Fund of the week: A nifty performer in emerging markets

This small fund has outperformed its larger rivals in recent years and is a great way to gain exposure to growth in emerging markets.

Should a fund be large or small? Defenders of large funds argue that their size and reach allow them to exploit investment opportunities that are unobtainable for the average retail investor. Critics of the industry counter that many funds are too big, waste clients' money and have a follow the herd' mentality. Enter McInroy & Wood, a small East Lothian-based investment manager. Its emerging markets fund, managed by Francis Seymour, has consistently outperformed many larger rivals.

Indeed, the fund has proved "that you don't need the apparatus of a multi-national to achieve attractive returns", says Mark Robinson in the Investors Chronicle. And "the fact that the fund managers within McInroy & Wood have a direct stake in how the overall business is run provides a degree of independence that is lacking in larger outfits". Over the last three years the fund has returned 71%, compared to the IMA Global Emerging Markets index's return of 37%.

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