ScotGems (SGEM) was launched in 2017 and is managed by Tom Prew and Chris Grey from the St Andrews Partners investment team within Stewart Investors. SGEM seeks capital growth from a concentrated portfolio of 30–50 emerging market companies with market capitalisations below $2.5bn at the time of investment. The managers employ an investment philosophy that emphasises finding management and owners who display a strong sense of stewardship, and involves looking for those who, among other things, think like owners, have wealth invested in the company, take a long-term perspective and have a track record of treating all stakeholders fairly. Much of the time, the fund managers find the qualities they are looking for by being invested alongside a family or a business founder. There are many reasons for this preference, but the primary one is the managers’ belief that it is favourable to be invested alongside owners who want to preserve intergenerational wealth rather than chase short-term performance targets.