Morningstar Fund Report  | 23/04/2025Print

FSSA Global Emerging Markets Focus Fund Class E (Accumulation) GBP

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
FSSA Global Emerging Markets Focus Fund Class E (Accumulation) GBP
Fund-1.23.0-0.111.1-0.8
+/-Cat0.215.0-4.23.00.0
+/-B’mrk-0.410.8-4.02.10.1
 
Category: Global Emerging Markets Equity
Category Benchmark: Morningstar EM TME NR USD
Key Stats
NAV
22/04/2025		 GBX 137.33
Day Change -0.67%
Morningstar Category™ Global Emerging Markets Equity
IA (formerly IMA) Sector Global Emerging Markets
ISIN GB00BZ8GV678
Fund Size (Mil)
22/04/2025		 GBP 120.53
Share Class Size (Mil)
22/04/2025		 GBP 92.89
Max Initial Charge -
Ongoing Charge
19/02/2025		  0.60%
Investment Objective: FSSA Global Emerging Markets Focus Fund Class E (Accumulation) GBP
The Fund aims to achieve capital growth over the medium to long-term (at least three years). The Fund invests at least 70% of its Net Asset Value in a diversified portfolio of equity or equity-related securities of large and mid-capitalisation companies in Emerging Markets, which are listed, traded or dealt in on Regulated Markets worldwide, and in those of companies listed on developed market exchanges a majority of whose economic activities take place in Emerging Markets.
Returns
Trailing Returns (GBP)22/04/2025
YTD-3.83
3 Years Annualised5.24
5 Years Annualised9.11
10 Years Annualised-
12 Month Yield 1.45
Management
Manager Name
Start Date
Rasmus Nemmoe
28/09/2017
Chao Chong
16/09/2020
Inception Date
22/08/2018

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI EM NR GBPMorningstar EM TME NR USD
Portfolio Profile for  FSSA Global Emerging Markets Focus Fund Class E (Accumulation) GBP31/03/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock98.440.0098.44
Bond0.000.000.00
Property0.000.000.00
Cash1.560.001.56
Other0.000.000.00
Top 5 Regions%
Asia - Emerging51.74
Latin America23.54
Asia - Developed14.19
Eurozone5.70
Europe - Emerging2.73
Top 5 Sectors%
Financial Services30.59
Technology22.40
Consumer Cyclical15.49
Communication Services14.12
Consumer Defensive13.73
Top 5 HoldingsSector%
Taiwan Semiconductor Manufacturi... TechnologyTechnology7.13
Tencent Holdings LtdCommunication ServicesCommunication Services7.06
Prosus NV Ordinary Shares - Class NCommunication ServicesCommunication Services5.61
Alsea SAB de CVConsumer CyclicalConsumer Cyclical4.66
ICICI Lombard General Insurance ... Financial ServicesFinancial Services4.14
Increase Decrease New since last portfolio
FSSA Global Emerging Markets Focus Fund Class E (Accumulation) GBP
Growth Of 1000 (GBP) 31/03/2025
Fund:  FSSA Global Emerging Markets Focus Fund Class E (Accumulation) GBP
Category:  Global Emerging Markets Equity
Category Index:  Morningstar EM TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 20192020202120222023202431/03
Price Return16.729.11-1.232.96-0.0511.12-0.78
+/- Category2.45-4.940.2215.03-4.163.010.03
+/- Category Index2.36-4.78-0.3710.80-4.032.100.10
% Rank in Category2776442792356
Trailing Returns (GBP)22/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.67   -0.81-0.87
1 Week0.41   0.901.06
1 Month-5.24   2.842.92
3 Months-4.31   4.544.15
6 Months-4.47   4.074.12
YTD-3.83   2.672.73
1 Year3.65   5.254.63
3 Years Annualised5.24   4.394.07
5 Years Annualised9.11   4.583.81
10 Years Annualised-   --
 
Category: Global Emerging Markets Equity
Category Index: Morningstar EM TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
2025-0.78---
20243.213.823.390.29
20231.11-3.500.901.52
2022-0.73-1.271.753.25
2021-1.872.62-0.53-1.40
2020-27.0321.940.5122.00
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAbove AverageAverage4 star
5-YearHighAbove Average5 star
10-Year--Not Rated
OverallHighAbove Average5 star
 
Category :  Global Emerging Markets EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev13.76 %
3-Yr Mean Return5.50 %
 
3-Yr Sharpe Ratio0.10
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar EM TME NR USD  Morningstar Asia xJpn TME GR USD
3-Yr Beta0.950.88
3-Yr Alpha2.211.38
 
Investment Style Details31/03/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 23802-
Market Capitalisation% of Equity
Giant54.10
Large24.12
Medium21.78
Small0.00
Micro0.00
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings15.551.30
Price/Book2.681.64
Price/Sales2.411.62
Price/Cash Flow10.061.57
Dividend-Yield Factor2.590.86
 
Long-Term Projected Earnings Growth11.030.99
Historical Earnings Growth11.751.32
Sales Growth13.472.61
Cash-Flow Growth20.274.14
Book-Value Growth14.151.65
 
Category: Global Emerging Markets Equity
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock98.440.0098.44
Bond0.000.000.00
Property0.000.000.00
Cash1.560.001.56
Other0.000.000.00
World Regions31/03/2025
 % of EquityRelative to Category
United States0.000.00
Canada0.000.00
Latin America23.542.56
United Kingdom0.000.00
Eurozone5.704.25
Europe - ex Euro0.000.00
Europe - Emerging2.731.23
Africa2.090.60
Middle East0.000.00
Japan0.000.00
Australasia0.000.00
Asia - Developed14.190.52
Asia - Emerging51.741.03
 
Category: Global Emerging Markets Equity
Sector Weightings31/03/2025
 % of EquityRelative to Category
Consumer CyclicalConsumer Cyclical15.491.02
Financial ServicesFinancial Services30.591.25
Consumer DefensiveConsumer Defensive13.732.87
HealthcareHealthcare3.691.03
Communication ServicesCommunication Services14.121.32
TechnologyTechnology22.400.96
 
Category: Global Emerging Markets Equity
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings37
Total Number of Bond Holdings0
Assets in Top 10 Holdings46.56
NameSectorCountry% of Assets
Taiwan Semiconductor Manufacturing Co... 311Taiwan7.13
Tencent Holdings Ltd308China7.06
Prosus NV Ordinary Shares - Class N308Netherlands5.61
Alsea SAB de CV102Mexico4.66
ICICI Lombard General Insurance Co Ltd103India4.14
ICICI Bank Ltd103India4.01
Credicorp Ltd103Peru3.68
ANTA Sports Products Ltd102China3.60
MercadoLibre Inc102Brazil3.57
Computer Age Management Services Ltd ... 311India3.10
 
Increase Decrease New since last portfolio
Category: Global Emerging Markets Equity
 
Management
Name of CompanyFirst Sentier Investors (UK) Funds Ltd
Phone+44 20 73326500
Websitehttps://www.firstsentierinvestors.com
AddressFinsbury Circus House, 15 Finsbury Circus
 London   EC2M 7EB
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date22/08/2018
Fund Advisor(s)
First Sentier Investors (UK) IM Limited
Fund ManagerRasmus Nemmoe
Manager Start Date28/09/2017
Career Start Year2004
Education
Copenhagen Business School, B.S.
Copenhagen Business School, M.S.
 
Biography
"Rasmus Nemmoe is a Portfolio Manager at FSSA Investment Managers, part of First Sentier Investors. Rasmus joined FSSA Investment Managers in 2016 and is the lead manager of the FSSA Global Emerging Markets Focus strategies. Rasmus has 20 years of investment experience. He holds a MSc in Applied Economics and Finance and a BSc in Computer Science/Business Administration from the Copenhagen Business School. Rasmus is also a CFA charterholder."
Fund ManagerChao Chong
Manager Start Date16/09/2020
 
Biography
"Chao Xiang Chong is an Investment Analyst at FSSA Investment Managers, part of First Sentier Investors. He joined FSSA Investment Managers as a graduate in 2014 and is responsible for providing equity research, expanding on his ASEAN focus to cover Global Emerging Markets. Chao has 9 years of investment experience. He completed a Bachelor’s degree in Economics and Statistics at University College London as well as a Master’s degree in Manufacturing and Management at the University of Cambridge.""Chao Xiang Chong is an Investment Analyst at FSSA Investment Managers, part of First Sentier Investors. He joined FSSA Investment Managers as a graduate in 2014 and is responsible for providing equity research, expanding on his ASEAN focus to cover Global Emerging Markets. Chao has 9 years of investment experience. He completed a Bachelor’s degree in Economics and Statistics at University College London as well as a Master’s degree in Manufacturing and Management at the University of Cambridge."
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.55%
Ongoing Charge0.60%
Purchase Details
Minimum Investments
Initial100000  GBP
Additional500  GBP
Savings-
Tax Free Savings Schemes
ISAsYes