EMERGING MARKETS EQUITIES

China Concentrated Equity

This strategy invests in publicly traded companies based in China. The portfolio holds 20-35 issuers, and clients typically benchmark the strategy to the MSCI China Index.

OVERVIEW

Why Mondrian for Emerging Markets Equities?

We are a value-oriented defensive manager – we invest in stocks where rigorous dividend discount analysis isolates value in terms of the long-term flow of dividends.

Performance

As of December 31, 2023

Annualized

Mondrian China Concentrated Equity Composite (USD)

Inception date: January 1, 2019
Index returns are shown with net dividends reinvested.
Past performance is not a guide to future performance. The value of investments and income from then can fall as well as rise and investors may not get back the original amount invested. Please see important information below.
Periods over 12 months are annualized.
Mondrian Investment Partners Limited (“Mondrian”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A GIPS Composite Report is available on request from mondrian.website@mondrian.com.

Calendar Year

Mondrian China Concentrated Equity Composite (USD)

Inception date: January 1, 2019
Index returns are shown with net dividends reinvested.
Past performance is not a guide to future performance. The value of investments and income from then can fall as well as rise and investors may not get back the original amount invested. Please see important information below.
Periods over 12 months are annualized.
Mondrian Investment Partners Limited (“Mondrian”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A GIPS Composite Report is available on request from mondrian.website@mondrian.com.

Defensive Characteristics

Mondrian China Concentrated Equity Composite (USD)

Index returns are shown with net dividends reinvested.
Past performance is not a guide to future performance. The value of investments and income from then can fall as well as rise and investors may not get back the original amount invested. Please see important information below.
Periods over 12 months are annualized.
Mondrian Investment Partners Limited (“Mondrian”) claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. A GIPS Composite Report is available on request from mondrian.website@mondrian.com.

Portfolio

As of December 31, 2023

Characteristics

Characteristic Mondrian MSCI China Index
P/E (trailing 12 months) 9.7 11.7
P/B (trailing 12 months) 1.3 1.2
Price/Cash Flow 7.2 10.1
Dividend Yield (%) 4.0 2.8
Number of Holdings 28 766
Weighted Average Market Cap (million, USD) 76,139 90,575
Median Market Cap (million, USD) 12,015 1,507
Information Ratio (3 years) 0.60

Sector Allocation

Country Allocation

Top 10

News & Insights

emerging markets

Emerging Markets Investment Outlook – Q2 2023

The theme which has overwhelmingly captivated markets this year is Artificial Intelligence, or AI. Since the public launch of the Chat GPT application by OpenAI late last year, the impressive way large language …
View article Emerging Markets Investment Outlook – Q2 2023
investment strategy

Emerging Markets Investment Outlook – Q2 2022

Over the last few months, we have written extensively, and discussed at length with clients and consultants why we thought China was arguably the most attractively valued emerging market, if not global market.
View article Emerging Markets Investment Outlook – Q2 2022
financial goals

Institutional Investor – As Global Markets Shudder, Investor Sentiment About China Ranges from Exuberant to Highly Cautious

Institutional Investor speaks with Mondrian’s Head of Chinese Equities, Ginny Chong, to discuss why fundamental factors are not driving components for retail investors in the onshore China Market.
View article Institutional Investor – As Global Markets Shudder, Investor Sentiment About China Ranges from Exuberant to Highly Cautious

This marketing material is designed for professional investors only. An investment involves the risk of loss. Past performance is not indicative of future results. The investment return and value of investments will fluctuate.

This introductory material is for informational purposes only and is not an offer or solicitation with respect to any securities. Any offer of securities can only be made by written offering materials, which are available solely upon request, on an exclusively private basis and only to qualified financially sophisticated investors residing in jurisdictions consistent with Mondrian’s regulatory authorisations. The information set forth herein is a summary only and does not set forth all of the risks associated with the investment strategy described herein. The products and services described in this website are not available to investors in all jurisdictions. Information from this website must not be used in a way that would be contrary to local law or legislation.

Investing in emerging markets involves a greater risk of loss due to greater political, tax, economic, foreign exchange, liquidity and regulatory risks.

Performance results marked “Gross” do not reflect deduction of investment advisory fees but are net of transaction costs and withholding tax. Investment returns will be reduced accordingly. Performance returns marked “Net” reflect deduction of investment advisory fees and are calculated by deducting a quarterly indicative fee from the quarterly composite return.

Views expressed were current as of the date indicated, are subject to change, and may not reflect current views. Views should not be considered a recommendation to buy, hold or sell any security and should not be relied on as research or investment advice.

These materials may include forward-looking statements. All statements other than statements of historical facts are forward-looking statements (including words such as “believe,” “estimate,” “anticipate,” “may,” “will,” “should,” “expect”). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Various factors could cause actual results or performance to differ materially from those reflected in such forward-looking statements.

Calculations for P/E, P/B, dividend yield, sector country allocations, market caps, yield to maturity, modified duration, average maturity, average quality and country allocations are based on generally accepted industry standards. All characteristics are based on a representative account and derived by first calculating the characteristics for each security, and then calculating the weighted average of these values. The details of exact calculations can be provided upon request. All characteristic data provided is produced using Mondrian’s accounting system data.
There can be no assurance that the investment objectives of the strategy will be achieved.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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