The judgments we make about growth and discount rates on price are really judgments about just how long companies can sustain the faster, more-profitable growth that delineates what we like to call "high-quality, growth businesses."
Focusing first on the business and only later on the attractiveness of its shares means that if its shares are not attractively priced, we can monitor the progress and valuation of the business while waiting for a dislocation in the share price to provide an opening for a purchase.
The positive momentum for EMs has been sustained by positive economic factors: strong Chinese growth, rising commodity prices, stable currencies, and reduced external imbalances in some of the more-fragile EMs amidst an upturn in global trade. To the list of EMs’ attractions add the high rates of profit growth being achieved by leading businesses.
The automotive trend toward electric and hybrid vehicles will provide a significant impetus to several of our holdings. Though these companies may see sales related to traditional internal combustion engine cars decline, we expect their electric vehicle-related products to grow at a faster rate, offsetting the loss in sales to traditional business.
The high-quality companies we own in the portfolio tend to demonstrate greater resilience to the political upheavals inherent in frontier markets and, in fact, can serve as "safe havens" in times of elevated geopolitical risk.
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