Winner of Citywire Asia’s Best GEM Manager and GEM Fund House 2019.
Winner of the Emerging Markets Equity Manager of the Year at the Professional Pensions Investment Awards 2016 and 2017.
Citywire Euro Stars Top Manager 2017
The Emerging Markets Equity strategy aims to outperform its benchmark, MSCI Emerging Markets Index, by 3% per annum over a three-year rolling period. It targets high returns and long term capital growth by investing in a portfolio of primarily equity and equity-related securities traded in Emerging Markets.
The Emerging Markets Equity strategy targets strong excess returns through fundamental bottom-up stock selection, within an integrated top-down macro framework.
TT believes that structural inefficiencies within Emerging Markets offer attractive rewards for successful active managers. Such inefficiencies are partly the result of insufficient analysis of the interplay between top-down and bottom-up factors. They also stem from a distinct lack of analysis by the sell- and buy-side communities, creating significant opportunities for mispricing. Finally, we believe that such inefficiencies are the result of behavioural biases created by the skewed index composition in Emerging Markets. Our process aims to target these inefficiencies.
Top-down analysis of countries and currencies is expected to contribute approximately a third of the long term outperformance, with detailed fundamental analysis on stocks expected to drive the remainder.
Portfolio construction is the synthesis of idea generation, conviction and risk management. The strategy will typically hold between 50 and 60 stocks, with an active share typically above 80%.
The following aspects of our investment process provide an edge and set the TT proposition apart from the competition:
Citywire Euro Stars Top Manager
Niall is Lead Portfolio Manager and Head of TT’s International and Global Emerging Markets Equity strategies. Before joining TT in 2010, Niall spent ten years with Aviva Investors, where he was most recently CIO of Equities, having been previously Head of Emerging Markets and Asia. Niall, who began investing in Emerging Markets in 1994, graduated from the University of Liverpool with an honours degree in Civil Engineering.
Read some of Niall Paul's articles and insights in our 'What We Think' section.
Rob is Co-Portfolio Manager of our Global Emerging Markets Strategy and Lead Portfolio Manager of our Emerging Markets Unconstrained Strategy. Before joining TT in 2011, Rob worked at Pictet Asset Management, where he was most recently Head of Latin America, having been Senior Portfolio Manager for Emerging Markets. Robert has a BA from the University of Oxford, as well as an MA (Distinction) and a PHD from the University of East Anglia. He is also a CFA Charterholder.
Read some of Rob James' articles and insights in our 'What We Think' section.
Harry is Co-Portfolio Manager of our Environmental Solutions Strategy and a Senior Emerging Markets Analyst. Prior to joining TT in 2012, he worked at UBS in Emerging EMEA Equity Sales. Harry graduated from the University of Oxford with a BA in Philosophy, Politics and Economics.
Read some of Harry Thomas' articles and insights in our 'What We Think' section.
Citywire Euro Stars Top Manager
Duncan is Portfolio Manager of our Asian Equity Strategy. He is also a member of our Ideas Factory, focussing on the Pan-Asian Financials sector. Before joining TT in 2014, Duncan was a Senior Portfolio Manager of the Global Emerging Markets Fund at USS Investment Management. He graduated from the University of Bristol with a BSC in Economics and Finance. Duncan is also a CFA Charterholder.
Read some of Duncan Robertson's articles and insights in our 'What We Think' section.
Marco is Portfolio Manager of our China Focus Equity Strategy and a Mining Analyst. Before joining TT in 2013, he was in the Asian Equity Team at Manulife Asset Management. Marco graduated with a BBA from Wilfrid Laurier University and is also a CFA Charterholder.
Read some of Marco Li's articles and insights in our 'What We Think' section.
Diego Mauro is an Emerging Markets Portfolio Manager, with responsibilities for Tech and Financials. Before joining TT in 2020, Diego was a Portfolio Manager/Analyst at Hermes, covering the Tech and Financials sectors across EM. More recently, Diego has been based in Argentina at Fundamenta Investments, a Latin American hedge fund. Diego obtained a Masters in Finance from the Universidad Torcuato Di Tella. He is also a Certified Public Accountant and CFA Charterholder.
Patrick Lin is a Senior Analyst covering the Consumer sector across China, and supporting research efforts on the Renewables sector. Prior to joining TT in 2021, Patrick was an Investment Analyst at J.P. Morgan and Capital Group in Hong Kong, before working as an Investment Analyst at Balyasny Asset Management, where he covered the Consumer, Airlines, Media and Agriculture sectors. Patrick has an MA in Management from London Business School and a BA in Technology Management from National Taiwan University.
Sharon is a Senior China Technology Analyst, based in our Hong Kong office. She joined TT in early 2022 from Sylebra Capital, a Technology, Media and Telecommunications long/short fund, where she spent 6 years as an Investment Associate. Sharon graduated with first-class honours in a Bachelor of Business Administration degree from Hong Kong University of Science and Technology.
Nick Carlon transitioned from TT’s dealing desk to become an Analyst on the Emerging Markets team. He now covers the Consumer sector across LATAM/EMEA. Nick joined TT in January 2016, having graduated from Oxford University in 2013 with a BA in Economics and Management.
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