Single Manager Solutions:
Emerging Market Equity Income Opportunities
Highly experienced team with over 50 years’ experience
The strategy is managed by North of South Capital’s Robert Holmes,
Matt Linsey and Kamil Dimmich.
High yielding concentrated portfolio
The strategy invests in 55-75 emerging market stocks across the market cap spectrum, all of which will offer dividends higher than the yield available in their respective bond markets.
The managers look to capture a high yield from this relatively concentrated portfolio of companies selected for their sustainable dividend characteristics and ability to grow at least in line with inflation.
Value-driven stock-picking
The team applies an active, value-based approach combining top-down macro research and bottom-up company analysis to identify mispriced stocks, building a carefully diversified portfolio.
A strong focus on risk management is embedded throughout the investment process and underpins the team’s disciplined approach to macro research and company analysis.
This well-established investment process has been successfully implemented in the teams core strategy for over a decade.
Investment philosophy
North of South three major investment principles:
1
Value investing outperforms other styles over time
By buying equities whose income streams are priced below those of the market and of its peers we expect to receive more income over time.
2
Value needs to be seen in the context of domestic risk free rate
Equities need to be attractive relative to their domestic fixed income markets in order to perform over the long term.
3
Value needs to be assessed relative to the riskiness of the stock
Establishing a consistent methodology for the equity risk premium is essential in this process.
GIPS Composite
previous UCITS strategy*
31 Jul 11 to 30 Jun 17
Live Pacific EM
Long only UCITS
30 Nov 17 to 31 Dec 21
During 4 month gap
index returns used
30 Jun 17 to 30 Nov 17
Performance from 31 Jul 2011 to 31 Dec 2021
Annualised performance from 31 Jul 2011 to 31 Dec 2021
Past performance is not indicative of future performance. Performance is provided gross of fees.
During 30 Jun 17 to 30 Nov 17 index returns have been used for the North of South Strategy.
Source: Pacific Asset Management, North of South Capital, Bloomberg
Hear from the team
Hear from Robert Holmes, co-portfolio manager of the Pacific North of South EM Equity Income Opportunities strategy as he outlines the approach, the teams experience and explains the opportunity for EM income:
Thestrategy is co-managed by Matt Linsey and Kamil Dimmich, partners and portfolio managers of the Pacific North of South EM All Cap Equity strategy. Listen as Matt explains the teams history, their value focussed approach and Kamil explains the importance of cost of capital in their investment process.
Matt Linsey, managing partner & portfolio manager
Robert explains what makes the strategy different to other income strategies
Why Invest?
Seeking companies with a demonstrated ability to have paid significant dividends at multiple stages of the market cycle
Strategic targeting of mature, well-run businesses in countries with low volatility currencies
In-depth macro research integrating equity, commodity and credit perspectives
Proprietary cost of capital approach to identify value across the emerging market spectrum
Value-driven stock-picking, grounded in disciplined fundamental analysis and company visits
Outstanding experience and insights provide a unique perspective on emerging markets
Pacific Asset Management and North of South Capital
Pacific Asset Management became a partner in North of South Capital In May 2017. Sir John Beckwith and the Pacific Investments Group has considerable experience in emerging markets, having founded a number of successful businesses including: Thames River Capital with its flagship emerging market fund Thames River Nevsky, which later became NevskyCapital. The Pacific North of South EM All Cap Equity Fund follows the same process that the North of South team has successfully executed for the last 13 years whilst benefitting from Pacific’s efficient, modern, independent model.
Investment team
Matthew Linsey
Portfolio Manager and Partner - North of South Capital LLP
Kamil Dimmich
Portfolio Manager and Partner - North of South Capital LLP
Robert Holmes
Portfolio Manager and Partner - North of South Capital LLP
Mark Latham
Strategist / Natural Resource Analyst & Partner - North of South Capital LLP
Nick Page
Head of Research- NORTH OF SOUTH CAPITAL LLP
Tony Tsai
Senior Analyst at North of South Capital LLP
Conrad Lee
Senior Analyst - North of South Capital LLP
find out more:
Pacific North
of South EM All Cap Equity
Contact us
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Contact us
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