Structural growth. Recovery growth. One core portfolio.
- We combine two complementary growth engines: secular growth and recovery growth.
- We spot inflection points early with three independent signals: news, earnings and price momentum.
- We invest when momentum, fundamentals and attractive valuations align.
- We adapt our process dynamically as markets and leadership evolve.
- We build conviction, scale with confidence and act decisively when the thesis weakens.
The case for Emerging Markets
Emerging markets sit at the intersection of structural growth and market inefficiency. Powerful demographic and consumption trends drive long-term growth.
Why now?
Current developed market yields are increasingly reflecting fiscal concerns. Emerging markets offer resilient fundamentals, attractive valuations and real yields. With a weaker US dollar and Asia's AI investment boom providing additional tailwinds, the investment case continues to strengthen.
Inefficient market
Market inefficiencies, dislocations and sentiment swings create opportunities to uncover mispriced growth companies, rewarding active investors.
Beyond US concentration
As US market concentration peaks and the US dollar weakens, emerging markets stand out for their attractive valuations, stronger growth outlook and powerful AI-led capex cycle.
The AI story = Emerging Markets
Emerging markets are at the heart of the global AI value chain. Countries such as Taiwan, Korea and China are becoming increasingly important manufacturing and innovation hubs, supported by a powerful capex cycle.
Domestic growth
Beyond technology, under-penetrated consumer sector, strong domestic growth and resilient financial systems help create opportunities across a broad range of sectors, offering diversified sources of return.
One of the industry’s longest-standing EM teams, bringing 30+ years of experience across market cycles. Emery Brewer leads country allocation, while Ladislav Sabo and Dalibor Kováč drive sector research, combining complementary expertise to identify opportunities, challenge conviction and manage risk.
- Two growth engines: Capturing structural growth and recovery opportunities.
- Strong risk-adjusted returns: Top-decile Sharpe and Information Ratios since inception to June 2026.
The Team
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Emery Brewer
Senior Fund Manager (Lead)Emery Brewer, Senior Fund Manager, is the lead manager of the JOHCM Emerging Markets Fund and is a highly experienced emerging markets investor. -
Ladislav Sabo
Fund ManagerLadislav Sabo is a Senior Analyst for the JOHCM Emerging Markets strategy. -
Dalibor Kováč
Fund ManagerDalibor is a fund manager for the JOHCM Global Emerging Markets strategy.
A dual growth philosophy
Investment philosophy
Our approach has been refined and proven through more than three decades of managing emerging market equities, with roots dating back to the early 1990s.
We believe share prices follow operational growth. By combining secular innovators with recovery growth opportunities, we can capture both long-term structural winners and recovery opportunities. Our dual-engine approach aims to create a diversified, risk-aware portfolio that can participate in a range of market environments over time.
What we look for
Bottom-up growth and operating momentum
We seek stocks that beat expectations with strong and accelerating growth. We look for the positive delta.
Strong fundamentals
Assessing the sustainability of future growth and potential risks related to accounting, leverage and corporate governance.
Positive price momentum
Businesses at attractive inflection points, where improving fundamentals are driving market recognition. We seek to identify new ideas early, avoiding overextended stocks.
Investment process
Our process is agile, combining bottom-up analysis with a top-down perspective. It is designed to navigate changing EM environments, dynamically rotating across sections and opportunities as market leadership, growth drivers and conditions evolve. Three independent signals – news, earnings revisions and price momentum – form our ‘three-legged stool’. Together, they help us systematically identify early inflection points and narrow the emerging markets universe to the most compelling investment opportunities.
Idea generation
We identify early growth inflection points by combining news, earnings and price momentum. Our triple momentum framework focuses on under-researched companies with positive catalysts, improving earnings expectations and strengthening market momentum before conducting in-depth fundamental analysis.
Fundamental analysis
For companies that pass out initial screens, we conduct rigorous fundamental research to assess the sustainability of durable growth potential and risks to future returns. We evaluate business quality, growth drivers, financial strength and valuation.
Before investment and during the holding period, we place significant emphasis on accounting quality analysis, recognising weaknesses in these areas can undermine long-term returns. Using proprietary screening tools, we can identify red flags and conduct further due diligence where needed.
Portfolio construction and monitoring
Following initial screening, fundamental research and accounting quality checks, positions can be initiated quickly to capture the upside. Our agile approach enables us to act on positive catalysts early, while ongoing monitoring ensures position sizes reflect evolving conviction as fundamentals develop.
Proof of process
By balancing different types of growth (through the dual philosophy combining secular and recovery growth), we can adapt to changing market conditions. This improves performance in rising markets and its resilience in down markets, resulting in lower volatility of returns.
Rolling five-year returns demonstrate the Strategy’s ability to deliver consistent benchmark outperformance over the long term, reflecting an investment process focused on identifying opportunities as growth drivers and market leadership evolve.
Global Emerging Markets Equities composite - Excess returns vs Emerging markets EM Growth/EM Value
Past performance is not necessarily a guide to future performance. The value of an investment can go down as well as up as a result of market fluctuations, and currency fluctuations (where relevant), and investors may not get back the amount invested. Source: Factset Research Systems, NT, Axioma. Gross composite performance in USD as at 30 September 2026. The strategy performance (‘Composite’ = Global Emerging Markets Equities composite) is shown against the ‘EM Growth / EM Value’ (= MSCI Emerging Markets Growth Index / MSCI Emerging Markets Value Index), series indexed from end of December 2019. This information is presented as supplemental to the Global Emerging Markets GIPS Composite Report included.
Consistent benchmark outperformance
Rolling five-year returns demonstrate the Emerging Markets Strategy’s ability to deliver consistent benchmark outperformance over the long term, reflecting an investment process focused on identifying opportunities as growth drivers and market leadership evolve.
Historical rolling five-year excess returns vs the MSCI EM Index
Past performance is not necessarily a guide to future performance. The value of an investment can go down as well as up as a result of market fluctuations, and currency fluctuations (where relevant), and investors may not get back the amount invested. Source: JOHCM/Saturna. Net composite performance in USD as at 31 July 2026. All strategy performance is shown against the MSCI Emerging Markets NR Index. This information is presented as supplemental to the Global Emerging Markets GIPS Composite Report included.
Insights
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