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Aberdeen Emerging Markets Investment Company Limited

Looking for the best-of-breed emerging market funds

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Latest news

An update from our investment managers, Andrew Lister and Bernard Moody - 21 May 2020

Emerging market investors have, since the outbreak of the Covid-19 pandemic, endured losses as a result of the impact of the virus and measures to stem its spread on emerging market economies, their currencies and the companies that operate within them. Matters have been exacerbated for energy exporting countries by a decline in the price of oil. Stock markets dislike uncertainty and, whilst some emerging countries are already unwinding lockdown measures, the long term impact of the virus remains difficult to predict.

We took advantage of April's sharp market recovery to reduce the portfolio's overall exposure. While the global policy response to the current crisis has been impressive, markets are potentially underestimating the longer term impact of the pandemic on corporate earnings and we consider it prudent to adopt a slightly more cautious stance. The Company retains the ability to adopt a more aggressive stance when markets are better aligned with fundamentals. We remain in close dialogue with our underlying managers in order to understand their thoughts on markets, portfolio positioning and to ensure their teams are operating effectively under the current challenging conditions.

The primary driver of the recovery in markets in April was the massive global fiscal and monetary policy stimulus implemented by policymakers. While this has served to alleviate investor panic in the short term, longer term considerations around the emergence from the pandemic and its ultimate cost remain. As countries begin to emerge from lockdown, economic activity will pick up rapidly but not to a level that can rapidly replace the lost output of the first half of the year. Corporate earnings in emerging markets are clearly going to suffer and analysts’ estimates of earnings for the year have already declined significantly since the start of 2020. Dividends may also suffer cuts as companies prioritise balance sheet strength over returning capital to investors. Governments globally will exit the crisis with increased levels of debt and difficult decisions to make in terms of how and when to unwind the measures already taken. Many emerging markets have already approached the IMF for assistance. 

While we are confident that emerging markets retain their long term appeal and that the Company is well placed, with a differentiated and diversified portfolio, the range of economic and market outcomes from this unsettling episode remains broad and uncertain. We expect further bouts of volatility, and have positioned the portfolio accordingly. We will seek to take advantage of any such volatility wherever possible, ideally by adding to well managed closed end fund exposure at attractive discounts to net asset value.

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About us

Access to a wealth of emerging market talent

Aberdeen Emerging Markets Investment Company is an investment company listed on the London Stock Exchange which aims to offer:

  • A one-stop solution for investors seeking diversified exposure to the global emerging markets of Asia, Eastern Europe, Africa and Latin America.
  • A high conviction, concentrated portfolio of 'best-of-breed' open and closed end funds, many of which are inaccessible to UK retail investors
  • Active country positioning through a rigorous, top-down investment process
  • A highly experienced and stable fund management team, supported by the depth of resource at Aberdeen Standard Investments

Our core beliefs:

  • Value investing has the potential to deliver attractive returns over the long term
  • Emerging markets are inefficient, especially during times of volatility
  • Genuinely active and contrarian investors can generate alpha from stock selection
  • The structural benefits of closed-end funds should translate into robust, long term, relative performance
  • Discounts on closed-end funds present additional opportunities to enhance returns

Hear more from our investment manager Andrew Lister:

 

Key literature

Latest Factsheet
Annual Report
Interim Report
Savings Plan/ISA Brochure
Latest QuotedData Research Note
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Key people

Andrew Lister

Andrew Lister

Senior Investment Manager

Andrew Lister is a Senior Investment Manager at Aberdeen Standard Investments, with specific responsibilities for markets and investments in Latin America and the EMEA region. Andrew joined Aberdeen Asset Management in December 2015 via the acquisition of Advance Emerging Capital Limited where he had worked since 2000. Andrew graduated from the University of Exeter with a BA in Geography in 1999. He completed the Investment Management Certificate in 2001 and qualified as a technical analyst in 2005.

Bernard Moody

Bernard Moody

Senior Investment Manager

Bernard Moody is a Senior Investment Manager and is co-manager of Aberdeen Emerging Markets Investment Company. Bernard is responsible for Asian investments and markets. Bernard joined Aberdeen Asset Management in December 2015 via the acquisition of Advance Emerging Capital Limited where he had worked since 2006. Previously, Bernard worked for Sarasin Investment Management where he managed Asian and emerging market portfolios between 2000 and 2006. Prior to that, Bernard worked in the Investment Management Research Unit at the actuarial consultants Bacon & Woodrow.
Bernard graduated with a BComm specialising in Banking and Finance from University College Dublin before gaining an MSc in Finance from Queen's University Belfast. Bernard is an Associate of the Society of Investment Professionals.

Samir Shah

Samir Shah

Investment Manager

Samir Shah is an Investment Manager at Aberdeen Standard Investments. Samir is responsible for covering global developed and emerging market investments. Samir joined Aberdeen in December 2015 via the acquisition of Advance Emerging Capital. Samir originally joined Advance in April 2011 where he held a similar role. Prior to this he was an investment funds analyst in the closed end fund team at Matrix Group. He covered the financial sector as a sell side analyst for over 10 years and was ranked by both Extel and Institutional Investor. He began his analytical career with Credit Suisse covering banks and diversified financials. Samir is a qualified chartered accountant and CFA charter holder. Both qualifications were earned while working in the banking division of KPMG. CFA(r) and Chartered Financial Analyst(r) are trademarks owned by CFA Institute.

Bruce Stout

Omar Ene

Investment Analyst

Omar Ene is a Investment Analyst within the Multi-Asset Solutions Division, working with the Close End Fund Strategies and Multi-Asset Research teams, focusing on Emerging and Private markets. Omar joined Aberdeen Standard Investments in 2018 as a Graduate analyst, from which he has had exposure to Emerging market debt, Private debt and Multi-Manager strategy. Prior to joining the Investment management industry, Omar worked for DNV GL as an Oil & Gas Topsides Process Engineer. Omar graduated with a MEng in Chemical Engineering from the University of Surrey and MSc Investment Management from CASS Business School. Omar passed Level II of the CFA Program in 2019 and is a 2020 Level III candidate.

  • Andrew Lister

    Senior Investment Manager

    Andrew Lister is a Senior Investment Manager at Aberdeen Standard Investments, with specific responsibilities for markets and investments in Latin America and the EMEA region. Andrew joined Aberdeen Asset Management in December 2015 via the acquisition of Advance Emerging Capital Limited where he had worked since 2000. Andrew graduated from the University of Exeter with a BA in Geography in 1999. He completed the Investment Management Certificate in 2001 and qualified as a technical analyst in 2005.

  • Bernard Moody

    Senior Investment Manager

    Bernard Moody is a Senior Investment Manager and is co-manager of Aberdeen Emerging Markets Investment Company. Bernard is responsible for Asian investments and markets. Bernard joined Aberdeen Asset Management in December 2015 via the acquisition of Advance Emerging Capital Limited where he had worked since 2006. Previously, Bernard worked for Sarasin Investment Management where he managed Asian and emerging market portfolios between 2000 and 2006. Prior to that, Bernard worked in the Investment Management Research Unit at the actuarial consultants Bacon & Woodrow.
    Bernard graduated with a BComm specialising in Banking and Finance from University College Dublin before gaining an MSc in Finance from Queen's University Belfast. Bernard is an Associate of the Society of Investment Professionals.

  • Samir Shah

    Investment Manager

    Samir Shah is an Investment Manager at Aberdeen Standard Investments. Samir is responsible for covering global developed and emerging market investments. Samir joined Aberdeen in December 2015 via the acquisition of Advance Emerging Capital. Samir originally joined Advance in April 2011 where he held a similar role. Prior to this he was an investment funds analyst in the closed end fund team at Matrix Group. He covered the financial sector as a sell side analyst for over 10 years and was ranked by both Extel and Institutional Investor. He began his analytical career with Credit Suisse covering banks and diversified financials. Samir is a qualified chartered accountant and CFA charter holder. Both qualifications were earned while working in the banking division of KPMG. CFA(r) and Chartered Financial Analyst(r) are trademarks owned by CFA Institute.

  • Omar Ene

    Investment Analyst

    Omar Ene is a Investment Analyst within the Multi-Asset Solutions Division, working with the Close End Fund Strategies and Multi-Asset Research teams, focusing on Emerging and Private markets. Omar joined Aberdeen Standard Investments in 2018 as a Graduate analyst, from which he has had exposure to Emerging market debt, Private debt and Multi-Manager strategy. Prior to joining the Investment management industry, Omar worked for DNV GL as an Oil & Gas Topsides Process Engineer. Omar graduated with a MEng in Chemical Engineering from the University of Surrey and MSc Investment Management from CASS Business School. Omar passed Level II of the CFA Program in 2019 and is a 2020 Level III candidate.

Mark Hadsley Chaplin

Mark Hadsley-Chaplin

Chairman

United Kingdom resident – founded RWC Partners Ltd (formerly known as MPC Investors), a London based fund management firm specialising in hedge funds, long only funds and UCITS strategies, in 2000. He was CEO until 2006 and Chairman until 2010. Prior to this he was Vice Chairman of UBS Securities (East Asia) Ltd, based in Singapore and responsible for the management and development of the bank’s Asian equity business worldwide.
William Collins

William Collins

Senior Independent Director

Guernsey resident – has over 45 years’ experience in banking and investment. From September 2007 he was employed by Bank J Safra Sarasin (formerly Bank Sarasin) in Guernsey as Director – Private Clients, retiring at the end of 2014. Prior to that he worked for Barings in Guernsey for over 18 years. In 1995 he was appointed a director and from 2003 until August 2007 was Managing Director of Baring Asset Management (CI) Ltd.
Helen Green

Helen Green

Non-Executive Director

Guernsey resident - is a chartered accountant and has been employed by Saffrey Champness , a top 20 firm of chartered accountants since 1984. She qualified as a chartered accountant in 1988, and became a partner in the London office in 1998. Since 2000 she has been based in the Guernsey office where she is a Client Liaison Director, responsible for trust and company administration.

She is a director of CQS Natural Resources Growth and Income PLC, Landore Resources Limited, UK Mortgages Limited and JP Morgan Global Core Real Assets Limited. She is Chairman of the Audit Committee.

John Hawkins

John Hawkins

Non-Executive Director

United Kingdom resident - is a Fellow of the Institute of Chartered Accountants in England and Wales. He was formerly Executive Vice President and a member of the Corporate Office of the Bank of Bermuda Limited. He was with The Bank of Bermuda for 25 years, of which approximately 15 years were based in Hong Kong. He is also a director of Raffles-Asia Investment Company Limited.

Eleonore de Rochechouart

Eleonore de Rochechouart

Non-Executive Director

United Kingdom resident - is a partner of Res Familiaris LLP, a wealth management advisory boutique designed for families looking for a dedicated and independent service covering all aspects of their global wealth including financial and non-financial assets. Prior to joining Res Familiaris in 2010, Eleonore spent 20 years in the financial services industry as an economist, researcher and asset allocator in both the traditional and alternative investment arena.

  • Mark Hadsley-Chaplin

    Chairman
    United Kingdom resident – founded RWC Partners Ltd (formerly known as MPC Investors), a London based fund management firm specialising in hedge funds, long only funds and UCITS strategies, in 2000. He was CEO until 2006 and Chairman until 2010. Prior to this he was Vice Chairman of UBS Securities (East Asia) Ltd, based in Singapore and responsible for the management and development of the bank’s Asian equity business worldwide.

  • William Collins

    Senior Independent Director
    Guernsey resident – has over 45 years’ experience in banking and investment. From September 2007 he was employed by Bank J Safra Sarasin (formerly Bank Sarasin) in Guernsey as Director – Private Clients, retiring at the end of 2014. Prior to that he worked for Barings in Guernsey for over 18 years. In 1995 he was appointed a director and from 2003 until August 2007 was Managing Director of Baring Asset Management (CI) Ltd.

  • Helen Green

    Non-Executive Director

    Guernsey resident - is a chartered accountant and has been employed by Saffrey Champness , a top 20 firm of chartered accountants since 1984. She qualified as a chartered accountant in 1988, and became a partner in the London office in 1998. Since 2000 she has been based in the Guernsey office where she is a Client Liaison Director, responsible for trust and company administration.

    She is a director of CQS Natural Resources Growth and Income PLC, Landore Resources Limited, UK Mortgages Limited and JP Morgan Global Core Real Assets Limited. She is Chairman of the Audit Committee.

  • John Hawkins

    Non-Executive Director

    United Kingdom resident - is a Fellow of the Institute of Chartered Accountants in England and Wales. He was formerly Executive Vice President and a member of the Corporate Office of the Bank of Bermuda Limited. He was with The Bank of Bermuda for 25 years, of which approximately 15 years were based in Hong Kong. He is also a director of Raffles-Asia Investment Company Limited.

  • Eleonore de Rochechouart

    Non-Executive Director

    United Kingdom resident - is a partner of Res Familiaris LLP, a wealth management advisory boutique designed for families looking for a dedicated and independent service covering all aspects of their global wealth including financial and non-financial assets. Prior to joining Res Familiaris in 2010, Eleonore spent 20 years in the financial services industry as an economist, researcher and asset allocator in both the traditional and alternative investment arena.

 

Financial calendar

Year End 31 October
Accounts Published January
Annual General Meeting February
Dividend Paid March, June, September, December

Trust details

Aberdeen Emerging Markets Investment Company Limited

Registered Office:
11 New Street
St Peter Port
Guernsey
GY1 2PF

Registered in Guernsey as an Investment Company Number 50900

Launch Date: November 2009
Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision.
Read the detailed risk warning. 
Investor warning: Please be aware of scams that can affect investors. Read the full investor risk warning.