Quarterly Letter
9 min read | After considerable volatility throughout the quarter, emerging markets performance took a dramatic positive turn during the last few weeks of September when Chinese leadership announced sweeping measures, both monetary and regulatory, to support the economy and boost capital markets. Whether or not it will ultimately be successful remains to be seen. Two of the other themes we are investigating this quarter can, for different reasons, be filed under the saying “don’t judge a book by its cover” – first, the relationship between return of capital and actual yields, and second, the investment opportunity set in the EM pharma sector.
