HEAD-TO-HEAD: JP Morgan vs Stewart Investors

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Both funds saw lead manager changes in 2016.

For the JP Morgan fund, New York-based Leon Eidelman was formally recognised as the lead manager in July last year, although he had been the primary decision-maker since January 2015 when he was promoted to co-manage the fund with Austin Forey.

Forey continues to be a manager of the fund and also manages closed-ended and segregated versions of the strategy.

Eidelman has 20 years of experience in emerging markets and has been with the firm since 2002.

The Stewart fund changed its lead manager in October 2016, naming London-based Ashish Swarup as the new manager. Before he assumed his role, he and the previous manager, Jonathan Asante, made joint decisions until the handover took place.

Swarup first joined Stewart Investors in June 2014 from Fidelity, where he had worked since 2004.

Although new managers may ignite concerns over team stability and fund performance, Dorricott remains positive about both managers.

“The managers are very much engrained in the investment process of both groups,” he said. “We’re not expecting any change in the performance profile.”

Both funds are supported by teams that have an on-the-ground presence in different markets.

The JP Morgan fund has a larger team than the Stewart fund, according to Dorricott, though he did not know the exact number.

The Stewart team consists of about 30 managers and analysts based in Edinburgh, London, Singapore and Sydney.

According to Dorricott, global emerging market fund teams are typically set-up in this way, with the lead manager based in the firm’s headquarters and supported by teams located in different regions.

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