Perspectives

3Q2022 – Global Emerging Markets Growth Commentary

As markets become more discrete, we expect a return to fundamentals to reward our investment style

In a shifting economic environment, we are refining the Portfolio opportunistically

We believe the opportunity for long-term investors like us is more favorable than it has been in years

While the short-term view is uncertain, the long-term picture is far clearer than the market would suggest

Despite all the challenges, the opportunity set in small caps is attractive

We continue to run the Portfolio with a focus on robust and profitable businesses

Our companies’ fortress balance sheets remove concerns over increased rates leading to increases in debt-related expenses

We feel very good about the ability of our companies to grow even if we face a recession