Monthly Fund Focus: Robotics, short-dated gilts, infrastructure income, and true emerging markets

David Stevenson explores early-stage robotics, short-duration gilts and a high-yielding infrastructure trust backed by long-term assets including Sizewell C. He also looks at whether investors can get broader emerging markets exposure without leaning too heavily on China.

This month’s funds article speaks to the manager of a small, listed venture capital fund about to place some big bets on the next wave of robotics technology. We also suggest that the sell-off in short-duration gilts has been overdone, and we shine a spotlight on a best-in-class infrastructure investment trust yielding a shade under 7%, with a well-backed stream of infrastructure assets that includes a stake in Sizewell C. And last but not least, we ask whether there’s a better way to track emerging markets without over-dosing on exposure to China. Wisdom Tree, an ETF issuer, reckons it has the answer.

SEED Innovations looks to pioneer the world’s first Listed Robotics VC

For my sins, I am a long-term bull on the robotics and embedded AI space – I believe a revolution is on its way with significant consequences. The good news is that there are plenty of ETFs and public funds investing in major listed companies like Fanuc and ABB. However, what is missing — at least in any substantial listed form — is a vehicle for managing early-stage venture capital investments in private robotics firms. That is the gap SEED Innovations and its advisory firm, Hoid.ai, aim to fill.

First, though, a bit of background on SEED Innovations itself. SEED Innovations (seedinnovations.co) is an AIM- quoted early-stage venture capital investing company with a stated (as of 30 Sept 2025) NAV of approximately £11.22 million. Originally focused on sectors such as biotech and food tech, the company is now reorienting toward robotics and physical AI. Jim Mellon is the largest individual shareholder with around 23% of the company. In terms of that portfolio, roughly three-quarters is deployed across companies, with the rest sitting in cash. Its existing holdings are a product of its previous identity as an emerging, disruptive-technology company: think biotech, longevity, food tech, and fintech, rather than pure robotics. But that’s changing fast. Late last year, the business pivoted to a new focus on robotics. In December, the business announced the

“appointment of Hoid.ai Limited (”Hoid.ai”) as a consultant to support its updated investing strategy focused on high-growth robotics and artificial intelligence ventures. Hoid.ai, established by SEED’s Chairman and largest shareholder Jim Mellon, is led by Robert (”Bob”) MacDonald, an experienced venture and growth capital professional with extensive knowledge of Asian markets. Bob and his team will work closely with SEED’s board to identify and assess opportunities aligned with the Company’s new investing policy”.

At the time, Jim Mellon, Non-Executive Chairman of SEED, observed:

“Bob and his team bring a rare combination of investment discipline and a proven track record of identifying breakthrough opportunities at an early stage. His experience in emerging technologies and strong network in the venture ecosystem make him exceptionally well suited to support SEED’s new strategy. We are very pleased to have secured his involvement and look forward to working closely with him as we build a focused portfolio in robotics and associated AI.”

Hoid.ai is wholly owned by an entity controlled by Jim Mellon. It’s run by Bob MacDonald, a former investment banker, along with analyst Jack Rodwell. Last week, I caught up with MacDonald to chat not only about SEED but also about the broader robotics space.

In terms of the existing holdings, the three biggest positions are Avextra, a German cannabinoid company with two drugs currently in Phase 2 clinical trials; Juvenescence, a longevity holding company backed by Jim Mellon; and Clean Food Group, a Liverpool-based precision fermentation business developing a scalable process to produce sustainable ingredients that address supply chain volatility in the palm, coconut and cocoa markets. There’s also a smaller holding in Inveniam, which serves as a digital notary for blockchain transactions in the Middle East, with shareholders including G42 and Mubadala.

On the Clean Food Group story, Bob is positive. Having already secured regulatory approval in the cosmetics market and with Novel Foods approval pending, they’ll be able to produce, at scale, sustainable and cost-competitive alternatives to traditional oils and fats for use in food, cosmetics, and pet food products. Given how expensive and volatile palm, coconut and cocoa market prices have been, and the fact that every major food and confectionery group needs these products, the commercial logic is obvious according to MacDonald. For Avextra, the next catalyst could be Phase 2 trial results. Timing of results updates is still uncertain, but one drug (Belcanto, for use in palliative oncology) started dosing in late 2023, so SEED with Hoid.ai will be watching closely for announcements on updates to those trials.

MacDonald also references Jazz Pharmaceuticals’ valuation on Nasdaq, which partially reflects its ownership of GW Pharmaceuticals, a UK company which obtained FDA approval for its plant-derived cannabinoid prescription medicines. Such approval, if obtained for Avextra’s Phase 2 trial drugs, could deliver meaningful upside to what is already the company’s largest position by weight.

But the bigger narrative here is what comes next. MacDonald is currently in discussions with seven or eight robotics companies, aiming to make investments using the fund’s remaining available cash. The strategy is firmly in the “physical AI” camp”, which means AI-enabled robots doing things in the real world, rather than pure software plays. As Bob put it, the focus is on “that co-worker space where we are enhancing the human worker experience.”

SEED’s investment strategy is sector-agnostic and enables global investments. Bob gave three examples of companies that illustrate the kind of deals Hoid is pursuing. The first is an agricultural technology (agtech) company which has spent the better part of a decade developing a robot capable of picking soft fruits. They now operate commercially in Europe and Australia and on farms in the UK, working with some of the largest growers in their market. Their metrics match the fastest human pickers in speed while outperforming them in quality, consistency, and waste reduction. The moat, Bob argues, comes from the proprietary technology that can determine fruit ripeness at a cellular level without visual inspection.

“Thirty per cent of fruit is just left hanging because they can’t get to it on time. By using these robots, of course, they can work at night, they can work around the clock. They don’t get toilet breaks, and they don’t complain.”

The second is in the construction industry, a US-based startup that has built an autonomous robot to install solar panels at utility-scale construction sites. Each solar panel weighs about 90 pounds, and hoisting heavy panels onto racks for hours in extreme heat is genuinely brutal. The company’s robots can already install 500 panels a day in recent trials, comparable in performance to a standard human crew but requiring fewer crew members. The macro backdrop couldn’t be better, according to MacDonald: with hyperscalers committing hundreds of billions to data centre buildouts and solar being the fastest route to powering them, the demand for faster, cheaper solar installations is only heading in one direction.

“Their margins are acceptable,” Bob notes, “regardless of whether you lease or sell them.” The company is already validated by a top-tier US customer and is showing promising progress on expanding its footprint with other major US customers. The company is pre-revenue but has raised a US$ several million pre-seed round and has already won a US Department of Energy award.

The third company on the list is a US-based medical robotics company developing robotic tools for cancer detection. The company has built a device that, according to MacDonald, dramatically reduces the inconsistency in cancer detection rates, which currently varies enormously depending on the surgeon’s skill level. Their technology enables the surgeon to toggle a flexible endoscopy tube between rigid and flexible states with a single button press, giving the clinician unprecedented control with far less patient trauma. It’s a Series D company, with a number of blue-chip names on the cap table, meaning this is a later-stage investment with a clearer path to exit.

According to MacDonald, “SEED wants the ball to pop out of the scrum quite quickly with some of the investments because it will be a great validation of SEED’s investments for some of the realised proceeds to go back to shareholders.”

SEED Innovations currently trades at a significant discount to NAV, a common issue for small, listed VCs that struggle to demonstrate realisations. Bob’s blunt assessment is that without showing investors actual money coming back, the discount won’t close. It’s a dynamic that anyone following Agronomics, Jim Mellon’s cellular agriculture-focused listed company, will recognise.

“Jim often points out that you can make real money on the seeds, but number one, they’re bloody risky. And secondly, it can take a long time for the pig to go through the python.”

On the question of Chinese robotics companies, Bob’s position is measured rather than categorical. China is unquestionably ahead in humanoid and household robotics, and Bob does refer to a company in the consumer robotics space as one he’s keeping a close eye on for potential pre-IPO access. But the geopolitical and regulatory complexity makes direct investment tricky, particularly because American investors are largely barred from participating. “I’m not leading with the chin on that one,” he adds, though if the right opportunity emerged via the right people, such as a Hong Kong-domiciled structure, he wouldn’t rule it out.

At the moment, among the listed VCs, SEED is potentially a one-off with its focus on robotics. Cathie Wood’s ARK fund range does have an ETF with some exposure to private names, but that’s a different structure and scale entirely. The plan from here is to deploy the remaining available cash into robotics deals, demonstrate those holdings to the market, and then raise more capital. A larger balance sheet would allow SEED to write bigger tickets, participate in more competitive rounds, and build the kind of diversified pipeline that could generate consistent realisations for shareholders.

My bottom line: watch Seed Innovations carefully. In my view, there must be a high likelihood of a substantial capital fund raise, probably well over £10m, if not much, much more, if the markets are receptive. Assuming the funds can be raised – which might be dilutive given the NAV discount – then this could be a really very interesting and obviously highly speculative play on the broad trends in robotics I talk about most weeks. Simply because of its scarcity value (no other way to play early-stage robotics on public markets) and the undoubted marketing skills of Jim Mellon, this could find itself the subject of significant positive momentum once we enter a phase where investors get really excited about next-stage robotics technology, a prospect that I think isn’t far off.

Private markets SIPP

There’s currently a rather negative buzz around the world of private equity and, especially, private credit. The talk is of plunging valuations, especially for Saas related businesses, and concerns about liquidity and exits. I absolutely wouldn’t dismiss this turbulence, and I do think private credit will have a tough 2026, with many more losses to report, but I also think some perspective is needed.

Whether we like the private equity business model or not (and I have my severe doubts about aspects of it), there’s a huge amount of money invested in private companies and some (though not all) funds have delivered superior returns. There’s also the reality that a huge bit of the G7 corporate space is privately owned, and if you want genuine diversified corporate global exposure, then missing out private companies, and thus private equity owned companies, is a big bet !

So, that leaves investors with a difficult question – how to access private equity in an accessible, sensible way via funds on main investing platforms? This is possible via listed investment trusts that invest in private equity, such as those managed by HgCapital, OCI, and the various funds of private equity funds, such as HarbourVest PE. But these all trade at hefty discounts because the public markets find it tough to put a sensible valuation on private, illiquid assets.

That’s where semi-liquid private equity funds come in. These are very popular in the US and allow wealthier private investors to invest in well-known private equity funds, subject to certain conditions, such as gates that limit quarterly withdrawals to a set (small) percentage of money invested. The catch, though, is that these semi-liquid private equity funds are not readily available on the main internet dealing platforms, although some private wealth platforms do offer limited access. That looks like it’s about to change, though.

UK online investment platform WealthClub has just launched what it describes as the UK’s first dedicated Private Markets Self Invested Personal Pension. The SIPP will offer access to 12 funds across 10 managers, spanning private equity, venture capital, infrastructure, private credit, secondaries and multi-asset strategies. The minimum investment is £10,000, which brings the entry point within reach of a meaningfully broader audience than has historically been the case. Investors can either make a fresh lump-sum contribution or transfer across an existing pension without putting in any new money. Transfers are accepted from most types of private pension, including old workplace schemes and other SIPPs.

The tax angle is worth restating. Higher and additional rate taxpayers can claim up to 45% income tax relief, which means a £10,000 contribution could effectively cost as little as £5,500. The underlying case for private markets in a pension portfolio is well established at the institutional level. According to Hamilton Lane data cited by Wealth Club, the average private equity fund has outperformed the average global equity fund by 6.2% per year net of fees over the past 25 years. Meanwhile, the publicly listed universe is actually shrinking. Of the roughly 159,000 companies globally turning over more than $100 million a year, only around 19,000 are listed. More businesses are staying private for longer, or choosing to delist altogether. Pension savers who stick exclusively to public markets are increasingly fishing in a smaller pond.

That said, this isn’t a product for everyone. The funds on offer are semi-liquid at best, meaning withdrawals can be restricted if redemption requests exceed around 5% of a fund’s value in any given quarter. These are genuinely long-term commitments, and investors need to go in with their eyes open to the risk of illiquidity. For the right, wealthier, adventurous investor, a private markets SIPP could be a genuinely interesting, differentiated addition to a well-structured retirement plan. The funds currently available include:

· ARK Private Innovation ELTIF

· Brookfield Private Equity Fund

· Coller Private Credit Secondaries – CollerCredit

· Coller Private Equity Secondaries – CollerEquity

· CVC-PE Global Private Equity

· EQT Nexus

· EQT Nexus Infrastructure

· Franklin Lexington PE Secondaries Fund

· Oaktree Strategic Credit Fund

· Pantheon Global Credit Secondaries Fund

· StepStone Private Venture and Growth Fund (SPRING) (to be added imminently)

· Stonepeak+ Infrastructure Fund

· Schroders Capital Semi-Liquid Global Private Equity

My bottom line: If private markets and private equity (and credit) are your thing, this could be a useful new way to build an investment portfolio in a tax-efficient fashion. I’m not completely convinced I’d be lunging headfirst into private equity and private credit at this precise moment, but for the right sort of adventurous and sophisticated investor this could be well worth a look.

Short-term gilts start to look interesting again

The UK bond market has been hit especially hard by the Iran crisis and the reverse-ferret in market expectations for interest rate changes. Until just a few weeks ago, most international bond investors were pricing in rate cuts possibly down to 3% for the UK. Then Iran kicked off, and immediately afterwards, everyone and their aunty thought the UK was the basket case because we are an open economy with substantial energy imports – long-term gilt rates shot up. At one point, the 10-year gilt rate looked like it might shoot past 5%, although it actually peaked at 4.85%. That has driven up interest rate expectations.

Analysts from wealth manager Killik and Co report that

“pricing now reflects ~30% probability of a rate hike at the April Bank of England meeting, and a total of around 2.5 hikes over the course of 2026, taking the Base Rate back up to between 4.25% and 4.50%. Short-dated bonds have been the most sensitive to this shift in expectations. The 2-year gilt yield has risen sharply, climbing over 100 basis points to ~4.5%. As a result, yields on short-dated gilts are now at their highest levels since before “Liberation Day” in April 2025, significantly improving the relative attractiveness of the asset class for investors seeking income and stability in an uncertain geopolitical environment.”

I think this repricing is overdone. A sharp increase in UK interest rates would push the UK economy into a recession or a deep slowdown, and it would make no sense if you think there is even a small transitory element to the increase in inflation (which is entirely possible). The UK economy is already borderline not growing at all, so although I can see a single increase, I just don’t see the rate increases pencilled in by many bond investors. I also think the UK bond market is an easy short for many bond investors and thus has a high beta to hedge fund sentiment. If you buy this more bullish argument, then it’s entirely possible that the increases seen in short-duration bond yields are overdone and overcooked. In that case, it might be worth revisiting the rates on some short-duration UK gilts, which, for high-rate UK taxpayers, now offer net yields above 4%. The table below, from Killik and Co., provides a useful summary of the most liquid bonds on the market.

INPP is the best-in-class infrastructure fund

I’ve recently been buying shares in a listed infrastructure investment trust called International Public Partnerships or INPP. In simple terms, this is the kind of steady, inflation-linked infrastructure money-making machine that shouldn’t be sitting on a chunky discount, especially now it’s added Sizewell C to the mix. INPP is meant to be the calm corner of the market: long-dated contracts, mostly government or regulated revenues, and a dividend that edges up year after year.

That doesn’t mean the fund is boring and does nothing. Quite the contrary, in fact – as the recent full-year numbers showed, last year was actually very busy, even hectic. Despite this, the shares still trade at a mid-to-high-teens discount to NAV. The trust produced a 10.6% NAV total return (including dividends), one of its best years since launch back in 2006, while also running a pretty active playbook: selling mature assets at (or above) book value, buying back shares, and committing serious money to Sizewell C under the Regulated Asset Base model.

Fund details

· Share price: 128p

· NAV 153p with net assets £2.76bn

· Yield 6.7%

· 10-year NAV return 96%

· Discount 17% (average 18%)

Impressive 2025 numbers

Here’s a quick summary of the 2025 numbers, using City analysts’ commentary to flesh out the narrative. NAV per share ended 2025 at 151.5p (up 4.7% over the year), and once you add dividends, you get a 10.6% NAV total return.

JP Morgan (Overweight) had pencilled in 151.0p, so it’s a small beat rather than a shocker, but they still nudged up their live NAV estimate and slightly raised their steady-state return assumption. Analysts at Jefferies called it steady progress on NAV and dividends, but also flagged how much of the story is now about capital rotation and the gradual drawdown into investing in Sizewell C. Panmure Liberum went further, basically saying: this is a standout year, and INPP sits in that rare sweet spot of high income plus inflation linkage plus long visibility.

At the portfolio level, the assets delivered about a 10.2% return – roughly 120 basis points above the weighted average discount rate INPP started the year with. In plain English, the underlying projects performed better than the valuation model already assumed. A bit of macro helped too: higher short-term inflation assumptions added around 2.6% to the value, and foreign exchange chipped in roughly 0.5%. Higher risk-free rates were a small drag, but not enough to have a big impact.

In terms of portfolio positions, one success was BeNEX (German regional rail), with fair value up 35.1% after a run of concession wins and renewals; it now operates across 14 of Germany’s 16 federal states, covering about 67 million train kilometres a year. Tideway (the Thames “super sewer”), which is INPP’s single biggest asset at about 15.8% of the portfolio, added 7.6% as it moved through late-stage commissioning; JP Morgan notes that by March 2026, it had already diverted more than 19 million tonnes of sewage from the Thames. Cadent (gas distribution, c15.6% of value) dipped modestly (about -0.9%), mainly around regulatory updates; the RIIO-3 Final Determination was better than the draft, and there’s a CMA appeal in motion that isn’t yet being counted as upside in the valuation.

Here’s a simple snapshot of the major holdings.

Sizewell C is the headline change to INPP’s story. Financial close landed in November 2025, with INPP committing £254m of equity, drip-fed at roughly £50m a year over five years (with the first £35m going in during Q4 2025). What makes it different is the structure: it’s under the Regulated Asset Base (RAB) model, so INPP earns a fixed regulated equity return of 10.8% in real terms from day one. The cash yield is expected to be around 6%, and once you add CPIH inflation, the manager talks about a low-teens IRR.

Analysts also like that this isn’t a “blank cheque” construction bet. The construction-weighted average cost of capital (WACC) is fixed at 6.7% for the entire pre-completion period, with no regulatory resets. And there’s a Government Support Package designed to stop costs spiralling onto investors: if things breach certain thresholds, INPP isn’t forced to commit more than the original amount, and there’s a discontinuation compensation mechanism in really ugly scenarios. Panmure Liberum highlights the manager’s view that even then, returns should still come out north of 9%.

The bigger point is what Sizewell C does to the trust’s shape. Mature PPP assets tend to amortise i.e they generate cash, but the asset base gradually declines. Sizewell C is the opposite — the RAB compounds as equity are deployed, so NAV can keep building into the 2030s. Panmure Liberum reckons the deal adds roughly 0.3 percentage points to portfolio returns, nudges up the inflation linkage, and extends the portfolio’s dividend-supportable life from around 20 years to more than 25. JP Morgan’s take is similar: the incremental returns look better than simply buying back shares, even if the project risk is obviously higher.

The portfolio asset valuations are credible

One reason brokers sound comfortable about INPP’s NAV is that it has been selling assets in the real world at (or above) the values shown in the accounts. In 2025, it sold about £130m of assets at or above carrying value, taking disposals since June 2023 to more than £385m — roughly 14% of the portfolio. The highlights: a 49% minority stake in the Moray East offshore transmission link sold to Daiwa for about £40m; minority stakes in a bundle of UK education PPPs; and a partial stake sale in Angel Trains for roughly £32m. Jefferies and JPMorgan both point to this as “transaction evidence” supporting the valuation marks across the book.

At the same time, INPP has committed more than £345m to new investments (including Sizewell C) and has spent money on buybacks, even as the discount remains wide. The buyback programme was expanded to £225m (authorised to run to March 2027). By the time of the results, more than £135m had been completed, which management says has added roughly 1.6p to NAV per share. JP Morgan estimates there’s roughly £90m still available — around 4% of the market cap — which should provide some ongoing support for the share price

INPP hit its 2025 dividend target of 8.58p per share and covered it 1.1x by portfolio cash flows. It’s also sticking with the familiar 2.5% annual growth pattern: targets are 8.79p for 2026 and 9.01p for 2027. The line that keeps popping up in broker notes is the time horizon: management says it can keep paying progressive dividends at that pace for at least 25 years, even if it doesn’t do another deal. For income investors, that kind of visibility is the whole sales pitch.

My bottom line?

Ok, so let’s put this all together. The fund is selling assets at or above NAV. Dividends are steadily rising. The life expectancy of the asset base has also increased. Most revenues are government-backed or regulated.

Yet the shares trade at a persistent mid-to-high-teens discount, whereas for the first decade or so the fund traded at a persistent premium. Brokers suggest a few potential catalysts that could unlock value: continued buybacks; more evidence of disposals; investors becoming comfortable that Sizewell C really does add duration and compounding.

Panmure Liberum also reckon there’s a policy angle: they say it’s a bit odd that listed vehicles like this can provide daily-priced access to strategic UK infrastructure yet still get left out of some pension reform thinking. Strip it back, though, and the argument is straightforward: if you believe in inflation-linked cash flows, long dividend visibility, and a manager who can recycle capital sensibly, the current discount looks hard to sustain forever.

With the stock around 127p versus a NAV in the low-150s pence, you’re looking at roughly a 17% discount. Panmure Liberum pegs the prospective net total return at about 10% a year, made up of a yield of a bit over 7% plus dividend growth of 2.5%, and emphasises that about 98% of revenue is either government-backed or regulated. When 30-year gilts are in the mid-5% range, that spread starts to look pretty attractive.

A better Emerging Markets mousetrap?

I’m increasingly positive about the outlook for emerging markets. I would argue that emerging market stocks offer useful diversification for investors seeking countries where growth is trending higher, which in turn pushes corporate earnings up, and that valuations look more reasonable after years of underperformance.

But there’s a China-shaped hole in the argument. Most emerging market funds track, or at least reference, the broad global emerging market benchmarks such as the MSCI EM index. The snag is that these global EM benchmarks (called GEMs) are dominated by China, and to a lesser degree by Taiwan and South Korea, both of which have massive trading links to…you guessed it, China.

The China trading bloc’s exposure varies over time but has reached as high as 70% of the total market cap. Now that’s not necessarily a problem if you are increasingly positive on China – which I am, somewhat reluctantly – but it is a real problem if you are seeking properly diversified EM exposure.

What’s the alternative if you want to dial down the China exposure? There are equity benchmark indices that exclude China, but unfortunately, they also tend to dial up Taiwan exposure, which is fine until President Xi launches a flotilla to blockade the island.

Active fund managers running say emerging markets investment trusts can, and do, dial down their China exposure, but even these managers tend to be heavily exposed to China one way or another. You could also invest in country-specific funds investing only in Vietnam or India, but that’s hardly ‘diversified’.

Enter a new exchange-traded fund from a big issuer called Wisdom Tree: it’s just launched a new index-tracking fund called True Emerging Markets UCITS ETF which promises to redefine “emerging markets exposure by focusing on economies that remain genuinely emerging”. This ETF, ticker WEM seeks to track the price and yield performance, before fees and expenses, of the WisdomTree True Emerging Markets UCITS Index (the “Index”) and has a Total Expense Ratio (TER) of 0.25%.

According to WisdomTree, their proprietary Index is

“…designed to provide diversified exposure to countries that remain genuinely emerging in terms of economic development and capital market maturity, offering investors a more intentional way to access long-term emerging market (EM) growth. Unlike traditional emerging market benchmarks, which can be dominated by a small number of large and increasingly mature markets, the Index uses a systematic, multi-metric framework to identify economies that continue to exhibit development-led growth characteristics. As such, the ETF avoids allocating to China, Korea and Taiwan, which are present in most broad EM strategies.

According to Pierre Debru, Head of Research, Europe, WisdomTree: 

“Emerging markets investing is fundamentally about capturing the growth potential that arises as economies transition from lower to middle-income status. This development process is typically supported by rising productivity, expanding domestic demand, improving institutions, and deepening capital markets. This innovative strategy is designed to restore that original intent by focusing on countries where rising incomes, structural change and capital market deepening are still powerful drivers of long-term returns.”

The Wisdom Tree framework reviews each country’s macroeconomic data, including IMF World Economic Outlook country classification, GDP per capita, UN Human Development Index, sovereign credit rating, and GDP growth momentum, as well as local stock market accessibility and tradability. WEM provides focused exposure to high-growth, under-owned emerging market countries such as India, Brazil, Saudi Arabia, Mexico, South Africa, Indonesia, and Vietnam, economies where demographic tailwinds, digital advancement, and capital market under-penetration continue to offer meaningful long-term growth potential.

Sector Breakdown

Name

Weight (%)

Financials

36.53%

Materials

13.62%

Consumer Discretionary

9.15%

Energy

8.65%

Industrials

6.30%

Country breakdown

Country	Weight
1. India	21.09%
2. Brazil	18.90%
3. South Africa	10.14%
4. Saudi Arabia	9.42%
5. Mexico	7.12%

ETF information

ETF name	TER	Exchange	Trading currency	Exchange code	ISIN
WisdomTree True Emerging Markets UCITS ETF	0.25%	LSE	USD	WEM	IE000Q1M7HB8
WisdomTree True Emerging Markets UCITS ETF	0.25%	LSE	GBx	WEMP	IE000Q1M7HB8

David Stevenson

Twitter: @advinvestor

This article is for educational purposes only. It is not a recommendation to buy or sell shares or other investments. Do your own research before buying or selling any investment or seek professional financial advice.