We focus on businesses that can grow faster than the overall economy. Though nearly all of our businesses will be adversely affected if global growth slows, we believe they will be more likely than weaker companies to sustain their margins and achieve at least modest revenue growth.
We are loath to make large bets on the direction of currencies or interest rates. Rather, our ongoing portfolio underweight in Financials companies has more to do with their subdued growth outlook and our general mistrust of their business quality.
We have found durable growth in industries and geographies as diverse and challenging as retailing in Mexico, energy in Russia, and telecommunications in Kenya. Amid the challenging economies and industries in which they operate, these companies are enhancing their competitive positions, tapping into new growth opportunities, and generating cash.
While the companies we invest in can be adversely affected by currency devaluations, because they have staying power and the pricing power that comes from bargaining power over customers, they are generally able to recover their margins over time. In most cases, they will come out of the economic crises significantly strengthened relative to their industry rivals.
In our International Small Companies portfolio, we hold stakes in firms that can benefit from the secular growth trends and can profit from helping to address some of the hardest challenges facing the health care industry.
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