A concentrated emerging-market equity portfolio for long-term investors.
The Emerging Market Certificate invests in 26 companies we believe are among the best businesses in emerging markets. We are long-term owners, not market timers, and we do not let index weights decide where capital should go. The certificate is structured by UBS and offers daily liquidity at NAV ±0.1%.
Portfolio snapshot
26
Portfolio companies
June 2022
Inception
+65.6%
Since inception
The best emerging-market companies can compound value far beyond developed-market indices.
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.
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.
Emerging-market opportunity
Emerging markets represent most of the world’s population and a large share of global growth, yet remain under-owned in global portfolios.
Portfolio
A focused collection of EM champions.
The certificate holds 26 companies across Asia, the Middle East, Latin America, Turkey, South Africa and selected special situations. The portfolio is intentionally concentrated: we prefer meaningful exposure to our best ideas over broad benchmark replication.
Not an index product
We do not own companies because they are large in an index. We own them because we believe they can create value over time.
Approach
Concentrated, long-only portfolio
A focused selection of best-in-class businesses across emerging markets.
Selection
Bottom-up stock picking
Companies are selected on quality, growth, cash generation, management and valuation.
Geography
Diversified EM exposure
Exposure across China, Asia ex-China, the Middle East, Turkey, Latin America, South Africa and other regions.
Discipline
Benchmark agnostic
Index weights do not drive portfolio construction or capital allocation.
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
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.
Unique Experience
More than three decades in equity investing.
Pascal Moura combines buy-side portfolio management experience with a long career in institutional equity research, including senior leadership roles at Deutsche Bank covering Switzerland, European small and mid caps, and emerging markets.
Aligned with investors
Pascal invests his own money in the certificate. The structure is designed to be performance driven, with a low management fee and a performance fee aligned with long-term value creation.
Investment style
Independent, concentrated and long term.
The certificate is managed with a clear business-owner mindset. There is no consensus committee, no benchmark pressure and no attempt 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
How to invest
Simple access through a UBS-issued certificate.
Investors can access the strategy through the Gepolis Emerging Market Equity Opportunity A Certificate. UBS acts as issuer, calculation agent and market maker, while Gepolis acts as portfolio advisor.
The Certificate can be purchased in the secondary market with UBS providing a bid-offer price, as well as the possibility to trade daily (t+1) @ NAV ±0.1%. For additional information, the latest factsheet or issuer documentation, please contact Pascal Moura.
Contact pmoura@gepolis.com →ISIN
CH1190340765
Issuer / Market maker
UBS
Liquidity
Daily
Execution contact
ol-ste@ubs.com
Pricing and NAV are available on Bloomberg, Reuters, Telekurs and UBS Quotes.
April 2026 factsheet
Latest portfolio snapshot.
The April 2026 factsheet shows a concentrated portfolio of 26 best-in-class emerging-market businesses, with daily liquidity, UBS as issuer and market maker, and a USD-denominated certificate structure.
+18.5%
2024 return
+21.7%
2025 return
+1.1%
YTD return
+65.6%
Since inception
PDF: Factsheet Emerging Market Equity Opportunity A — April 2026
Sector breakdown
Geographical breakdown
Certificate information
Issuer
UBS
Manager
Gepolis
Consultant
Pascal Moura
Currency
USD
Denomination
USD 100
Management fee
0.3%
Performance fee
12.5%
High Water Mark
Applies
Learn more
For investors seeking long-term EM exposure.
Request the latest factsheet, performance history and certificate details, including issuer documentation.
www.em-equity.com
A concentrated, long-term approach to emerging-market equities.
Email pmoura@gepolis.com → www.em-equity.comImportant 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.