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- The emergence of the Omicron variant has once again put COVID back on investors’ radars. As with previous waves, the impact of the virus is likely to vary across the world.
- With expectations for higher interest rates, we maintain our focus on companies that can self-fund their own growth rather than relying on equity or debt markets.
- The top absolute contributors to returns during the quarter were Karooooo, Titan, and Zhejiang. For the full year, the top contributors were Mobile World, Titan, and United Spirits.
- The top absolute detractors for the quarter were Yandex, VK (formerly Mail.ru), and Anta Sports. For the full year, the top detractors were Alibaba Group Holdings, VK, and Ping An Healthcare.
- While many factors can impact share price moves in the short term, in the long run, we believe that it is the fundamental performance of businesses— particularly earnings growth and cash flows—that ultimately drive investment returns.
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