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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 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.|
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.
Finalist - Investment Week Sustainable ESG Investment Awards 2021
Winner - Environmental Finance Impact Awards 2021
Finalist - Pensions & Investments Brightest Idea Awards 2020
Renewable energy capacity in Asia, including wind, solar and hydro, continues to grow steadily, in particular in China and India. China’s is targeting that renewable generation capacity accounts for half of all installed capacity by 2025.
China aims to re-use 60% of its urban household waste by 2025, up from 50% in 2020 as well as raising the urban trash utilisation rate to 60%. China will also raise incineration levels to about 65%, up from 45% in 2020.
China’s policy goal to grow EV sales to 20% of new passenger car sales by 2025 creates a strong demand situation for China's leading EV brands. In total, more than 1.3M electric vehicles were sold in China in 2020. China is also, by far, the fastest-growing EV market with a projected growth rate of 24% annually until the end of the decade.
Asia is currently home to 4.5 billion people, who use ~ 65% of the world’s water supply. An estimated 30% of Asia's population is already facing water scarcity with demand for water expected to increase exponentially.
China has proposed ambitious plans to promote smarter energy use in urban cities, requiring that 50% of all new urban buildings be “certified green buildings”, increasing the energy efficiency opportunities in the region.
China has achieved huge technical energy efficiency improvements over the last decade, saving energy output by over 20% to 2018. In its 14th FYP, China aims to cut energy intensity by 13.5% through continued innovation in automation, insulation, and smart metering set to benefit strongly.
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.
• Resource Use
• Environmental Innovation
• Human Rights
• Product Responsibility
• CSR Strategy
• Environmental & Public Health
• Human Rights/Labour Practices
• Working conditions
• Tax, Accounting, Audit, Reporting,
Business Practices & Ethics
• Measure company outputs and contributions to Climate Action
• Mapping of SDG Alignments
• Build relationships with owners and management to implement engagement thesis on KPIs
• Support companies to improve their ESG policies and environmental/climate impacts
• Proxy Voting
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:
Adopted by all United Nations Member States in 2015 as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030
Take urgent action to combat climate change and its impacts.
Safe and affordable drinking water for all by 2030 requires we invest in adequate infrastructure, provide sanitation facilities, and encourage hygiene.
Ensure access to affordable, reliable, sustainable and modern energy for all.
Make cities and human settlements inclusive, safe, resilient and sustainable.
Ensure sustainable consumption and production patterns
Conserve and sustainably use the oceans, seas and marine resources for sustainable development.
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss.
BugEra improve the natural traits of the Black Soldier Fly (BSF) through genetic engineering – creating a Modified Black Soldier Fly (M-BSF). This allows BugEra to rapidly develop novel strains to deliver an array of safe and sustainable bi-products. Backed by global leader in the production of biofuel, BugEra's first strain is already delivering for the rapidly expanding biofuel industry, decarbonising transport sectors such as aviation and shipping.
Cambridge medtech start-up 52 North Health has developed an innovative device, Neutrocheck, that rapidly identifies chemotherapy patients at risk of a life-threatening complication called neutropenic sepsis. Through improving triaging, Neutrocheck has the potential to save thousands of lives, free up valuable healthcare resources, and make patients' lives easier, simpler, and better.
Founded in 2022, Cody Genetics is an animal biotechnology company that applies gene-editing technology to benefit livestock farming. The company enables breeders to receive sperm/oocytes that not only will have a pre-determined sex, but that in turn will only produce gender-biased offspring through unassisted reproduction. The gene-editing technology offered by Cody dramatically improves animal welfare by preventing the culling of billions of animals and immensely reduces resource-use.Learn More
Jiva.ai is an AI company that uses a model fusion first approach to machine learning to provide a sophisticated platform that enables multi-modal AI. The core technology puts fusion at the heart of its learning procedure, enabling multimodal AI. Fusion is the process by which one can iteratively build partial models independently and then join them together to create bigger and better representations.Model fusion is a fundamental prerequisite to artificial general intelligence. Using the platform as a basis, the Jiva team will build practical diagnostic solutions to human diseases.Learn More
Roslin Technologies is a biotech company pioneering sustainable solutions to support the food and agriculture sectors. Its mission is to advance disruptive innovations to improve how we produce proteins to feed the world’s increasing population. Its primary focus is on animal stem cells – and their huge potential as ingredients for supporting the global cultivated meat market.Learn More
Attomarker, a spin-out company from the University of Exeter, has produced a unique COVID-19 triple antibody testing device, giving a real-time analysis of immunity levels. The blood sample analysis tracks both the waning immunity from vaccines and ‘natural immunity’ boosts from COVID infections. The data it generates amounts to a personal COVID-risk profile for each individual.Learn More
Polymateria provides a tailored biodegradable solution for conventional plastic packaging, aiming to stem the global plastic pollution endemic. In 2020, the privately owned company was the first to achieve certified biodegradation of the most commonly-littered forms of plastic packaging in real-world conditions, in less than a year without creating microplastics.Learn More
Singapore-based Safe Space offers a comprehensive online and offline mental health solution using therapy sessions and other resources. Using this system, patients and therapists can connect quickly, and patients can access therapy from anywhere in the world. The Safe Space platform strengthens mental resilience by providing quality, affordable tele-therapy care and prevention education.
Green Bioactives, a University of Edinburgh start-up, have developed innovative strategies to produce plant-derived natural products utilising plant cell culture with full freedom to operate. These technologies can significantly improve the yields of target natural products in cultured plant cells. This technology platform can be employed to produce high quality natural product ingredients for the cosmetic, pharmaceutical, food and agricultural industries.
Oncoshot is a health insights exchange platform that leverages its proprietary clinical trial matching artificial intelligence (AI) technology to address the inefficiencies of cancer clinical trials. The platform serves as a bridge between leading regional healthcare institutions and contract research organizations (CROs) and global biotechnology and pharmaceutical companies to facilitate data-driven cancer clinical trials while accelerating enrolment into actively recruiting ones.
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.
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.
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.