The CO Eurizon SLJ EM Equity Magnificent 30 UCITS ETF is an actively managed, benchmark-unconstrained emerging market equity strategy built around our Magnificent 30 approach: a focused portfolio of approximately 20 to 30 companies selected for their scale, financial strength, operational resilience and leadership characteristics. We combine macro insight with bottom-up company research and ESG analysis to move beyond broad EM index exposure and focus on the businesses we believe have the potential to stand out across cycles.
“Emerging markets do not lack exceptional companies. The challenge is that broad indices combine them with a far more uneven opportunity set. Our view is that success in EM equities depends on identifying the countries and companies where structural strengths are not obscured by the wider index.”
Stephen Jen - CEO
At a glance
Concentrated, high-conviction Emerging Market equity exposure: a portfolio of approximately 20 to 30 companies, built around our strongest ideas rather than broad market representation.
Actively managed, benchmark-unconstrained: combining top-down macroeconomic analysis with bottom-up company research to invest selectively across Emerging Markets, without being tied to index weights.
Magnificent by design: focused on companies with scale, strategic relevance, financial strength, operational resilience, and leadership characteristics in their sectors and markets.
Aiming to identify durable businesses in EM: seeking durable business models, competitive advantages, and exposure to long-term growth drivers, in an asset class where country and company selection can materially shape outcomes.
Fund Details & Share Classes
Fund Managers: Stephen Jen, Fatih Yilmaz, Monica Wang & Team
Benchmark: No benchmark
Fund Launch: 25th March 2026
London Listing: 2nd April 2026
Fund Documents: See the bottom of the page.
Class A1 GBP Accumulating (Listed)
ISIN: IE0002TF35X3
Ticker: M30G
Total Expense Ratio: 0.80%
Currency: Unhedged
Class A GBP Accumulating (Unlisted)
ISIN: IE0007F21OT1
Ticker: Unlisted
Total Expense Ratio: 0.80%
Currency: Unlisted
Class A1 USD Accumulating (Listed)
ISIN: IE000VMDRT50
Ticker: M30
Total Expense Ratio: 0.80%
Currency: Unhedged
Class A1 EUR Accumulating (Listed)
ISIN: IE000MCQF2X3
Ticker: M30E
Total Expense Ratio: 0.80%
Currency: Unhedged
Our Investment Philosophy
We believe that:
Structural growth in EM is real, but index-level outcomes can mislead. Emerging markets can offer meaningful long-term growth, but that this has not consistently translated into attractive index-level earnings or equity outcomes.
EM is inherently diverse. Differences in policy settings, growth cycles, regulation and currency dynamics can materially shape outcomes, making country selection central to the investment process.
Macro is a central input, not background noise. Macroeconomic trends should help guide country allocation, risk positioning and stock selection, because they shape the environment in which companies operate.
Active selectivity matters in EM equities. We believe success depends on identifying the right countries, sectors and companies, and expressing those views through a focused portfolio of high-conviction ideas.
Investment Approach
“The strategy is designed to narrow the EM universe in stages, starting with country investability and macro conditions before moving to bottom-up company research. That process is intended to concentrate capital in a focused portfolio of businesses with the quality, durability and strategic relevance we believe matter most in emerging markets.”
Stephen Jen - CEO
Eurizon SLJ and the Team
We combine internationally recognised macroeconomic and FX expertise with deep experience in emerging markets. Stephen Jen and Fatih Yilmaz have worked together for over two decades, including in senior research and currency roles at major investment firms, and founded SLJ Macro Partners in 2011. That partnership shaped a platform where investment decisions are anchored in disciplined, decision-relevant research and a culture of rigorous debate.
Our team reflects that ethos. Across the broader team, we have 3 PhDs and 9 Master’s degrees, alongside multilingual and multicultural perspectives that support nuanced Emerging Market analysis and portfolio construction discipline. This blend of macro insight, analytical depth, and diversity of thought underpins how we approach emerging market equities.
In November 2025, Eurizon SLJ Capital acquired the business and talent of Fideuram Asset Management UK, expanding the platform’s capability and capacity. Following that acquisition, Roberto Demartini joined as Co-CIO alongside Stephen and Fatih, supporting leadership of the expanded investment platform within Eurizon Capital SGR (Intesa Sanpaolo Group).
Fund Literature Downloads
Latest thinking
Inflation, Weak Growth, and What Comes Next for the UK
Episode 182: We break down UK inflation and weak retail data ahead of the Budget, key economic releases across Europe and Asia, and the latest US indi
My thoughts on currencies, November 2025
Stephen Jen analyses why US growth remains strong even as job creation collapses, and what this means for inflation, the Fed, and global currency dyna
Fiscal Strains, Hawkish Signals, and the Return of US Data
Episode 181: Fiscal Strains, Hawkish Signals, and the Return of US Data: The UK: Fiscal Tension and a Slowing Economy; Europe, the RBA, and Global PMI
Holding, Waiting, Watching: The UK, China, and U.S. in Focus
Episode 180: Holding, Waiting, Watching: The UK, China, and U.S. in Focus. The UK: Bank of England’s Dilemma and Fiscal Tightening Ahead; Global Out
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