Mobius Capital Partners

Mobius Capital Partners LLP is a UK-based investment management firm founded in 2018 by Carlos von Hardenberg and Mark Mobius. The firm runs a concentrated long-only strategy targeting small- and mid-cap equities in emerging and frontier markets, and trades publicly as MCP Emerging Markets. It is independent and partner-owned with employee co-investment.

Mobius Capital Partners acts as investment manager / AIFM for two principal vehicles: the LSE-listed Mobius Investment Trust plc and the Luxembourg-domiciled Mobius Emerging Markets Fund (a SICAV UCITS). Reported firm AUM is approximately £163m (unverified — confirm against latest factsheets/filings).

The firm runs a high-conviction portfolio of typically 25–30 positions in emerging and frontier-market small- and mid-cap companies. The investment process combines fundamental bottom-up analysis with ESG and governance engagement at the company level, with the aim of unlocking value through active dialogue with management and boards.

UK retail investors typically access the strategy via the listed Mobius Investment Trust plc (bought and sold like a share on the London Stock Exchange) rather than direct subscription into the Luxembourg fund, which is positioned at professional/qualified investors.

Mobius Investment Trust plc (LSE). Managed by Mobius Capital Partners LLP, with a tiered management fee calculated monthly on the lower of NAV and market capitalisation: 1.00% p.a. on Fund Value up to £500m, 0.85% p.a. for £500m–£1bn, and 0.75% p.a. above £1bn. No performance fee reported. Ongoing charges (OCF) reported between c. 1.4–1.5% in secondary sources — confirm in the latest annual report or factsheet.

Mobius Emerging Markets Fund (Luxembourg SICAV UCITS). Some Founder/Private share classes are reported with a 0.8% management fee plus a 15% performance fee subject to a 7% hurdle and High Water Mark. Minimum subscription for the Private C USD Founder class was reported as USD 100,000, with ongoing costs c. 1.5% (all unverified — verify in the prospectus and latest KIID).

No proprietary secondary market is offered; secondary liquidity for the Investment Trust comes via normal LSE trading.

Suited to investors seeking concentrated, actively managed emerging and frontier markets equity exposure with an ESG engagement overlay, and who can tolerate the volatility, currency risk and political risk inherent in those markets. UK retail investors will most readily access the strategy through the listed Investment Trust; the SICAV is generally positioned at professional/qualified investors with higher minimums.

Not suitable for investors needing short-term liquidity, low volatility, or broad benchmark-like emerging market diversification. Capital is at risk and total loss is possible.

Strengths.

• Specialist focus on under-researched small/mid-cap emerging and frontier names, with active ESG/governance engagement.
• Listed access via the LSE Investment Trust provides a daily-traded route for UK retail investors.
• Independent, partner-owned firm with employee co-investment alignment.

Risks.

• Concentration risk. 25–30 holdings means single-stock and single-country shocks have material portfolio impact.
• Liquidity and redemption events. In November 2025 the Mobius Investment Trust reportedly experienced very large redemptions (c. 43.1% of shares, c. £72m outflows) via a triennial redemption window, taking market cap below £100m — a material event for trust-level liquidity, discount behaviour and strategic viability.
• Country / political risk. Capital controls and operational frictions in markets such as China have been publicly flagged by the founders.
• FSCS limits. FCA authorisation does not equal FSCS cover for investment losses.

• FRN not confirmed in research. Mobius Capital Partners LLP is reported as FCA-authorised, but the specific FRN and full permissions list were not located in the research — verify directly on the FCA Register by name before relying on regulatory status.
• Founder transition. Co-founder Mark Mobius is reported to have passed away in April 2026, after stepping back from day-to-day activity in earlier years. Investors should check formal succession and key-person disclosures from the firm and the trust's board.
• Material redemption event (Nov 2025). The c. 43% redemption from the Investment Trust is a significant operational signal — review subsequent RNS announcements and any board statements on the trust's future structure.
• Unverified figures. Reported firm AUM (£163m), share-class fee mechanics, OCF/TER and performance numbers should all be reconfirmed against the latest primary fund documentation.