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Smith & Williamson tap into EM opportunity with fund launch

by Elsa Buchanan on May 20, 2014 at 11:32

Smith & Williamson tap into EM opportunity with fund launch

Smith & Williamson is seeking to capitalise on beaten up valuations in emerging markets with a launch.

The Smith & Williamson Emerging Markets Value fund will be run on an outsourced basis by AGF Funds and managed by Richard McGrath. AGF is a minority shareholder in Smith & Williamson Holdings and runs the Smith & Williamson Global Gold and Resources fund, which is managed by Citywire + rated Bob Lyon.

The fund, which will focus on undervalued companies, is conviction-led, targeting between 50 and 90 stocks with market capitalisations of at least $500 million (£296 million). McGrath will take a proprietary value approach.

The fund manager said: 'Despite the short-term doubts about the emerging markets sector, we believe the long-term prospects remain attractive.'

'Furthermore, by using our value approach, we should be able to identify stocks that have short-term difficulties but ultimately have strong core businesses which will drive a recovery in their financial results and share price.  AGF have enjoyed a long and fruitful relationship with Smith & Williamson and we are delighted to be managing this fund for them.'

McGrath runs the AGF Global Value, and AGF International Stock Class funds. Over the past 12 months Global Value is up 29.57% compared to the MSCI World index’s 27.54% rise. However, over three years, the fund delivered 9.21%, compared to 15.11% by the benchmark.

Over 12 months, the International Stock Class fund returned 28.54% compared to the MSCI EAFE benchmark’s 16.56%. Over three years it rose 5.43%, versus the benchmark’s 8.86%.

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