Emerging Markets Annual Letter
2018 was a reminder that what we are trying to achieve is not easy.
This is only the third review since Donald Trump ascended his golden throne, but it feels much longer than that. With the world’s indispensable economy an unwitting participant in a TV reality show, the task of trying to scribble anything sensible about what might happen has become an exercise in magical thinking.
Read more about Reflections & Insights – Q4 2025
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2018 was a reminder that what we are trying to achieve is not easy.

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2017 was the first full calendar year for the UCITS version of our emerging markets equity strategy.