AFM Fund Profile — Skerryvore Global Emerging Markets All-Cap Equity Fund
- Fund & Manager Details
- Investment Details
- Performance & Risk
- Advanced Analytics
- Research & Availability
- News & Insights
- Documents
Fund & Manager Details
Key Facts
| Fund Type: | Single | Discretionary/Quantitative: | Discretionary |
| Strategy: | Equity Long | This Funds FUM (millions): | AU$535.96m |
| Style: | Blend | Fund Inception Date: | Since 02 August 2021 |
| Geographic Mandate: | Emerging Markets | Latest Return Date: | May 2026 |
| Fund Domicile: | Australia | Investor Type: | Retail |
| Status: | Open | Reporting Status: | Current |
Manager Details and Fund Description
| Manager: | Skerryvore Asset Management | Total FUM for all funds: | AU$1,784.5m |
|
Manager Overview:
Skerryvore Asset Management LLP ('Skerryvore') is a boutique asset manager based in Edinburgh, Scotland. The company is majority owned by team members, and minority owned by BennBridge, the offshore subsidiary of Australian based Bennelong Funds Management Limited (BFML). Skerryvore's seven person investment team provides portfolio management and trading activities, while BennBridge provides all admin, risk, compliance and distribution. Bennelong operates as BennBridge Ltd outside Australia, with a presence in the UK and US. BennBridge Ltd ('BennBridge') is authorised and regulated by the UK Financial Conduct Authority (FRN 769109) and is a Corporate Authorised Representative of BFML (AFS Representative No. 1281639). All regulated activity relating to portfolio management, including execution of trades, takes place within BennBridge as the regulated entity. |
Fund/Strategy Overview:
The strategy aims to generate absolute long-term returns by investing in companies listed on exchanges worldwide, which operate in, or are economically exposed to, emerging markets that are transitioning from a low income, less developed economy towards a modern, industrial economy with a higher standard of living and greater connectivity to global markets.
The strategy is index unaware and is based on a focus on the quality of the businesses in which the Fund invests. The Skerryvore investment team select individual stocks based on their merit and without reference to the composition of the Benchmark. The Manager's country and sector allocations reflect the active bottom up investment approach of the Skerryvore team. The Fund also invests in companies that are incorporated and listed in developed market countries which have economic exposure to emerging markets. The difference in allocation against any emerging markets index can be significant. |
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Investment Details
Investment Terms
| Minimum Investment: | Minimum Additional Investment: | Minimum Term: | Investment Frequency: |
| AU$5,000 | AU$1,000 | Daily | |
| Regular Savings Option: | Regular Savings Min. Amount: |
Regular Savings Max. Amount: |
Regular Savings Freq.: |
| No | N/A | ||
| Redemption Notice: | Redemption Frequency: | Notes: | |
| 1 Days | Daily |
||
| Distributions: | Distribution Frequency: | Last Distribution Date: | Last Distribution Amount: |
| Yes | 6 Monthly | AU$ |
Structure
| Offshore/Onshore: | Fund Structure: | Share Classes: |
Trustee/Responsible Entity: |
| Onshore | Unit Trust | AU$ | Bennelong Funds Management Ltd |
| Administrator: | Prime Broker: | Custodian: | Legal: |
| Citigroup Pty Limited | N/A | Citigroup Pty Limited | Cleveland & Co. |
Fund Fees
| Management Fee: |
Performance Fee: |
High Water Mark: |
Hurdle: |
| 1.1% | 0% | N/A | N/A |
| Buy Spread: | Sell spread: | Early Redemption Fee: | Fees Notes: |
| 0.300% | 0.300% | No |
Performance & Risk
Returns
| Latest Return Date: | Latest Result: | Fund Inception Date: | Annualised Return: |
| May 2026 | 1.37% | 02 August 2021 | 3.38% |
| Latest 3 Months: | Latest 6 Months: | Latest 12 Months: | Latest 2 Years p.a.: |
| -5.36% | -6.44% | -5.90% | 2.32% |
| Latest 3 Years p.a.: |
Latest 4 Years p.a.: |
Latest 5 Years p.a.: |
Latest 7 Years p.a.: |
| 4.12% | 6.81% | N/A | N/A |
Performance Statistics
| % Positive Months (S.I.): |
Average Return: | Average +ve Return: | Average -ve Return: |
| 60.34% | 0.31% | 1.92% | -2.14% |
| Best Month: | Worst Month: | Up Capture Ratio (S.I.): |
Down Capture Ratio (S.I.): |
| 5.60% | -6.61% | 26.39% | 49.28% |
| Largest Drawdown (S.I.): |
Longest Drawdown (S.I.): |
Current Drawdown (%): |
Current Drawdown (Months): |
| -16.74% | 20 months | -6.47% | 13 months |
Risk
| Annualised Standard Deviation (S.I.): |
Downside Deviation (S.I.): |
Sortino Ratio (S.I.): |
- |
| 8.50% | 6.39% | 0.04 | - |
| Sharpe Ratio (12 months): |
Sharpe Ratio (3 years): |
Sharpe Ratio (5 years): |
Sharpe Ratio (S.I.): |
| -1.10 | 0.04 | N/A | 0.07 |
| Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate | |||
Ranking, Research & Availability
Fund Quintile in its Peer Group (Equity Emerging Markets) as at January 2026
AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Skerryvore Global Emerging Markets All-Cap Equity Fund compared to a peer group of funds with a similar strategy and geographic mandate. Each green square places a fund in one quintile (or 20%) of its peer group - five indicating that the fund is in the top (best) quintile for the corresponding KPI.
As a reference point the equivalent "quintile" performance of the peer group's underlying market index is also indicated by the red dot.
1 Year
3 Year
5 Year
7 Year
Skerryvore Global Emerging Markets All-Cap Equity Fund
MSCI Emerging Markets (MMEF) AUD
External Research and Ratings: As reported by each Fund Manager.
| Morningstar Star Rating: | 4 stars, August 2025 |
| Lonsec: | Recommended, April 2025 |
| Zenith: | Recommended, December 2025 |
| SQM: | Superior: 4.25 stars |
Availability:As reported by each Fund Manager.
Available on Investment Platforms:
Colonial FirstChoice, HUB24, Macquarie Wrap, Netwealth, Powerwrap, North, BT Panorama, Mason Stevens, Praemium
News & Insights
Performance Report: Skerryvore Global Emerging Markets All-Cap Equity Fund
The Skerryvore Global Emerging Markets All-Cap Equity Fund rose by +2.95% in October. Top contributors were TSMC, Airtac International and Raia Drogasil, while Franco-Nevada, Shenzhen Mindray and Jumbo detracted, and Skerryvore maintains a cautious view on speculative semiconductor valuations and Chinese internet governance risks while adding selectively to opportunities in China and Indonesia.
Read more...
Performance Report: Skerryvore Global Emerging Markets All-Cap Equity Fund
The Skerryvore Global Emerging Markets All-Cap Equity Fund rose by +3.84% over the past 12 months. In September, Franco Nevada, TSMC and FEMSA contributed most while Cipla, Advantech and Tata Consultancy detracted, and Skerryvore remains cautious on speculative areas but optimistic about long-term opportunities in well-governed emerging market companies.
Read more...
Performance Report: Skerryvore Global Emerging Markets All-Cap Equity Fund
The Skerryvore Global Emerging Markets All-Cap Equity Fund rose by +0.76% in August, outperforming the MSCI Emerging Markets (MMEF) AUD benchmark by +1.13%. Since inception in August 2021, the fund has returned +5.01% per annum, a difference of -0.12% relative to the benchmark which has returned +5.13% on an annualised basis over the same period.
Read more...
Performance Report: Skerryvore Global Emerging Markets All-Cap Equity Fund
The Skerryvore Global Emerging Markets All-Cap Equity Fund has returned +4.92% per annum since inception in August 2021. In July, top contributors included Mega Lifesciences, Taiwan Semiconductor, and Hindustan Unilever, while Raia Drogasil, Tata Consultancy Services, and WEG detracted, with Skerryvore seeing attractive valuations and strong long-term opportunities in emerging markets.
Read more...
Fund Performance
Historical Performance (all figures shown here are net of fees unless otherwise stated)
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.55 | 2.32 | -6.61 | -0.04 | 1.37 | N/R | N/R | N/R | N/R | N/R | N/R | N/R | -5.63 |
| 2025 | 0.19 | 0.97 | 1.88 | 3.73 | -0.60 | -0.94 | -1.96 | 0.76 | -1.50 | 2.95 | 1.36 | -0.85 | 5.96 |
| 2024 | 0.46 | 3.50 | 2.08 | -0.39 | -1.24 | -0.36 | 3.83 | -1.61 | 1.44 | 1.36 | -3.05 | 3.19 | 9.31 |
| 2023 | 2.63 | 1.25 | 3.37 | 2.77 | 0.85 | 0.82 | 0.85 | 1.07 | -3.28 | -0.21 | 1.94 | 2.12 | 14.97 |
| 2022 | 0.60 | -4.57 | -3.36 | 0.56 | -1.70 | -4.71 | 1.58 | 1.27 | -0.68 | 1.66 | 5.60 | -0.90 | -5.01 |
| 2021 | N/R | N/R | N/R | N/R | N/R | N/R | N/R | 3.25 | -2.88 | -5.25 | 2.35 | 1.15 | -1.64 |
Historical Financial Year Performance (all figures shown here are are percentage per month net of fees unless otherwise stated)
| Year | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | Jan % | Feb % | Mar % | Apr % | May % | Jun % | FYTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025/2026 | -1.96 | 0.76 | -1.50 | 2.95 | 1.36 | -0.85 | -2.55 | 2.32 | -6.61 | -0.04 | 1.37 | N/A | -5.00 |
| 2024/2025 | 3.83 | -1.61 | 1.44 | 1.36 | -3.05 | 3.19 | 0.19 | 0.97 | 1.88 | 3.73 | -0.60 | -0.94 | 10.59 |
| 2023/2024 | 0.85 | 1.07 | -3.28 | -0.21 | 1.94 | 2.12 | 0.46 | 3.50 | 2.08 | -0.39 | -1.24 | -0.36 | 6.55 |
| 2022/2023 | 1.58 | 1.27 | -0.68 | 1.66 | 5.60 | -0.90 | 2.63 | 1.25 | 3.37 | 2.77 | 0.85 | 0.82 | 22.01 |
| 2021/2022 | N/A | 3.25 | -2.88 | -5.25 | 2.35 | 1.15 | 0.60 | -4.57 | -3.36 | 0.56 | -1.70 | -4.71 | -14.04 |