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SWITZERLAND

Apart from as noted below, the Chikara Funds have not been and cannot be registered with the Swiss Financial Market Supervisory Authority (FINMA) and cannot be distributed in Switzerland.

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Chikara Global Emerging Markets Opportunities Client Letter

  • Nov 2023
  • | Jonathan Asante
  • | Global Emerging Markets team

We have always felt it a privilege to be trusted to look after peoples’ hard-earned savings.

We believe we have employed our approach to investing clients’ money in emerging markets successfully for decades and is worth reiterating from the very start.

  1. We invest clients’ money for the long term, which over 25 years has led us to a very small group of quality companies that we believe justify that long-term commitment.
  2. We ignore the composition of benchmark indices as a basis for building client portfolios. Instead, we focus on finding the best companies to partner for the long term and then own them when we judge that doing so will provide acceptable long-term returns for clients.
  3. Good quality companies are those we consider to be stewarded by honest, competent people, running strong franchises, in a way which makes those franchises sustainable for the long term.
  4. We are as much aware of what happens when things go wrong as when they go right. We believe that preserving clients’ capital when markets fall sharply is a vital element of making acceptable long-term returns.

We rely on our own investment reports to make decisions because we have found it fruitful over the years to ask different questions from the shorter-term perspectives prevailing in the vast majority of stock market company analysis.   In our opinion, these questions of long-term stewardship overlap greatly with what is now labelled ‘sustainable investing’.

In many ways the wider backdrop for investing hasn’t changed greatly since the bail out of the hedge fund LTCM in 1998.  The dominant tailwinds of accelerating technological progress and the rise of some lower income countries unfold against a backdrop of debt accumulation aided by what we see as reckless monetary policy almost everywhere.  While the future is perhaps even more unpredictable than it has ever been our answer remains to invest with good quality companies first.  This is because ultimately it is real people, running real businesses, who must do the hard work of navigating all this complexity for our clients. 

A former colleague realised many years ago that the trust clients put with us to look after their money should be honoured by a similar commitment on our side.  We have signed the statement below with the full intention of keeping to it.

Chikara Global Emerging Markets Opportunities Client Letter

 

Important Information

This document does not purport to provide investment advice and should not be relied on for the purposes of any investment decision. It is not an offer to sell or the solicitation of an offer to purchase shares. In particular this document is not intended for distribution in the United States or for the account of U.S. persons (as defined in Regulation S under the United States Securities Act of 1933, as amended (the Securities Act)) except to persons who are "accredited investors" (as defined in Rule 501(a) under the Securities Act).  Chikara Investments LLP (Chikara) is not registered with the United States Securities and Exchange Commission as an investment adviser.  This document and its contents are confidential and must not be copied or otherwise circulated to any other person. Certain assumptions may have been made in the calculations and analysis in this document which have resulted in returns detailed herein. This document is based upon information which Chikara Investments LLP (Chikara) considers reliable, but no representation is made that it is accurate or complete and nor should it be relied upon as such. All information and research material provided herein is subject to change and this document does not purport to provide a complete description of the funds, securities or other investments or markets referred to or the performance thereof. All expressions of opinion are subject to change without notice. This document is issued for the purposes of section21 of the Financial Services and Markets Act 2000 by Chikara Investments LLP (Chikara), 31-32 St. James’s Street, London SW1A 1HD, who are authorised and regulated by the Financial Conduct Authority.