Milltrust's investment platforms host a number of the world's leading country and regional emerging markets asset managers from the developing world. These asset managers operate in a unique, regulated environment where investors are guaranteed a safe, transparent, and liquid custodial platform. The Milltrust range of funds (China, India, ASEAN, South Korea, MENA, Latin America) serve as the building blocks for a truly Global Emerging Markets offering that investors can invest in on a stand-alone basis, or through Milltrust’s discretionary-managed Global Emerging Markets Fund.
The Milltrust Global Emerging Markets (GEMS) Fund is a multi-specialist fund that invests in a limited portfolio of regulated emerging markets equity funds and combines Milltrust’s proprietary quantitative modelling techniques and qualitative analysis to establish the geographical allocation between the different regional investment teams that make up the emerging markets index.
The objective is to provide a high conviction, liquid portfolio of best ideas securities from across the developing world and to deliver strong risk adjusted returns across the market cycle.
Uniquely differentiated multi-specialist approach, combining local alpha generated by the investment specialists and proprietary country allocation modelling techniques that overweight the winners.
The specialist teams seek out strong growing companies that are well-run & levered to the dominant domestic themes in each region.
~5% annualised alpha over the MSCI Emerging Markets Index
~2% alpha per annum from asset allocation and ~3% alpha per annum from stock selection from the local specialists.
~70% downside capture of the MSCI Emerging Markets Index
~20% annual turnover
The structure allows full transparency and an enhanced risk management and compliance process.
Structure accommodates different client requirements including risk tolerance, geographical preferences, asset allocation restrictions, etc.
We favour investment teams with a physical presence in their respective markets and direct access to extensive on-the-ground networks including relationships with companies, industry leaders and government officials in their respective markets.
Our local teams identify investment opportunities using proprietary bottom-up research based on company visits and management interaction. Investment ideas sourced by our teams are generally not researched by sell analysts.
Having Boots on the Ground, Access and relying on Primary Research provides our local team with an informational edge and strong alpha-generation opportunities due to market inefficiencies.
Led by a well-established and successful 12-person investment team with in-depth knowledge and insights of the China markets which has strongly contributed to the success of the investment approach as demonstrated through their strong track record.
Led by one of the oldest fund management houses in mainland China with over 60 dedicated ‘on- the-ground’ analysts covering over 80% of the market. The main investment professionals have an average of 10 years investment experience exclusively in domestic Chinese equity markets.
Led by one of the oldest asset managers in Korea with strong expertise in managing Korean equity, backed by more than 20 investment professionals purely dedicated to Korean equity only. The team has more than 10 year track records with outstanding performance both compared to benchmark and peers.
Led by a highly experienced group of India specialists with an intricate and seasoned knowledge of investing in the Indian markets. The core team is further supported by 15 investment professionals, making it one of the largest India dedicated teams amongst its peers.
Led by one of the largest and most experienced teams in Asia. The team is one of the few teams managing a dedicated South East Asia Fund and counts country funds for almost each of the Asia Pac ex Japan countries.
Led by one of the most successful managers in the region and one of very few who has true pan- LatAm experience. Relative to peers, this is also one of the largest and most experienced research teams covering the region.
Led by one of the most experienced managers in the MENA region with over 14 years of experience in analysing and valuing companies in MENA region.
Led by a top ranked manager by performance with over 20 years' track record of ‘active’ investing in the Russian equity markets. The investment & research teams are based in Moscow and have a strong focus on corporate governance and deep fundamental analysis.
Led by an experienced team of 13 investment professionals. Long year track record managing South African equities dating back to Feb 2001. The diverse team has over 160 years combined experience investing in SA equities, with a deep network in the listed & unlisted corporate space domestically .
|Platform:||Milltrust International Managed Investments ICAV|
|Investment Manager:||Milltrust International LLP|
|Structure:||Open-ended Investment Company|
|Strategy:||Long biased Global Emerging Markets equities|
|Inception Date:||28 December 2018|
|Share Classes:||Class (A), Class (B)|
|Min. Initial Investment:||USD 1m (A), USD 1m (B)|
|Management Fee:||0.80% (A), 0.40% (B)|
|Performance Fee:||None (A), 10% over Hurdle Rate (B)|
|Hurdle Rate:||None (A), MSCI Emerging Markets Index (B)|
|Dealing Frequency:||Daily (Dealing deadline: 10 a.m. Irish time – Notice Period prior to the Dealing Day)|
|Notice Period:||5 business days|
|ISIN Code:||IE00BYWJSR58 (A), IE00BYWJSS65 (B)|
|Bloomberg Code:||MILGEMS ID|
|Investor Types:||For Professional and Accredited Investors Only|
|Registered for Distribution in:||United Kingdom, Ireland|
|Administrator:||MUFG Alternative Fund Services (Ireland) Ltd.|
|Custodian:||Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A.|
Portfolio of low-cost ETFs applying Milltrust’s proprietary quantitative country allocation modelling techniques
The objective is to deliver a low-cost, alpha-generating Emerging Markets portfolio that aims to outperform the MSCI Emerging Markets Index over the market cycle.
Milltrust actively rebalances the exposure towards the more favourable Emerging Markets economies by investing through liquid, country index-tracking ETFs. Milltrust has developed a proprietary systematic country allocation process that drives the geographical exposure. The models are based on a scoring mechanism that compares the countries on the basis of quantitative investment factors that have been shown to convey information about future equity returns.
Through Milltrust’s various office locations and our extensive backgrounds managing multi-manager funds and conducting thorough manager research and due diligence, Milltrust offers bespoke emerging markets advisory mandates in hedge funds, traditional investments, and ETFs.
Our advisory mandates also leverage off our proprietary systematic country allocation process that drives the geographical exposure. The models are based on a scoring mechanism that compares the countries on the basis of quantitative investment factors that have been shown to convey information about future equity returns
The country/regional specialist investment teams have demonstrated a significant informational edge in their respective regions. Each investment team has also been appointed to manage a country/regional mandate for their respective geography.
The offering documents for the Milltrust International Managed Investments ICAV are only available to residents of the European Union, as follows:
1. To persons who qualify as a “Professional client” in accordance with Annex II of the Directive 2014/65/EU (Markets in Financial Instruments Directive), as may be amended, replaced, supplemented or novated.
The following qualify as professional clients:
· Entities which are required to be authorised or regulated to operate in the financial markets:
(a) Credit institutions
(b) Investment firms
(c) Other authorised or regulated financial institutions
(d) Insurance companies
(e) Collective investment schemes and management companies of such schemes
(f) Pension funds and management companies of such funds
(g) Commodity and commodity derivatives dealers
(h) Other institutional investors
· Large undertakings meeting two of the following size requirements on a company basis:
(a) balance sheet total: EUR 20 000 000
(b) net turnover: EUR 40 000 000
(c) own funds: EUR 2 000 000
· National and regional governments, public bodies that manage public debt, Central Banks, international and supranational institutions such as the World Bank, the IMF, the ECB, the EIB and other similar international organisations.
· Other institutional investors whose main activity is to invest in financial instruments.
I/We hereby certify that I/we am/are a professional client as defined above.
2. To persons who have received an appraisal from an EU credit institution, a MiFID firm or a UCITS management company that they have the appropriate expertise, experience and knowledge to adequately understand the potential investment in the Milltrust International Managed Investments ICAV.
I/We hereby certify that I/we am/are an investor who has received an appraisal as set out above.
I/We hereby indemnify and hold harmless Milltrust International Managed Investments ICAV, Milltrust International LLP, any other member of the group of entities owned by Milltrust International Group (Singapore) Pte. Ltd. and their respective directors, members, partners, agents, officers and anyone acting on their behalf from and against all damages, losses, costs and expenses (including, without limitation, reasonable attorneys’ fees) which they may incur by reason of any material breach of the above representations and warranties made by me/us.