Rathbones Asset Management expands Luxembourg SICAV with GEM fund launch

Rathbones Asset Management Limited announces the launch of the Rathbone SICAV Global Emerging Markets Equity Fund, broadening the Rathbone Luxembourg SICAV Funds range.

The new sub-fund is aligned with Rathbones Asset Management’s overall growth strategy and responds to investor demand for long-term opportunities in some of the world’s fastest growing markets.

Managed by Tim Love and Joaquim Nogueira, the Rathbone SICAV Global Emerging Markets Equity Fund is an active equity fund with a diversified portfolio of 80-120 stocks. The fund applies a disciplined, repeatable investment process combining bottom-up stock selection with top-down screening, incorporating a range of factors including currency, sovereign credit ratings and governance. 

It seeks to deliver long-term capital growth through investing in high-quality emerging market companies, with sustainability incorporated into each step of the process. The sub-fund makes disclosures in accordance with the requirements EU Sustainable Finance Disclosure Regulation Article 8. 

Tim Love and Joaquim Nogueira joined Rathbones in March 2025, bringing long experience of investing in global emerging markets.

Tom Carroll, CEO, Rathbones Asset Management, says:

“The launch of this new fund represents an important step in our growth strategy for Rathbones Asset Management. Investors are increasingly seeking active, specialist exposure to high-growth regions and we believe Tim and Joaquim’s expertise will resonate with clients.”

Tim Love, fund manager of the Rathbone SICAV Global Emerging Markets Equity Fund, comments:

“Emerging markets (EM) are increasingly home to world-class companies and resilient economies, yet they remain under-owned. Our process combines disciplined quantitative models with qualitative judgement, seeking to identify the best opportunities while avoiding the governance and balance sheet pitfalls that too often derail EM investing.

“By integrating ESG at every stage, from sovereign governance to stock level, we believe we can deliver superior risk-adjusted returns. Our approach is designed not only to capture growth but also to provide downside protection, making this a compelling proposition for long-term investors.”

Today’s investors in global emerging markets (GEM) are buying a more resilient, diverse and higher-quality asset class than in decades past. Rather than mining, extraction and other low-value businesses, GEMs now boast high-tech and modern enterprises in industries from manufacturing and consumer electronics to e-commerce, payments and retail. Many have significant scale that allows them to compete – and often beat – developed rivals.

About the fund managers

Tim Love is a fund manager and head of global emerging markets at Rathbones Asset Management and has almost 40 years of investment experience. Before RAM he was Investment Director at GAM, in a similar role, for 12 years. He has also worked as Senior Portfolio Manager, managing long/short emerging market equities at CQS, and Senior Portfolio Manager and Director at Cazenove Capital Management.

 Earlier in his career he ran portfolios at BlackRock (formerly Merrill Lynch Investment Managers) and HSBC Asset Management (Hong Kong and New York), after which he became Managing Director/Head of EM Research & Strategy of major sell-side positions. Tim is also a Chartered AI analyst.

Joaquim Nogueira has worked with Tim Love for 28 years. Joaquim joined from GAM where he was an Investment Manager in its emerging market equity team from 2012 to 2024. Before GAM he also worked at CQS and Cazenove Capital Management, managing long/short emerging market equities. Prior to this he held senior emerging market research positions on the sell-side, having begun his career at ING Barings.

The Rathbone Luxembourg Funds SICAV (Société d’Investisement à Capital Variable) Company is an open-ended investment fund with multiple compartments (“société d’investissement à capital variable” (SICAV) à compartiments multiples) governed by Luxembourg law, established in accordance with the provisions of Part I of the Law of 20 December 2002, relating to undertakings for collective investment replaced by the law of 17 December 2010.