Consumer Discretionary

Report by Copley Fund Research

EM fund exposure in the Restaurants industry group is soaring to new heights - a record 51.1% of the active EM funds in Steven Holden’s analysis now have exposure with the largest increases in weight dominated by Growth and Aggressive Growth investors. Ownership increases were seen in Yum China Holdings, Americana Restaurants and Jollibee Foods over the last 6 months, whilst net positioning fell in Jiumaajiu International and Jubilant Foodworks. Invesco EM All Cap and First Sentier Global EM are allocating over 10% to the sector with a further 7 funds allocating more than 5%.