SMALL CAPS

Emerging Markets Small Cap

This strategy invests in emerging market securities of approximately USD 2.75 billion or less in market capitalization. The portfolio ranges from 70 to 120 companies, and clients typically benchmark the strategy to the MSCI Emerging Markets Small Cap Index.

OVERVIEW

Why Mondrian for Emerging Market Small Cap Equities?

Mondrian’s Small Cap Equity team is comprised of 12 investment professionals based in London, UK. Our portfolio managers take pointed views at both the market and security level. Each team member is assigned country and sector research responsibilities. We employ a consensus driven decision making process with the head of the team having the casting vote. Extensive dialogue amongst the group is paramount to ensure a consistent valuation approach.

Performance

As of December 31, 2023

Annualized

Mondrian Emerging Markets Small Cap Equity Composite (USD)

Inception date: November 1, 2011
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 Emerging Markets Small Cap Equity Composite (USD)

Inception date: November 1, 2011
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 Emerging Markets Small Cap 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 World ex-US Small Cap Index
P/E (trailing 12 months) 24.1 21.3
P/B (trailing 12 months) 3.5 1.5
Price/Cash Flow 15.4 10.7
Dividend Yield (%) 2.0 2.7
Number of Holdings 81 1,986
Weighted Average Market Cap (million, USD) 2,726 1,789
Median Market Cap (million, USD) 1,547 952
Information Ratio (3 years) 0.18

Sector Allocation

Country Allocation

Top 10

News & Insights

risk management

Emerging Markets Small Cap Investment Outlook – Q4 2023

We believe an environment of protracted modest global growth drives the search for yield and investments providing growth. This favors investments in an inefficient asset class such as emerging markets small cap which offers structural growth.
View article Emerging Markets Small Cap Investment Outlook – Q4 2023
financial expertise

Video: Why Emerging Markets Small Cap

Head of Emerging Markets Small Cap, Graeme Coll, discusses the opportunities in the asset class, including how a large and relatively under-researched universe of stocks creates significant potential for active management to generate alpha.
View article Video: Why Emerging Markets Small Cap
ppp

Mondrian’s Purchasing Power Parity (PPP) Approach

Mondrian’s Purchasing Power Parity method (PPP) provides a consistent measure of value across all currencies – a process we have employed since the founding of our firm in 1990.
View article Mondrian’s Purchasing Power Parity (PPP) Approach

Literature

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.

The shares of small- and medium- capitalization companies can be more volatile than larger companies.

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.

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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North American Investors

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Non-North American Investors

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United Kingdom

Asia-Pacific

Unit 2704
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