TSW Emerging Markets Fund (TSWMX)

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Fund Description

The TSW Emerging Markets Fund is managed by Elliott Jones and aims to maximize long-term capital appreciation. The Fund invests in equity securities of companies that are domiciled in or tied economically to emerging market countries, including frontier markets. The Fund utilizes a bottom-up, business-focused approach based on the study of individual companies and the competitive dynamics of the industries in which they participate. The portfolio manager strives to identify companies whose shares are underpriced relative to their intrinsic value.  The Fund may invest in emerging market companies of any size, including small- and mid-capitalization companies. 

Investment Objective

The investment objective of the TSW Emerging Markets Fund (the “Fund”) is to maximize long-term capital appreciation.

Other TSW Funds

TSW High Yield Bond Fund (TSWHX)

To fund manager Bill Bellamy, high yield bonds are an often misunderstood and overlooked asset class. With the help of analysts David McMackin and Chuck Finley, the team seeks to identify opportunities in high yield corporate credit that generates strong current income and total return potential per unit of risk taken. As a boutique manager,...

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TSW Large Cap Value Fund (TSWEX)

The TSW Large Cap Value Fund is managed by Brett Hawkins and Bryan Durand. They are supported by research analyst Michael Creager. The Fund seeks maximum long-term total return, consistent with reasonable risk to principal. The Fund utilizes a bottom-up, business-focused approach based on careful study of individual companies and compet...

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TSW Core Plus Bond (TSWFX)

The TSW Core Plus Bond Fund is managed by Bill Bellamy, who is a 21-year veteran of the firm and has been responsible for managing the strategy since 2005.  The fund aims to outperform the benchmark and generate strong risk-adjusted returns over market cycles.  Security selection and sector allocation have been the main drivers of ...

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Fund details

Data as at 31 May 2024
Fund inception date 21 December 2021
Benchmark MSCI Emerging Markets Index
Share classes
Institutional (Launch date) 21-December-2021
Minimum investment
Institutional $100,000
Fund codes
Fund Ticker Share Class Fund Number CUSIP
TSWMX Institutional 702 46653M666
Fees and Expenses
Fund Ticker Share Class Net Expense Ratio* Gross Expense Ratio*
TSWMX Institutional 0.99% 2.21%

Fees and charges

Performance fee

*Expense ratios as stated in the latest prospectus. JOHCM (USA) Inc. has contractually agreed to waive fees and reimburse expenses so that the Net Total Operating Expenses do not exceed the stated amounts until February 1, 2025.

Administration

Investment Advisor Perpetual Americas Funds Services
Transfer Agent Northern Trust
Custodian Northern Trust

Monthly returns (%)

Data as at 31 May 2024
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual

Top 10 holdings and active weights

Data as at 31 May 2024
Top 10 holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 8.92%
Samsung Electronics Co., Ltd. 6.06%
Tencent Holdings Ltd. 5.06%
ICICI Bank Limited Sponsored ADR 3.41%
Naspers Limited Class N 2.92%
Reliance Industries Limited Shs Sponsored Global Depositary Share Repr 2Shs 144A 2.89%
Alibaba Group Holding Limited 2.83%
Netease Inc 2.60%
Lenovo Group Limited 2.31%
Shinhan Financial Group Co., Ltd. 2.05%

Regional / Country breakdown

Data as at 31 May 2024
Portfolio Benchmark Relative
Brazil 4.48% 0% 0%
China 21.12% 0% 0%
Greece 3.75% 0% 0%
India 13.68% 0% 0%
Korea 13.36% 0% 0%
Mexico 4.37% 0% 0%
South Africa 4.06% 0% 0%
Taiwan 12.36% 0% 0%
Turkey 3.59% 0% 0%
United States 2.26% 0% 0%

Sector breakdown

Data as at 31 May 2024
Portfolio Benchmark Relative
Information Technology 23.59% 0.00% 0.00%
Financials 16.78% 0.00% 0.00%
Consumer Discretionary 13.28% 0.00% 0.00%
Industrials 11.23% 0.00% 0.00%
Communication Services 10.17% 0.00% 0.00%
Energy 7.46% 0.00% 0.00%
Materials 5.84% 0.00% 0.00%
Consumer Staples 4.81% 0.00% 0.00%
Health Care 4.11% 0.00% 0.00%
Real Estate 2.68% 0.00% 0.00%

Important Information

Fund holdings, sector allocation, regional allocation and top 10 countries are subject to change without notification.

Fund

As at noon Share class Currency CUSIP Number NAV Change Change % Previous
JOHCM International Select Fund 02/07/2024 Institutional USD 46653M849 24.17 0.19 0.79% 23.98
Investor USD 46653M823 24.22 0.19 0.79% 24.03
JOHCM Emerging Markets Opportunities Fund 02/07/2024 Advisor USD 46653M203 11.40 -0.02 -0.18% 11.42
Institutional USD 46653M104 11.42 -0.03 -0.26% 11.45
Investor USD 46653M302 11.38 -0.02 -0.18% 11.40
JOHCM Global Select Fund 02/07/2024 Advisor USD 46653M807 14.00 0.04 0.29% 13.96
Institutional USD 46653M708 14.04 0.05 0.36% 13.99
JOHCM Emerging Markets Discovery Fund 02/07/2024 Advisor USD 46653M500 14.87 -0.01 -0.07% 14.88
Institutional USD 46653M401 14.86 -0.01 -0.07% 14.87
JOHCM International Opportunities Fund 02/07/2024 Institutional USD 46653M872 12.41 0.04 0.32% 12.37
Regnan Global Equity Impact Solutions 02/07/2024 Institutional USD 46653M716 7.20 0.00 0.00% 7.20
TSW Large Cap Value Fund 02/07/2024 Institutional USD 46653M641 13.08 0.04 0.31% 13.04
TSW Emerging Markets Fund 02/07/2024 Institutional USD 46653M666 9.48 0.00 0.00% 9.48
TSW High Yield Bond Fund 02/07/2024 Institutional USD 46653M658 9.12 0.01 0.11% 9.11

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