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JOHCM caps EM fund

J O Hambro Capital Management is capping the size of its new Dublin-based global emerging markets equities fund at $1.5bn to deliver and sustain outperformance.

The fund aims for growth by investing in fast growing emerging market companies and is benchmarked against the MSCI Emerging Markets Standard TR (net dividends reinvested). It is co-managed by Emery Brewer and Dr Ivo Kovachev.

Brewer has over 20 years experience, including 15 years in emerging markets at Driehaus Capital Management. He joined JOHCM in March, after a two-year break from fund management. He previously managed the Driehaus Capital Management Emerging Markets Growth Fund for 10 years, from its inception until December 2007. He also co-managed the Driehaus international discovery fund.

Kovachev, a former colleague of Brewer at Driehaus, joined JOCHM in March from Kinsale Capital Management, where he was chief investment officer. He previously spent 10 years at Driehaus Capital Management, where he co-managed the Driehaus International Discovery Fund with Brewer, managed the Driehaus European Opportunity Fund and helped the team on the emerging markets growth fund.

Brewer and Kovachev believe that despite the strong performance of emerging markets over the last 12 months, the asset class is still attractive. In contrast to top-down emerging markets funds they will manage the new fund mainly through a bottom-up, stock selection process. They will use screening tools and other forms of research, including an assessment of valuation, to find companies that have the potential to develop world-class products or become leaders in industry markets. The managers feel that growth in consumer markets, an infrastructure boom, a wealth of natural resources and exports should drive emerging markets stock prices higher.

JOHCM says emerging markets are playing an increasingly important role in investors’ asset allocation decisions and that these markets should drive global economic growth in the future. However, emerging markets funds have been attracting a lot of money, which could increase the possibility of a short-term correction within a long-term upward trend.

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