Investment Strategy
The fund management focuses on companies with convincing structural growth and high long-term earnings. These companies are based in Emerging Asian countries, but often operate globally. Based on fundamental stock selection, companies are selected that achieve sustainable growth over long periods of time with high profitability. Investments are made primarily in large caps as well as high-growth smaller and medium-sized stocks. The decisive criteria for these business models are high entry barriers, end markets with structural growth and excellent management teams.
- Concentrated portfolio of about 45 stocks
- All cap approach, i.e. exploiting investment opportunities across all market segments
- Long-term investment horizon and therefore low portfolio turnover
- Benchmark-agnostic approach
Learn more about our investment philosophy in equity fund management
Further details on the opportunities and risks of this fund can be found in the sales prospectus.
Indexed performance
Performance in 12-month periods
Currencies
Sectors
Countries
Asset classes
Top Holdings
Monthly market comment
In January, Asian markets exhibited diverse performance. The biggest outperformer was South Korea, Taiwan rose, China rebounded slightly, and India declined. The Berenberg Emerging Asia Focus Fund underperformed its benchmark. Stock selection was the main driver. Zhongji Innolight’s share price retreated on the pre-announced earnings miss. Tencent’s share price corrected as it was designated by the US as a military related company. International Container’s share price tumbled as profit-taking ensued following a strong rally that began early last year. On the other side, SK Hynix reported strong earnings and robust demand visibility of HBM business, evidenced by higher HBM sales in the revenue mix for 4Q24. HD Hyundai Electric share price remained resilient despite a miss of FY24 results, resulting majorly from a delivery delay in the US. TSMC reported stronger-than-anticipated quarterly results while DeepSeek’s impact has been pronounced, TSMC’s long-term trajectory remains unshaken, as advancements in technological mitigation are poised to catalyze broader AI demand. We sold Dr Reddys and Axis Bank after their disappointing earnings.
Portfolio Management
Javier Garcia
Javier Garcia has been a portfolio manager at Berenberg since October 2022. He began his investment career in 2002 at Julius Baer Asset Management (later Swiss & Global Asset Management), where he became Co-Manager of the JB Global Emerging Markets Equity Fund in 2006 and additionally served as Lead Fund Manager of the JB Black Sea Fund and the JB Russia Stock Fund from 2009 onwards. From 2013 to 2022, he has been Senior Portfolio Manager Emerging Markets Equities at UBS Wealth Management. In this role, he built and managed the Global Emerging Markets and Asian Equities business. Javier Garcia holds a Bachelor in Business Administration and Economics from the University of Zurich and is a CFA Charterholder.
Dr. Jianan He
Jianan He has been a portfolio manager at Berenberg since July 2023. She started her career in 2020 at ODDO BHF Asset Management, where she was a Quantitative Equity Analyst focusing on multi-factor investment strategies for global and emerging equity markets. Jianan He holds a PhD in empirical finance from the Technical University of Darmstadt and is a CFA Charterholder.
CO₂-Intensity
The fund does not actively manage its carbon footprint, however, emissions data such as CO2 intensity are relevant parameters which can be used to assess the efficient management of a company and the extent of transition risks.
ESG Score
The data provider MSCI ESG uses an ESG score of 0 to 10 to assess the management of material ESG risks of portfolio holdings compared to competitors.
ESG Controversies Screen
Investments in the fund are monitored for ESG controversies and, with the help of MSCI ESG data, flagged according their severity. Thereby, potential ESG risks of investments are identified. In the case of an orange flag (severe controversy), we enter into an active exchange with the company. In the case of a red flag (very severe controversy), the company is excluded.
