City of London Investment Management is merging its Emerging Markets Country Trust and Emerging Asia...
City of London Investment Management is merging its Emerging Markets Country Trust and Emerging Asia Country Trust into its $48.8m Emerging World Fund.
The proposal has been given unit holder approval and the enlarged fund will continue to be managed by City of London Investment Management.
The Emerging Markets Country trust, which had £25.7m in assets, aimed to invest in closed ended funds whose investment policies were directed mainly towards emerging markets, while the Asia Country Trust, which has assets of £0.69m, had holdings in investment trusts which invested in Asian emerging markets.
The Emerging World Fund is a Dublin-based Oeic with the same investment objectives as the two trusts, while the fund is administered by International Fund Managers (Ireland).
The dollar denominated fund has a retail share class with a minimum investment of £1,000, $1,500 or E1,500. It also has an institutional share class with a minimum investment of £50,000, $75,000 or E75,000.
The initial charge is 4% and there is a 1.5% annual management charge. The fund has exposure to markets including Asia, Latin America, Europe, the Middle East and Africa.
The fund is overweight Asia with exposure to India, Korea, Singapore and Taiwan. Its Latin American positions are focused on Brazil and Mexico.
The fund is underweight Europe, with exposure to Germany, Russia and Hungary and is also underweight the Middle East with its exposure in this area focused on Turkey.
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From June 2019