It is worth starting the update by explaining that the oldest share class is in dollars and this was launched in 2007. At the time, it was a concentrated portfolio of 40 stocks. Will has been working with the fund since 2009, and the main change is that it now holds over 80 stocks and no-one stock dominates the fund. The reason for the move was to reduce the volatility, but at the same time benefit from the growth in small cap stocks. The performance we have shown is for the sterling share class, which was launched in 2013.
Will explained that this fund is very different to other emerging market funds, which tend to be large cap and focus primarily on the index. This means they are investing in the most expensive part of the market.