Where can value be found in frontier markets?



Recent turbulence has, in the short term, rendered fundamentals meaningless, however, despite this, frontier markets continue to show signs of strong intrinsic value.

For us, the frontiers market consists of more than 100 countries of varying sizes and stages of economic development, including Argentina and Colombia, much of Africa, the Middle East, the Baltic and Balkan regions and §Pakistan, Vietnam and Sri Lanka. Given this diversity, we believe the best way to access these markets is by taking a non-benchmark approach that focuses on fundamentals. Recent volatility has presented us with a dilemma: the only frontier region that has held up this year is the Middle East, largely down to its relatively closed nature. Earlier this year, we withdrew ...

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