Why Polunin

  • The same team using the same investment methodology, since inception in 2001.
  • Portfolio Managers have an average of more than 25 years of relevant investment experience, across multiple EM cycles.
  • Return characteristics and unique methodology offer significant diversification benefits
Disciplined Process
  • Investment process successfully applied and refined over decades and through various cycles.
Distinctive Approach,
Difficult To Replicate
  • Distinctive investment methodology applied by the team since 1991, i.e. pre-dating the firm’s launch.
  • Proprietary replacement value database, with more than 20 years of historical data covering
    over 40 sectors.
  • Committed to performance for existing clients, not growing AUM.

Our History

  • 2002

    Firm Inception:
    EM Long Only Fund
    & EM Long/short Fund Launches
  • 2006

    EM Tech Fund
  • 2007

    EM Small Cap
    Strategy Launch
  • 2011

    Singapore office
  • 2012

    Frontier Markets
    Fund Launches
  • 2017

    Core GEM and GEM
    Small Cap Strategies
  • 2018

    Employee Ownership

Investment Strategy

  • We Think

    like an industrial buyer of companies

    The long-term investment horizon of corporate investors outperforms the short-term investment horizon of financial investors

    We exploit the pricing inefficiencies created by the short term investment horizon of financial investors

  • We Utilize

    a proprietary replacement value (RV) valuation model to highlight materially mispriced investment opportunities.

  • We Monitor

    the ratio of enterprise value (EV) to replacement value (RV) within each sector to pinpoint cyclical turning points.

  • We Invest

    in sectors with the most favourable risk reward

    in companies with the most discounted valuations in each sector and with stable or improving balance sheets

  • Our Mission

    consistently find mispriced, compelling recovery opportunities at the right point in the sector cycle to drive long-term outperformance.


We manage institutional equity portfolios, including:

Global Emerging Markets long-only
all cap and small cap

Global Emerging
Markets long/short