Provides an exposure to the growth opportunities of Latin America managed by local experts.
Reasons to invest
A high conviction, concentrated portfolio which is style agnostic
Stocks chosen on a bottom-up basis through extensive on-the-ground research
Managed by sub-investment manager, Compass, who have over 20 years’ experience of investing in Latin American markets and have over 40 investment professionals in the region
Objective
Investment objective summary
The Fund aims to provide capital growth (i.e. to grow the value of your investment) with the opportunity for income over the long-term.
The Fund invests primarily in equities (e.g. shares of companies) or equity-related securities of companies incorporated in Latin America, companies incorporated outside of Latin America but which carry out a significant proportion (more than 50%) of their operations in Latin America and/or companies incorporated outside of Latin America which are controlled by entities established in Latin America.
The Fund will be actively managed. Investment opportunities are identified using in-depth analysis and research on individual companies.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR). The Fund will not invest in certain sectors or investments. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Providing access to Latin American companies
Roberto Knoepfelmacher
Portfolio Manager
Partner and Head of the Equities area at Vinci Compass, with extensive experience in the financial...
Nicolas Donoso
Portfolio Manager
Investment objective summary
The Fund aims to provide capital growth (i.e. to grow the value of your investment) with the opportunity for income over the long-term.
The Fund invests primarily in equities (e.g. shares of companies) or equity-related securities of companies incorporated in Latin America, companies incorporated outside of Latin America but which carry out a significant proportion (more than 50%) of their operations in Latin America and/or companies incorporated outside of Latin America which are controlled by entities established in Latin America.
The Fund will be actively managed. Investment opportunities are identified using in-depth analysis and research on individual companies.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR). The Fund will not invest in certain sectors or investments. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Providing access to Latin American companies
Roberto Knoepfelmacher
Portfolio Manager
Partner and Head of the Equities area at Vinci Compass, with extensive experience in the financial market. Since 2010, he has been the manager of the Mosaico fund and, from 2012 to 2017, was a co-founder and manager at Mosaico Capital. From 2003 to 2009, he was co-manager and head of research at GAS Investimentos, after starting his career as a sell-side analyst at Banco BBA. He graduated with honors in Business Administration from FGV-SP.
Top & bottom region weightings vs comparative index (%)
Top & bottom sector weightings vs comparative index (%)
Top & bottom stock weightings vs comparative index (%)
Top holdings (%)
Portfolio statistics
Fund
Index
Brazil
58.1
Mexico
24.8
Chile
9
Peru
5.8
Colombia
1.2
United Kingdom
0.6
Cash
0.5
Geographic breakdown (%)
Brazil
Fund: 58.1%
Index: 59.8%
Mexico
Fund: 24.8%
Index: 25.1%
Chile
Fund: 9%
Index: 6.6%
Peru
Fund: 5.8%
Index: 5.9%
Colombia
Fund: 1.2%
Index: 2.6%
United Kingdom
Fund: 0.6%
Index: 0%
Cash
Fund: 0.5%
Index: 0%
Sector breakdown (%)
Financials
Fund: 34.1%
Index: 35.4%
Utilities
Fund: 14.5%
Index: 7.9%
Materials
Fund: 12.9%
Index: 19.6%
Industrials
Fund: 10.4%
Index: 8.5%
Consumer Staples
Fund: 8.1%
Index: 10.8%
Consumer Discretionary
Fund: 7.2%
Index: 2.4%
Energy
Fund: 5.3%
Index: 10%
Real Estate
Fund: 3.8%
Index: 1.6%
Health Care
Fund: 3.2%
Index: 0.6%
Communication Services
Fund: 0%
Index: 3.2%
Cash
Fund: 0.5%
Index: 0%
Top & bottom region weightings vs comparative index (%)
Chile
2.4%
United Kingdom
0.6%
Peru
-0.1%
Mexico
-0.3%
Colombia
-1.4%
Brazil
-1.6%
Top & bottom sector weightings vs comparative index (%)
Utilities
6.6%
Consumer Discretionary
4.8%
Health Care
2.7%
Real Estate
2.2%
Industrials
1.9%
Financials
-1.5%
Consumer Staples
-2.7%
Communication Services
-3.2%
Energy
-4.7%
Materials
-6.6%
Top & bottom stock weightings vs comparative index (%)
Corp Inmobiliaria Vesta Sab De Cv
2.7%
Axia Energia Sa
2.4%
Eneva SA
2.4%
Equatorial Sa
2.3%
Construtora Tenda SA
2.3%
Southern Copper Corp
-2%
Vale SA
-2.2%
America Movil SAB de CV
-2.3%
Itau Unibanco Holding SA
-2.7%
Petroleo Brasileiro Sa - Petrobras
-5%
Top holdings (%)
Nu Holdings Ltd
5.7%
Grupo Mexico SAB De CV
4.8%
Grupo Financiero Banorte Sab De Cv
4.7%
Axia Energia Sa
4.5%
Vale SA
4.3%
Itausa SA
4.1%
Petroleo Brasileiro Sa - Petrobras
3.8%
Credicorp Ltd
3.8%
Banco BTG Pactual SA
3.7%
Itau Unibanco Holding SA
3.4%
Portfolio statistics
Number of equity holdings: 52
We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs.
All the information contained in this communication is believed to be reliable but may be inaccurate or incomplete. Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offer for sale. The full documentation that should be considered before making an investment, including the Prospectus and Key Investor Information Documents, which set out the Fund specific risks, are available from Ninety One. This Fund should be considered as a long-term investment.
For a full description of the Morningstar rating for funds, please see the attached guide. A rating is not a recommendation to buy, sell or hold a fund.
The overall rating for a fund, often called the ‘star rating’, is a third party rating derived from a quantitative methodology that rates funds based on an enhanced Morningstar™ Risk-Adjusted Return measure. ‘Star ratings’ run from 1 star (lowest) to 5 stars (highest) and are reviewed at the end of every calendar month. The various funds are ranked by their Morningstar™ Risk-Adjusted Return scores and relevant stars are assigned. It is important to note that individual shareclasses of each fund are evaluated separately and their ratings may differ depending on the launch date, fees and expenses relevant to the shareclass. In order to achieve a rating the share class of a fund must have a minimum three-year performance track record.
The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security. Figures may not always sum to 100 due to rounding.
For an explanation of statistical terms, please see our glossary.