The folks at a $16.5-billion-AUM*, long-only, active global equity asset manager in Scotland are launching their first mutual fund for U.S. investors, and they're building a second fund. Watch for them to add retail share classes and perhaps ETFs down the line.

Last month, Sashi Reddy and David Gait, portfolio managers from Edinburgh-based Stewart Investors, unveiled the launch of the Stewart Investors Worldwide Leaders Fund (SWWLX), with a seed investment from an unnamed U.S foundation. Also last month, the Stewart team filed to launch the Stewart Investors Global Emerging Markets Leaders Fund (SGEMX). First Sentier Investors (US) LLC will serve as investment advisor to both funds.**

The Stewart Investors Worldwide Leaders Fund's inception date was June 17. The two funds currently both come in a single share class, "Select Shares," with a $1-million minimum investment. SGEMX's expense ratio will be 80 basis points after baking in a 553bps fee waiver, while SWWLX's expense ratio is 60bps thanks in part to a 545bps fee waiver. (Both fee waivers are promised through December 4, 2026.)

SWWLX is PMed by Reddy and Gait, with First Sentier Investors (Australia) IM Ltd. serving as subadvisor. The Stewart team has offered a Worldwide Leaders strategy to non-U.S. investors since 2013, and that strategy now has $467 million in AUM*.

"Quality businesses shine when the top-down macro environment becomes more challenging, as is the case today," Reddy states. "Companies with strong cultures and sound franchises manage uncertainty, volatility and complexity better than most, and we continue to find these businesses, buy them at reasonable prices, and remain patient investors."

"We look forward to extending our expertise to U.S. mutual fund investors seeking access to high-quality, high-conviction global equity options," Gait states. "As bottom-up investors, our goal is to protect the capital our clients entrust to us and generate long-term investment returns."

Another Stewart PM, Jack Nelson will PM SGEMX, while First Sentier Investors (UK) IM Limited will serve as subadvisor. The Stewart team has offered a Global Emerging Markets Leaders strategy since 2020, and that strategy now has $1.298 billion in AUM***.

Looking ahead, the Stewart team reveals in a press release that they hope "to offer more share classes for retail investors in the short term, with lower minimum investment requirements." And a spokesperson for Stewart confirms that, while this first U.S. mutual fund share class is geared towards U.S. institutional clients like endowments, foundations, pensions, and family offices, they're mulling over other retail options, too.

"We may consider an ETF for the strategy further down the line, as our relationships with the RIA market grows," the spokesperson tells MFWire.

SWWLX and SGEMX are diversified, actively managed series of Datum One Series Trust. The mutual funds' other service providers include:

Deloitte & Touche LLP as independent accounting firm;

ACA's Foreside Financial Services, LLC as distributor and principal underwriter;

Foreside Fund Officer Services as provider of compliance and financial controls services;

the Northern Trust Company as administrator, custodian, dividend disbursing agent, fudn accounting agent, registrar, and transfer agent; and

Ropes & Gray LLP as counsel.

*As of March 31, 2025.

**Stewart is a semi-autonomous business and trading name of Sydney-based First Sentier Investors, which includes: First Sentier Investors (US) LLC; First Sentier Investors (Australia) IM Limited; and First Sentier Investors (UK) IM Limited.
First Sentier Investors, in turn, is a 1,000-person subsidiary of Mitsubishi UFJ Financial Group, Inc. and has been in the U.S. mutual fund business already for several years with two funds.

***As of December 31, 2024.  

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