Single Manager Solutions
Emerging Market All Cap Equity
overview
The Pacific North of South EM All Cap Equity Opportunities Strategy is managed by North of South Capital’s Kamil Dimmich and Matt Linsey. A highly experienced emerging markets investment team with long-term knowledge of the markets and companies they invest in.
Value-driven stock-picking
The team applies an active, value-based approach combining top-down macro research and bottom-up company analysis to identify mispriced stocks, building a carefully diversified portfolio. The strategy invests in 70-100 emerging market stocks across the market cap spectrum.
A strong focus on risk management is embedded throughout the investment process and underpins the team’s disciplined approach to macro research and company analysis.
This well-established investment process has been successfully implemented in the teams core strategy for over a decade.
Emerging Markets Video Update
Watch the latest EM update with Portfolio Manager Kamil Dimmich, filmed in February 2025.
Hear from the team
Hear from Matt Linsey, managing partner and portfolio manager of North & South Capital and Kamil Dimmich, partner and portfolio manager, both Citywire AAA rated, as they outline their approach to investing, outstanding experience and the importance of the cost of capital in emerging markets:
Matt Linsey, Managing Partner and Portfolio Manager
Matt Linsey, managing partner & portfolio manager
Kamil Dimmich, Partner and Portfolio Manager
Matt Linsey, managing partner & portfolio manager
Kamil Dimmich, partner & portfolio manager
North of South EM Equity Strategy – USD Net
Since Jul 2011 the North of South EM Equity Strategy has outperformed its global emerging markets benchmark by over 4.2% per annum.
Past performance is not indicative of future performance and is not guaranteed.
Performance is shown net of fees (AMC of 75bps), excludes commissions and other charges that may apply.
During 30 Jun 17 to 30 Nov 17 index returns have been used for the North of South Strategy.
Source: Pacific Asset Management, North of South Capital, Bloomberg
Investment philosophy
North of South three major investment principles:
1
Value investing outperforms other styles over time
By buying equities whose income streams are priced below those of the market and of its peers, we expect to receive more income over time.
2
Value needs to be seen in the context of domestic risk free rate
Equities need to be attractive relative to their domestic fixed income markets to perform over the long-term.
3
Value needs to be assessed relative to the riskiness of the stock
Establishing a consistent methodology for the equity risk premium is essential in this process. Higher quality companies should enjoy a lower risk premium.
GIPS Composite
previous UCITS strategy*
31 Jul 11 to 30 Jun 17
Live Pacific EM
Long only UCITS
30 Nov 17 to 31 Dec 21
During 4 month gap
index returns used
30 Jun 17 to 30 Nov 17
Performance from 31 Jul 2011 to 31 Dec 2021
Annualised performance from 31 Jul 2011 to 31 Dec 2021
Why Invest?
Outstanding experience and insights provide a unique perspective on emerging markets
Seasoned team with experience of multiple market cycles and expertise in every EM region
In-depth macro research integrating equity, commodity and credit perspectives
Proprietary cost of capital approach to identify value across the emerging market spectrum
Value-driven stock-picking, grounded in disciplined fundamental analysis and company visits
Blending different viewpoints and analytical techniques, giving deep insights into global emerging markets
Investment team
Matthew Linsey
Portfolio Manager and Partner - North of South Capital LLP
Kamil Dimmich
Portfolio Manager and Partner - North of South Capital LLP
Mark Latham
Strategist / Natural Resource Analyst & Partner - North of South Capital LLP
Robert Holmes
Partner and Senior Analyst at North of South Capital LLP
Nick Page
Senior Analyst - North of South Capital LLP
Tony Tsai
Senior Analyst at North of South Capital LLP
Conrad Lee
Senior Analyst at North of South Capital LLP
DOCUMENTS
See below for the latest Emerging Markets documents:
find out more:
Pacific North
of South EM All Cap Equity
Contact us
Speak to a member of the client team to find out more:
Nick Lemis
Global Head of Wholesale
Mary Murphy
Global Head of Institutional Sales
Seb Stewart
Head of US Institutional Sales
Jonno Ross
Associate Director
Chris King
Associate Director
Contact us
Speak to a member of the client team to find out more:
Nick Lemis
Head of UK Wholesale
Chris King
Associate Director
Jonno Ross
Associate Director
