The strategy will attempt to achieve, over the long term, a total return in excess of that of the MSCI Emerging Markets Ex China Index through investment in a focussed portfolio of companies from across the market capitalisation spectrum with attractive valuations in absolute terms and relative to their history. The Emerging Markets Ex China Equity Strategy delivers a highly active but diversified value portfolio, driven by a bottom-up investment philosophy. Asset allocation is purely a result of stock selection in exceptional companies in emerging markets outside China, eschewing macroeconomic calls or themes, resulting in a value oriented portfolio that is clearly distinct from the index. As with all Oldfield Partners’ value strategies, the Emerging Markets Ex China Equity Strategy combines fundamental analysis of intrinsic worth with patience to wait until the price of those investments reflects that value, delivering compelling long-term performance.