For purposes of this report, the Firm defines itself as consisting of the assets that it manages directly. Composite Definition Accounts in the composite seek to achieve consistent above-average returns over the long term by investing in growth companies in emerging countries that are open to external investors. As a bottom-up stock selector, security selection is top priority. No minimum or maximum market capitalization ranges are targeted. Industry and country allocations are a residual of the stock selection process.
Portfolios are widely diversified across countries and industries.
No currency hedging and no derivatives are used. The benchmark is the MSCI Emerging Markets Free Total Return Index. Composite results are calculated using an asset-weighted return method. Quarterly and annual returns are calculated by linking the returns through compounded multiplication. An account is included in the composite when it is deemed that the investment decisions made by the investment advisor fully reflect the intended investment strategy.