Dalton Global Emerging Markets UCITS Fund

Dalton Global Emerging Markets Strategy Overview

The Longchamp Dalton Global Emerging Markets UCITS Fund (the “Sub-Fund”) investment objective is to generate an annualized net performance higher than the MSCI Daily Emerging Markets Net Total Return Index, over a recommended 5-year minimum holding period.

Dalton Investments INC. (“Dalton”), a seasoned asset manager based out of Santa Monica with significant experience investing in Emerging Markets, has been appointed delegated investment manager. Dalton (approved by the U.S. SEC, U.S. CFTC/NFA, the FSA in Japon and the SEBI in India) currently manages over $3.2bn in assets within Asia out of $3.4bn in total (as of 30 September 2021). Dalton is also a signatory to the UN-PRI and Climate Action 100+.

The Fund invests its assets in equities with a primary exposure to the Emerging Markets, across all sectors, industries and geographies.

  • Long-term investment perspective following the precepts of “value investing”
  • Strive for disciplined bottom-up value approach
  • On-the-ground local research teams provide in-depth market analysis and global perspective
  • Exposure to “owner operated businesses” with market caps in excess of $0.5bn
  • Seeking companies managed by teams which are willing to share the wealth with minority investors (“alignment of interest”)

Performance as of 21/01/2022

NAVMTDYTDLTD
971.64£-2.46%-2.46%-2.84%

powered by Advanced iFrame free. Get the Pro version on CodeCanyon.

Past performance is not an indicator of future performance.

Details

Strategy
  • Long Only Equity focused on Emerging Markets
Benchmark
  • The benchmark is the MSCI Daily Emerging Markets Net Total Return Index (Symbol: MSDEEEMN), compiled by MSCI Inc, which is designed to track the performance of large and mid-cap companies across emerging markets countries
Philosophy
  • Focus on long-term: Focus on long-term performance rather than short-term market fluctuations to provide room for Dalton’s investments to compound at superior rates over time
  • Understand risk tolerance: Capital preservation is the first priority when Dalton believes that their analysis of current market valuations meets their requirements for a large margin of safety and potential significant upside
  • Dalton’s team adheres to principles of value investing; seeking to invest with significant margins of safety and potential significant upside
  • Dalton’s investment team seeks entrepreneurial, companies benefiting from structural changes in Asia. Managements typically have significant stakes in their companies and are willing to share the wealth with minority investors
  • Dalton is strongly convinced that companies with superior ESG practices are symbiotic with their investment philosophy. As such, not only have they become a UN-PRI signatory, they have developed a robust ESG practice, allowing to assign an internal rating to every company considered for investment across a large number of aspects that are expected to participate in the improvement of intrinsic value and further support wealth creation for minority shareholders

Fund Facts

Legal Structure:Sub-Fund of UCITS SICAV
Umbrella Fund:Longchamp SICAV
Investment Manager:Longchamp Asset Management SAS
Delegated Investment Manager:Dalton Investments INC
Domicile:FR
Base Currency:EUR
Dealing Day:Every Friday
Dealing Deadline (Subscription):12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Dealing Deadline (Redemption):12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Settlement Date (Subscription):Within 3 Business Days after the relevant Dealing Day
Settlement Date (Redemption):Within 5 Business Days after the relevant Dealing Day

Key Professionals

James B. Rosenwald III, CFA
Co-chair, Management Committee
Co-founder & Senior Portfolio Manager, Asia Equity

Mr. Rosenwald is a Co-founder of Dalton and the Senior Portfolio Manager for Dalton’s Asian Equities strategies. He is a recognized authority in Pacific Rim investing with more than 30 years of investment experience. He formerly co-managed and founded Rosenwald, Roditi & Company, Ltd., now known as Rovida Asset Management, Ltd., which he established in 1992 with Nicholas Roditi. Mr. Rosenwald advised numerous Soros Group funds between 1992 and 1998. He commenced his investment career with the Grace Family at their securities firm, Sterling Grace & Co.
Mr. Rosenwald holds an MBA from New York University and an AB from Vassar College. He is a CFA charterholder and a director of numerous investment funds. He is a member of the CFA Society of Los Angeles and the CFA Institute, and is an Adjunct Professor of Finance at New York University’s Stern Business School.

Jennifer Chen Lai 
Co-Portfolio Manager, Senior Research Analyst 

Ms. Lai is a Senior Research Analyst specializing in Asian equities and a Co-Portfolio Manager for the Greater China Long/Short Strategy. She has 12 years of investment and consulting experience.  Prior to joining Dalton in 2014, Ms. Lai analyzed private equity investment opportunities at Bain Capital and advised executives on strategic and operational issues at Boston Consulting Group.

Ms. Lai holds an MBA from Harvard Business School, a BS from The Wharton School concentrating in Finance and Management, and a BA in International Studies and East Asian Studies from the University of Pennsylvania.

Pedro Zevallos
Co-Portfolio Manager, Senior Research Analyst 

Mr. Zevallos is a Senior Research Analyst specializing in Latin American equities and a Co-Portfolio Manager for the Global Emerging Markets Equities Strategy. He has 26 years of investment and consulting experience.  Prior to joining Dalton in 2017, Mr. Zevallos was the managing partner and founder of Matador Capital, a pan-Latin American long/short equity hedge fund. Before founding Matador Capital, Mr. Zevallos was at Maverick Capital for nine years, where he headed the Latin America Sector. Earlier in his career, Mr. Zevallos was a research analyst at various major financial institutions.

Mr. Zevallos holds a BA in Economics with a specialization in Finance from the Complutense University of Madrid.

Fund Share Class Details

   ISIN codeBBG codeInceptionMgmt FeePerf Fee

Seeding (Unhedged) *

SUHGBPFR0014002VB4DGEMSUH FP30.11.20210.35%0%

Institutional 2 (Unhedged)

I2UHEURFR0014002V94DGEMI2U FPNA1.25%0%

Institutional (Unhedged)

SIUHEURFR0014002V86DGEMSIU FP10.12.20210.95%0%

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.

Overview

Dalton Global Emerging Markets Strategy Overview

The Longchamp Dalton Global Emerging Markets UCITS Fund (the “Sub-Fund”) investment objective is to generate an annualized net performance higher than the MSCI Daily Emerging Markets Net Total Return Index, over a recommended 5-year minimum holding period.

Dalton Investments INC. (“Dalton”), a seasoned asset manager based out of Santa Monica with significant experience investing in Emerging Markets, has been appointed delegated investment manager. Dalton (approved by the U.S. SEC, U.S. CFTC/NFA, the FSA in Japon and the SEBI in India) currently manages over $3.2bn in assets within Asia out of $3.4bn in total (as of 30 September 2021). Dalton is also a signatory to the UN-PRI and Climate Action 100+.

The Fund invests its assets in equities with a primary exposure to the Emerging Markets, across all sectors, industries and geographies.

  • Long-term investment perspective following the precepts of “value investing”
  • Strive for disciplined bottom-up value approach
  • On-the-ground local research teams provide in-depth market analysis and global perspective
  • Exposure to “owner operated businesses” with market caps in excess of $0.5bn
  • Seeking companies managed by teams which are willing to share the wealth with minority investors (“alignment of interest”)
Performance

Performance as of 21/01/2022

NAVMTDYTDLTD
971.64£-2.46%-2.46%-2.84%

powered by Advanced iFrame free. Get the Pro version on CodeCanyon.

Past performance is not an indicator of future performance.

Details

Details

Strategy
  • Long Only Equity focused on Emerging Markets
Benchmark
  • The benchmark is the MSCI Daily Emerging Markets Net Total Return Index (Symbol: MSDEEEMN), compiled by MSCI Inc, which is designed to track the performance of large and mid-cap companies across emerging markets countries
Philosophy
  • Focus on long-term: Focus on long-term performance rather than short-term market fluctuations to provide room for Dalton’s investments to compound at superior rates over time
  • Understand risk tolerance: Capital preservation is the first priority when Dalton believes that their analysis of current market valuations meets their requirements for a large margin of safety and potential significant upside
  • Dalton’s team adheres to principles of value investing; seeking to invest with significant margins of safety and potential significant upside
  • Dalton’s investment team seeks entrepreneurial, companies benefiting from structural changes in Asia. Managements typically have significant stakes in their companies and are willing to share the wealth with minority investors
  • Dalton is strongly convinced that companies with superior ESG practices are symbiotic with their investment philosophy. As such, not only have they become a UN-PRI signatory, they have developed a robust ESG practice, allowing to assign an internal rating to every company considered for investment across a large number of aspects that are expected to participate in the improvement of intrinsic value and further support wealth creation for minority shareholders
Fund Facts

Fund Facts

Legal Structure:Sub-Fund of UCITS SICAV
Umbrella Fund:Longchamp SICAV
Investment Manager:Longchamp Asset Management SAS
Delegated Investment Manager:Dalton Investments INC
Domicile:FR
Base Currency:EUR
Dealing Day:Every Friday
Dealing Deadline (Subscription):12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Dealing Deadline (Redemption):12 midday Paris time 5 Business Days prior to the relevant Dealing Day
Settlement Date (Subscription):Within 3 Business Days after the relevant Dealing Day
Settlement Date (Redemption):Within 5 Business Days after the relevant Dealing Day
Key Professionals

Key Professionals

James B. Rosenwald III, CFA
Co-chair, Management Committee
Co-founder & Senior Portfolio Manager, Asia Equity

Mr. Rosenwald is a Co-founder of Dalton and the Senior Portfolio Manager for Dalton’s Asian Equities strategies. He is a recognized authority in Pacific Rim investing with more than 30 years of investment experience. He formerly co-managed and founded Rosenwald, Roditi & Company, Ltd., now known as Rovida Asset Management, Ltd., which he established in 1992 with Nicholas Roditi. Mr. Rosenwald advised numerous Soros Group funds between 1992 and 1998. He commenced his investment career with the Grace Family at their securities firm, Sterling Grace & Co.
Mr. Rosenwald holds an MBA from New York University and an AB from Vassar College. He is a CFA charterholder and a director of numerous investment funds. He is a member of the CFA Society of Los Angeles and the CFA Institute, and is an Adjunct Professor of Finance at New York University’s Stern Business School.

Jennifer Chen Lai 
Co-Portfolio Manager, Senior Research Analyst 

Ms. Lai is a Senior Research Analyst specializing in Asian equities and a Co-Portfolio Manager for the Greater China Long/Short Strategy. She has 12 years of investment and consulting experience.  Prior to joining Dalton in 2014, Ms. Lai analyzed private equity investment opportunities at Bain Capital and advised executives on strategic and operational issues at Boston Consulting Group.

Ms. Lai holds an MBA from Harvard Business School, a BS from The Wharton School concentrating in Finance and Management, and a BA in International Studies and East Asian Studies from the University of Pennsylvania.

Pedro Zevallos
Co-Portfolio Manager, Senior Research Analyst 

Mr. Zevallos is a Senior Research Analyst specializing in Latin American equities and a Co-Portfolio Manager for the Global Emerging Markets Equities Strategy. He has 26 years of investment and consulting experience.  Prior to joining Dalton in 2017, Mr. Zevallos was the managing partner and founder of Matador Capital, a pan-Latin American long/short equity hedge fund. Before founding Matador Capital, Mr. Zevallos was at Maverick Capital for nine years, where he headed the Latin America Sector. Earlier in his career, Mr. Zevallos was a research analyst at various major financial institutions.

Mr. Zevallos holds a BA in Economics with a specialization in Finance from the Complutense University of Madrid.

Shares

Fund Share Class Details

   ISIN codeBBG codeInceptionMgmt FeePerf Fee

Seeding (Unhedged) *

SUHGBPFR0014002VB4DGEMSUH FP30.11.20210.35%0%

Institutional 2 (Unhedged)

I2UHEURFR0014002V94DGEMI2U FPNA1.25%0%

Institutional (Unhedged)

SIUHEURFR0014002V86DGEMSIU FP10.12.20210.95%0%

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.