Charlemagne Capital, the London-based asset manager which specialises in emerging markets, has launched its Magna Undervalued Assets Fund.

This open-ended fund will aim to invest in listed close-end funds and companies across global emerging markets which are trading at large discounts to their net asset values, and will work actively to narrow these discounts, Charlemagne said in a statement. Average closed-end funds discount-to-NAV levels are nearing 20 year peaks, the firm said, and these discounts give some downside protection, while there is also potential for outperformance if part of the discount is realised.

The fund’s underlying assets are expected to be listed across various stock markets, including London, AIM and New York, as well as local emerging markets.

Supported by the firm’s global emerging markets team, the fund’s lead portfolio advisor is Julian Mayo.

According to Mayo, market turmoil has generated “outstanding opportunities to invest in emerging markets” and the firm has been actively prospecting for ways to capitalise on this.

“We have thoroughly researched this space, meeting with a large number of companies and we see plenty of attractive opportunities across a wide range of sectors which investors can generate strong returns on,” he said.