Perspectives

4Q2022 – Global Emerging Markets Growth Commentary

We focus our attention on long-term fundamentals rather than market gyrations which can either work for or against the portfolio

We believe that in this environment, the stellar small-cap companies will have a better potential opportunity set for value-added acquisitions

We remain focused on companies that can compound earnings and cash flows over the long term, independent of economic cycles

We are utilizing weakness in the period to lean into attractive and favorable risk/reward tradeoff opportunities

We believe that our focus on high-quality, well-positioned growth companies will generate exceptional long-term opportunities

We believe a confluence of factors makes international allocations more compelling than at any time since the Global Financial Crisis

We think our Portfolio will show greater earnings resilience than companies in the top-performing industries of 2022

We expect the Portfolio’s earnings growth to accelerate on a weighted average basis in 2023, even if there is a recession