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AGI to launch open-ended Brazil fund

Allianz Global Investors (AGI) to launch what it claims to be the first British-domiciled, actively-managed Brazil Oeic. The fund will invest in Brazilian companies but also has the flexibility to invest in other countries.

It will be managed by the RCM emerging markets team, led by Michael Konstantinov. The team also manages the £850m Allianz RCM Bric stars fund and runs nearly £500m in Brazilian equities.

Nick Smith, a managing director of Allianz Global Investors Europe, says the fund aims to capture “the great investment themes arising as a result of the secular shift from developed to developing markets”.

It will not simply replicate the Brazilian index but the team will aim to create a portfolio of high quality Brazilian companies. It will have a particular focus on mid and small cap caps, where the team expects to find some of the best growth opportunities.The fund also has the flexibility to invest up to 30% of its assets in Latin American equity markets.

Michael Konstantinov, the chief investment officer of global emerging markets at RCM, expects returns to be generated from both the stockmarket and currency appreciation. He says a wealth of natural commodities makes the Brazilian investment case even more compelling.
The launch is subject to approval by the Financial Services Authority.

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