Fund Objective

The Fund aims to provide long-term capital growth.

View on Past Performance

Strategy remained focused on providing long-term capital growth through investment in Latin American equities. We adopt a structured process blending top-down assessment with detailed company analysis - our views expressed via a concentrated portfolio of our best investment ideas.We sold our position in Compartamos in Mexico on a more negative outlook for the financial sector. Mining and railroad conglomerate Grupo Mexico entered the portfolio - its shares looking attractively valued, particularly given the likely outcome of an ongoing legal disputes. We increased our exposure to Peru buying leading banking group Credicorp and gold miner Buenaventura. Exposure to Brazil was reduced through the sale of Bradesco and reduction in both Unibanco and Lupatech.

Future Expectations

Despite current uncertainties we remain positive on the outlook for the emerging markets, including Latin America, as they are structurally stronger than developed markets and will continue to benefit from domestically oriented growth. In addition, valuations now look compelling on a historical basis.

Fund Details