Ninety One Emerging Markets Leaders Fund

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, in 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.

2026-06-16

How the strategy works

The fund aims 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.

2026-06-16

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.

2026-06-16

Distinctive features

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. The annual cost impact is 0.8%, with no exit fee and no performance fee.

2026-06-16

Risks

The fund has a summary risk indicator of 4 out of 7, in 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. 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.

2026-06-16

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 a member of the Ninety One group and is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). GSF is a Société d’Investissement à Capital Variable (SICAV) under the laws of Luxembourg.

2026-06-16