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 August 2020

The Covid-19 pandemic has made 2020 a challenging time for investors in most major asset classes, including emerging market equities. However, whilst the social and economic impacts of the virus have negatively impacted global growth, the unprecedented measures adopted by global central banks have resulted in a rapid recovery in stock markets since the lows of March 2020 when, with hindsight, the level of panic gripping markets had become irrational. Whilst Aberdeen Emerging Market Investment Company's net asset value per share declined in the first quarter of 2020, it has, at the time of writing, risen to be almost flat for the calendar year to date. This is a remarkable outcome in the context of the upheaval wrought by the pandemic.

The overall return of the company's portfolio masks material divergence between individual markets and regions within the asset class. In Asia, the dominant economies of China, Korea and Taiwan (which account for around 60% of the Company's portfolio) endured a relatively short and sharp impact, with social restrictions having been eased and economies already in "recovery mode". The stock exchanges in these countries are also home to many of the larger technology-focussed growth companies within emerging markets, which have benefitted from the social changes adopted to quell the spread of the virus. In contrast, economies in Latin America, Africa and many of the smaller Asian countries have endured more challenging circumstances, often with declines on local stock exchanges compounded by weakening currencies as investors withdraw to safe haven assets.

Whilst the recovery in markets is welcome, we believe the global stimulus that has restored confidence for now may be masking the longer term impact of the pandemic on corporate earnings for many companies. We expect further bouts of volatility and remain alert to the risks of any "second wave". With such a wide range of economic and market outcomes possible from here, we consider it prudent to adopt a slightly cautious stance. This is reflected in the use of only a portion of the company's borrowing facility and selective exposure to emerging market fixed income, alongside our more traditional selection of actively managed best of breed open and closed end funds. We will seek to continue taking advantage of volatility wherever possible, ideally by adding to well managed closed end funds at attractive discounts to net asset value.

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 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.
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