Allianz GEM fund unveils revamped portfolio after scrapping BRICs mandate

AUM steadily rising

Kunal Ghosh, manager of the £207m Allianz Emerging Markets Equity fund (formerly BRIC Stars fund), has more than halved exposure to Russia, Brazil and India ten months after scrapping its geographical allocation constraints, while China is also a much smaller part of the portfolio.

The fund's exposure to Russia, previously its highest regional weighting, has been cut from over 23% in February 2016 to 14% 12 months later while Brazil is now 8% of the portfolio, down from a 20.5% position. However, Russia remains one of the fund's biggest regional weightings where Ghosh (pictured) is favouring commodity companies, only second to Hong Kong which makes up 18.1% of the portfolio. Constraints In May 2016, shareholders agreed to remove the allocation constraints as Ghosh was increasingly finding opportunities outside the BRIC nations. Before then the fund was fully u...