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For Institutional Investors in the US

All-Cap Emerging Market Equity

Disciplined application and patient execution of investment process for strong risk-adjusted returns

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Overview

ABOUT THIS STRATEGY

We believe that, over the long term, share prices converge on a company’s intrinsic value, driven by its ability to generate free cash flow per share and our ownership of those cash flows. In the short term, prices are shaped by expectations, creating occasional inefficiencies between price and fair value. Our aim is to exploit these inefficiencies by buying high-quality businesses at prices below our assessed value.

INVESTMENT APPROACH

Exceptional Business Models More Likely Deliver Exceptional Returns
We seek to buy those exceptional business models when we have differentiated insights that lead to asymmetry in our favor.

Value Must Reach Shareholders
Focus on governance analysis and country-specific cost of capital identifies where value creation becomes investor returns.

Volatility Tests Investor Behavior
Our disciplined, input-focussed, and iterative process helps us distinguish changing prices from changing fundamentals and stay invested in our best ideas for the long term.

Portfolio Management

Matthew Culley

Portfolio Manager

Industry since 2008. Joined Firm in 2019.

Doug Turnbull

Portfolio Manager | Research Analyst

Industry since 2007. Joined Firm in 2024.

Performance

RETURNS (%) (As of 09/30/2026)
Composite Gross Composite Net MSCI Emerging Markets IndexSM
 
Returns (%)
Fund or index 3M YTD 1YR 3YR 5YR Since Inception
(10/01/2019)
Composite Gross -4.79 18.83 25.01 21.93 6.45 9.78
Composite Net -5.01 18.04 23.91 20.80 5.21 8.32
MSCI Emerging Markets IndexSM -0.24 23.73 29.65 24.69 9.44 10.91
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
RETURNS (%) (As of 09/30/2026)
Composite Gross Composite Net MSCI Emerging Markets IndexSM
 
Returns (%)
Fund or index 3M YTD 1YR 3YR 5YR Since Inception
(10/01/2019)
Composite Gross -4.79 18.83 25.01 21.93 6.45 9.78
Composite Net -5.01 18.04 23.91 20.80 5.21 8.32
MSCI Emerging Markets IndexSM -0.24 23.73 29.65 24.69 9.44 10.91
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.
Calendar Year Returns (%)
Composite Gross Composite Net MSCI Emerging Markets IndexSM
Calendar Year Returns (%)
Fund or index 2025 2024 2023 2022 2021 2020
Composite Gross 33.54 7.45 8.69 -25.88 -0.22 24.04
Composite Net 32.37 6.40 7.51 -27.21 -1.98 21.88
MSCI Emerging Markets IndexSM 34.36 8.05 10.27 -19.74 -2.22 18.69
Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Returns greater than one year are annualized. Returns are expressed in U.S. dollars unless otherwise stated. Composite returns are net of transaction costs and gross of non-reclaimable withholding taxes (if any and unless otherwise noted), and reflect the reinvestment of dividends and other earnings.
The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other expenses as described in the individual contract and, where applicable, Form ADV Part 2A.
Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but do reflect the deduction of model investment advisory fees based on the maximum fee rate in effect for the respective time period, adjusted for performance-based fees where applicable. Actual advisory fees may vary among clients invested in the strategy and may be higher or lower than model fees. Returns for each client will be reduced by such fees and expenses as described in the individual contract and, where applicable, in Form ADV Part 2A.

Documents

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