Emerging-Market Equity Portfolio
Access to a concentrated portfolio of high-quality emerging-market companies through a UBS-issued certificate, with Gepolis as portfolio advisor.
26
Portfolio companies
June 2022
Inception
+69.0%
Since inception
The best emerging-market companies can compound value far beyond developed-market indices.
Certificate at a glance
Performance
+18.5%
2024 return
+21.7%
2025 return
+3.2%
YTD return
+69.0%
Since inception
Certificate information
Consultant
Pascal Moura
ISIN
CH1190340765
Currency
USD
Management fee
0.3%
Performance fee
12.5%
High-water mark
Applies
Sector breakdown
Geographical breakdown
Why invest in EM
The world’s growth engine remains under-represented
Emerging markets represent only around 12% of the MSCI Global Index, despite accounting for roughly 50% of global GDP, 85% of the world’s population and around 80% of global GDP growth. Since 1990, their share of global GDP has risen by approximately 50%, yet many investors remain structurally underweight the asset class.
The opportunity is not simply to buy the index. EM is diverse, volatile and inefficient. We believe the best returns come from identifying exceptional companies with durable growth, pricing power, strong management and attractive valuations.
Annualised total return
Period
1988–2025
MSCI EM
+10.1%
MSCI World
+8.9%
Long-term volatility in EM has historically been higher than in developed markets, but we believe today’s valuation gap, faster growth and under-ownership create a compelling long-term entry point for selective investors.
Investment philosophy
Own great businesses, ignore the noise
Our process starts with companies, not countries, benchmarks or short-term macro forecasts. We look for businesses with competitive advantages, strong balance sheets, management quality and the ability to reinvest capital at attractive returns, while leaving room for contrarian opportunities when valuations and sentiment become disconnected from fundamentals.
Business quality first
We focus on high-quality emerging-market businesses with strong franchises and long-term growth potential, while leaving room for contrarian opportunities when valuations and sentiment become disconnected from fundamentals.
Long-term ownership
We do not try to trade market noise. Our approach is to focus on owning exceptional businesses through cycles and let compounding do the work.
Benchmark agnostic
Index weights do not dictate our capital allocation. We pay no attention to whether a country or company is large in the benchmark if it does not meet our standards.
Investment style
Independent, concentrated and long term
Investment decisions are made independently, without committee compromise, benchmark pressure or attempts to trade short-term noise. The focus is on durable compounding and valuation discipline.
Bottom-up stock selection, aware of macro and sector dynamics
Contrarian bias when valuations and sentiment become disconnected from fundamentals.
Long-term approach combining growth prospects, P&L, balance sheet, cash-flow analysis and valuation
Focus on companies with underlying growth, dominant market positions, pricing power, high barriers to entry, rerating potential and good management
No benchmark constraints: tracking error is not viewed as a risk, but often as an opportunity
Concentrated, long-only portfolio with no committee, no consensus decision-making and no noise
Unique Experience
Pascal Moura
Pascal Moura combines buy-side portfolio management experience with a long career in institutional equity research, including senior leadership roles at Deutsche Bank, and brings more than three decades of equity-investing experience, including more than two decades focused on emerging-market equities.
Interests aligned with investors
The 0.3% management fee is paid entirely to UBS for its work as issuer, calculation agent and market maker. Gepolis, as portfolio advisor, only earns a performance fee if the certificate generates a positive return for investors, with a high-water mark applying.
Portfolio management background
Started investing career with Paribas in Switzerland in 1989 and was awarded Best Swiss Fund Manager by Micropal in 1992.
Deutsche Bank leadership and recognition
Former Head of Swiss Equity Research, Head of European Small & Mid Cap Research and Head of Emerging Market Research, with numerous awards including No.1 rankings in the Institutional Investor Survey for Swiss and Emerging EMEA Research.
Emerging-market depth
Led up to 80 people across 12 countries, with more than 500 companies under coverage.
How to invest
How to access the certificate
The certificate can be purchased through most banks or brokers using the ISIN CH1190340765. Investors do not need to have a UBS account. UBS acts as issuer, calculation agent and market maker, while Gepolis acts as portfolio advisor. For additional information, the latest factsheet or issuer documentation, please contact Pascal Moura.
Contact pmoura@gepolis.com →Certificate
Gepolis Emerging Market Certificate A
ISIN
CH1190340765
Issuer / Market maker
UBS
Liquidity
Daily
Execution contact
ol-ste@ubs.com
Learn more
For investors seeking long-term EM exposure.
Request the latest factsheet, performance history and certificate details, including issuer documentation.
A concentrated, long-term approach to emerging-market equities.
Download factsheet → View UBS product page → Email pmoura@gepolis.com →Important information: This website is provided for informational purposes only and does not constitute investment advice, financial research, an offer, recommendation or solicitation to buy or sell any security, certificate or related financial instrument. The information is not prepared for the needs of any specific investor and should not be relied upon as a substitute for independent judgment or professional advice. Investments in emerging-market equities and structured certificates involve risks, including market risk, currency risk, liquidity risk, political and regulatory risk, issuer risk and the possible loss of capital. Past performance is not a reliable indicator of future results. Access to this information may be restricted by law in certain jurisdictions and is not intended for persons who are not permitted to receive such information.