Perhaps policy makers, economies, and markets can thread [their] various needles without mishap, but it seems imprudent to us to rely on it. That is why we maintain our focus on the competitive structure of the industries in which our companies operate, and on the ability of their managements to exploit the advantages we have identified in order to keep their businesses on a growth path regardless.
While cognizant of the political uncertainty for many FEM countries, we will remain focused on investing over a longer-term horizon. Our goal is to invest in companies that are well positioned to grow in structurally attractive industries, have strong financials, and demonstrate capable management with the ability to successfully execute well-defined growth strategies.
While we resist making wholesale, top-down portfolio changes based on political policy predictions, it is not the case that we don't think about politics at all. Rather, our tendency is to think about political threats to an individual company's profitability and as a source of risk to portfolio concentrations.
PM Discussion: Emerging and Frontier Emerging Markets (2014)
PM Discussion: Risk and Return in Global Equity Markets (2014)
An Analyst's Perspective: Fragrances & Flavors Case Study (2014)
Risk, Return, and the Overthrow of the Capital Asset Pricing Model (2014)
The Global Auto Industry: What's Driving Growth? (2012)
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