Morgan Stanley Investment Management has launched a Sicav version of Tim Drinkall’s Morgan Stanley Frontier Emerging Markets fund (FEM), reports Fund Web.
Aiming for long-term growth and benchmarked against the MSCI Frontier Markets Index, the Sicav will focus on companies listed in frontier markets such as Nigeria, Qatar and Vietnam or firms that derive at least 35% of their revenue from these countries.
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According to US-registered fund, the portfolio’s latest five holdings were industrial group Industries Qatar Qsc, Saudi telecommunications operator Etihad Etisalat, brewing company Nigerian Breweries, Jordanian logistics firm Aramex and UAE-based bank First Gulf Bank.
The Morgan Stanley FEM fund reached a total return of 22.8% in 2012, ahead of the benchmark’s 8.85%. Over the three years to the end of 2012, it has an average annual total return of 6.14% compared with the MSCI Frontier Markets Index’s 3.06%.
The Morgan Stanley FEM fund began life as a closed-ended vehicle that started trading on the New York Stock Exchange in August 2008. In 2012, Morgan Stanley won shareholder approval to convert the fund into an open-ended product and opened a Luxembourg-domiciled fund at the end of March .
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