Single Manager Solutions

Global Emerging Market Equity

Pacific North of South Global EM Equity Strategy seeks to achieve long-term capital appreciation through investing in a portfolio of emerging market equities.

overview

The Pacific North of South Global EM Equity Strategy is managed by North of South Capital’s Kamil Dimmich and Matt Linsey. A highly experienced emerging markets investment team with long-term knowledge of the markets and companies they invest in.

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. The strategy invests in 30-50 emerging market stocks across the market cap spectrum.

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.

Emerging Markets Video Update

Watch the latest EM update with Portfolio Manager Kamil Dimmich, filmed in February 2025.

Why invest?

Investment team

Get in touch

Document centre

Other EM Capabilities

Pacific North of South EM All Cap Equity Opportunities

Pacific North of South EM Income Opportunities

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 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. Higher quality companies should enjoy a lower risk premium. 

Hear from the team

Hear from Matt Linsey, managing partner and portfolio manager of North & South Capital and Kamil Dimmich, partner and portfolio manager, both Citywire AAA rated, as they outline their approach to investing, outstanding experience and the importance of the cost of capital in emerging markets:

Matt Linsey, Managing Partner and Portfolio Manager

Kamil Dimmich, Partner and Portfolio Manager

Why Invest?

Outstanding experience and insights provide a unique perspective on emerging markets

Seasoned team with experience of multiple market cycles and expertise in every EM region

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

Blending different viewpoints and analytical techniques, giving deep insights into global emerging markets

We believe our process, which differs from many other EM strategies currently available in the market, particularly those that are passive, is specifically designed to identify these sorts of companies; strong businesses, with predictable cash flows that are also undervalued. With this backdrop and as investors look to diversify their portfolios to capture the new sources of growth, it is a really exciting time to be launching GEM.
- Kamil Dimmich, Portfolio Manager and Partner - North of South Capital LLP

Investment team

Matthew Linsey

Portfolio Manager and Partner - North of South Capital LLP

Matthew Linsey is Managing Partner and Portfolio Manager at North of South Capital LLP, with overall responsibility for stock selection and top-down asset allocation themes. Prior to founding North of South Capital LLP in 2004, he was the Head of Emerging Markets Equities at Deutsche Asset Management from 2000-2004.
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Kamil Dimmich

Portfolio Manager and Partner - North of South Capital LLP

Kamil is the Portfolio Manager and Partner at North of South Capital LLP. He is responsible for portfolio construction, quantitative analysis and conducts the company research, risk analysis and portfolio attribution. Previously having worked as an Equity/Derivative Portfolio Manager at Dresdner Kleinwort. He has over 15 years’ experience in equity and derivative trading.
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Mark Latham

Strategist / Natural Resource Analyst & Partner - North of South Capital LLP

Mark is Strategist / Natural Resource Analyst and Partner at North of South, having joined the company in 2004. He uses his specialist knowledge to identify shifts in global economic trends and recommends stocks in natural resources sector. Mr Latham holds a Masters in Natural Science from Cambridge University. He is based in Portsmouth.
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Robert Holmes

Partner and Senior Analyst at North of South Capital LLP

Robert is a Partner at North of South Capital LLP and a Portfolio Manager of the Pacific North of South EM Equity Income Opportunities fund and is a Senior Analyst on the EM All Cap Equity Fund. Robert has over twenty-five years of experience in Emerging Markets and has been lead manager of long/short, long-only and multi-asset funds.

Nick Page

Senior Analyst - North of South Capital LLP

Nick has over twenty years investment experience and previously worked at Fiera Capital where he was responsible for Emerging Market coverage of Global Energy and Global Materials sectors.
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Tony Tsai

Senior Analyst at North of South Capital LLP

Tony is a Senior Analyst at North of South. Tony has over 25 years of industry and stock analysis experience gained at a number of well-known Taiwanese technology companies. Prior to joining North of South, Tony was well known to the team in his roles at United Overseas Bank of United Overseas Bank of Singapore and the Taiwanese brokerage firm Sinopac Securities, where he recommended China and Asian technology companies.

Conrad Lee

Senior Analyst at North of South Capital LLP

Conrad is a senior analyst at North of South. He started his career working in high yield and leveraged finance for firms including Dresdner Kleinwort, RBS and Stifel KBW. Conrad holds a MEng in Mechanical Engineering from Imperial College London and an MBA from Said Business School, University of Oxford.

DOCUMENTS

See below for the latest Global Emerging Markets documents: 

News & Insights

EM Equity Income

Emerging Markets Income: January Monthly Commentary

Emerging Markets

Emerging Markets: January Monthly Commentary

Emerging Markets

Press Release: Pacific AM launches its first Emerging Market Equities Active ETF

SEE ALL

find out more:

Emerging markets Documents

Pacific G10 Macro Rates

Pacific North
of South EM All Cap Equity

Alternative Risk Premia

Contact us

Speak to a member of the client team to find out more:

Nick Lemis

Global Head of Wholesale

Mary Murphy

Global Head of Institutional Sales

Seb Stewart

Head of US Institutional Sales

Jonno Ross

Associate Director

Chris King

Associate Director

Contact us

Speak to a member of the client team to find out more:

Nick Lemis

Head of UK Wholesale

Chris King

Associate Director

Jonno Ross

Associate Director