- Invest across the entire frontier investment universe, including countries outside the MSCI Frontier Markets Index.
- Rigorous, risk-aware approach to identify quality growing companies trading at attractive valuations.
- Employ fundamental analysis with a focus on returns, balance sheet structure, management team and corporate governance.
- Disciplined approach to valuation. Verify relative valuation appeal versus peers and history.
- Consider macroeconomic and political factors to temper bottom-up enthusiasm.
- Number of holdings: typically 50-80 stocks
- Individual position sizes typically range from 0.5%-10%
- Country Ranges:
- Index countries: Unconstrained
- Non-index countries: Constrained – 15% limit in any one country
- Sector Ranges: Unconstrained.
- Reserves are typically less than 5%