- Profit Pools
- "What is unique about this moment in time is the emergence of large profit pools aligned to disproportionate value creation." —Quarterly Letter, Q3 2020
- View PDF
- Watch Video Addressing Disproportionate Equity Outcomes
The investment team seeks to build, preserve and enhance a stream of compounded business value. It defines this emphasis as follows:
Build
Pair low penetration domestic demand with scalable and enduring businesses that are able to drive value creation and disproportionate outcomes.
Preserve
Preserve value creation and establish a forward-looking construct for managing risk.
Enhance
Leverage risk pathways to enhance long-term value creation.
As of 30 April 2022 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | -13.53 | -29.85 | -38.01 | 9.89 | 10.97 | — | 10.40 |
Composite — Net | -13.61 | -30.12 | -38.69 | 8.75 | 9.82 | — | 9.25 |
MSCI Emerging Markets Index | -5.56 | -12.15 | -18.33 | 2.24 | 4.31 | — | 3.83 |
As of 31 March 2022 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | -18.88 | -18.88 | -24.25 | 16.47 | 15.24 | — | 12.93 |
Composite — Net | -19.11 | -19.11 | -25.06 | 15.27 | 14.04 | — | 11.76 |
MSCI Emerging Markets Index | -6.97 | -6.97 | -11.37 | 4.93 | 5.97 | — | 4.76 |
12 Months Ended | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Composite — Gross | 22.60 | 4.90 | 7.26 | 94.54 | -24.25 |
2017 | 2018 | 2019 | 2020 | 2021 | |
---|---|---|---|---|---|
Composite — Gross | 36.87 | -14.53 | 43.40 | 83.46 | -8.71 |
Composite — Net | 35.48 | -15.43 | 41.94 | 81.64 | -9.68 |
MSCI Emerging Markets Index | 37.28 | -14.57 | 18.42 | 18.31 | -2.54 |
As of 31 March 2022 | Average Up Month | Average Down Month |
Composite — Net | 428bps | -353bps |
MSCI Emerging Markets Index | 367bps | -398bps |
Difference | +61bps | +45bps |
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 April 2022) |
|
---|---|
Airbnb Inc (United States) | 6.4 |
Meituan (China) | 6.2 |
NVIDIA Corp (United States) | 5.9 |
MercadoLibre Inc (Argentina) | 5.8 |
Sea Ltd (Singapore) | 5.2 |
Snap Inc (United States) | 5.0 |
Visa Inc (United States) | 4.9 |
Crowdstrike Holdings Inc (United States) | 4.8 |
Adyen NV (Netherlands) | 4.8 |
Unity Software Inc (United States) | 4.5 |
Total | 53.6% |
Portfolio Statistics (as of 30 April 2022) |
|
---|---|
Median Market Cap (Billions) | $53.5 |
Weighted Avg. Market Cap (Billions) | $147.4 |
Number of Securities | 31 |
Number of Countries | 9 |
Cash (% of total portfolio) | 2.1% |
Region Allocation (% of portfolio securities as of 30 April 2022) |
|
---|---|
|
|
Developed Markets | 56.5 |
Asia | 37.2 |
Latin America | 6.3 |
Total | 100.0% |
Top 10 Countries (% of portfolio securities as of 30 April 2022) |
|
---|---|
United States | 43.7 |
China | 28.4 |
Netherlands | 8.4 |
Argentina | 6.0 |
Singapore | 5.3 |
France | 4.5 |
India | 3.4 |
Brazil | 0.4 |
Russia | 0.0 |