This was our first introduction to the fund. Nick started by explaining that part of the key to the fund’s success is meeting companies and travelling. Through this they can really see what is happening on the ground. As an example, Brazil is starting to turn and offer real opportunities. It is not just about countries, but fundamentally they are stock pickers and they are looking for quality companies with strong market positions.
In terms of the market they feel there are real opportunities. For a number of years emerging markets had lagged behind developed economies but this started to turn in 2016. 2017 saw strong inflows which has helped push up the markets but even with this uptick in performance valuations are still cheaper historically and when compared to the developed world.