Drakens Capital is a fund manager with extensive experience investing in emerging market equities. Our philosophy has been refined and honed by twenty years of experience in emerging markets. The core belief that we all share is that we are investing in companies and not shares. Thus we seek out companies that meet our criteria, we spend time getting to know them and their management and when we consider them to be trading at reasonable valuations we add them to the portfolio. We follow a rigorous investment process which starts with identifying stocks that meet our criteria, through to in depth analysis of the companies business with meetings with the management. Once we are satisfied that the business we are looking at will make a good investment we set buy and sell limits and it becomes legible for inclusion in the funds. The funds are then constructed from this action list we create and the specific requirements of the particular funds mandate. We are most interested in the business of the company. We look at a business through a number of lenses to specifically consider items such as financial risk, operational risk, sustainable of margins, environmental and social factors and corporate governance. Our goal is to understand the business, its risks and opportunities. While we select our investments on a bottom up basis the macro environment is also considered carefully and integrated into our view on any business that we invest in. We consider it part of our duty as managers of capital to engage with company management around these issues and encourage them to follow a strategy of improving their sustainability which we believe adds value to the investments that we hold.