Jupiter Origin Global Emerging Markets Fund.

Across all of our Origin strategies, including emerging markets, we're looking to invest in a particular type of business that essentially exhibits four characteristics. We want these businesses to be high return and high quality. We want these businesses to be cheap at the point of purchase, and this is where we, as fund managers, spend a lot of our time stress-testing the assumptions in our models.

We want these businesses to be continuing to be high return businesses in the future, and we want the market to be already seeing what we see. So we want these businesses to already be outperforming their respective benchmarks. So, high quality; good value; persistence of quality in the future; and a strong relative share price trend. 

Now, as much as we can't promise investors that we will outperform every single year, those strong, statistically significant biases to quality, to growth and to momentum will - month in, month out - always be persistent in our emerging market strategy. Well, we've got a very disciplined, evidence-based investment process.

And our starting point for emerging markets is to start with any emerging market stock that has a market capitalisation of $1 billion and that trades more than $5 million a day. And that makes sure that we're not going to encounter any liquidity issues until we reach very high levels of capacity. We run those, what are now 2000 stocks, through a mechanical screen. And that screen ranks all of those names based on the four things that we believe will lead to medium and long term outperformance. 

They are quality, valuation, persistence of quality into the future, and strong relative share price trend. Now, we're obviously only interested in stocks that seem to exhibit the characteristics that we want in our clients’ portfolios and so we as a team of fund managers will isolate the top 2% to 3% of ideas that are ranking attractively each month.

And we will bring in any low scoring names currently held in any of our emerging market portfolios to make sure we can justify why we own those names, to make sure we don't suffer from inertia in our clients’ portfolios. Once we've done our individual analysis on each of those names, we will then combine that analysis to form a team view. And that team view essentially drives portfolio ranking and transactions. 

To put it very simply: we sell names that are at the bottom of the list that we currently own, and we reinvest into new ideas that look more compelling. And this is the bit where it might sound boring, we do the same thing month in, month out, year in, year out. And in the case of emerging markets, we've done that for the last 16 years. We have a genuine team-based approach, which means that there is no individual responsibility in our investment process.

We absolutely believe that individual responsibility can lead to inertia, because people are slow to react to new information, and people are always slow to admit when they've made a mistake. So having a team based approach overcomes the agency problem. We are always, as a team, aligned to our end client.