RWC Global Emerging Equity Fund 30th June 2020

Fund Aim Cumulative Performance - Institutional Share Class

The Fund seeks long-term capital appreciation. Under normal 156

circumstances, the Fund invests at least 80% of its net assets, 150
plus any borrowings for investment purposes, in equity 144
securities of emerging market companies, and in other 138
instruments, principally derivatives and shares of investment 132
companies, that have economic characteristics similar to such 126
securities. 120
114
Fund AUM $161.5m 108
Team AUM $8,039.2m 102
96
Firm AUM $16,467.5m
90
Dec Dec Dec Dec
Fund Details
2016 2017 2018 2019
Manager John Malloy
Launch Date 30th December 2016 Net Performance (%)
Structure Mutual Fund Trust NAV per 1M YTD 1 year as at Since Inception Since Inception
1 year as at
Domicile USA Share Q2 2020 June 2020 as at Q2 2020 as at -XQH 2020
Minimum Investment 10,000,000 (annualised) (annualised) (annualised) (annualised)
Institutional Share 11.38 10.46 -8.55 -2.78 -2.78  
Gross Expense Ratio* Class
Institutional Share Class 1.29% MSCI Emerging 7.35 -9.78 -3.39 -3.39 6.66 6.66
Net Expense Ratio* Markets TR
Institutional Share Class 1.25%
Annual Management Charge 0.90% Discrete Monthly Performance - Institutional Share Class
Dealing - Subscriptions Daily
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
Dealing - Redemptions Daily
2020 -5.35 -6.47 -18.60 12.50 2.13 10.46 - - - - - - -8.55
Administrator SEI Investments Global 2019 11.90 3.57 1.24 0.89 -8.92 7.58 -0.50 -6.12 2.81 4.40 0.00 6.02 23.31
Funds Services (SEI GFS) 2018 7.12 -3.63 -2.64 0.70 -3.36 -6.36 0.38 -7.57 -1.28 -9.09 1.09 -5.70 -27.30
Auditor PricewaterhouseCoopers
LLP Historic Annual Returns (%)
2017
*Expense ratio shown after waivers. Waivers are contractual
and in effect until 29 January 2021. 41.17

Fund Codes The performance data quoted represents past performance. Past performance does not guarantee
future results. The investment return and principal value of an investment will fluctuate so that an
Share Class ISIN Sedol Bloomberg
investors shares, when redeemed, may be worth more of less than their original cost and current
Institutional US00771X4438 - RWCEX
performance may be lower or higher than the performance quoted.

Commentary
Emerging markets extended their rally in June as global authorities continued to announce unprecedented levels of
monetary and fiscal stimulus. The MSCI Emerging Markets Index rose +7.35% while the RWC Global Emerging
Equity Fund rose +10.46%. North Asian markets rallied sharply with China, Taiwan and South Korea up +8.7%,
9.2% and 7.9%, respectively. Macroeconomic data remained encouraging across the region. Chinese PMIs were in
expansionary territory, industrial production posted a solid recovery of 4.4% year-on-year and export data
increased +3.1% month-on-month. South Korean technology exports rose +14.0% month-on-month. India rose
+6.8% during the month despite economic data remaining under pressure. However, mobility data has improved
considerably suggesting an economic recovery is imminent. Brazil rose +7.1% as the Central Bank lowered interest
rates by 75 bps to 2.25%. The country’s current account posted a $3.1 b surplus during the month and inflation
came in below expectations.
Russia was a positive contributor to performance as the oil price recovered +16.5% to $40 per barrel and the
Central Bank continued its accommodative stance by cutting interest rates by 100bps to 4.5%. Yandex rose
+24.3% as the company released a strong second quarter trading update with revenues from its taxi business
beating expectations, rising 40% year-on-year. The company also raised $800m in order to buy-out Sberbank’s
stake in Yandex Market which should allow it to leverage its other delivery capabilities for e-commerce and enter
new verticals. The fund’s copper theme exposure was also a contributor to performance as the copper price
rallied +11.9% to $2.74/lb. Covid-19 has caused significant supply disruptions in addition to factors such as
decreasing ore grades while demand begins to return to normal as lockdown policies ease. First Quantum and
KAZ Minerals rose +36.1% and +5.5%, respectively. Mercado Libre continued its strong performance, rising
another +15.8% during the month as e-commerce data in Latin America remained encouraging.
There were a few single stock detractors during the month. Hangzhou Robam Appliances fell -6.3% as the stock
price corrected after strong performance since March. The company continues to be a leader in the small
appliances sector in China and is now focusing on developing its e-commerce distribution channel. BRF, one of
Brazil’s leading pork and poultry producers, fell -9.1% despite positive news flow regarding re-opening of its plants.
African Swine Fever should also continue to boost the company’s margins due to protein substitution.

RWC Partners Limited - Verde 4th Floor, 10 Bressenden Place, London, SW1E 5DH
t. +44 (0)20 7227 6000 f. +44 (0)20 7227 6003 e. invest@rwcpartners.com
www.rwcpartners.com Authorised and regulated by the Financial Conduct Authority
 RWC Global Emerging Equity Fund 30th June 2020

Exposure Summary (%) Geographic Breakdown (%)

Equities 100.3
Cash -0.3 China
Taiwan
Top Ten Long Positions (%) South Korea
Tencent Holdings Ltd. 5.9 Brazil
First Quantum Minerals Ltd. 4.6 India
Taiwan Semiconductor Manufacturing Co. Ltd. 4.5 Russia
Samsung Electronics Co. Ltd. 4.0 South Africa
Alibaba Group Holding Ltd. 3.7 Zambia
Yandex NV 3.4 Argentina
SK hynix Inc. 3.1 Kuwait
AngloGold Ashanti Limited 3.0 Turkey
Petroleo Brasileiro SA 3.0 Kazakhstan
MercadoLibre Inc. 2.8 Vietnam
Panama
Fund Characteristics Thailand
Total No. Securities Held 66 Greece
Top Ten Position Concentration** 38.2 Ghana
Egypt
Market Cap Breakdown (% of NAV) Chile
> $25bn 40.3 Hong Kong
$5bn - $25bn 44.5 United Arab Emirates
$1bn - $5bn 14.7 Mexico
< $1bn 0.5
0 5 10 15 20 25 30 35 40

Sector Breakdown (%)

Information Technology
Consumer Discretionary
Communication Services
Financials
Materials
Industrials
Energy
Consumer Staples
Health Care
Real Estate

0 5 10 15 20 25 30

*Holdings subject to change. **Percentage of NAV.

Source: FactSet, RWC, Morningstar.
Disclaimer

The RWC Global Emerging Equity Fund is distributed by SEI Investments Distribution Co., 1 Freedom Valley Dr, Oaks, PA 19456, which is not affiliated with RWC Asset Advisors (US) LLC (the
investment adviser to the fund) or any of its affiliates. This document does not constitute investment, legal or tax advice and expresses no views as to the suitability or appropriateness of any investment
and is provided for information purposes only. The views expressed in the commentary are those of the investment team.
Investing involves risk, including possible loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in
currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Emerging and frontier markets involve heightened risks
related to the same factors as well as increased volatility and lower trading volume. The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s
gains or losses. There is no guarantee the fund will achieve its stated objective.
Carefully consider the fund's investment objectives, risk, and charges and expenses. This and other information can be found in the fund's full and summary
prospectus which can be obtained by calling 1-855-RWC-FUND. Please read the prospectus carefully before investing.

RWC Partners Limited - Verde 4th Floor, 10 Bressenden Place, London, SW1E 5DH
t. +44 (0)20 7227 6000 f. +44 (0)20 7227 6003 e. invest@rwcpartners.com
www.rwcpartners.com Authorised and regulated by the Financial Conduct Authority