China: Current state of play

Partners Desmond, Gordon and Hugo were all back in China in June, covering a total of eight cities between them in a comprehensive check-up on the economic recovery. The chance to get off the beaten track of Beijing, Shanghai and Shenzhen was also a welcome reminder of the depth of the opportunity in China, and […]
The Consensus EM Long: Why it’s Right, Why it’s Wrong

So clear is the pundit’s case for emerging markets in terms of macroeconomic fundamentals at the moment – with stronger growth rates, a tighter grip on inflation, and even the ‘goldilocks scenario’ of a depreciating dollar – that we can understand if such a near-universal consensus long is beginning to be viewed with some skepticism […]
What is ‘real’ anymore?

A positive of the covid recovery in major developing economies (particularly India), which has seen them roar back to life, has been the normalisation of results for non-tech businesses which experienced a choppy pandemic as emerging market consumers stayed at home and some had to dig into their savings to survive. India’s leading apparel retailer […]
Hindsight 20:20 – what we missed during covid

When we look back on the COVID period, sitting behind desks and wondering what the future would hold, there was initially much concern about how we would do our job. As bottom-up investors, we have always had a strong belief that “whites of their eyes” conversations with management teams as well as building a 360 […]