At a Glance
As of September 30, 2023
About the Fund
EPEIX (I SHARE) | EPASX (A SHARE)
The investment objective of the EP Emerging Markets Fund (the “Fund”) is to seek long term capital appreciation. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in equity securities of companies that are tied economically to emerging market countries. The Fund defines emerging market countries as those that are, at the time of investment, included in Morgan Stanley Capital International (MSCI) Emerging Markets Index.**
Investment Process
Our process begins with a thourghout and complete review of all investible companies within our universe. This review is both qualitative and quantitative, with the goal of identifying exceptional companies with strong balance sheets, that are positioned in industries with positive long-term prospects. The highest quality businesses are then valued and placed on a watch list.We will then patiently wait until a business on the watch list hits our target buy price, which incorporates a large margin of safety. By focusing on the long term and having a low portfolio turnover, we are able to increase the chances of successful security selection.
Top 10 Holdings
As of September 30, 2023 | % of Total Portfolio Holdings
| Tencent Holdings Ltd | 4.8% |
| Ace Hardware Indonesia Tbk PT | 3.6% |
| British American Tobacco PLC | 3.2% |
| Mr Price Group Ltd | 2.5% |
| International Games System Co | 2.1% |
| FULING ZHACAI | 2.1% |
| Bolsa Mexicana de Valores SAB | 2.0% |
| Indofood Sukses Makmur Tbk PT | 2.0% |
| Castrol India Ltd | 1.9% |
| HAITIAN INT’L | 1.9% |
Geographic Allocation
As of September 30, 2023 | % of Total Portfolio Holdings
| China | 25.7% |
| Taiwan | 13.3% |
| South Korea | 13.3% |
| India | 10.7% |
| Indonesia | 10.2% |
| Mexico | 4.9% |
| Brazil | 4.9% |
| South Africa | 4.3% |
| Britain | 3.2% |
| Thailand | 2.5% |
Sector Diversification
As of September 30, 2023
| Consumer Staples | 25.7% |
| Consumer Discretionary | 16.7% |
| Industrial | 14.5% |
| Technology | 12.4% |
| Communications | 10.0% |
| Financial | 8.3% |
| Basic Materials | 7.8% |
| Others | 4.7% |
Fund Strengths
Goal
The Fund invests at least 80% of its net assets in equity securities that are tied to emerging market countries.
Valuation
The Fund looks for value using a number of quantitative and qualitative factors applied over ~3,000 individual securities.
Quality
The Fund selects companies with strong balance sheets to reduce capital risks the potential for and earnings volatility.
