Investment Process

Getting to know the companies we invest in

To succeed in emerging markets, investors have to look at growth at the company level, and to understand whether it is sustainable and if the company treats shareholders fairly.

Maintaining contact is crucial

We always meet company management before we invest – and keep meeting them at least twice a year. We don’t attach much importance to benchmarks: if we don’t like a company, we won’t invest in it. But once we find a good company, we invest for the long term.

We look for:

• good management, meaning people we can trust, with a good track record of managing businesses and maximising shareholder value
• companies with strong, prudent and easy-to-understand balance sheets
• companies that are consistent generators of free cash flow. This determines the share price