UNPSF - Aikya Q3 2021 Investor Letter

• Aikya Investment Management is an independent, employee-owned, investment management company that specialises in managing Emerging Markets equity portfolios.
• As long-term investors, we base our return expectations on 10-year valuations, which means taking a view on sales growth and cash flow return assumptions for the next 10 to 20 years.
• To take a genuinely long-term view, we believe second-order thinking is required. The source of sustainable competitive advantage for a company is perhaps not just its market position, scale, or first-order capabilities in delivering a product offering, but also its ability to read market signals and constantly evolve.
• We have developed an extensive network of relationships with trusted business families, independent board members, journalists, and other free-thinking voices over a long period operating in these countries.
• Advantech is a high-quality company in our view. Its franchise is strong, well-diversified and has produced consistently high returns with good growth over the last 10,15, and 20 years.

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