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Deep Dive: These emerging-market fund managers focus on the explosive growth of consumer spending

Tom Masi and Nuno Fernandes, managers of the Trilogy Emerging Wealth Equity Fund, focus on consumer consumption in emerging markets. That has led them to varied investments such as a retro-motorcycle company, a high-alcohol liquor producer and a digital-payment firm.

The Trilogy Emerging Wealth Equity Fund TYWVX, +0.98% is sub-advised by Trilogy Global Advisors, an affiliate of AMG Funds. The fund is relatively small, with assets of about $68 million. However, Masi and Fernandes run a total of $2.6 billion in client money following the same strategy.

Strategy

We recently looked at the Emerging Markets Internet & Ecommerce ETF EMQQ, +0.00% which contrasts itself with the largest emerging-markets index funds — the Vanguard Emerging Markets Stock Index Fund VEIEX, +0.70% the Vanguard FTSE Emerging Markets ETF VWO, +0.16% and the iShares Emerging Markets ETF EEM, +0.16% — by not holding shares of state-controlled companies and, as its name implies, focusing on web-based businesses.

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