The Driehaus Emerging Markets team focuses on investing in emerging markets securities of all capitalizations, through the Driehaus Emerging Markets Growth, Driehaus Emerging Markets Small Cap Growth, Driehaus Frontier Markets, and Driehaus Emerging Markets Multi-Asset strategies. The strategies provide investors with exposure to companies experiencing growth inflections in addition to positive earnings revisions and medium-term (price) momentum, two factors that are positively correlated to alpha generation. The team is led by portfolio managers Howard Schwab, Chad Cleaver and Richard Thies.
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The strategy seeks to outperform the MSCI Emerging Markets Index over full market cycles.
The strategy strategy aims to outperform MSCI Emerging Markets Small Cap Index.
The strategy seeks to outperform the MSCI Frontier Markets Index over full market cycles.
The strategy seeks to provide superior risk-adjusted returns and higher total return than the MSCI Emerging Markets Index over a full market cycle.
The team employs a growth-oriented investment philosophy focusing on identifying company-specific growth inflection points and exploiting associated marketplace inefficiencies. Our philosophy hinges on a belief that market expectations tend to be ‘anchored’ to historical information and that points of inflection therefore introduce dislocations between market expectations and fundamentals which generate significant alpha capture opportunities. The team combines fundamental, macro and behavioral analysis with a nimble/active investment approach to quickly identify inefficiencies and generate a portfolio which uniquely seeks to achieve superior aggregate growth rates as well as superior risk characteristics.
On a country specific basis, we see dispersion across higher carry currencies in EM, with sound policy supporting the case for countries such as Indonesia, Philippines, and Brazil, while pivotal upcoming elections in India and South Africa could be a precursor to improved growth and reform. With inflation largely at bay across EM, we see a healthy backdrop for domestic demand.
We believe that more than ever, your view on how the Chinese economy evolves this year is central to asset allocation and your view on markets in general. In the decision-tree of investing in 2019, China is the root node. Why do we believe this?