Key Morningstar Metrics for Skerryvore ICAV - Global Emerging Markets Equity Fund
- : GoldMorningstar Medalist Rating
- : HighProcess Pillar
- : HighPeople Pillar
- : Above AverageParent Pillar
The Skerryvore Global Emerging Markets All-Cap Equity strategy retains our strong conviction—a view anchored in the depth of the investment team’s experience and the disciplined consistency with which they have applied their philosophy over time.
Glen Finegan established the firm in 2019, assembling a team of five portfolio managers who share an average of 10 years working together, bringing deep emerging-markets experience across multiple market environments. The team’s long-standing philosophy and consistent approach to process execution are a point of distinction, underpinned by a diversified coverage model across regions and company types that ensures no single market or sector dominates. This breadth is further enhanced by an external advisor panel that provides on-the-ground insight and meaningful context within what remains a lean team structure. The partnership structure contributes to talent retention and alignment at the firm. Key-person risk is well-mitigated, with Nicholas Cowley as the key backup due to depth of tenure with Finegan at Janus Henderson. The senior portfolio managers, Michael Cahoon, Ian Tabberer, Stephen Deane, and Ronan Kelleher, remain equally adept. Cecilia Bosman has evidenced continued development as an analyst.
We place significant weight on Finegan’s investment process, evidenced by a career track record of consistent alpha generation and superior risk-adjusted returns above the benchmark since 2008. This process has remained established since its inception, first at Stewart Investors and then Janus Henderson from 2015 to 2019, distinguished by deep on-the-ground research, an absolute-return mindset, and a quality-focused stock-selection philosophy. Strong governance discipline is important for emerging markets, and the team exhibits a systematic avoidance of state-owned enterprises, variable interest entities, and misaligned management teams. This acts as a structural screen against governance risks. The team favors founder and family-led businesses with strong shareholder alignment. This operates as a risk-management filter while applying a quality-at-a-reasonable-price approach with a 10% absolute-return hurdle per stock.
Idea generation is differentiated, with a rigorous systematic screening to flag valuation dislocations weekly. Position sizing is deliberate, driven by liquidity, conviction, and crossover with existing holdings, while biases are structurally managed through rotating coverage and formal thesis challenging. The portfolio of 40-80 stocks reflects a five-year view on growth and valuation, which is supported by a research effort that ensures the removal of biases and an extensive in-country advisory network.
The Australian fund launched in August 2021 and does not yet reflect a full medium-term track record. However, Finegan’s career record since 2008, which delivered 5.54% rolling five-year alpha, combined with an attractive risk/return profile and low downside-capture ratio, speaks to the enduring quality of the approach. The short-term volatility of the fund is notable. In the past 12 months to March 31, 2026, the fund underperformed the benchmark at negative 22.11%. Overall, we remain convinced of Skerryvore’s ability to generate alpha over meaningful periods beyond an era of short-term return volatility.
The primary vehicle from which this strategy’s pillar ratings are derived is Skerryvore Global Em Mkts All-Cap Eq, ticker: 44262.
Skerryvore ICAV - Global Emerging Markets Equity Fund: Performance Highlights
Near-term underperformance does not detract from the strategy’s full market cycle potential.
The Australian-domiciled all-cap vehicle launched in August 2021, so performance to March 2026 does not yet fully reflect a medium-term investment horizon of five to seven years. While the all-cap strategy’s short-term relative volatility is conducive to the fund’s benchmark-agnostic, quality-focused approach and significant active share, the 12-month underperformance falls outside the expected range. The fund’s defensive positioning within consumer staples and healthcare proved its value in 2022 relative to index exposures in consumer discretionary, financials, and communication services. In 2023, the fund returned 1.3%, lagging the benchmark and peer group average returns of over 9.0%, with India, Taiwan, Mexico, and Brazil contributing while Canada, China, and Hong Kong detracted. The fund returned 6.0% in 2025, lagging both the category (21.3%) and the MSCI Emerging Markets Index (24.01%), with underperformance driven by the market’s rewarding of high-momentum stocks. Key contributors were Franco-Nevada, Coca-Cola HBC, and TSMC, while Tata Consultancy, Voltronic Power Technology, and Syngene International detracted.
Though the all-cap strategy’s track record is still building, the manager’s track record across different firms since 2008 does provide a solid history of seeing alpha delivered consistently, with the strategy delivering a five-year rolling return of 8.24% against the benchmark return of 4.06% and peer returns of 5.12%.
