Global Emerging Markets
Overview
Experienced emerging equity market investors Emery Brewer and Ivo Kovachev use a predominantly stock-picking approach in finding opportunities in the fast-growing developing markets. They focus on growth companies that have the potential to develop world-class products or become industry leaders in local markets.
Competitive Advantage
- Very experienced team with a well-established investment approach and a long history of working together
- Performance – consistent long-term outperformance of portfolios managed by the PMs during the past > 25 years through various cycles
- Dual growth philosophy – dual philosophy of classic and recovery growth, allowing outperformance in up markets and providing downside protection in down markets
- Process – robust and repeatable investment process
- Superior, motivating boutique environment where interests of clients are aligned with those of funds managers and where funds managers have full investment autonomy
Investment Team
The strategy is managed by a Lead Senior Fund Manager Emery Brewer and a Senior Manager Ivo Kovachev who together launched the strategy in 2010. Before joining JOHCM, Emery founded the Driehaus Capital Management Emerging Markets Growth Fund which he managed for 10 years until he left Driehaus in December 2007. The fund was ranked by Lipper as the number one fund in Emerging Markets Fund category for this period. In 1998, he founded the Driehaus International Discovery Fund which he co-managed Ivo Kovachev until April 2005 and which was ranked as number one fund by Morningstar in the International Funds category for the three-year period of 1999-2001. Emery and Ivo are supported by a dedicated Senior Analyst, Ladislav Sabo, who joined in July 2016 and an Analyst, Dalibor Kovac, who joined August 2017.
Investment Philosophy & Process
Emery and Ivo follow a principally bottom-up, stock selection driven process that seeks to identify the most dynamic growth stocks within their investment universe. By making extensive use of screening tools and closely tracking corporate news flow, they aim to identify companies demonstrating strong and improving operational performance. They will look to find companies that have the potential to develop world class products or become industry leaders in local markets. In addition to strong fundamentals, the team considers market timeliness, as well as individual and relative valuations.
Portfolio Construction
- Typically 70 - 100 holdings
- 5% maximum weight
- 30% max country weight
- 30% max sector weight
- Timely idea generation and fast position initiation driven by team’s EM experience and robust investment process
- Weekly portfolio meetings to review holdings
