Single Manager Solutions:

Emerging markets equity

Pacific North of South EM All Cap Equity Fund seeks to achieve long-term capital appreciation through investing in a portfolio of emerging market equities.

Highly experienced team with over 50 years’ experience

The fund is managed by North of South Capital, a highly experienced emerging markets investment team with long-term knowledge of the markets and companies they invest in.

Value-driven stock-picking

The team applies an active, value-based approach combining top-down macro research and bottom-up company analysis to identify mispriced stocks, building a carefully diversified portfolio.

A strong focus on risk management is embedded throughout the investment process and underpins the team’s disciplined approach to macro research and company analysis.

From the experts

Hear from Matt Linsey, managing partner and portfolio manager of North & South Capital and Kamil Dimmich, partner and portfolio manager as they outline their approach to investing, outstanding experience and the importance of the cost of capital in emerging markets:

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Matt Linsey, managing partner & portfolio manager

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Kamil Dimmich, partner & portfolio manager

Investment philosophy

North of South three major investment principles:


Value investing outperforms other styles over time

By buying equities whose income streams are priced below those of the market and of its peers we expect to receive more income over time.


Value needs to be seen in the context of domestic risk free rate

Equities need to be attractive relative to their domestic fixed income markets in order to perform over the long term.


Value needs to be assessed relative to the riskiness of the stock

Establishing a consistent methodology for the equity risk premium is essential in this process.

Outstanding track record

North of South EM Equity Strategy – Gross

Since Jul 2011 the North of South EM Equity Strategy has outperformed its global emerging markets benchmark by over 4.3% per annum.

GIPS Composite
previous UCITS strategy*
31 Jul 11 to 30 Jun 17

Live Pacific EM
Long only UCITS
30 Nov 17 to 31 Dec 21

During 4 month gap
 index returns used
30 Jun 17 to 30 Nov 17

Performance from 31 Jul 2011 to 31 Dec 2021
Annualised performance from 31 Jul 2011 to 31 Dec 2021

Past performance is not indicative of future performance. Performance is provided gross of fees.
During 30 Jun 17 to 30 Nov 17 index returns have been used for the North of South Strategy.

Source: Pacific Asset Management, North of South Capital, Bloomberg

Why Invest?

Outstanding experience and insights provide a unique perspective on emerging markets

Seasoned team with experience of multiple market cycles and expertise in every EM region

In-depth macro research integrating equity, commodity and credit perspectives

Proprietary cost of capital approach to identify value across the emerging market spectrum

Value-driven stock-picking, grounded in disciplined fundamental analysis and company visits

Blending different viewpoints and analytical techniques, giving deep insights into global emerging markets

Pacific Asset Management and North of South Capital

Pacific Asset Management became a partner in North of South Capital In May 2017. Sir John Beckwith and the Pacific Investments Group has considerable experience in emerging markets, having founded a number of successful businesses including: Thames River Capital with its flagship emerging market fund Thames River Nevsky, which later became NevskyCapital. The Pacific North of South EM All Cap Equity Fund follows the same process that the North of South team has successfully executed for the last 13 years whilst benefitting from Pacific’s efficient, modern, independent model.

Arrow - Product range@2x
Having been able to add value for our clients in the past six years in a market dominated by growth stocks, we are excited about the prospects thrown up by the recent market rotation.
- Matthew Linsey, Portfolio Manager and Partner - North of South Capital LLP

Investment team

Matthew Linsey

Portfolio Manager and Partner - North of South Capital LLP

Matthew Linsey is Managing Partner and Portfolio Manager at North of South Capital LLP, with overall responsibility for stock selection and top-down asset allocation themes. Prior to founding North of South Capital LLP in 2004, he was the Head of Emerging Markets Equities at Deutsche Asset Management from 2000-2004.

Kamil Dimmich

Portfolio Manager and Partner - North of South Capital LLP

Kamil is the Portfolio Manager and Partner at North of South Capital LLP. He is responsible for portfolio construction, quantitative analysis and conducts the company research, risk analysis and portfolio attribution. Previously having worked as an Equity/Derivative Portfolio Manager at Dresdner Kleinwort. He has over 15 years’ experience in equity and derivative trading.

Mark Latham

Strategist / Natural Resource Analyst & Partner - North of South Capital LLP

Mark is Strategist / Natural Resource Analyst and Partner at North of South, having joined the company in 2004. He uses his specialist knowledge to identify shifts in global economic trends and recommends stocks in natural resources sector. Mr Latham holds a Masters in Natural Science from Cambridge University. He is based in Portsmouth.

Robert Holmes

Partner and Senior Analyst at North of South Capital LLP

Robert is a Partner at North of South Capital LLP and a Portfolio Manager of the Pacific North of South EM Equity Income Opportunities fund and is a Senior Analyst on the EM All Cap Equity Fund. Robert has over twenty-five years of experience in Emerging Markets and has been lead manager of long/short, long-only and multi-asset funds.

Arnoud van Leeuwen

COO and Partner - North of South Capital LLP

Arnoud is the Chief Operational Officer and Partner at North of South, having joined the company in 2004 initially as the Operations Manager. He is responsible for operational, compliance and infrastructure within the company. He achieved a BA in International Finance and Marketing from Boston University and holds a MA from London Business School.

Tony Tsai

Senior Analyst at North of South Capital LLP

Tony is a Senior Analyst at North of South. Tony has over 25 years of industry and stock analysis experience gained at a number of well-known Taiwanese technology companies. Prior to joining North of South, Tony was well known to the team in his roles at United Overseas Bank of United Overseas Bank of Singapore and the Taiwanese brokerage firm Sinopac Securities, where he recommended China and Asian technology companies.

Contact us

Speak to a member of the client team to find out more: