INVESTMENT CAPABILITIES

Emerging Markets Equities

This strategy invests in emerging markets around the world with some select exposure to developed and frontier markets. The portfolio holds approximately 50 companies, and clients typically benchmark the strategy to the MSCI Emerging Markets Index.

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.

*Please refer to http://www.unpri.org for the PRI assessment methodology. Mondrian’s full Assessment Report and Transparency Report may be requested via the PRI Data Portal.
 

Performance

As of September 30, 2020

Mondrian Emerging Markets Equity Composite (USD)

Inception date: August 1996
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. 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. Please see important information below.
Periods over 12 months are annualized. 
 
Click here for important additional disclosure details of this composite.

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 authorizations. 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.
  
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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Portfolio

As of September 30, 2020

Characteristic
Mondrian
MSCI EM Index
P/E (trailing 12 months)
15.7
18.6
P/B (trailing 12 months)
2
1.7
Price/Cash Flow
11.6
11.3
Dividend Yield (%)
2.6
2.3
Number of Holdings
46
1,387
Weighted Average Market Cap (million, USD)
185,101
169,210
Median Market Cap (million, USD)
26,428
3,476
Information Ratio (3 years)
-0.13
-

Source: Mondrian Investment Partners/MSCI

News and Insights

Clive Gillmore, CEO and Group CIO at Mondrian Investment Partners, discusses the international markets and global equities. Hosted by Paul Sweeney and Vonnie Quinn.

Mondrian’s CEO/Group CIO, Clive Gillmore, was one of three featured presenters on P&I’s Managing Volatility Amid the Coronavirus webinar in early May. The panelists discussed the recent spike in the markets and economic volatility, what investors might expect for the long term and the implications of corporate bailouts for investors.

As featured recently in Fin daily, “Asset Managers Have Clashing Views On Coronavirus Severity: Webinar,” Clive Gillmore, Group CIO and CEO of Mondrian, provided insight and perspective on the international investment landscape and the coronavirus.

After the MSCI Emerging Markets Index (“Index”) fell 15% in 2018, the Index bounced back in 2019 posting an 18.4% rise.

Ginny Chong, Senior Portfolio Manager at Mondrian was recently interviewed by Chief Investment Officer magazine in the article “Is China Unstoppable?” Ms. Chong commented on the extent that the authoritarian Chinese government is an inhibiting force to innovative thinking.

Value has somewhat different meanings depending on one’s specific interpretation. We thought it would be interesting to further expand, and give our explanation of Mondrian’s emerging market portfolio value credentials by looking through a few different lenses.

At the African National Congress (ANC) election in December 2017, Cyril Ramaphosa was elected as the new leader of the party, replacing the ineffective and corrupt incumbent Jacob Zuma. Pure relief at a change of leader led to such exuberance in financial markets that the phrase ‘Ramaphoria’ was coined.

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© 2020 Mondrian Investment Partners Limited is authorised and regulated by the Financial Conduct Authority – Firm Reference Number 149507.
All information is as of September 30, 2020 unless otherwise noted.

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