The blurring of the line between emerging and developed markets

Our process often leads us towards consumer-focused companies as they typically have most of the qualities we look for in our investments. These include high barriers to entry, strong branding, stable margins, low capital intensity, high cash generation and little risk of falling prey to technological obsolescence. With this in mind, we are often asked by prospective investors why our emerging markets equity funds contain wellknown US and European-listed companies that one would typically associate with global funds, particularly when there are so many world-class emerging market consumer businesses to choose from already. Our response is always that, for our clients, we look for the best emerging market-related investment opportunities and, therefore, where the company is domiciled is no reason for exclusion.

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