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We look to invest in the winners that emerge as efficient and sustainable businesses.

Emerging markets are establishing sustainable growth rather than the old model of cheap labour, cheap land, pollute as much as you want. Now is the time for them to find their niche in the global supply chain.

Gary Greenberg

Lead Portfolio Manager

Experience & rigour

Manager Gary Greenberg has three decades of investment experience.

Truly active management

A concentrated portfolio with a high active share, invested long term.



Flexibility to invest across the market capitalisation spectrum.

From top to bottom

Bottom-up analysis finds quality companies trading at attractive valuations. Top-down framework identifies positive conditions for growth.

Quality & safety

Buying quality companies at a discount gives a margin of safety.

Integrated ESG

Environmental, social and governance factors are integrated into our analysis.

Risk management

Risk is assessed at a stock, sector and country level. The team also considers ESG elements as part of their assessment of risk. This analysis is supported by Hermes EOS, our in-house engagement service. The investment team’s analysis of risk and opportunities feeds into their allocation decisions, which are focused on risk-adjusted returns.


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Imitator turned innovator: Technological change in China Recent news flow about China has been dominated by Xi Jinping’s centralisation of power. But we believe the real story of interest for investors is the radical shift from imitation to innovation within the country’s economy. As China’s technology sector expands rapidly, we assess its transformative impact on the nation’s economy. Change is afoot in the global technology sector. Shenzhen is vying to become the next Silicon Valley – not in the immediate future, but perhaps in the next 15 years. And imitation by the world’s biggest factory is no longer the sincerest form of flattery. China is determined to be at the forefront of the next wave of technological innovation. Today, the government is fuelling growth in the technology sector. Funding for research is ramping up, thanks to the economy’s $11tn annual GDP, which is growing by over $650bn per year. By 2020, China will spend 2.5% of its GDP on R&D – that’s a 70% rise in absolute terms since 2015, and in line with the developed world. Furthermore, a nationwide policy introduced earlier this year allows all local governments to add R&D expenses into their GDP. This should spur governments to compete on this measure, boosting the country’s aggregate investment in R&D. Importantly, the effort is not limited to official channels. Support from the private sector is also driving technological innovation. China is fast becoming a hot destination for venture capitalists, already attracting more start-up capital than Europe.

Sales Contacts

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Head of UK & MENA Institutional