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 value pathways to enhance long-term value creation.
As of 30 November 2024 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 4.26 | 34.44 | 41.38 | 0.16 | 12.91 | — | 12.09 |
Composite — Net | 4.09 | 33.18 | 39.94 | -0.89 | 11.74 | — | 10.93 |
MSCI Emerging Markets Index | -7.88 | 7.65 | 11.86 | -1.26 | 3.20 | — | 3.56 |
As of 30 September 2024 | QTD | YTD | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Inception |
---|---|---|---|---|---|---|---|
Composite — Gross | 10.18 | 28.94 | 44.55 | -2.18 | 13.81 | — | 11.82 |
Composite — Net | 9.90 | 27.96 | 43.08 | -3.20 | 12.64 | — | 10.66 |
MSCI Emerging Markets Index | 8.72 | 16.86 | 26.05 | 0.40 | 5.74 | — | 4.54 |
Trailing 12 Months Ended 30 September | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|
Composite — Gross | 72.93 | 18.06 | -47.70 | 23.82 | 44.55 |
Composite — Net | 71.20 | 16.85 | -48.28 | 22.55 | 43.08 |
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Composite — Gross | 43.40 | 83.46 | -8.71 | -40.56 | 30.96 |
Composite — Net | 41.94 | 81.64 | -9.68 | -41.21 | 29.62 |
MSCI Emerging Markets Index | 18.42 | 18.31 | -2.54 | -20.09 | 9.83 |
As of 30 September 2024 | Average Up Month | Average Down Month |
Composite — Net | 437bps | -376bps |
MSCI Emerging Markets Index | 376bps | -407bps |
Difference | +61bps | +31bps |
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 2024) |
|
---|---|
Sea Ltd (Singapore) | 6.0 |
MercadoLibre Inc (Argentina) | 5.7 |
MakeMyTrip Ltd (India) | 5.5 |
Visa Inc (United States) | 4.7 |
Adyen NV (Netherlands) | 4.7 |
Crowdstrike Holdings Inc (United States) | 4.4 |
NVIDIA Corp (United States) | 4.2 |
Airbnb Inc (United States) | 4.1 |
Grab Holdings Ltd (Singapore) | 4.0 |
NU Holdings Ltd (Brazil) | 3.9 |
Total | 47.0% |
Portfolio Statistics (as of 30 November 2024) |
|
---|---|
Median Market Cap (Billions) | $84.7 |
Weighted Avg. Market Cap (Billions) | $284.9 |
Number of Securities | 32 |
Number of Countries | 10 |
Cash (% of total portfolio) | 4.1% |
Region Allocation
(% of portfolio securities as of 30 November 2024)
Top 10 Countries (% of portfolio securities as of 30 November 2024) |
|
---|---|
United States | 34.9 |
India | 16.1 |
China | 15.9 |
Singapore | 10.4 |
Argentina | 5.9 |
Netherlands | 4.9 |
Brazil | 4.0 |
France | 3.8 |
United Kingdom | 2.3 |
Australia | 1.8 |