Emerging Markets Funds


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.

Key Features

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.


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.


Fund Terms

Fund profile

Platform:Milltrust International Managed Investments ICAV
Investment Manager:Milltrust International LLP
Structure:Open-ended Investment Company
Strategy:Long biased Global Emerging Markets equities
Domicile:Dublin, Ireland
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
Bloomberg Code:MILGEMS ID
Investor Types:For Professional and Accredited Investors Only
Registered for Distribution in:United Kingdom, Ireland

Service Providers

Administrator:MUFG Alternative Fund Services (Ireland) Ltd.
Custodian:Mitsubishi UFJ Investor Services & Banking (Luxembourg) S.A.
Legal:William Fry

Investment Premise

It’s the final call to save the world from climate catastrophe. Whilst the challenges are high, keeping warming below 1.5°C by the end of the century is still feasible according to the IPCC. However, with every decade lost, these challenges rise and will, at some point, become insurmountable with warming locked into 2°C and above.

The Asia-Pacific region is responsible for over half of global carbon dioxide emissions and is the region most exposed to climate risks. But the region also houses significant opportunites to invest in world-leading companies working on climate impact solutions

The Time to Act is Now


Milltrust’s award-winning Climate Impact Asia Fund backs the leading innovative Asia Pacific-listed companies developing scalable solutions to enable the adaptation to, or the mitigation of, climate change, and the transition to the low carbon economy.

Integrating ESG and impact analysis at the heart of our investment process our objectives are to achieve strong and differentiated shareholder returns for investors whilst delivering positive climate action, active company engagements, alignments our key targeted SDGs, and real environmental impact.

Key Accolades

Primary Sectors of Focus

ESG & Impact

Milltrust relies on both primary research and independent data providers to collect and analyse quantitative and qualitative ESG and impact metrics which are assessed at the heart of the investment process. Data points are used for aggregated equity analysis, fund reporting and tracking of KPIs.

Targeted SDG Alignments

Milltrust’s Climate Impact Asia investments actively seek to maximize the alignments to a targetted list of the UN Sustainable Development Goals (SDGs). Achieving the SDGs requires the partnership of governments, private sector, civil society and citizens alike to make sure we leave a better planet for future generations. Milltrust’s Climate Impact Asia investments’ primary SDG alignments of focus are:

Portfolio Investments

Next Generation of Entrepreneurs

The British Innovation Fund II follows on from the success of The British Innovation Fund I, investing into high potential companies with a focus on agri-tech, the future of healthcare, climate impact, and alternative protein, where incontrovertible science is at the core of the commercial proposition.

The British Innovation Fund II monitors and invests in the next cohort of UK success stories, originating from our embedded network of universities, venture partners and angel groups. 18 UK universities are in the top 100 of global rankings. Our unparalleled university and national lab networks in the UK, Singapore and globally, provide access to a thriving ecosystem of start-ups with strong backing and support from government.

Contact us to discuss how you can be involved.

Joint Venture between Milltrust & Earth First Food Ventures

The Smart Protein Fund is a joint venture between Milltrust International (Investment Manager) and Earth First Food Ventures (Investment Advisor) to invest exclusively in the Smart Protein sector.

Earth First Food Ventures (EFFV) has built a reputation in recent years as a leading source of expertise in the Smart Protein sector, supporting the financing of some of the most compelling early stage companies in this space. Combining with Milltrust’s decade of investment management experience focused exclusively on Sustainability and Impact, the partnership will launch a dedicated fund for a more sustainable food supply chain and healthier protein production.

The purpose of the fund is to disrupt the world’s largest industry, Food, by channeling climate capital towards the scaling of the Smart Protein sector for a cleaner, healthier end-product, produced locally for local consumption, with a significantly lower carbon footprint and lower GHG emissions, while at the same time providing attractive returns in a fast-growing industry with innovative technologies.

Today, the Smart Protein industry represents 2% of current global protein consumption – a mere US$ 20Bn in top line revenue. However, over the next decade and a half, the industry is expected to scale exponentially with projected Global revenues in excess of US$ 500Bn, as an increasing number of participants enter the market with new innovative technologies.

Contact us to discuss how you can be involved.



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.

Milltrust Global Emerging Markets Fund




INCEPTION: 16/10/2018

Milltrust Global Emerging Markets Fund DOCUMENTS


Milltrust International LLP

6 Stratton Street
London W1J 8LD
United Kingdom
Tel: +44 (0)20 8123 8369
Email: [email protected]

Milltrust International Group (Singapore) Pte Ltd

77B Tras Street
Singapore 078978
Tel: +65 6225 3052
Fax: +65 6225 3072
Email: [email protected]


Milltrust International Managed Investments ICAV

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.