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For Institutional Investors in the US

All-Cap Emerging Market Equity

A style-agnostic emerging markets strategy that blends top-down macro analysis with bottom-up stock selection to identify attractive opportunities in a volatile asset class

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Overview

ABOUT THIS STRATEGY

Countries and corporations in emerging markets are at different stages of economic and political development and make choices that create significant opportunities and risks. We believe that investing in companies at the intersection of attractive country, governance and fundamental analysis enable us to deliver superior risk-adjusted returns.

INVESTMENT APPROACH

All-cap, style-agnostic portfolio

  • Seeks to identify the most compelling opportunities across countries and regimes in various stages of economic and political development
  • We broaden the investable universe by looking outside of the index and diluting state-owned enterprises (SOEs) to create a pool of best ideas

Robust approach focusing on the intersection of country, governance and fundamental analysis

  • Investment ideas exhibit an improving direction of travel in country, governance or fundamental analysis.
  • Governance is a crucial factor of our investment process. In our view, controlling shareholders often do not oversee the company in a manner that would benefit all shareholders and not all political regimes provide predictable rule of law

Disciplined portfolio construction

  • Stock selection is intended to be the primary driver of alpha
  • We look to understand a stock’s range of possible outcomes and overall risk contribution to determine portfolio positioning

Portfolio Management

Daniel J. Graña, CFA
Daniel J. Graña, CFA

Portfolio Manager

Industry since 1995. Joined Firm in 2019.

Matthew Culley
Matthew Culley

Portfolio Manager | Research Analyst

Industry since 2008. Joined Firm in 2019.

Performance

RETURNS (%) (As of 09/30/2024)
Composite Gross Composite Net MSCI Emerging Markets IndexSM
 
3M YTD 1YR 3YR 5YR Since Inception
(10/01/2019)
Composite Gross 7.12 14.79 22.03 -2.73 5.28 5.28
Composite Net 6.88 13.92 20.78 -4.05 3.69 3.69
MSCI Emerging Markets IndexSM 8.88 17.24 26.54 0.82 6.15 6.15
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.
RETURNS (%) (As of 11/30/2024)
Composite Gross Composite Net MSCI Emerging Markets IndexSM
 
3M YTD 1YR 3YR 5YR Since Inception
(10/01/2019)
Composite Gross -1.59 8.23 10.10 -4.16 3.18 3.92
Composite Net -1.81 7.25 9.00 -5.42 1.65 2.37
MSCI Emerging Markets IndexSM -1.55 8.15 12.42 -0.82 3.62 4.30
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
For a complete list of holdings as of the most recently available disclosure period, contact us.

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
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Secular growth drivers align for emerging market equities

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