Head of mtx Portfolio Management, Senior Portfolio Manager
This equity fund aims to generate long-term capital growth while considering specific sustainability criteria and respecting risk diversification.
The fund invests across emerging markets in a concentrated portfolio mainly including stocks of companies which are among the leaders in their industry, offer high and sustainable profitability potential, and whose stock prices have attractive upside versus the estimated enterprise values at the time of the investment.
The specialized and seasoned investment team takes long-term high-conviction investment decisions based on in-depth research combined with systematic screening. The team also considers environmental, social and governance criteria to select particular companies with farsighted strategies, sound financials and robust structures, convinced that these strengths can enhance a firm's future profitability potential and thus stock price. The team actively adapts portfolio positions to seize attractive new opportunities and control risks always in line with their latest assessment of investment conditions. They may use derivative financial instruments as well.
"There are attractively valued and profitable industry leaders in emerging markets that know how to use their cash. Systematic screening helps find them."
There are some 1,400 stocks in the opportunity set but only about 400 pass a first filter that looks for high returns on invested capital (ROIC).
We subsequently examine the companies’ industry position, valuation and ESG metrics, which shrinks the number further to some 350, and, at a later stage, to around 150 candidates that could be included over the course of a year.
However, only 10 to 15 eventually make it into our concentrated portfolio of 30 to 50 stocks.
Dynamic growth rates in emerging markets have produced many profitable businesses in this region.
Market participants are often slow to fully acknowledge high ROICs, which we consider an important share price driver. This failure on the part of the market creates opportunities for stock pickers like us.
We use systematic screening as well as fundamental research to spot portfolio candidates with:
Profitable companies with a superior industry position are able to invest into future growth – and their stocks often reflect this. Moreover, such leaders tend to stay leaders.
The investment philosophy is based on the belief that selecting the right companies drives performance over the long term. We are bottom-up stock pickers and use a rigorous investment framework to identify attractively valued industry leaders. Those companies offer consistently high returns on invested capital, a strong industry position and effectively address ESG issues.
Two experienced portfolio managers, Roger Merz and Thomas Schaffner, are responsible for our entire mtx offering. Being true ambassadors for their cause, they invest their own money in the funds they manage.
They are supported by a team of 12 seasoned experts. These include professionals doing fundamental research as well as quantitative and ESG analyses.
The team constantly monitors the risk metrics not only of the companies, but also of aspects related to business cycles and portfolio characteristics.
All data is as at Jun 30 2020 unless otherwise indicated.
|Jul 01 2015 - Jun 30 2016||Jul 01 2016 - Jun 30 2017||Jul 01 2017 - Jun 30 2018||Jul 01 2018 - Jun 30 2019||Jul 01 2019 - Jun 30 2020|
|[3 years annualized]|
All data is as at Aug 10 2020 unless otherwise indicated.
|Portfolio Manager||Roger Merz/Thomas Schaffner|
|Share Class Currency||USD|
|End of fiscal year||31 August|
|Index||MSCI Emerging Market TR net|
|Share Class Launch date||Jul 15 2011|
|Swinging single pricing||Yes|
|Fund Registrations||AT, CH, DE, ES, FI, FR, GB, IE, IT, LI, LU, NL, NO, PT, SE, SG|
|Share Class Registrations||AT, CH, DE, ES, FI, FR, GB, IT, LI, LU, NL, NO, SE, SG|
|Highest since launch||180.04|
|Lowest since launch||79.09|
|Fund volume in mln.||USD 7,073.47|
|Share class volume in mln.||USD 1,820.11|
|TER||1.16% (Feb 28 2020)|
|Depository||RBC Investor Services Bank S.A.|
|Management Company||Vontobel Asset Management S.A.|
|Swiss Paying Agent||Bank Vontobel AG|
|Swiss Representative||Vontobel Fonds Services AG|
|Share class||Currency||ISIN||Distrib.||Type||Launch date||Management fee||TER||TER Date|
|A||USD||LU0571085330||Dist||Retail||Jul 15 2011||1.65%||2.02%||Feb 28 2020|
|AH (hedged)||EUR||LU1725744087||Dist||Retail||Dec 01 2017||1.65%||2.08%||Feb 28 2020|
|AI||USD||LU1609308298||Dist||Institutional||May 18 2017||0.83%||1.16%||Feb 28 2020|
|AN||USD||LU1683485681||Dist||Retail||Oct 10 2017||0.83%||1.20%||Feb 28 2020|
|AN||GBP||LU1717118191||Dist||Retail||Nov 24 2017||0.83%||1.00%||Feb 28 2020|
|ASX||EUR||LU1964740309||Dist||Mar 22 2019||0.65%||0.74%||Feb 28 2020|
|B||USD||LU0571085413||Accum||Retail||Jul 15 2011||1.65%||2.02%||Feb 28 2020|
|G||USD||LU1767066605||Accum||Institutional||Mar 15 2018||0.65%||0.74%||Feb 28 2020|
|H (hedged)||EUR||LU1646585114||Accum||Retail||Aug 11 2017||1.65%||2.08%||Feb 28 2020|
|HI (hedged)||EUR||LU1650589762||Accum||Institutional||Aug 08 2017||0.83%||1.22%||Feb 28 2020|
|HI (hedged)||CHF||LU1550202615||Accum||Institutional||Feb 28 2017||0.83%||1.22%||Feb 28 2020|
|HN (hedged)||CHF||LU1725744830||Accum||Retail||Dec 04 2017||0.83%||1.26%||Feb 28 2020|
|I||EUR||LU1626216888||Accum||Institutional||Jun 16 2017||0.83%||1.16%||Feb 28 2020|
|I||USD||LU0571085686||Accum||Institutional||Jul 15 2011||0.83%||1.16%||Feb 28 2020|
|N||USD||LU1626216961||Accum||Retail||Jun 16 2017||0.83%||1.20%||Feb 28 2020|
|N||GBP||LU1618348582||Accum||Retail||May 31 2017||0.83%||1.00%||Feb 28 2020|
|S||USD||LU1572142096||Accum||Institutional||Feb 28 2017||0.00%||0.20%||Feb 28 2020|
* TER includes performance fee where applicable
All data is as at Jun 30 2020 unless otherwise indicated.
|Alibaba Group Holding Ltd ADR||6.9%|
|Tencent Holdings Ltd||6.6%|
|Samsung Electronics Shs||4.9%|
|HDFC Bank Ltd||3.0%|
|Lg Household&Helth Care||2.8%|
|PT Telekomunikasi Indonesia (Persero) Tbk||2.8%|
|B3 SA - Brasil Bolsa Balcao||2.5%|
|Factsheets & Commentaries|
|Monthly Commentary||Jul 2020|
|Product Flyer||Oct 2019|
|Articles of Association||Apr 2016|
|Notification to Investors||Apr 2020|
|Sales Prospectus||Dec 2019|
|Annual Report||Aug 2019|
|Dividend Payout||Jan 2019|
|Semi-Annual Report||Feb 2020|
|Holiday Calendar 2020||Jan 2020|
|List of Active Retail Share Classes||Dec 2018|
|Sanctioned Countries||Sep 2016|
|Shareclass Naming Convention||Nov 2019|
Limited participation in the potential of single securities
Success of single security analysis and active management cannot be guaranteed
It cannot be guaranteed that the investor will recover the capital invested
Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility
Price fluctuations of investments due to market, industry and issuer linked changes are possible
Investments in emerging markets may be affected by political developments, currency fluctuations, illiquidity and volatility
There is no guarantee that all sustainability criteria will always be met for every investment. Negative impact on subfund's performance possible due to pursuing sustainable economic activity rather than a conventional investment policy
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