Investment Process

• Macro/top down relative value comparison of countries
• Identification of global and regional business trends
• Quantitative measurements and qualitative assessments are employed to rank countries by their structural reform programs and uncover actual or emerging imbalances in their cyclical performance
• Equity and fixed income opportunities are then identified based on dynamic macro changes not yet discounted inbto security prices

Rigorous assessment of valuation - bottom up

• Absolute and cross country sector analysis
• EV/EBIDTA, EVs, ROCE, NAV valuations
• Analysis of company specifics
• DCF, management, corporate structure, regulatory environment

Portfolio Construction

• A limited selection of securities (20-45) from around 10-15 countries
• Diversification maintained through country and company exposure limits
• Primarily equities with selective fixed income positions
• Opportunistic shorts
• Agressive risk assessment