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CRUX China Fund

Fund Opportunity

Central to the CRUX China Fund is an investment philosophy which focuses on active investing for the long-term, on a 3-5years+ basis. This longer than average time frame allows the investment team to analyse consumer trends, identify behavioural biases and exploit market inefficiencies, often overlooked by the market who typically forecast earnings over a 2-year period. The fund manager seeks companies that will double their revenue earnings over a 3–5-year period and is unconstrained by the benchmark in terms of stock, country and sector exposure.

Shanghai_2023 China Fund

Investment Process

A key component of the investment philosophy is the Fund Managers belief in ‘Growth2’, whereby investing in the best growth stocks in the faster growing regions allows the fund capture opportunities and generate alpha. The fund manager anticipates change and embraces opportunity, which means recognising the world is changing rapidly and one is unable to forecast the future, however by thinking longer-term and looking for change, the fund will be better positioned to capture these opportunities. 

Fund Facts

Fund Name Strategy Fund Manager Style Pricing Eligible Assets Benchmark Structure
CRUX China Fund China Multi-Cap Fund Ewan Markson-Brown Active Daily Chinese and overseas equities MSCI All-China Index Luxembourg Domiciled SICAV/ EU -UCITS


Share Class Share Type Eligible investors Share Class Currency ISIN Ongoing Charges* (OCF) Performance Fee Minimum Investment Amount
A-Class Accumulation All investors GBP LU2382312051 1.30% None €1,000.00
A-Class Accumulation All investors EUR LU2382312564 1.30% None €1,000.00
A-Class Accumulation All investors USD LU2382310196 1.30% None €1,000.00
B-Class Accumulation Institutional Investors GBP LU2382311913 0.95% None €1,000.00
B-Class Accumulation Institutional Investors EUR LU2382312481 0.95% None €1,000.00
B-Class Accumulation Institutional Investors USD LU2382313026 0.95% None €1,000.00
B-Class Income Institutional Investors GBP LU2382311830 0.95% None €1,000.00
B-Class Income Institutional Investors EUR LU2382312309 0.95% None €1,000.00
B-Class Income Institutional Investors USD LU2382312994 0.95% None €1,000.00
F-Class** Accumulation Institutional Investors GBP LU2382311756 0.75% None €8,000,000.00
F-Class** Accumulation Institutional Investors EUR LU2382312218 0.75% None €8,000,000.00
F-Class** Accumulation Institutional Investors USD LU2382312721 0.75% None €8,000,000.00
F-Class** Income Institutional Investors GBP LU2382311673 0.75% None €8,000,000.00
F-Class** Income Institutional Investors EUR LU2382312135 0.75% None €8,000,000.00
F-Class** Income Institutional Investors USD LU2382312648 0.75% None €8,000,000.00

*The ongoing charge is estimate only. This figure may vary year to year.
** Subscription deadline - Subscriptions orders must be received on or before 30 September 2022. Thereafter the F-Class will be closed to new investors

Fund Performance

Meet the Manager

Ewan Markson-Brown

Ewan Markson-Brown joins CRUX on the 9th September 2021. He has worked in the investment industry for over 21 years. Ewan was an investment manager in the Emerging Markets Equity Team at Baillie Gifford 2013-2021, where he co-managed the Pacific Fund since May 2014 and Pacific Horizon Investment Trust PLC since March 2014. Prior to Baillie Gifford, Ewan was a Senior Vice President in Emerging Markets at PIMCO. He previously worked at Newton for five years as Lead Portfolio Manager on an Asia Pacific Equity Strategy, as well as segregated Asian income and Japanese Equities Strategies. He graduated MA in Politics, Philosophy and Economics from the University of Oxford in 2000.

Asian Announcement

Fund Objectives and Investment Policy

The investment objective of the CRUX China Fund is to produce returns comprising capital growth over the long term through investment primarily in equity securities in China.

Benchmark : MSCI China All Share Index

The benchmark is a comparator against which the Fund’s performance can be measured. The index has been chosen as the Fund’s benchmark as it best reflects the scope of the Fund’s investment policy. The benchmark is used solely to measure the Fund’s performance and does not constrain the Fund’s portfolio construction.

The Fund is actively managed. The Investment Manager has complete freedom in choosing which investments to buy, hold and sell in the Fund. The Fund’s holdings may deviate significantly from the benchmark’s constituents.

The Fund seeks to achieve its objective primarily through investment in a diversified portfolio of equity securities of, or depositary receipts representing the shares of Chinese companies which are listed, traded or quoted on regulated markets worldwide with the aim of seeking exposure to growth investments over the long term. These investments include China A shares and transactions through Stock Connect. Chinese companies are companies that have their headquarters or a significant part of their operations in China. The Fund may also invest up to 10% of its net assets in cash and cash equivalents as well as other liquid financial assets, including inter alia bank deposits, time deposits, liquid money market instruments or investment grade debt securities issued by governments or supra-national organizations, and shares/units of money market funds, for distribution, redemption and for cash management purposes consistent with the investment objective and investment policy of the Fund. The Fund may, under exceptional circumstances (for example in an uncertain market environment), hold cash or cash equivalent in excess of 10%.

If the Investment Manager believes it to be beneficial to the Fund, some limited exposure to transferable securities other than Chinese companies may be undertaken up to 10% of its net asset value.

London Skyline

Contact Us

For individual investor enquiries please contact the Fund's Administrator.

in writing to:
International Financial Data Services (Luxembourg) S.A.
Registration Team
49, Avenue J.F. Kennedy
L-1855 Luxembourg

or by phone:
+352 46 40 10 666

or by email:

Office hours are between 9am and 5pm (CET) Monday to Friday

How to Invest

You can invest in the CRUX Asia ex-Japan Fund, a sub Fund of the CRUX Global SICAV, via several methods, which include:

Fund platform

The CRUX Asia ex-Japan Fund is available to purchase through a wide range of platforms and supermarkets. Please see the list of platforms and supermarkets below.

Financial Advisor

Your financial adviser can give you advice on making an investment. They will help plan your investments based on your overall financial goals. If you do not have a financial adviser, please visit 


You may invest directly by completing the appropriate application form, which is available from the literature section of this webpage and returning in to the address provided on the application form. 


The CRUX Asia ex-Japan Fund has multiple share classes available, some with different minimum investment amount or charging structures. Please refer to the Fund Fact section of this page or the literature section of our website for more information.


Important information

The material within this website (including research) is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell an investment.

The CRUX China Fund is available via the following providers:

All Fund

Currently Available

AJ Bell You Invest

Currently Available 


Currently Available

Fund Registrations:


Fund Domiciled UK Switzerland France Spain Luxembourg Germany
TM CRUX UK Core Fund  UK Yes          
TM CRUX UK Special Situations Fund  UK Yes          
TM Lansdowne European Special Situations Fund  UK Yes Yes        
TM CRUX European  Fund  UK Yes Yes        
CRUX (Lux) European Special Situations Fund  Luxembourg Yes Yes Yes Yes Yes Yes
CRUX Asia ex-Japan Fund Luxembourg Yes Yes Yes Yes Yes Yes
CRUX China Fund Luxembourg Yes Yes Yes Yes Yes Yes