In the latest in our regular series, Track to the Future, fund group distribution bosses share their thinking on asset classes, strategies and working with clients over the next 12 months.
Here, Simon Pinner, sales director at Aubrey Capital Management, discusses an upturn in investor sentiment, key drivers for 2026 and Tottenham Hotspur.
Which particular asset classes and strategies do you anticipate your intermediary clients focusing this year and into next?
Aubrey Capital Management is a specialist investment manager with a distinctive approach. Founded in 2006, it manages over $1bn of client assets in long-only growth equity strategies including global conviction, global emerging markets and emerging markets ex China. Aubrey also provides various investment solutions for private clients (as of 30 September 2025).
From speaking regularly with asset allocators in the fund buying community, there has been a positive change in investor sentiment towards investing in emerging markets equities and we believe this trend will continue into 2026.
The key drivers include:
Macro tailwinds: Weakening US dollar and low oil prices are powerful growth catalysts.
Monetary conditions: Falling inflation and continued monetary easing support investment
Strong growth in India: Business-friendly policies, high-quality management, and favourable demographics drive India’s expansion
AI adoption: Advances in AI benefit Korea and Taiwan (hardware) and China (implementation), boosting tech-driven growth
Undervalued asset class: Emerging Markets have been under-owned for over a decade, offering potential upside
Attractive returns: Portfolio cashflow and valuations remain compelling for investors
Aubrey’s Global Emerging Markets strategy focuses on companies that benefit from the growth in consumption and services in emerging markets. The growth of consumption in emerging markets is a persistent and enduring trend driven by a young, hardworking, high saving and upwardly mobile population.
As economies in the universe reach different stages of development, different growth opportunities across different sectors present themselves. Quite simply, as people become wealthier, their shopping lists change. This pattern is predictable. At its simplest, the team is focused on finding companies that provide goods or services which make people’s lives more comfortable, congenial or convenient.
To what extent do private assets and markets fit into your thinking? What are the current pros and cons for investors?
The private assets arena is not an area Aubrey currently operates in, nor do we have plans to do so. That said, it has been interesting to watch from a far how quickly this market is developing, with a number of distribution deals being announced, as participants bring their products to market and target investors.
The asset class has provoked debate amongst investors, with those in favour highlighting the potential higher returns on offer, diversification and reduced volatility benefits, along with investment control and access to unique opportunities. On the other hand, arguments against centre around illiquidity, lock-up periods, high costs and fees, reduced transparency and oversight.
Given client and regulatory pressure on charges, how is your business delivering value for money to intermediaries and end-clients?
There is a powerful case for boutique managers focused on performance and high active share with a sensible approach to capacity constraints.
The competitive advantages of the Aubrey’s investment approach include a highly committed and experienced investment team, operating within a boutique structure. Alongside this, the investment managers’ long experience of investing in emerging markets is a clear advantage.
Aubrey is a privately controlled business providing alignment with clients’ interests. This is further enhanced by our investment managers also being investors in Aubrey portfolios and in the capital of the firm.
The investment managers adhere to an original and rigorous investment framework which captures predictable behaviour. This is combined with a strong stock valuation discipline which focuses on companies fulfilling a minimum 15% ROE, 15% CROA and 15% EPS growth.
We also firmly believe in the consumption opportunity, where we focus on the aspirations of the five billion people living in emerging market countries, ranging from basic consumer goods to more sophisticated services, including technology.
This approach has yielded a record of delivering actively managed, benchmark agnostic, portfolios with high active share and long-term outperformance.
How much of your distribution is currently oriented towards climate change, net zero, biodiversity and other segments of sustainable investing? How do you see this approach to investing evolving?
Rather than isolating sustainability into standalone funds, Aubrey’s company research incorporates an internally developed assessment on sustainability based on the United Nations Global Compact.
Aubrey’s Global Emerging Markets Opportunities fund is SFDR Article 8. We support the UK Stewardship code and are a signatory to the Principles for Responsible Investment.
How are you now balancing face-to-face and virtual distribution? In a similar vein, how are you balancing working from home and in the office?
In my opinion, while there is no substitute for face-to-face meetings, this is not always possible, and the virtual route offers a practical distribution alternative.
The balance is ultimately driven by listening to clients and meeting their preferences on this point, whether that is a breakfast meeting, coffee, Teams call, or interaction over email.
We work in a people business, and I believe tht the majority of our industry still favour meeting in person. For example, we recently hosted two Meet The Managers events, at our offices in Edinburgh and London and these were well attended by external delegates.
In a similar vein, working from home has a number of benefits, but it is great to see my colleagues in our Gresham Street offices and there is no place quite like the City of London.
What do you do outside of work?
Outside of work I enjoy spending time with my family and seeing friends, both here in the UK and Germany. My wife is from Hamburg, which is a fantastic city and has been a big part of my life. It is also the headquarters of PUNICA Invest GmbH, our distribution partner in Germany.
What is the most extraordinary thing you have seen in your life?
Watching Heung-Min Son lift the UEFA Europa League trophy at the San Mamés in Bilbao with my Dad, moments after Tottenham Hotspur beat Manchester United.
Looking a little further ahead, in what ways do you see the asset management sector evolving over the next few years?
This is the million-dollar question! What I do know is that the one constant in the asset management sector is change and this looks set to continue with multiple catalysts in play.
Technology will remain a key driver, alongside the evolution of new products and sectors which will be adopted by investors. We have witnessed this recently with the flow of assets into private markets vehicles and active ETFs.
At the corporate level, fee and margin pressures will, in my opinion, continue to drive consolidation across the industry.
