While it may not quite be the oldest of the emerging markets investment trusts (Fidelity Emerging Markets [formerly Genesis Emerging Markets] and Templeton Emerging Markets were both launched in 1989), JPMorgan Emerging Markets (JMG) does have the longest record of consistent management, with Austin Forey having run the portfolio on broadly the same lines for more than 30 years. J.P. Morgan Asset Management (JPMAM) has a wealth of analyst resources covering not just the well-known EM companies, but also the small- and mid-caps that could be the rising stars of tomorrow, and JMG's inclusion of these in its portfolio has helped it to more than double investors' money over the past decade. While the quality stocks the managers prefer have been somewhat out of favour in recent years, over the long term a focus on well managed firms with strong balance sheets and competitive advantages should serve investors well.
