This was part of a Nomura investor day with an introduction to a range of funds and strategies. This is a global high conviction fund with 32 holdings. Looking at the high-level data the fund seems to be strong in a rising market but protects less on the downside. The batting average is above 50 and probably reflects the weaker performance in down markets. Having said that the performance is strong, but it is worth comparing to other strategies.
They feel that Asia as a region has made the concept of investing in emerging markets redundant because this region is the key driver of returns. They believe there are plenty of opportunities and the region is recovering at a faster pace to the rest of the world. It is at its cheapest level for over a decade and continues to see outflows from investors….read more