Mobius Capital Partners has revealed the initial capital allocations of its Mobius Investment Trust, which raised £100m in its September Initial Public Offering (IPO) ahead of a 1 October listing on the London Stock Exchange.
In its first monthly investment update, published this morning (7 November), the firm's founding partners Mark Mobius, Carlos Hardenberg and Greg Konieczny told investors the trust has built positions in six companies listed in Brazil, China, Hong Kong, Poland, Russia and Turkey.
Elsewhere, the founders also reiterated their commitment to active engagement, citing "over 600 meetings and calls with companies in 19 countries and nine different sectors".
They added emerging and frontier market fundamentals "look strong and compare favourably with 2002, which proved to be an attractive entry point", and the trust is "on schedule and expect[ed] to be fully invested in Q4 2018".
The firm also launched the highly-anticipated Luxembourg-domiciled, open-ended SICAV fund on 24 September. The Mobius Emerging Markets fund will hold between 25-40 stocks in the best ideas portfolio investing in emerging and frontier markets and, as a result, will be capped at $1bn. Investment Week understands the fund has been seeded by the partners and selected investors to a total of around £15m.
The Mobius Investment Trust raised £100m in its Initial Public Offering (IPO) ahead of its 1 October listing, lower than its target of £200m.
Listed to trade on the premium segment of the London Stock Exchange, the trust will commence trading with 100,000,000 ordinary shares at £1 each.
The Mobius investment trust is run by former Templeton Emerging Markets Investment Trust (TEMIT) managers and Mobius Capital Partners founders Mobius and Hardenberg, alongside Konieczny.
The trio left Franklin Templeton earlier this year to launch Mobius Capital Partners and concentrate on products investing in emerging and frontier companies with an ESG tilt.
Previously, the group announced it was targeting a fundraising in excess of £200m for the trust with the founding trio committing approximately £5.7m.
The trust carries an annual management fee of 1%, reducing to 0.85% per annum above £500m and 0.75% above £1bn based on the NAV or market cap of the trust. There is no performance fee. It targets a total return of between 12% and 15% per annum over the long term.
Chair of Mobius Investment Trust Maria Luisa Cicognani said: "We are encouraged by the positive response from a broad range of institutional and retail investors to our IPO.
"The board and I look forward to working closely with the highly experienced investment team at Mobius Capital Partners."
At the time, founder Mobius added that the fundraising "represents a solid endorsement of our strategy, given the challenging sentiment towards emerging and frontier markets".
He said: "We want to thank all of our shareholders for their support in the successful IPO of Mobius Investment Trust.
"We now look forward to capitalising on the significant investment opportunity that exists in our target markets."
European Commission relents to pressure
Latest news and analysis
Remains open to existing investors
Chairs first meeting this afternoon
Effective from 1 December