The firm has historically focused on identifying value across a range of asset classes in emerging economies, including Eastern Europe, Africa and Central Asia. Opportunities have been observed in both debt and equity instruments, often arising from broader emerging market dynamics such as political and corporate governance risks, limited research coverage, and information asymmetry, which can contribute to market inefficiencies.
Historically, investment approaches have included strategies designed to benefit from such dynamics, as well as from pricing discrepancies between specific securities relative to broader market trends.
Additional opportunities have been associated with M&A activity, particularly where companies from more developed economies expand into less developed markets. Such transactions have, at times, contributed to valuation convergence through acquisition and control premiums. Improvements in legal frameworks and business standards have also supported increased participation by international investors in these regions.
The firm has also previously identified value in situations involving asset-level arbitrage, including discounts to net asset value or realisable value, such as those observed in conglomerate structures or closed-end funds.
In certain instances, this has extended to engagement on governance matters, including the exercise of shareholder voting rights with a view to promoting improved corporate governance standards.