The Driehaus Emerging Markets team focuses on investing in emerging markets securities of all capitalizations, through the Driehaus Emerging Markets Growth and Driehaus Emerging Markets 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 aims to outperform MSCI Emerging Markets Small Cap Index.
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.
This month’s commentary focuses on global energy markets, which continue to experience significant fundamental change, linked to corporate capital allocation decisions, geopolitics, and the macroeconomic backdrop, carrying meaningful implications for both emerging (EM) and developed economies. Countries and companies that are able to navigate this shifting landscape are likely to be rewarded in an outsized manner by market participants, while those that embark on value-destructive strategies are bound to suffer material consequences.
This month’s commentary examines contributors and detractors from Q3 performance, as well as recent portfolio shifts, in greater detail.