A View from Asia

A review of 2020 and a look at the opportunities that lie ahead.

  • Samir Mehta
11 Jan 2021
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View PDF   Download PDF  
  • The ability to judge which business had a longer-than-expected fade window (the number of years over which supernormal profits fade to the mean) was critical in 2020.
  • As the year progressed and the possibility of a vaccine grew higher, I shifted a part of the portfolio to those stocks that were likely beneficiaries of an economic revival.
  • Like many countries, India (a large weighting in the portfolio) has a high concentration of profits in a narrow group of large listed companies.


Past performance is no guarantee of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging Markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. The Fund’s investments may include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation.

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