With the US in quantitative tightening mode, EM countries suffered due to their all-time high debt levels issued in foreign currency. This resulted in a dislocation of valuations in the financial markets, which present exciting investment opportunities for long-term investors. We learned that we need to master our fear to be able to enjoy the excitement from the EM underperformance. In this quarter, we saw opportunities in live streaming and industrial gas sectors.

Click Here to Download