Our world view Our focus Our tools Our History Contact GOTHENBURG LUXEMBOURG PAPHOS SINGAPORE BREAKOUT NATIONS ALLOCATION BREAKOUT NATIONS BREAKOUT NATIONS We are convinced that the inherent growth potential of the developing markets rests in successfully unlocking the huge potential of its population, a growth potential that also could be supported by a benign demographic profile. Dunross certainly has presence in the developed parts of the world, but our main focus is on so-called Breakout Nations. The many fantastic entrepreneurs and employees of companies operating in the developing markets that we have come across during our travels, never ceases to amaze us. Their knowledge, energy and visions inspire us, and it is in such ventures we are prepared to make substantial investments. These companies constitute the basis for wealth creation, and it is through their endeavors that poverty is era­di­cated. The more of such dynamic individuals, the better. However, such entrepreneurial spirits also need a robust framework; hence the need of a supportive legal state and institutions that allow market forces to operate as efficiently as possible. Developing countries, that implement and strengthen market reforms, enforce property right, maintain a land registry, promote free-trade and improve its educational system, are markets we prefer to invest in. Moreover, if they try to reduce inefficient allocations of capital and labour (best done through lower taxation on these wealth creators), simplify trade, fight corruption, they offer hope for a more prosperous future. Countries exhibiting such characteristics we call “Breakout Nations”, and are countries we actively want to invest in for the long term; developing markets that have embraced the dynamic and progressive path of market economy and globalization to get out of the poverty trap. Also, of great importance for a Breakout Nation, is the income distribution across the various members or groups of the society, where a broad and well-established middle class as a stabilizing factor is instrumental. The most important equality reform however, is an educational system that is inclusive and available to as many as possible. You never know where the new entrepreneur or “Einstein” can be found? The country we like the most and where we have allocated most resources to is the Philippines, a fast-growing economy, faster than the growth rate of China. It is a country that now is implementing an extensive educational reform where the mandatory number of schooling years will increase from 10 years to 12 years, and the Government also endorses private investment in the educational sector. The extensive PPP investments in infrastructure and the privatization of the electricity market also demonstrate their commitment to more efficient markets. Corruption, however, is still an embedded problem, but as we understand it, a lot of measures are taken to fight this problem. breakout nations uppdelat Breakout Nations Bangladesh Botswana Chile China Colombia Estonia Georgia Hong Kong India Indonesia Israel Kenya Latvia Lithuania Mexico Philippines Poland Rwanda Singapore Sri Lanka Thailand Possible Breakout Nations Armenia Azerbajdzjan Brazil Bulgaria Costa Rica Croatia Czech Republic Ghana Hungary Jamaica Jordania Kazakhstan Macedonia Malaysia Mauritius Pakistan Panama Peru Romania Russia Serbia Slovakia South Africa Turkey Uganda Uruguay Vietnam Zambia The Old World Andorra Australia Austria Belgium Canada Denmark Finland France Germany Ireland Italy Japan Liechtenstein Luxembourg Malta Monaco Netherlands New Zealand Norway Portugal South Korea Spain Sweden Switzerland Taiwan United Kingdom United States ALLOCATION ALLOCATION 2017 Sector Financials Real Estate Liquidity & bond management External equity funds Industrial Consumer Discretionary Others Region Asia Latin/South America Africa Middle East Europe Others Country Philippines Georgia Mexico Indonesia Kenya Thailand Hong Kong Israel Sri Lanka Sweden Others © Copyright 2017. All Rights Reserved