Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

A-rated star launches contrarian EM fund into UK

A-rated star launches contrarian EM fund into UK

Top French manager Marc Girault is launching an emerging market (EM) fund into the UK market, as he believes prices have bottomed-out in the turbulent sector.

‘Emerging markets have been underperforming developed markets for four years now and we think they are as low as they will get,’ said Girault, who runs asset management boutique HMG Finance. ‘So many investors are negative on emerging markets and there has been some selling of EM funds, which I think tells us we are getting close to the bottom of valuations.’

The Citywire A-rated manager has moved to London will launch the HMG Global Emerging Markets Equity fund next month with his brother Paul, as a sub fund of specialists Goodhart Partners LLP.

His existing €284.6 million Globetrotter fund has returned 159.7% over the past five years and is top decile-ranked in the Citywire Global Equities sector. The Luxembourg-domiciled fund will have a capacity of around $1 billion, with a minimum initial investment of $500,000.

The Globetrotter strategy invests in the emerging market subsidiaries of European companies, alongside some convertible bonds. The new fund will have no fixed income exposure but will broaden its equity exposure to include subsidiaries of all developed market countries.

It is a diversified, value driven strategy, with significant exposure to Brazil, but no direct exposure to China, because Girault does not think valuations in the region are cheap enough yet.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter