This is the thinking-mans route to profit from the global trends created by the march of emerging markets, with less risk than owning an emerging markets fund. Almost inevitably it has a commodity-related exposure, around 30% of the fund, but less than was previously the case. The greater emphasis is currently on companies that will benefit from continuing consumer-led growth throughout the emerging economies, e.g. Coca Cola, and Cussons (best known in the UK for “Imperial Leather” soap).   The performance has been outstanding, having gone up 36% over the last 5 years, compared to its benchmark (the FTSE World index) which was up just 17%. 

Though this is a higher risk fund, it is well diversified and does not carry the risk of a more focussed fund, whether a general emerging markets fund, or one even more focussed, for example on China or India alone.  The rationale of the fund means that it can be a core holding for many years to come. 

To achieve long term capital growth through investing wholly or mainly in companies around the world operating in basic industries ( 'primary' and 'secondary' industries) and also in companies that service these industries. The Fund may also invest in other global equities.