Cape Ann is an independent, global developing (emerging and frontier) markets equity boutique. The firm was established in 2015 and offers a single investment programme to institutional and family office asset owners, with a rigorous and disciplined value investment process. The investment team’s fundamental bottom-up approach to stock picking is based on an assessment of intrinsic value, underpinned by the following key beliefs: • Mean reversion market tendencies are persistent; • Fundamental analysis should focus on normalised, through-the-cycle cash earnings; and • A robust investment process should mitigate emotional and cognitive biases. The investment process delivers portfolios that are concentrated, all-cap, benchmark agnostic, with high active share and relatively low turnover. Security selection has been, and is expected to be, the primary driver of returns. Cape Ann is employee owned and operated with a strong alignment of interests with our clients. Presently, we manage ~US$2 billion for a collection of endowments, foundations, pensions, and families. Cape Ann is based in London with a client service/marketing office in Massachusetts.