Minute | |
1:00 | Demand Fulfillment |
8:00 | Revenue Exposure |
12:00 | Value Capture |
17:00 | Quarterly Review |
34:00 | China |
40:00 | Rate Environment |
46:00 | Q&A |
This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized fund performance, portfolio holdings and other important information. Access “Slides” to view.
This investor update represents the views and opinions of the manager as of 13 Apr 2023, which are based on current market conditions, will fluctuate, and are subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.
MSCI Emerging Markets Index measures the performance of emerging markets. The MSCI China Index captures large and mid-cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g., ADRs). Emerging markets returns and country-specific index returns are in USD unless otherwise stated. All single country returns are net returns based on MSCI country indices. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market.
This discussion is not intended to be a recommendation of any individual security. The holdings mentioned comprised the following percentages of the Fund’s total net assets as of 31 Mar 2022: MercadoLibre Inc 6.4%, NU Holdings Ltd 2.5%, Sea Ltd 6.6%, Nvidia Corp 6.5%, Airbnb Inc 6.0%, Crowdstrike Holdings Inc 4.7%, Meituan 3.7%, Tencent Holdings Ltd 1.9%, Wuxi Biologics Cayman Inc 2.1%, HDFC Bank Ltd 3.1%, Grab Holdings Ltd 1.1%, Shenzhen Mindray Bio-Medical Electronics Co Ltd 2.1%, JD Health International Inc 2.1%, Align Technology Inc 2.0%, Apollo Hospitals Enterprise Ltd 1.1%, Visa Inc 4.9%, LVMH Moet Hennessy Louis Vuitton SE 3.2%, The Estee Lauder Cos Inc 3.1%, Snap Inc 2.4%. Securities mentioned, but not listed here or in the investor update presentation are not held in the Fund as of the date of this report.
Price-to-Earnings (P/E) Ratio measures how expensive a stock is. Gross merchandise value (GMV) is the total value of merchandise sold over a given period of time through a customer-to-customer exchange site. ASEAN, which we define as Thailand, Malaysia, Philippines and Indonesia countries. Net interest margin (NIM) measures the difference between interest income earned and paid out by financial institutions. Passport Companies are based in developed markets economically tied to emerging markets. Flexion which we define as the ability to deemphasize investments while preserving value pathways, to enhance portfolio outcomes.
Past performance does not guarantee future results. Current and future holdings are subject to risk.