Our actively managed portfolio is quite different from its benchmark in terms of individual holdings, position sizes, geographical allocations, and sector allocations. We identify and examine these divergences to confirm they are consistent with our explicit views, and continually review and reassess our assumptions about businesses and their operating environments to ensure that the judgments that we have made about them in the past still hold.
Emerging Markets Equity
In a world where growth has increasingly become a scarce commodity and as the nominal economic growth rates in emerging markets specifically have fallen significantly in recent years, investors are pursuing companies that are able to achieve rapid growth. This craving for growth is, we believe, the key motivation behind Information Technology’s leadership in recent quarters.
Having written previously about the high price that high-quality and rapidly growing companies command in a low-growth, low-income world, we sense the emergence (in fits and starts) of a "value" style outperformance, which, if it persists, will be a headwind for our investment style. We felt it initially in the first-quarter rally in Energy and basic Materials in the benchmark.
Frontier Emerging Markets Equity
Ever-changing regulation is a risk inherent to investing in frontier markets. Our adherence to strict diversification guidelines helps mitigate the idiosyncratic company-specific risks on a portfolio level.
International Small Companies
Predicting market shifts is, to our mind, well-nigh impossible, which is the main reason we never change our investment approach. We believe that shares of high-quality, growing companies—those with strong competitive positions, healthy balance sheets, and sustainable growth opportunities—are highly likely to outperform lower-quality companies over the long term provided that we are careful to pay no more than fair prices for them, and to let them go if they become overpriced.
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