# Institutional Investments
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Global Emerging Markets Equities


Special Commentary: “Brazil: So much more than futebol”

Brazil has a lot more to offer than just soccer. In our view, it is home to some of the world’s best companies and remains a key hub for emerging growth and investment opportunity.

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Investment Process

In Emerging Markets equities, successful investors have to look at growth at the company level, know whether it is sustainable and whether they treat shareholders fairly.

Our house rule is always to meet company management before we invest – and to keep meeting them afterwards. We pay scant attention to benchmarks, if we don’t like a company, we won’t invest.

  • When we look for good quality management, we mean people we can trust, who have a good track record of managing businesses and of maximizing shareholder value
  • We prefer companies with strong, prudent and easy to understand balance sheets
  • We seek out companies that are consistent generators of free cash flow
  • Free cash flow is what determines the share price, because it supports share buy-backs and dividends
  • We view buying a stock as the start of the process, not the end. We visit the companies we hold at least twice a year. And once we find a good company we invest for the long term