Global Emerging Markets Equity Strategy

Global Emerging Markets Equity Strategy

Global Emerging Markets Equity Strategy


The Global Emerging Markets Equity Strategy is a diversified, core portfolio seeking to identify growing countries and the companies that could potentially benefit. In our integrated process, we translate macrothematic research and fundamental bottom-up analysis into a growth oriented portfolio. We take a thematic approach to help identify longer term trends not fully appreciated by the market and construct a diversified portfolio of 70 to 90 stocks we believe are positioned to benefit from the future drivers of growth in emerging markets.

Investment Approach

The Emerging Markets Equity team bases its investment philosophy on proprietary research, which shows that both country-level and stock-specific factors can drive risks and returns in emerging markets. As a result, the team seeks to add value by integrating top-down country allocation and bottom-up stock selection with a growth bias.

The team believes that in the long term, the dynamics of emerging markets are beneficial to the earnings of selective growth companies. Rather than focusing on short-term cyclical bubbles, the team takes a thematic approach to investing to identify longer-term trends not fully appreciated by the market. As often as possible, the team takes contrarian positions. This allows them to develop sound reasons for why consensus may overlook or ignore elements of a country or a stock where positive change may yet occur.


Differentiated Process

Our research shows that macro factors are an important driver of returns and risks in emerging markets, and we believe the most effective way to invest in EM is through an integrated top-down and bottom-up approach.  Our investors and dedicated macroeconomic research team conduct country, thematic and sector analysis to identify markets where the macro environment is positive and/or improving. We combine this with our disciplined fundamental, bottom-up process to select the most attractive investable companies.

Core Approach

We seek to construct a portfolio of 70-90 high conviction companies, actively positioned and diversified across countries and stocks. We identify stocks with a quality growth bias where companies have a solid balance sheet, strong competitive advantage, attractive and sustainable earnings growth and return on invested capital, and management that is aligned with shareholders. Our investment horizon is two to three years, and we expect tracking error for the strategy to be between 3-5%, relative to the MSCI Emerging Markets Index.1

Commitment to Emerging Markets

We have been investing in emerging markets since 1986 and our investors are located in New York, Singapore, Hong Kong and Mumbai, providing local expertise and on-the-ground research. As dedicated EM investors, we strive to deliver attractive excess returns across market cycles.


1 The targets and exposures presented are typical ranges. There is no assurance that these targets will be attained.

Investment Process
Portfolio Managers  
Paul Psaila
Paul Psaila
Managing Director
30 years industry experience
Amay Hattangadi
Amay Hattangadi
Managing Director
27 years industry experience
Eric Carlson
Eric Carlson
Head of Sustainability, Emerging Markets Equity Team
28 years industry experience

Team members may be subject to change at any time without notice. The investment team currently has 14 members; information on additional team members can be found on









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