Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust and market news - Recent issuance and buybacks - Good reads - Videos and other content - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week On the latest Money Makers podcast, I talk once more to Andrew McHattie, the editor of the Investment Trusts newsletter. In one of our regular reviews of recent news from the investment trust sector, trusts we discuss include Alternative Income REIT (AIRE), Aquila European Renewables (AER...
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Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust and market news - Recent issuance and buybacks - Good reads - Videos and other content - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week On the podcast this week, I talk to Omar Negyar, the lead manager of J.P.Morgan Emerging Markets Dividend Income (JEMI). This £540m market cap trust is a sister fund to J.P.Morgan Emerging Markets Growth and Income (JMGI). Paradoxically, perhaps, the latter has a higher headline yield tha...
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Ashoka WhiteOak Emerging Markets (ticker: AWEM) was launched in May 2023. It is run by Prashant Khemka of White Oak, which also manages Ashoka India Equity. Like its sister trust, AWEM has no basic management fee but charges a three-yearly performance fee set at 30% of returns above its benchmark. The trust outperformed by 4% in its first year, 3% in its second, and 1% in the last six months, and has generally traded at a premium to NAV. It operates an annual redemption facility that has seen a very low take-up so far, and regular issuance has increased its share count from 30.5m at its IPO to...
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Fidelity Emerging Markets (ticker: FEML) was launched in 1989, making it one of the oldest emerging markets trusts. It was run until October 2021 by Genesis and over those 32 years had an impressive record of annualised returns of 11.6% versus 10% for the MSCI Emerging Markets Index. But its performance largely matched the market during the 2010s, and this, in combination with a lack of marketing efforts, high charges, and a resulting wide discount, led the board to look for a new management firm. Fidelity won the mandate with the team of Nick Price and Chris Tennant taking charge, using a sim...
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Templeton Emerging Markets (ticker: TEM) was launched in 1989 and is the oldest London-listed emerging markets trust. It is also the biggest with assets of around £2bn. TEM was originally managed by the legendary Dr. Mark Mobius and then by Carlos Hardenberg for a couple of years. Chetan Sehgal took over from Hardenberg and has looked after the portfolio since April 2018. From its IPO to March 2023, TEM's annualised NAV return was 11.5%, well ahead of the 9.0% a year generated by the emerging markets index and without using much in the way of gearing. However, its record over the last decade h...
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BlackRock Frontiers (ticker: BRFI) was launched in late 2010 with a brief to invest in frontier markets, which are the level below emerging markets in terms of size, sophistication, and liquidity. Think Vietnam, Nigeria, and Kazakstan rather than China and India. However, the mandate has since been expanded to include a selection of smaller emerging markets as well, such as Indonesia, Saudi Arabia, and South Africa. Sam Vecht has managed the trust since its IPO with Emily Fletcher becoming a co-manager in 2013, and Sudaif Niaz becoming a third co-manager in early 2023. BRFI raised £95m in its ...
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Jonathan Davis, editor of the Investment Trusts Handbook, talks to Carlos Hardenberg, lead manager of the Mobius Investment Trust (ticker: MMIT). In a 35 minute Q and A we discuss events in Russia, China and Brazil and the outlook for emerging markets and the dollar. Carlos spent 17 years at Templeton Emerging Markets (ticker: TEM) before launching the new trust with Mark Mobius in 2018.
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UPDATE: A revised version of this profile was published in October 2025.
Mobius Investment Trust (hereafter Mobius - ticker: MMIT) was launched in October 2018 and is run by Dr Mark Mobius and Carlos Hardenberg, who both have very respectable records of managing emerging market funds, most notably Templeton Emerging Markets. Mobius looks for quality emerging market mid-cap stocks, typically valued at $3-5bn, that tend to be primarily involved in sectors like technology, healthcare, and consumer goods. The trust uses what it calls an 'ESG plus C' strategy, the C standing for corporate culture,...
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