The investment team seeks to build, preserve and reinforce a stream of compounded business value. It defines this emphasis as follows:
Build
Pair low penetration domestic demand with scalable and enduring businesses.
Preserve
Create a differentiated correlation experience, manage currency volatility and limit risk of investment impairment.
Reinforce
Reinforce a compounding outcome through methodical portfolio improvement.
As of 30 November 2019 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 8.49 | 36.84 | 32.97 | 16.88 | — | — | 11.17 |
Composite — Net | 8.30 | 35.57 | 31.61 | 15.67 | — | — | 10.02 |
MSCI Emerging Markets Index | 4.07 | 10.20 | 7.28 | 9.01 | — | — | 3.97 |
As of 30 September 2019 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | -4.09 | 26.14 | 21.82 | 11.42 | — | — | 9.52 |
Composite — Net | -4.34 | 25.17 | 20.57 | 10.27 | — | — | 8.39 |
MSCI Emerging Markets Index | -4.25 | 5.89 | -2.02 | 5.97 | — | — | 3.15 |
12 Months Ended 30 September | 2015 | 2016 | 2017 | 2018 | 2019 |
---|---|---|---|---|---|
Composite — Gross | — | 27.38 | 24.41 | -8.73 | 21.82 |
2014 | 2015 | 2016 | 2017 | 2018 | |
---|---|---|---|---|---|
Composite — Gross | — | — | 13.08 | 36.87 | -14.53 |
Composite — Net | — | — | 11.91 | 35.48 | -15.43 |
MSCI Emerging Markets Index | — | — | 11.19 | 37.28 | -14.57 |
As of 30 September 2019 | Average Up Month | Average Down Month |
Composite — Net | 366bps | -313bps |
MSCI Emerging Markets Index | 346bps | -381bps |
Difference | 20bps | +68bps |
Based on monthly net-of-fees composite returns beginning July 1, 2015. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively.
Top 10 Holdings (% of total portfolio as of 30 November 2019) |
|
---|---|
Alibaba Group Holding Ltd (China) | 5.5 |
HDFC Bank Ltd (India) | 5.5 |
MercadoLibre Inc (Argentina) | 5.1 |
Sea Ltd (Singapore) | 5.1 |
TAL Education Group (China) | 4.7 |
Adyen NV (Netherlands) | 4.7 |
Visa Inc (United States) | 4.6 |
NVIDIA Corp (United States) | 4.6 |
AIA Group Ltd (Hong Kong) | 4.5 |
Tencent Holdings Ltd (China) | 4.5 |
Total | 48.8% |
Portfolio Statistics (as of 30 November 2019) |
|
---|---|
Median Market Cap (Billions) | $22.9 |
Weighted Avg. Market Cap (Billions) | $124.1 |
Number of Securities | 38 |
Number of Countries | 13 |
Cash (% of total portfolio) | 5.5% |
Region Allocation (% of total portfolio equities as of 30 November 2019) |
|
---|---|
|
|
Asia | 54.7 |
Developed Markets | 29.2 |
Latin America | 13.0 |
Europe, Middle East and Africa | 3.1 |
Total | 100.0% |
Top 10 Countries (% of total portfolio equities as of 30 November 2019) |
|
---|---|
China | 33.5 |
United States | 13.7 |
India | 8.5 |
Brazil | 7.5 |
Netherlands | 6.1 |
France | 5.9 |
Argentina | 5.4 |
Singapore | 5.4 |
Hong Kong | 4.8 |
United Kingdom | 3.5 |