Summary of changes

On the 9^th November 2015, Stewart Investors announced a future change to the named managers of Stewart Investors Asia Pacific Leaders and Stewart Investors Global Emerging Markets Leaders.  Both funds currently feature on our Established list.

In summary, Angus Tulloch, co-manager of the Stewart Investors Asia Pacific Leaders fund, and Jonathan Asante, co-manager of the Stewart Investors Global Emerging Markets Leaders fund, will hand some of their portfolio responsibilities to other established members of the team.  The expectation is that this transition will take place over the coming months and be completed by 1^st July 2016.

Messrs Tulloch and Asante have no plans to retire from the business and will remain active members of the investment team, as well as the Stewart Investors Board.

• Stewart Investors Asia Pacific Leaders

The Stewart Investors Asia Pacific Leaders fund is currently co-managed by Angus Tulloch and David Gait.  Mr Tulloch will hand over his responsibilities to David Gait and Sashi Reddy.

Over the past week, Stewart Investors has indicated an intention to reinforce the fund’s “sustainability” credentials.  It is our understanding that this potential move would cause very minor shifts to the portfolio given that, as a matter of course, the team’s investment approach incorporates strong elements of environmental, social and governance considerations.

We await further guidance from Stewart Investors on this potential development.

• Stewart Investors Global Emerging Markets Leaders

The Stewart Investors Global Emerging Markets Leaders fund is currently co-managed by Jonathan Asante and Ashish Swarup.  Mr Asante will hand over responsibility to Ashish Swarup and Tom Prew.

Our current perspectives

Following these announcements, we are retaining both funds on our Established list.

Whilst the management changes are clearly significant, we draw comfort from the well-honed, collegiate approach and the strong investment philosophy at Stewart Investors that underpins all their funds.

That said, we will continue to communicate closely with Stewart Investors as these changes are agreed and implemented in order to ensure that investors’ expectations continue to be met.

Fund capacity

Stewart Investors has indicated that these changes will not alter its current stance on capacity and neither fund is being actively marketed to new investors.  The Stewart Investors Global Emerging Market Leaders fund continues to attract a front-end charge for new investments.

For this reason, both funds feature on our Established list, which is designed for funds that are at or near full capacity. For full definitions of our three lists, Recommended, Established and Positive Watch, please click here.