BBDO - Aikya April 2021 Investor Letter

• Aikya Investment Management is an independent, employee-owned, investment management company that specialises in managing Emerging Markets equity portfolios.
• Emerging Market countries account for almost 80% of the world’s population, 60% of global GDP and the majority of its incremental growth, but less than 15% of global market.
• Since its inception in March 2020, the Aikya Global Emerging Markets strategy has returned 26.3% in US$, compared with the MSCI Emerging Markets benchmark which was up 29.6% during the same period.
• Certain countries get very popular from time to time, which often results in bubble-like valuations in companies listed in these countries. We believe China could be going through such a phase at the moment.

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