July 2020 – Paul Espinosa describes how the Value Fund is adding “gems” – large companies with above-average returns on capital and high caliber management – at attractive valuation levels. The additions are increasing the liquidity and scalability of the Fund.

July 2020 – Andrew Foster continues to flag caution over markets as weak economic and corporate fundamentals combine with high valuations. He notes that in contrast to the broader EM, over half of the Growth and Income Fund’s constituents are expected to produce positive earnings growth this year. Lastly, Andrew expresses grave concerns for the future of economic and political freedoms in Hong Kong, given the new security law imposed by China.

Letter to Shareholders – Annual Report

May 2020 – Daniel Duncan offers a perspective on the volatile market environment and explains why he believes most developed market investors can benefit from the diversification offered by investing in the emerging markets. He cautions that while the initial COVID-19-related panic in global capital markets may be over, there could be significant negative economic and market events to come.

Field Notes

Penang, Malaysia

Beijing, China

The investment team shares its insights from research trips, including recent visits to Penang and Beijing.