- Constraints
- "…people who take the traditional approach of investing in less industrialized nations will be disappointed by their returns." —Bloomberg, 2020
- Watch Video Addressing Constraints
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 31 December 2020 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 20.61 | 83.46 | 83.46 | 30.98 | 28.29 | — | 22.59 |
Composite — Net | 20.31 | 81.64 | 81.64 | 29.64 | 26.98 | — | 21.33 |
MSCI Emerging Markets Index | 19.70 | 18.31 | 18.31 | 6.17 | 12.79 | — | 7.77 |
As of 31 December 2020 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 20.61 | 83.46 | 83.46 | 30.98 | 28.29 | — | 22.59 |
Composite — Net | 20.31 | 81.64 | 81.64 | 29.64 | 26.98 | — | 21.33 |
MSCI Emerging Markets Index | 19.70 | 18.31 | 18.31 | 6.17 | 12.79 | — | 7.77 |
12 Months Ended 31 December | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
Composite — Gross | 13.08 | 36.87 | -14.53 | 43.40 | 83.46 |
2016 | 2017 | 2018 | 2019 | 2020 | |
---|---|---|---|---|---|
Composite — Gross | 13.08 | 36.87 | -14.53 | 43.40 | 83.46 |
Composite — Net | 11.91 | 35.48 | -15.43 | 41.94 | 81.64 |
MSCI Emerging Markets Index | 11.19 | 37.28 | -14.57 | 18.42 | 18.31 |
As of 31 December 2020 | Average Up Month | Average Down Month |
Composite — Net | 480bps | -279bps |
MSCI Emerging Markets Index | 406bps | -464bps |
Difference | 74bps | +186bps |
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 31 December 2020) |
|
---|---|
Visa Inc (United States) | 6.2 |
Sea Ltd (Singapore) | 6.2 |
Alibaba Group Holding Ltd (China) | 6.1 |
MercadoLibre Inc (Argentina) | 5.0 |
Uber Technologies Inc (United States) | 4.6 |
NVIDIA Corp (United States) | 4.6 |
Wuxi Biologics Cayman Inc (China) | 4.5 |
Meituan (China) | 4.4 |
Unity Software Inc (United States) | 4.3 |
TAL Education Group (China) | 4.3 |
Total | 50.1% |
Portfolio Statistics (as of 31 December 2020) |
|
---|---|
Median Market Cap (Billions) | $89.8 |
Weighted Avg. Market Cap (Billions) | $196.2 |
Number of Securities | 31 |
Number of Countries | 10 |
Cash (% of total portfolio) | 0.7% |
Region Allocation (% of total portfolio equities as of 31 December 2020) |
|
---|---|
|
|
Asia | 48.7 |
Developed Markets | 42.0 |
Latin America | 7.4 |
Europe, Middle East and Africa | 1.9 |
Total | 100.0% |
Top 10 Countries (% of total portfolio equities as of 31 December 2020) |
|
---|---|
China | 38.4 |
United States | 30.8 |
Netherlands | 7.3 |
Singapore | 6.2 |
Argentina | 5.0 |
France | 4.0 |
India | 3.1 |
Brazil | 2.4 |
Russia | 1.9 |
Hong Kong | 1.0 |