Devan Kaloo runs global emerging markets at Aberdeen. Investment fund manager Mark Gordon-James, works with Kaloo. The portfolio picks are driven by bottom-up fundamentals. The portfolio turnover has increased 10% in recent months but certain defensive themes continue to run through the fund.
Aberdeen Emerging Markets Fund (January 31 2009)
Fund size
£436.6 million, 64 holdings
Sector overweights
financials (25%), consumer staples (13.2%), energy (12.6%)
Country overweights
Brazil (15.6%), India (12%)
Country underweights
Russia (2.2%), China (6.3%)
Interesting picks
Massmart, Femsa, Lojas Renner
Lead picks
Samsung, Vale, China Mobile
Baring Asset Management, James Syme, head of emerging markets
Baring runs a mixture of top-down country allocation work from London. These picks are then populated by regional research teams. The picks are more driven by fundamentals than valuations.