Somerset to launch EM small and mid-cap fund for Asquith

Second vehicle for manager

Somerset Capital Management is adding another emerging markets (EM) fund to its specialist suite of products, focused on the small and mid-cap space.

The MI Somerset Emerging Markets Discovery fund will launch on 30 October, to be managed by Mark Asquith, who is already also lead manager on the boutique's Emerging Markets Small Cap fund. Asquith said the product could take advantage of the "triple opportunity" on offer. "One, emerging markets are cheap and underowned; two, within emerging markets, small and mid-caps have suffered their most prolonged period of underperformance versus large caps since the 1990s; and three, this fund is skewed towards cheaper areas of the market such as EMEA and Latin America, rather than Asia, which...