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“So far, the Chinese have invested $40-50bn in Pakistan. It is a very poor market and despite having 180 million people, tens of billions of dollars has a dramatic effect. We believe it will continue to grow at 4-5 per cent,” he said.
The fund holds stocks such as United Bank and providers of fertiliser and agricultural products. “[Pakistan] should do well and will potentially be moved to emerging markets in the next year or so, which will be a catalyst for a re-rating,” Mr Malloy added.
The RWC Global Emerging Markets fund has returned 53 per cent since launch compared with a 31 per cent peer average from the Offshore Equity Emerging Markets sector, according to FE Analytics.
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