At City of London, we focus not on gathering assets, but on building products that reflect our expertise. Initially, and for many years since the firm was founded, that expertise was very specific to Closed-End Funds (CEFs) which offered emerging markets exposure. This was subsequently complemented by applying our unrivalled knowledge of Closed-End Funds around the world to the creation of a Developed Markets CEF strategy, a Frontier Markets CEF strategy and a Opportunistic Value CEF strategy, using a similar investment process. So today, while we remain both proud and protective of our “boutique” status, we offer a range of products which center around our main area of expertise: Closed-End Funds.
We have always strived to develop and nurture an investment process which does not rely on ‘star’ fund managers, but rather upon a series of analytical procedures that can produce repeatable and sustainable first or second quartile performance versus our peers. Our process employs an array of proprietary tools for analysing and identifying value. These quantitative tools supplement both macroeconomic analysis and the trading expertise that has been developed over a period of 20+ years.
City of London Investment Management (CLIM) is an active value orientated equity manager specializing in Closed-End Funds. It should be emphasized that CLIM’s investment strategy differs from that of a traditional manager, in that we capitalize on the very real and identifiable inefficiencies Closed-End Funds offer. A Closed-End Fund has a fixed capital structure, which is comprised of shares that are listed and traded on a stock exchange via a stock broker. These shares trade at whatever value the stock market puts on them. In effect, a Closed-End Fund trades at a price that reflects demand. Demand, or the lack of it, is reflected in shares trading at a premium or a discount to Net Asset Value (NAV). Our excess return, or alpha, is generated by purchasing Closed-End Funds at a discount to NAV. Further benefits of Closed-End Funds include lower transaction costs and more flexible and faster asset allocation and access to some markets that are effectively closed to direct investment.
For more information on City of London Investment Management Company Limited please visit our history page.
The World Markets Umbrella Fund plc is an open-ended investment company with variable capital and limited liability under the laws of the Republic of Ireland. It qualifies and is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities (UCITS) for the purpose of the UCITS Regulations. The Company has Reporting Status under the Offshore Funds Tax Regime. The objective for the sub-fund detailed below is long term capital growth and dividends will not normally be paid. Administration and custody services are provided by BNY Mellon in Ireland.
The Emerging Market Closed-End Fund Strategy seeks to provide long-term capital growth via stock selection and active country allocation. We believe that closed-end funds offer an efficient way to invest in emerging markets. Our “alpha” is generated by capitalizing on discount changes and pricing anomalies that arise in closed-end funds. We specialize in identifying and capitalizing on discount movements and pricing anomalies to provide above average, long-term outperformance versus the appropriate benchmark while maintaining a lower level of volatility than the benchmark.
Returns are shown net of fees. Past performance is no guarantee of future results. Periods over one year are annualized.
*Composite Description: The Global Emerging Markets Composite is an international equity composite focused on emerging countries, managed by City of London Investment Management. The strategy strives to outperform the S&P Emerging Frontier Super Composite Net Total Return Broad Market Index (S&P Super BMI) with controlled risk. It utilizes fundamental investment principles and quantitative approaches to provide broad emerging market equity exposure. It uses both top-down and bottom-up valuation methodologies to value asset classes, countries and closed-end funds to determine under or over valued opportunities. The strategy has a strong value bias relative to other emerging market strategies. The composite is managed to the S&P Emerging Frontier Super Composite Net Total Return Broad Market Index. The benchmark was changed from the S&P Emerging BMI Plus on January 1, 2009 to better reflect the investment strategy of the Composite. The S&P Emerging BMI Plus was the successor index to the S&P/IFC Global Composite Index, the benchmark for the Composite prior to September 1, 2008, which has been discontinued. Benchmark changes have not been applied retroactively and therefore historical benchmark performance is a blend of the BMI and IFC indices. As of June 2013, City of London switched to the net total return series of the S&P Emerging Frontier Super Composite BMI (from the gross total return series). Net total return indices reinvest dividends after the deduction of withholding taxes and provide a better comparison with the performance of the Funds in the Composite.
**Index Description: The Benchmark Index encompasses both the S&P Emerging Plus BMI and the S&P Frontier BMI. The S&P Emerging Plus BMI is a sub-set of the S&P Global BMI, containing stocks domiciled in emerging markets plus South Korea, with float-adjusted market values of USD 100 million or more. The S&P Frontier BMI contains stocks from small and illiquid markets that have not yet reached emerging market status. The S&P Emerging Plus BMI and the S&P Frontier BMI include 24 and 31 markets, respectively, for a total of 55 markets represented in the Benchmark Index as at 31 December 2024. The MSCI Emerging Markets Net Total Return Index (MSCI EM Index) is shown for comparative purposes, and contains large and mid-cap stocks across emerging markets countries. As of 31 December 2024, the MSCI EM Index included 24 countries.
Source: City of London Investment Management
Daily fund prices are listed below showing the change from the previous price. All Fund prices are agreed values as of 4pm Eastern Standard time, on the date displayed. The quoted exchange rates are indicative and are provided for information purposes only. The actual exchange rates used for transactions will be those shown on contract notes issued to Clients.
| Fund | Date | Price GBP | Change GBP | Price USD | Change USD | Price EUR | Change EUR |
|---|---|---|---|---|---|---|---|
| EWF – Institutional | 15-Oct | 107.19 | +0.79 | 143.26 | +1.78 | 123.24 | +1.22 |
The World Markets Umbrella Fund PLC – The Emerging World Fund (Institutional share class)
15 September 1998
S&P Emerging Frontier Super Composite BMI*
Global Emerging Markets
UCITS certified open-end fund
Republic of Ireland
Institutional Investors: US$10,000, Stg£7,500, €10,000
US$750, Stg£500, €750
A trade must be received by 2:30 pm Irish time one day in advance of the trade date. Valuation daily at 4 pm E.S.T. (except bank holidays)
1.40% (Institutional share class) including 0.95% Annual Management Charge
Dividends, if any, will be reinvested into the fund
BNY Mellon Trust Company (Ireland) Limited
ISIN/SEDOL: Institutional Class IE0002930596 / 0293059 IE
Bloomberg Ticker: Institutional Class WOREMUI ID
*The benchmark was changed from the S&P Emerging BMI Plus on January 1, 2009 to better reflect the investment strategy of the Fund. The S&P Emerging BMI Plus was the successor index to the S&P/IFC Global Composite Index, the benchmark for the Fund prior to September 1, 2008, which has been discontinued.
Interim Report & Unaudited Financial Statements
Annual Report & Audited Financial Statements
The World Markets Umbrella Fund Prospectus
City of London Investment Management Company Limited (CLIM) is authorised and regulated for the conduct of investment business within the UK by the Financial Conduct Authority (FCA) and registered as an Investment Advisor with the United States Securities and Exchange Commission (SEC).
CLIM claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
To receive a complete list and description of CLIM composites and/or a presentation that adheres to the GIPS standards contact client servicing.
FundFinity
www.fundfinity.net
Thomas Schalow
Managing Partner
Phone: +49 (0)69 348 688 691
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