Ninety One Emerging Markets Leaders Fund
Equity · EM · Large Cap Growth
Figures refer to the share class ISIN LU2536488997, currency EUR, clean share class.
Fund documents
For the share class shown above.
Factsheet: not publicly available (not found in the public sources checked).
KID (PDF, 16.06.2026)All documents on fundinfoKey facts
- Management company
- Ninety One Luxembourg S.A.
- Asset class
- Equity
- Geography
- EM
- Strategy
- Large Cap Growth
- Share class currency
- EUR
- Share class inception
- 31.10.2022
- Fund size
- 55 million (as at 14.09.2026)
- Management fee
- 0.47%
- Performance fee
- No
- Liquidity
- Daily
- UCITS
- Yes
- Risk grade (SRRI)
- 6 (WSP fund database, as at 22.08.2026)
- Registered in Switzerland
- Yes
Price history
Fund and benchmark rebased to 100 at 31.10.2022.
Table view
| Period | From | Fund (100 at start) | Benchmark (100 at start) |
|---|---|---|---|
| 1Y | 03.10.2025 | 133.4 | 129.0 |
| 3Y | 29.09.2023 | 182.9 | 178.2 |
| Since 2022 | 31.10.2022 | 191.9 | 193.1 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Fund history to 29.09.2026.
Benchmark history to 28.09.2026.
The table shows each series at its own ending date; the comparison periods are not identical.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN LU2536488997, currency EUR, clean share class | 3.78 | 0.73 | 13.87 | 32.12 | 15.93 | 18.11 | -1.38 | 45.57 | 21.81 | Not available in this publication | 19.29 | 1.00 | -9.17 |
| BenchmarkMSCI EM NR EUR | 2.38 | -0.77 | 9.83 | 25.45 | 17.76 | 14.68 | 6.11 | 40.31 | 20.48 | 8.53 | 15.77 | 1.09 | -10.91 |
| Differencefund minus benchmark, in percentage points | 1.39 | 1.49 | 4.04 | 6.66 | -1.83 | 3.43 | -7.49 | 5.25 | 1.33 | Not calculated: fund figure not available in this publication | – | – | – |
Within the list: OpenList — Long Only
Compared with the equity funds on OpenList — Long Only (10 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 45.57 | 20.16 | 1 of 10 |
| Return 3Y p.a. | 21.81 | 18.90 | 3 of 10 |
| 3Y p.a. over its own benchmark | 1.33 | -2.39 | 3 of 10 |
| Volatility 3Y | 19.29 | 14.80 | 9 of 10 |
| Sharpe ratio 3Y | 1.00 | 0.90 | 4 of 10 |
| Max drawdown 3Y | -9.17 | -10.23 | 5 of 10 |
| Management fee | 0.47% | 0.75% | 1 of 10 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
Back to the list: OpenList — Long Only
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's key information document (PRIIPs) dated 16.06.2026, not yet reviewed by WSP.
Investment rationale
The fund is an equity strategy designed to provide income and grow the value of an investment over the long term. It has a recommended holding period of 5 years and a summary risk indicator of 4 out of 7, which the document describes as a medium risk class. It is designed to form part of a broader portfolio of investments and can be purchased with advice or on an execution-only basis by a basic investor, while this specific share class is only available to investors qualifying as institutional investors under Luxembourg administrative practice. Its distinct role comes from its focus on companies in emerging and frontier markets, or with material links to those markets, with sustainability considerations at the core of company growth strategies.
Investment strategy
The stated objective is to provide income and grow the value of the investment over the long term. The fund invests primarily in shares of companies either in emerging and frontier markets or with material links to these markets, and may invest up to 50% of its value in mainland China, including companies traded on Stock Connect or QFI; it may also invest in other assets and may hold cash. It is actively managed, with the MSCI Emerging Markets Net Return Index used for performance comparison and risk management, but the fund does not seek to replicate the index and may hold both index and non-index constituents in different proportions. Derivatives may be used to manage the fund’s risks or reduce the costs of managing the fund, income is reflected in the value of the shares, and the recommended holding period is 5 years.
Investment philosophy
• The investment universe is primarily companies in emerging and frontier markets, or companies with material links to those markets, with the fund able to invest up to 50% of its value in mainland China, including via Stock Connect or QFI.
• Investment opportunities are identified using in-depth fundamental analysis.
• The fund looks for companies that typically demonstrate above-average revenue growth driven by the shift towards more sustainable economic growth, characteristics of a high-quality company such as unique competitive advantages and strong financial position, and sustainability considerations at the core of management’s growth strategy.
• Under its Article 8 SFDR approach, the fund promotes environmental and/or social characteristics by investing in companies that meet the Investment Manager’s proprietary sustainability framework and by excluding direct investments in certain business groups or activities.
• The Investment Manager follows a positive inclusion approach focused on companies believed to be leaders in their respective markets, invests in companies it believes follow good governance practices, and may use derivatives to manage risk or reduce management costs.
The asset manager
The fund is a sub-fund of the Ninety One Global Strategy Fund (GSF), a UCITS managed by Ninety One Luxembourg S.A. Ninety One Luxembourg S.A. is identified as a member of the Ninety One group and is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). The document also states that GSF is a Société d’Investissement à Capital Variable (SICAV) under the laws of Luxembourg.
Strengths
A distinguishing feature is the combination of emerging and frontier market equity exposure with an Article 8 SFDR sustainability approach. The portfolio focuses on companies viewed as leaders in their markets, with high-quality characteristics, above-average revenue growth linked to more sustainable economic growth, and sustainability embedded in management strategy. The fund is also flexible in implementation, as it is actively managed rather than index-tracking, can invest in non-index holdings, and can allocate up to 50% of assets to mainland China including through Stock Connect or QFI. Costs stated for this share class are low in the document, with annual cost impact shown at 0.8%, no exit fee, and no performance fee.
Risks
The fund has a summary risk indicator of 4 out of 7, described as a medium risk class, and it does not provide protection against investment losses caused by financial market fluctuations, so investors could lose some or all of their investment. The document also highlights currency risk, noting that investors may receive payments in a different currency and final returns therefore depend on exchange-rate movements; this risk is not included in the summary indicator. Risk is driven by the fund’s primary investment in shares of companies in emerging and frontier markets and by its ability to invest up to 50% of its value in mainland China, including through Stock Connect or QFI. Derivatives may be used to manage the fund’s risks or reduce costs, and the fund’s assets are held with an independent depositary, with fund assets and liabilities segregated under Luxembourg law.