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Global Emerging Markets

Built beyond the benchmark

We know emerging markets

We’re seasoned investors, with three decades of direct experience in the regions with the biggest growth stories.

We’re committed – we make up our minds and stick with our decisions. 

And we don't do long-distance – we're there, in person, holding conversations with thousands of businesses.

China: Growing middle class

Taiwan: Forefront of Artificial Intelligence

Mexico: Formalisation of the economy

India: Early stages of financialisation 

Benefitting from shifting global dynamics

With shifting dynamics in global markets, and US stocks trading at historical highs, emerging markets appear undervalued in comparison. According to the Buffet indicator, which measures the ratio of stock market capitalisation to gross domestic product (GDP), the US is significantly overvalued at 200%. China on the other hand, is undervalued by this measure at approximately 80% , while Latin America and most Asian countries (with the exception of Taiwan and India), are around 50%.​

This presents an attractive opportunity to build exposure to emerging markets, especially for long-term investors who are seeking diversification.​

Source: FT, Bloomberg, April 2025

FSSA GEM Focus fund’s country weightings in 2024

Click on a circle to discover a country’s percentage weighting in the portfolio and top holding, where applicable

We are built beyond the benchmark

Each one of our investments starts with a blank piece of paper. With an active share of over 81% and no more than 45 carefully chosen holdings, our portfolio is anything but ordinary.
We look for companies with outstanding management teams, competitive advantages, and sustainable growth, regardless of their region or sector.​

Every decision is conviction-driven. Every choice prioritises long-term quality over short-term conformity.

It’s focused, deliberate, and built to stand apart.

"We start with a blank piece of paper. It's not important to us what region or sector a company is in. Or how big it is. Or whether it's included in the benchmark. We're simply looking for outstanding emerging-market businesses." 

Our insights

Discover how we focus on management quality, what we’ve learned from our decades of experience in emerging markets, and why we believe face-to-face beats AI, every time.

View all our insights
View all our insights

We hold all-weather characteristics

During periods of market turbulence, our long-term approach – and our focus on company fundamentals – stands out for its all-weather characteristics. Since inception, we have successfully navigated challenging market conditions to deliver positive returns over each rolling 5-year period – even when the index return is negative. 


Delivering positive returns in turbulent market conditions

12-month rolling discrete periods to:
31 Dec 2025 31 Dec 2024 31 Dec 2023 31 Dec 2022 31 Dec 2021
FSSA Global Emerging Markets Focus composite (%) 23.4 10.7 6.3 -9 -2.3
MSCI EM Index (%) 34.4 8.1 10.3 -19.7 -2.2

12-month rolling discrete periods to:

FSSA Global Emerging Markets Focus composite (%)

31 Dec 2025
23.4
31 Dec 2024
10.7
31 Dec 2023
6.3
31 Dec 2022
-9
31 Dec 2021
-2.3

MSCI EM Index (%)

31 Dec 2025
34.4
31 Dec 2024
8.1
31 Dec 2023
10.3
31 Dec 2022
-19.7
31 Dec 2021
-2.2

Past performance is not a reliable indicator of future performance. 

Source: FSSA Global Emerging Markets Focus composite

Source for composite performance: First Sentier Investors as at 31 Dec 2025. Composite performance is shown on a net of fees basis. Net performance figures are calculated by subtracting a model annual management fee of 0.85% from the gross performance figures. For investors based in countries with currencies other than USD, the return may increase or decrease as a result of currency fluctuations. No other expenses or costs have been taken into account when calculating the net performance. This information is provided for illustrative purposes to demonstrate our activity within the strategy for the periods shown. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between fund or client-specific constraints and those of a similarly managed mandate would affect results. Source for MSCI EM index: FactSet, total returns, gross of tax. Since launch performance calculated from 30/11/2017.

Keep up to date with our latest research and developments

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Global Emerging Markets

Guided by conviction. 
Not constraints.
We craft portfolios that prioritise resilience over short-term trends. 

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Risk factors

This is a financial promotion for FSSA Global Emerging Markets Strategies. This information is for professional clients only in the UK and EEA and elsewhere where lawful. Investing involves certain risks including:

  • The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested.
  • Currency risk: the Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund and could create losses. Currency control decisions made by governments could affect the value of the Fund's investments and could cause the Fund to defer or suspend redemptions of its shares. 
  • Emerging market risk: Emerging markets tend to be more sensitive to economic and political conditions than developed markets. Other factors include greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.

For details of the firms issuing this information and any funds referred to, please see Terms and Conditions and Important Information.

For a full description of the terms of investment and the risks please see the Prospectus and Key Investor Information Document for each Fund. 

 

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