Emerging Markets

Browns Island Pedestrian Bridge

Riverfront; Richmond, VA

Browns Island Pedestrian Bridge

Riverfront; Richmond, VA

About Emerging Markets

Investment Objective

The Emerging Markets team seeks to provide a return that outperforms the MSCI Emerging Markets Index, net of our management fee, over a full market cycle.

Investment Overview

TSW’s Emerging Markets strategy applies a bottom-up, fundamental approach to investing. We seek stocks having a combination of three characteristics: mispriced shares relative to our estimate of intrinsic value, identifiable catalysts for positive change and upside potential that meaningfully exceeds downside risk over an 2-5 year time horizon.

Investment Process

TSW employs a disciplined investment process—applied and refined over decades—designed to identify attractive securities and to build portfolios to meet our clients’ objectives. Process, not herd instincts or emotion, drives every

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Strategy Highlights

Repeatability: a tenured team executing a consistently applied process

A tenured team with over a decade of experience working in the industry

A time-tested approach

  • Bottom-up, fundamental process
  • Searching for mispriced stocks exhibiting signs of positive change
  • Seeking favorable reward versus risk profile
  • A long-term investment horizon
ASSET CLASS / STYLE
Emerging Markets / Core
Composite AUM
$7.7M
BENCHMARK
MSCI Emerging Markets Index Net (USD)
vehicles available
Separate Account
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Emerging Markets Trailing Performance

As of  

June 30, 2024

Benchmark: MSCI Emerging Markets Index (Net) (USD). The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets (EM) countries. The Index covers approximately 85% of the free float-adjusted market capitalization in each country. Benchmark Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Periods less than one year are not annualized. Performance represents the International Small Cap composite. Performance is shown gross and net of management fees and includes reinvestment of dividends and other income. Gross returns will be reduced by investment advisory fees and other expenses that are incurred in the management of the account. Net of fee performance was calculated using the actual management fees charged. These figures have been rounded to the nearest hundredth. Past performance is no guarantee of future results. It is not possible to invest directly in an index. Performance disclosures can be found here.

Please see Risk Disclosures for important information.

Benchmark: MSCI Emerging Markets Index (Net) (USD). The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets (EM) countries. The Index covers approximately 85% of the free float-adjusted market capitalization in each country. Benchmark Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Periods less than one year are not annualized. Performance represents the International Small Cap composite. Performance is shown gross and net of management fees and includes reinvestment of dividends and other income. Gross returns will be reduced by investment advisory fees and other expenses that are incurred in the management of the account. Net of fee performance was calculated using the actual management fees charged. These figures have been rounded to the nearest hundredth. Past performance is no guarantee of future results. It is not possible to invest directly in an index. Performance disclosures can be found here.

Please see Risk Disclosures for important information.

Sector Weights

As of  

June 30, 2024

Portfolio
Benchmark
Communications Services
10.4%
8.9%
Consumer Discretionary
12.5%
12.3%
Consumer Staples
4.9%
5.2%
Energy
7.3%
5.2%
Financials
16.9%
21.9%
Health Care
4.4%
3.2%
Industrials
10.2%
6.9%
Information Technology
25.5%
25.1%
Materials
5.5%
6.9%
Real Estate
2.5%
1.5%
Utilities
0.0%
3.0%

Portfolio Characteristics

As of  

June 30, 2024

Portfolio
Benchmark
Price / Cash Flow
8.4x
8.8x
Price / Earnings (NTM)
11.3x
12.3x
Dividend Yield
2.4%
2.6%
3-5 Year Fwd. EPS Growth
22.7%
18.7%
Weighted Average Market Cap ($ Billion)
$158.0
$155.8
Median Market Cap ($ Billion)
$7.6
$7.6
Number of Stocks
60
1,330

Benchmark: MSCI Emerging Markets Index (Net) (USD). Source: FactSet, MSCI (July 2024). Sector weights are run on a single account in the Emerging Markets composite and, due to rounding, may not add up to 100.0%.

Benchmark: MSCI Emerging Markets Index (Net) (USD). Source: FactSet, MSCI (July 2024). Characteristics are run on a single account in the Emerging Markets composite and is subject to change. Turnover data reflects one-year annualized data.

Region Weights

As of  

June 30, 2024

Benchmark: MSCI Emerging Markets Index Net (USD). Source: FactSet (July 2024). Country weights are run on a single account in the Emerging Markets composite and are subject to change. Due to rounding, totals may not add up to 100.0%.

Meet Our Team

Elliott Jones, CFA
Portfolio Manager
Research Analyst
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Elliott Jones, CFA
Portfolio Manager - Emerging Markets; Research Analyst - Non-U.S.
2012-01-01
with the firm

Elliott is a graduate of University of North Carolina, BA and Wake Forest University, MA. He previously worked for Union First Market Bank as a Financial Services Advisor and was a Graduate Consultant at Pace Communications. He holds the Chartered Financial Analyst® designation.

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ejones@tswinvest.com
Aashish Chenna, CFA
Research Analyst
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Aashish Chenna, CFA
Research Analyst
2023-01-01
with the firm

Aashish is a Research Analyst on the Non-U.S. team focusing on Emerging Markets. Aashish began his career in the investment industry in 2014. Prior to joining TSW in 2024, he worked for Newport Asia LLC as an Equity Analyst. Previously he was employed with Barclays PLC as an Associate Vice President. Aashish graduated from Indian Institute of Technology, Madras and earned his MA from University of California, Berkeley. He holds the Chartered Financial Analyst® designation and the FRM® designation.

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1Investing involves risk including loss of principal. For more information pertaining to the mutual fund products above, including investment objectives, risks, charges and expenses, obtain a prospectus. Read the prospectus carefully before investing or sending money. Neither this material nor any accompanying oral presentation or remarks by a representative of the distributors is intended to constitute a recommendation of the funds or a determination of suitability for any investor. Important information about the Fund can be found in the prospectus or summary prospectus which can be obtained at www.johcm.com or by calling 1‑866‑260‑9549 or 1‑312‑557‑5913. Please read the prospectus or summary prospectus carefully before investing. The Perpetual Americas Funds are advised by Perpetual Americas Funds Services and distributed through Perpetual Americas Funds Distributors, LLC, member FINRA. The Perpetual Americas Funds are not FDIC‑insured, may lose value, and have no bank guarantee.

Data as of 06/30/2024