A Strategy Reflecting the True DNA of the EM Equity Asset Class
We invest across all sectors, all market cap quintiles, and all countries, including select frontier market opportunities. As the EM benchmark has concentrated in the past decade, active share has declined, meaning less-crowded opportunities can be uncovered with a broad, active approach. We expect growth and disruption in EM to be sources of opportunity.
We believe that a company’s intrinsic valuation is a function of its future financial productivity, demonstrated through a proven track record illustrating a business model’s ability to navigate exogenous factors inherent in emerging markets investing.
Finding High-Quality, Underappreciated Companies
Searching for opportunities amid change and uncertainty, we seek to capitalize on inefficiencies in the world’s public equity markets by taking a long-term view and leveraging our in-depth fundamental analysis, global industry knowledge, and distinctive cross-border frame of reference.
Our emerging markets investment process includes a diligent appraisal of a company’s quality and valuation, and the prudent incorporation of risk management throughout the investment process.
Quality is ultimately quantified by a company’s financial productivity, measured by its prospective cash flow return on invested capital or return on equity, considering its underlying cost of capital. Our focus is primarily on companies that have delivered strong sustainable cash flow return on invested capital and companies positioned to demonstrate improvement in financial productivity.
Risk management, including applying material Environmental, Social, and Governance (ESG) considerations, is prudently embedded throughout the investment process, seeking to maximize the risk/return efficiency of the portfolio and limit unintended risks. Quantitative analysis, fundamental research, and portfolio risk controls seek to prudently address company-specific, macro, and overall portfolio risk.
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