On 21 August 2025, Stewart Investors announced that David Gait, lead portfolio manager of the Stewart Investors Asia Pacific Leaders fund, and Sashi Reddy, a senior portfolio manager and co-manager of the Stewart Investors Asia Pacific Leaders fund, have left the firm.  Sujaya Desai, a senior portfolio manager in the team and co-manager of the Stewart Investors Global Emerging Markets Leaders fund, has also left the firm.  Both funds feature on our Recommended list.

Effective immediately, the portfolio management teams for these two funds are as follows:

Stewart Investors Asia Pacific Leaders: Doug Ledingham (lead portfolio manager) and Jack Nelson (co-portfolio manager):

• Messrs Ledingham and Nelson, both senior portfolio managers within the team, will become the lead and co-portfolio managers.  Mr Nelson joined the team in 2011 and is lead manager of the Global Emerging Markets Leaders strategies.  Mr Ledingham joined the team in 2013 and is lead manager of the Asia Pacific and Japan All Cap strategy, as well as the Pacific Assets Trust.

Stewart Investors Global Emerging Markets Leaders: Jack Nelson (lead portfolio manager) and Doug Ledingham (co-portfolio manager):

• Mr Ledingham will become the co-portfolio manager, working alongside existing lead portfolio manager, Jack Nelson.  Mr Nelson has been a named manager on the Global Emerging Markets Leaders fund since 2022

There are no changes to the well-established investment philosophy that governs both funds and they continue to feature on our Recommended list.  However, acknowledging that these team changes are material in nature, we plan to review the funds at the earliest opportunity.

As a reminder, the Stewart Investors funds are managed in a distinctive style with the principle of stewardship at their heart. The team invests with an absolute return mindset, with long-term sustainability themes being the key drivers of fund positioning.