Somerset launches emerging & frontier markets SME fund

UK-based Somerset Capital Management has launched an equity fund for institutional investors targeting companies in emerging and frontier markets with market capitalisation value between $1bn-$7.5bn.

The US-domiciled Somerset Emerging Markets Small Mid Cap EM All Country Fund has been launched with $30m in seed capital.

The fund is geographically unconstrained, with the managers’ note for the paper portfolio to the end of November – used to test the viability of the strategy – suggesting its top 10 holdings would offer exposure to Taiwan, South Africa, Chile, Philippenes, Thailand, Korea, India and China.

However, the portfolio is likely to include exposure to Emerging European markets, such as Slovenia, as well as other BRICs, and the likes of Kazakhstan, UEA, and Kenya.

The weighted average market capitalisation in the test portfolio is $3.7bn.

Managing the fund will be Edward Robertson, one of Somerset Capital’s co-founders, and Timothy Hay, Somerset’s Latin America specialist.

A spokesman for Somerset Capital said while the fund is US-domiciled it has distributor status and is targeting European institutional investors with a minimum subscription of $50,000.

Further information is available from www.somersetcm.com

 

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