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The investment objective of the fund is to maximise absolute returns by investing both long and short mostly in the securities of Eastern European, Middle Eastern and African (EMEA) issuers or issuers with a significant economic exposure to those regions established elsewhere. The investment brief also includes opportunities to invest long and short in funds investing in those regions. The Fund may invest in both listed and unlisted, rated and unrated equity and debt securities, futures, options, warrants, OTC derivatives and cash.
The team's philosophy is to identify pricing inefficiencies which result from inaccurate consensus forecasts of growth rates and the cost of capital both at a country and company level.
The team uses a structured approach based on seven key factors of growth, liquidity, assets and liabilities, currency, management, valuation and technicals. These apply to both country and company analysis.
Generally the top down and bottom up views contribute about 50:50. The bias is marginally towards bottom up, given that stock specific views contribute to asset allocation as well as stock selection.