail and segregated European client portfolios. In 2004, he moved to Alliance Trust PLC and was a member of the Global Equity Team and subsequently responsible for the Global Emerging Markets portfolio."

Fund Manager	Rob Brewis
Manager Start Date	02/03/2015



Biography
"Rob, who joined Aubrey in 2014, is a Director and co-Fund Manager of the GEMs strategy. An engineering graduate from the University of Cambridge, Rob began his career in 1988 at Thornton Management in London. Then he spent ten years in Hong Kong as an Asian fund manager with Credit Lyonnais International Asset Management. This company was later bought by Nicholas Applegate and then Colonial First State, where Rob ran the North Asian investment team as well as managing the Asian Special Situations Fund and a number of single country funds investing in India, Pakistan, Indonesia and Thailand. He then went on to co-found emerging markets investment boutique BDT Invest LLP in London in 2000. Whilst at BDT, Rob co-managed a number of emerging market portfolios as well as the BDT Asian and Oriental Focus Funds."

Fund Manager	Andrew Dalrymple
Manager Start Date	02/03/2015
Career Start Year	1992



Biography
"Andrew is Founder, Director and CIO at Aubrey, as well as being Lead Investment Manager of the GEM and Global Equity strategies. A graduate of Cambridge University, he began his career at Cazenove & Co then joined James Capel in 1987 and was transferred to James Capel (Far East) in Hong Kong in 1991. He continued in his role as an Asian specialist working with UBS Warburg from 1992-1998 in Hong Kong. Andrew joined Stewart Ivory in 1998 and in 1999 he established the Global Opportunities Fund, now the First State Global Opportunities Fund, which remained his signature fund throughout his tenure at First State Investments. Since inception (August 1999) through June 2006 the fund rose 112.2% compared to a rise of 3.8% in the MSCI World Index. The Fund was top quartile over 1,2,3,4,5 years and since inception."

Fees and Expenses

Sales Charges (Maximum)
Max Initial Charge	n/a
Max Exit Charge*	n/a

Annual Charges
Max Annual Management Charge	0.03%
Ongoing Charge	0.89%

Purchase Details

Minimum Investments
Initial	1000000 USD
Additional	100000 USD
Savings	-

Tax Free Savings Schemes
ISAs	Yes